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As Apple celebrates its best year in India, the feature phone market is thriving too. But there has been a slump in smartphone sales. What gives?

The screenless fitness band has turned into a Gulf-wide phenomenon—powered by regional capital, health culture and a tech-savvy consumer base.
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.
Who’s going to lead the IPO party, what’s going to drive the market, where are some of the leading businesses headed, and more.