Tag Archives: Apple

Apple to Bring Home Billions to the USA || Jan 18 2018

Apple announces plans to repatriate billions in overseas cash, says it will contribute $350 billion to the US economy over the next 5 years

|| CNBC

Apple will invest $350 billion in the US economy over the next 5 years

“Apple will invest $350 billion in the US economy over the next 5 years
Apple on Wednesday made a slew of announcements about its investment in and contribution to the U.S. economy in part because of the new tax law.

The headline from Apple is that it will make a $350 billion “contribution” to the U.S. economy over the next five years, although it’s unclear exactly how the company came to that number.

The company also promised to create 20,000 new jobs and open a new campus.

It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.

Apple also said it will spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers, the company said.

Apple added that it will spend $5 billion as part of an innovation fund, up from the $1 billion CEO Tim Cook announced last year on CNBC’s “Mad Money.”

The job creation will include direct employment and also suppliers and its app business, which it had already planned to grow substantially (app developers earned $26.5 billion in 2017.) The new campus will focus on customer support.

Wednesday’s announcement indicates that Apple will still have hundreds of billions of dollars in cash. It could spend that money on buybacks, dividends or acquisitions or moonshot projects.

The announcement raises the bar for the world’s most valuable company — now a huge driver of the economy — to continue its dominance and growth in the wake of political pressure on big tech companies. The plan calls for Apple to keep up 2018’s $55 billion “supercycle” spending rate with domestic suppliers and manufacturers.

“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” Cook said in a statement.

In 2016, then president-elect Donald Trump publicly called out Apple’s reliance on its Chinese supply chain, telling The New York Times that he would “get Apple to build a big plant in the United States, or many big plants in the United States.”

Apple shares were up about half a percent after the announcement, adding about $5.6 billion to the company’s market capitalization after the stock opened Wednesday’s trading session down 0.3 percent.

….Continue reading more @ CNBC.com

China vs. Apple Over Digital Security | Apr 2016

China Punishes Apple Over Encryption by Shutting Down iTunes and Movies

– Breitbart

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“Despite years of Apple Inc. succeeding in gaining huge market share by apparently granting China state security authorities “backdoors” into its product encryption, communist regulators shut down Apple’s iBook Store and iTunes on April 22.

Key to China’s State Internet Information Office allowing Apple to grow in the “Forbidden Kingdom,” which is now the largest smartphone market on the planet, has been Apple willingness to cooperate with the “needs” of the China security agencies.

State-run People’s Daily reported in January that Apple chief executive Tim Cook had informed Internet czar Lu Wei that the company would let China’s State Internet Information Office conduct “security checks” on all products sold on the mainland. The Beijing News Agency added that Apple was the “1st foreign firm to agree to rules of Cyberspace Admin of China.”

But the very public announcement regarding Apple’s full cooperation in China came at same time Apple was refusing to give the U.S. Federal Bureau of Investigation source-code-level-access to the iPhone 5C of Syed Farook, who slaughtered 14 people and seriously wounded 22 in the San Bernardino terrorist attack.

In a U.S. Justice Department lawsuit filed to force Apple to cooperate, the San Bernardino District Attorney’s told a federal court that law enforcement needed a backdoor into the iPhone because there was “compelling governmental interest in acquiring any evidence of criminal conduct, additional perpetrators, potential damage to the infrastructure of San Bernardino County, and in protecting the California Constitutionally guaranteed due process rights of the victims, deceased and living, arising from state crimes committed on December 2, 2015,”

An embarrassed Cook quickly denied there was a double standard on cooperation between the U.S. and China by stating, “There were rumors that Apple built back doors in its devices, and let third parties have data and access those devices, but that was never true and that we would never do that in the future either.”

When questioned by Beijing News about Apple reneging on their China deal, Lu Wei said, “It doesn’t matter what you say, you should let our internet safety department do a safety assessment. We need to reach our own conclusions to put the consumer at ease.”

…Continue reading @ breitbart.com

 

 

Apple and Microsoft May Use Cobalt Dug by Kids, Report Says – Jan 2016

 – Wired

 

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“Children as young as seven are working 12-hour days in dangerous conditions in the Democratic Republic of the Congo to mine the cobalt many global tech firms use in their smartphones, computers and cars, according to a report Amnesty International and African Resources Watch (Afrewatch)released today. The report claims the companies, which include Apple, Microsoft and Samsung, are not performing the basic checks that would ensure mineral mining operations don’t use child labor.”

More here @ Wired.com