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Apple CEO Tim Cook's pay cut by 15% as iPhone sales fall
07.01.17 - TEAM PT
Apple CEO Tim Cook's pay cut by 15% as iPhone sales fall



Apple penalized CEO Tim Cook for the iPhone maker's first sales slump in 15 years with a 15 percent pay cut.
 
The company gave the 56-year-old USD 8.75 million in total compensation last year, down from the USD 10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released yesterday.
 
The Cupertino, California, company cited a downturn in Apple's revenue and operating profit as the main reason it cut the pay of Cook and its other top executives. Apple specifically cited the company's failure to meet its performance goals for both sales and profits.

Cook's salary rose to USD 3 million from USD 2 million last year - a 50 per cent increase, his cash bonus took a hit. Apple awarded Cook and other executives 89.5 per cent of their target, instead of the maximum amount like in recent years. Hence, Cook's cash bonus fell to USD 5.4 million in 2016, down from USD 8 million the year before and declining for the first time since he assumed leadership of the company in 2011.
 
Apple's revenue dropped 8 percent to $216 billion, while its operating profit declined 16 percent to $60 billion. That was mainly because it sold fewer iPhones for the first time since the device came out in 2007.

It also marked the first time that Apple's annual revenue decreased since 2001, which was just before the company's late co-founder and CEO Steve Jobs unveiled the iPod. That digital music player set the stage for the iPhone and iPad.
 
Apple's rare sales slump is directly linked to the loss of momentum for the iPhone, which generates the majority of the company's sales. 

Sales of iPhones have declined in each of the past three quarters, slipping to 45.5 million in the September quarter, with reports saying Apple has faced steep competition from Samsung and other smartphone makes and the newest iPhones did not feature enough upgrades to attract customers.     

In October, Cook said that demand for the iPhone 7 and the bigger 7 Plus, which feature enhanced cameras and longer battery life, have outpaced supply though Apple would only report quarterly sales for those phones on January 31.
 
In 2016, announcing the results for the fourth quarter, Apple said it sold 45.5 million iPhones, 9.3 million iPads and 4.9 million Macs -- a year-over-year decline of 5.2 per cent for iPhones, six per cent for iPads and a massive 14 per cent for the Mac.

Apple is now eyeing hopes on iPhone 7 which was launched in September and forthcoming versions, including an expected 10th-anniversary iPhone later in 2017, that may tilt the figures in favour of Apple in the near future.




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Donald Trump told to 'Grow Up' by US Vice President Joe Biden
06.01.17 - TEAM PT
Donald Trump told to 'Grow Up' by US Vice President Joe Biden



Vice-president Joe Biden told President-elect Donald Trump Thursday to "grow up."

Biden dismissed Trump's complaint on Twitter about how the Obama administration has handled the transition. The vice president told "PBS NewsHour" in an interview that it's time for Trump "to be an adult."
 
Biden said to Trump: "You're president. You've got to do something. Show us what you have." 

Biden had criticised two of Trump's recent messages in which he labelled Senate minority leader of the Democrats Chuck Schumer as "head clown" and another in which the President-elect criticised President Barack Obama for his "incendiary comments".

"It's going to be much clearer what he's (Trump) for and against, and what we're for and against, now that it's going to get down to actually discussing in detail these issues that affect people's lives," Biden said. The vice president also said it was "dangerous" for Trump to be skeptical of US intelligence agencies.
 
Biden also said it's "absolutely mindless" for a president not to have confidence in or listen to the intelligence agencies.
 
The vice president said it would be legitimate to question intelligence and ask for more detail or disagree. But he said that's different than Trump claiming he knows more than the intelligence agencies.

Biden said that's like saying, "I know more about physics than my professor." He says that's worrisome, but he assumes Trump's behavior will change. He said that Trump is surrounding himself with "very smart people" like retired Marine Corps Gen. James Mattis, the billionaire businessman's pick for defense secretary.
 
 Biden talked about recent US intelligence agency reports about how Russia may have meddled in the presidential election.

Biden said: "There is overwhelming consensus in the community and overwhelming evidence supplied by the community that Russia did engage in an effort to impact on the elections.

"There is no evidence that they actually tampered with voting booths or tampered with voting roles.

"But there is clear evidence that they in fact were engaged in activities designed to try to impact the outcome of the election."

New York Republican Representative Chris Collins, a member of Trump's transition executive committee, denounced Biden's response.

"That's a pathetic response," Collins said on Thursday.

"I think it's beneath the Office of the Vice President. It shows just the angst of the loss of this election by Obama, Hillary Clinton and Joe Biden. Trump is the adult in the room."

This isn't the first time Biden has been outspoken against Trump.

Biden in October slammed Trump saying the Republican presidential nominee "lacks any sensibilities about the American people".

"He's not a bad man," Biden said at the time. "But his ignorance is so profound, so profound."




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