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Apple CEO gets 15% pay cut following first sales slump in 15 years




CALIFORNIA: Tim Cook, the Chief Executive Officer of Apple was ‘penalized’ by his company for the iPhone maker’s first sales slump in 15 years with a 15 percent pay cut.

In a statement, the company said that the CEO still did extremely well, with a compensation package valued at $8.7 million for Apple’s fiscal year that ended Sept. 24.

“But the amount was down from nearly $10.3 million in the prior year,” it said.

Explaining the reason for Cook’s pay cut, the California-based company cited a downturn in Apple’s revenue and operating profit as the main reason it cut the pay of its head and other top executives.

According to initial calculations, Apple’s revenue dropped 8 percent to $216 billion, while its operating profit declined 16 percent to $60 billion.

“That was mainly because fewer iPhones were sold for the first time since the device came out in 2007,” the company said in the statement.

The iPhone triggered a revolution in mobile computing and became Apple’s biggest moneymaker, even as a wide range of device makers released competing products primarily running on Google’s free Android software.




 

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PSX: Marred by political ambiguity the bourse experiences low-key activity today!  

SANA MAHMOOD

KARACHI: The prevailing vagueness in the economic as well as political scenario of the country forced PSX fall flat closing at 42,750 points on the week’s last trading day.

Rs. 5.45b worth of 132m shares changed hands, with value of the shares of 167 companies augmenting, 170 plummeting and 26 remaining stagnant.

Technology, Power and Textile sectors dominated the bourse with trading of 24.4m, 12.5m and 11.7m shares today.

Top five leading handlers of shares on the last trading day of the week were: WorldCall Telecom, 17.6m shares (+2.62pc); Engro Polymer, 8.9m shares (+3.03pc); K-Electric Ltd., 6.8m shares (+0.48pc); Dewan Motors, 6.4m shares (+4.82pc); Bank of Punjab, 6.3m shares (-1.87pc).

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PSX: Raid at Dar’s house & Model Town Report let bears bleed the bourse red!

SANA MAHMOOD

KARACHI: News that last night NAB personnel raided the house of Federal Finance Minister Ishaq Dar armed with an arrest warrant forced bulls leave the bourse after many sessions.

Court’s orders to make the judicial report of Model Town carnage public too allowed the bears growl forcing KSE-100 Index close at 42,800 today post shedding 572 points.

Today Rs. 8.7b worth of 165.7m stocks changed hands. The value of the shares of 253 companies plummeted, 94 augmented while 33 remained unchanged.  

Technology, Power Generation and Gas Sectors led the trade today with 18.9m, 15.1m and 15m shares.

Today’s top five traders of the shares were K-Electric Ltd., 12.5m shares (+1.30pc); Sui Southern Gas 11.2m shares (-0.18pc); Engro Polymer, 9.9m shares (+1.66pc); WorldCall Telecom, 8.6m shares (+1.78pc); TRG Pak Ltd., 8.3m shares (-4.44pc).

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European consortium Airbus inaugurates first completion/delivery center in China

MMA

TIANJIN: European consortium Airbus has inaugurated a $240m completion center here that will be receiving large bodied aircraft A330s from France.

 

 

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