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.
Motor bikes and three-wheelers’ sale up by 16.18%
PSX: Bears stay put in the bourse!
KARACHI: Benchmark KSE-100 Index closed in the red (41,637) losing 721 points on the week’s last trading day.
Rs. 7.65b worth of 179m shares changed hands today. Value of the shares of 238 companies plummeted, 79 augmented while 16 remained stagnant.
While Commercial Banking Sector led the trade with 43.2m shares, the five leading traders of the shares today were: K-Electric Ltd., 20.3m shares (-3.27pc); Bank Of Punjab, 15.9m shares (-2.74pc); Lotte Chemical Pakistan Ltd., 11.9m shares (-1.78pc); Summit Bank Ltd., 9.1m shares (-1.38pc); Pakistan Elektron Ltd., 8.2m shares (-4.76pc).
Belarus ready to supply 20K tonnes of beef to China annually
MOLODECHNO: Belarus is ready to supply 20,000 tonnes of beef to China annually, Aleksei Bogdanov, Head of the Central Office for Foreign Economic Activities of the Belarusian Agriculture and Food Ministry said.
“In terms of beef supplies to China, we are limited by the number of certified companies. For the time being, there are only two of them. The Agriculture and Food Ministry is working to expand the list of such enterprises. This task is under control of the minister. As the number of companies that can supply beef to China increases, so will the volume of exports.
We are potentially ready to supply up to 20,000 tonnes of beef to China per year,” he told media. Belarusian enterprises seek to enter the Chinese market with finished goods not only with raw materials. “Of course, there are certain difficulties associated with the shelf-life of products.
Today we are working actively to reduce the delivery time using rail transport. Now the dairy industry is making great headway and has started to export finished products to China such as cheeses and packaged butter and are working to make inroads into the yogurt market. We are gradually expanding the range of products.
Today there is an interest in the shipments of Belarusian canned beef to China. This issue is under consideration,” Aleksei Bogdanov said.
With an export of 220,000 tons, Belarus remained one of the world’s largest meat exporters: