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.
PSX: Bulls shoo the bears out of bourse on week’s 4th trading day!
KARACHI: News that Senate elections are going to be held on time despite disqualification of ousted prime minister Nawaz Sharif, enabled bulls shoo the bulls off letting KSE-100 Index close at 43,528 with an escalation of 609 points.
Rs. 9b worth of 190m shares were traded today. Value of the shares of 208 companies augmented, 123 plummeted, while 15 remained stagnant. Engineering, Cement and Chemical Sectors led the trade today with 27m, 26.6m and 18.4m shares.
Top five traders today were Dost Steels Ltd., 19.36m shares (+3.78pc); Azgard Nine, 16.2m shares (-3.09pc); Lotte Chemical, 10.2m shares (+1.93pc); Fauji Foods Ltd., 7.3m shares (-2.84pc); Matco Foods Ltd., 6.8m shares (+1.08pc).
PSX: US motion to put Pakistan on a terror financing watch-list lets bears growl all over the bourse!
KARACHI: Due to domestic political noise alongwith intimation that Pakistan has been given a three-month let-off by an international watchdog over a US-led motion to put the country on a terror-financing watch allowed bear bleed the bourse red that closed at 42,920 shedding 375 points.
Rs. 8.5b worth of 188m shares were traded today. Value of the shares of 177 companies plummeted, 154 augmented, while 18 remained stagnant.
Cement, Chemicals, Food & Personal Care Products Sectors led the trade today with 19.7m, 18.9m and 18.7m shares respectively.
Today’s top five traders of shares were: Azgard Nine Ltd., 15.3m shares (-5.22pc); Lotte Chemical Ltd., 9.5m shares (+1.38pc); TRG Pak Ltd., 9.3m shares (+1.35pc); Dost Steels Ltd: 8.4m shares (+3.18pc); Matco Foods Ltd., 8.1m shares (+5.00pc).
PSX: Benchmark KSE-100 Index sheds 54 points on week’s 1st trading day!
KARACHI: The looming specter of FATF meeting in Paris that could result in putting Pakistan on a watch-list enabled bear growl all over the bourse on week’s first trading day.
With a loss of 54 points, benchmark KSE-100 Index closed at 43,573. Rs. 5.1b worth of 126.9m shares were traded today. Value of the shares of 193 companies augmented, 140 plummeted, while 26 remained stagnant.
Food/Personal Care Products, Cement & Communication Sectors led the trading with 19.3m, 14.9m and 12.2m shares respectively. Top five traders of shares today were: Fauji Foods Ltd., 9.8m shares (+4.97pc); TRG Pak Ltd., 7.5m shares (-2.94pc); Matco Foods Ltd., 6.8m shares (+3.19pc); Dewan Salman, 6.6m shares (+3.53pc); Dewan Cement, 5.9m shares (-2.85pc).