John McCain ended his grilling of Apple CEO Tim Cook at today’s Senate Sub-Committee Hearing to Examine Offshore Profit Shifting and Tax Avoidance by Apple Inc. with a nice little joke.
“Sir, there’s only one thing I wanted to ask you today: why do I keep on having to update all the apps on my iPhone? Can’t you guys fix that already?”
“Sir,” Tim cook laughed. “We’re working on making our products better all the time.”
“Do you feel that you’ve been bullied or harassed by this committee?” Senator John McCain has just asked Tim Cook at the Senate Sub-Committee Hearing to Examine Offshore Profit Shifting and Tax Avoidance by Apple Inc.
“I feel good to be participating in this. I hope to help the process. I’d like comprehensive tax reform to be passed this year, and we will help in anyway we can.”
“I wasn’t dragged here, sir,” Tim Cook laughed.
“You’ve obviously taken advantage legally of a number of loopholes. Couldn’t you draw a conclusion that you have an unfair advantage over domestic companies?” asked McCain.
“No, it’s not the way I see it. Apple pays 30.5% of its profits in taxes on the United States. I would guess that’s high on the list of how it stacks up against other companies. We do have a low tax rate outside the U.S., but it’s for products we sell there, not within. So the way I look at this is there’s no shifting going on.”
Tim Cook is saying that because domestic companies operate only domestically, Apple has no advantage over them domestically: it only has an international advantage, which isn’t applicable in talking about “competitive advantage” in a U.S.-only context.
Apple CEO Tim Cook and CFO Peter Oppenheimer are in Washington D.C. this morning to talk to a Senate subcommittee about Apple’s off-shore cash hoard. The Apple execs are expected to face a lot of heat surrounding Apple’s Irish subsidiary, through which Apple has funneled 64% of its earnings without paying any tax, yet has zero employees.
Before the hearing got underway though, Ireland’s deputy prime minister, Eamon Gilmore, issued a public statement which claimed Ireland isn’t to blame for Apple’s low tax bill, even though the country has become a tax haven for multinationals since the 1960s.
Apple CEO Tim Cook has just started his testimony in front of the Senate Sub-Committee Hearing to Examine Offshore Profit Shifting and Tax Avoidance by Apple Inc. in Washington, D.C.
“I am proud to represent Apple here. With Apple’s international revenues twice as large as domestic revenues, we are often asked ‘Does Apple still consider itself an American company? To that, I answer an emphatic yes. We are proud to be an
American company.”
Tim doesn’t look too happy, does he? And no wonder: the Senate Sub-Committee Hearing to Examine Offshore Profit Shifting and Tax Avoidance by Apple Inc. is a hostile room, and the experts are being very clear about the why and how Apple is dodging its U.S. tax burden. And so far, the only person defending Apple in the room is Rand Paul.
Tim Cook is expected to testify before the Senate Sub-Committee sometime this morning. We’ll be covering it live.
Apple CEO Tim Cook is scheduled to appear before a Senate committee tomorrow morning to talk about Apple’s off-shore cash that’s now worth over $100 billion. Last week, Cook stated that his company believes the entire U.S. corporate tax system needs to be overhauled to encourage companies like Apple to bring earnings from overseas back to the U.S.
This afternoon Apple published its testimony before the Permanent Subcommittee on Investigations, that contained a wish-list for the type of comprehensive corporate tax reform it thinks would be best for the U.S. tax system. Following the company’s ethos to believe in the simple, not the complex, Apple’s tax-wish list would dramatically simplify the U.S. corporate tax system.
In its testimony, Apple states that the comprehensive reform should have the following traits:
“Intel Inside.” It’s been called one of the best campaigns to ever come out of Silicon Valley’s Mad Men, and it turned a relatively unknown maker of microprocessors into a $100 billion dollar company, and a household name. All this, thanks to a blue sticker slapped on every Intel PC or laptop.
Every Intel PC or laptop except Apple’s, that is. Even when Cupertino transitioned to Intel processors in 2006, Apple refused to put ‘Intel Inside’ stickers on their new Macs and MacBooks. And with characteristic bluntness, Steve Jobs had no problem explaining why when asked about it back in August 2007, right after the first aluminum iMac was introduced. For the latest updates and insights, check out Intel news today.
Tim Cook is going to Washington to testify before a Senate committee next week, but the Apple CEO is pulling a rare move for the company and going on the offensive early by giving media interviews to explain its position.
During an interview with Politico, Cook addressed the controversy surrounding Apple’s cash hoard by explaining where its offshore cash comes from, how Apple plans to bring more manufacturing jobs back to the U.S., and why the company will push for policy change in Washington:
Apple has fallen under plenty of scrutiny for storing a majority of its $100+ billion cash horde overseas to avoid paying U.S. corporate taxes, the highest tax rate in the world. Now Apple CEO Tim Cook has been summoned to speak at a Senate hearing next week as part of an investigation into the offshore tax practices of U.S businesses.
If you’re an Apple fan (and who reading this isn’t?), there are few conversations that would be better than sitting down with one of the company’s top execs to quiz them over all things Cupertino.
That was the rationale behind a 2013 auction to raise money for the Robert F. Kennedy Center for Justice and Human Rights. The prize? A cup of coffee with Tim Cook at 1 Infinite Loop. The eye-watering (iWatering?) price tag: $610,000.
Even at that price he’s not going to tell you what the iPhone 7 looks like, or if Jony Ive is working on an aluminum hover board, but it would still be the conversation of a lifetime. If you’re feeling a bit cash-strapped, you could try lunch with Mr. Fix-It Eddy Cue. A related auction went for "just" $10,000.
The charity auction to score a coffee date in Cupertino with Apple CEO Tim Cook has closed, and the winning bid ended up being $610,00. Yes, that’s more than a half million dollars for an hour of Cook’s time. The estimated price was originally $50,000.
After 86 bids that quickly sent the auction into the stratosphere, an anonymous bidder known only as “a********s” swooped in today and won with the closing bid.
Apple looks to be building another retail store in Beijing, which could open its doors in time for the launch of new iPhones and iPads this fall. Construction has begun on a building that bears a strong resemblance to a typical Apple retail outlet in Beijing’s China Central Place Shopping Center.
There’s no doubt that the iPhone is one of the most popular pieces of technology ever invented. The rush of people lining up for hours just to buy one usually causes competing carriers to trip all over themselves for the opportunity to sell the iPhone, except recently the list of carriers clamoring for the iPhone has slowly dwindled to just a few prospects.
Despite its successes, Apple is missing out on the chance to sell the iPhone to as many as 2.8 billion new smartphone customers, and according to some experts, the only thing that’s stopping them is Apple’s own rules.
Slip on your Nikes and grab your Kool-Aid, dear brethren, it’s time for a new episode of The CultCast. This time around, iOS 7 takes over your car; 5S gets better at selfies; Jony Ive is under pressure; Tim Cook really doubles down on secrecy, ya’ll; and we pitch our favorite tech and apps on an all new Fave’s ‘N Raves.
All that and more on this week’s CultCast! Stream or download new and past episodes on your Mac or iDevice by subscribing now on iTunes, or hit play below and let the good times roll.
Break on through to the other side for the show notes.
That historic “grab a cuppa joe with Tim Cook” auction, which still has a couple of weeks to go and has already broken records, has had a little bit of a set back: credit card fraud that has set the auction back by thousands of dollars.
Apple executives have a long history of appearing at the All Things Digital (or “D”) conference every year. Steve Jobs gave some of his most revealing public interviews at D over the years, and Tim Cook’s first major interview as Apple’s newly-appointed CEO was at D10 last year.
For D11, Tim Cook will be headlining once again with an interview on the conference’s opening night, May 28th.
Despite having a mountain of cash overseas, Apple has decided it’d be cheaper for the company to go into debt for its stock buyback program, rather than bring the money back to the U.S. to be taxed.
After taking the initial steps yesterday toward offering bonds to investors, Apple opened up its order book today and plans to sell $17 billion worth of bonds. The six-part all dollar offering has already attracted more than $50 billion of orders within the first few hours, in what has become the largest non-bank bond deal in history.
According to a report from Reuters, Apple is offering $17 billion worth of bonds in the following six bond types to investors:
Japanese telecom provider KDDI’s mobile branch is planning to kick off its iPhone 5S pre-orders on June 20 ahead of a launch in July, according to an internal document that has been making its way around the web. The carrier expects the device to offer a 13-megapixel camera as well as Apple’s latest iOS 7 operating system.
This time around on CultCast: why we need $150,000 $230,000 $500,000 for coffee with Tim Cook; Mr. Cook talks iPhone with a 5-inch screen; and with mobile products like the iPad taking over, could Apple eventually stop selling Macs? Plus, we’re finally getting a new Xbox console; the next iOS and OS X at WWDC; and the current Apple hardware drought needs to end!
All that and more on this week’s CultCast. Stream or download new and past episodes on your Mac or iDevice by subscribing now on iTunes, or hit play below and let the good times roll.
Show notes up next.
UPDATE: Bidding just reached $505,000!
Earlier this week we wrote about a Charitybuzz auction that will get you coffee with Apple CEO Tim Cook at the company’s headquarters in Cupertino, California. At the time, the auction had reached $5,250, but its estimated value was just under ten times that amount at $50,000.
Just a few days later, the auction has received 68 bids and reached a whopping $295,000 with 18 days still to go. It’s now Charitybuzz’s biggest ever auction.
(Editor’s Note: This post originally appeared on Medium, Twitter co-founder Biz Stone and Evan Williams’ new publishing platform.)
Usually during Apple’s quarterly earnings calls, you have to read between the lines to guess what Apple’s really thinking. On Tuesday, all you had to do was read the actual lines, because Cupertino was remarkably candid for a change: there was no way that the Apple of 2013 could match the numbers of the Apple of 2012, but “new product categories” — like the iWatch — were going to blow the roof off the house in 2014. In the meantime, Apple needs investors to be patient… and they’re not above paying them off to make it happen.
If you dream of chilling with your homie Tim Cook in the morning and grabbing coffee but never had the chance to meet Silicon Valley’s most powerful CEO, then here’s your chance.
Tim Cook is auctioning off 30min-1hour of his time for CharityBuzz.com. Proceeds go to support the RFK Center for Justice and Human Rights, and you’ll get to hangout with Tim at Apple’s headquarters in Cupertino. Who knows. Maybe if you woo him he’ll show you the latest iWatch prototype.
The current bid is set at $5,250 but the estimated value of the prize is $50,000. The winner will get to bring themselves and 1 guest to coffee-time with Tim, but don’t expect to get too cozy with Tim as the auction details explain you’ll have to undergo a security screening before you get close to him, and he’s not going to pay for your hotel and airplane either.
Source: CharityBuzz
Via: Twitter
Today Apple announced its financial earnings for the last fiscal quarter, reporting the first year-over-year loss in profit the company has seen in ten years. The tone of Apple’s call with investors was quite different than past quarters. Tim Cook and co. seemed very much on the defensive, as Wall Street has been hammering AAPL for the past several months.
There were still several interesting tidbits from the call that we’ve rounded up. Tim Cook spoke vaguely about exciting new products in the fall and throughout 2014. Comments were made about the possibility of a larger iPhone, iMac supply constraints, and, of course, plenty of numbers.
Tim Cook is a well-liked CEO, at least according to employee ratings on Glassdoor, a website that allows employees of any company to post reviews, ratings, and other such metadata about the companies they work for.
The current rating of Apple CEO Tim Cook on the service is a high 94 percent, gathered from all the employees who have rated him on the service, a total of 724 as of this writing. While Glassdoor is an opt-in survey system, it is anonymous. If they hated the guy, they’d probably say so. Anonymity plus the internet is anything but overly polite.
Apple just released its Q2 2013 Financial results, and even though Apple beat its own estimates, Tim Cook started the Quarterly Financial Call on the defensive.
Cook started the call by explaining how exceptional Apple’s 2012 financial results were for Apple, so it’s hard for the company to improve sales this quarter. Then Cook commented on Apple’s struggling stock price by saying he’s “very frustrated” with the stock’s declining value the last few quarters, but they’re staying focused on the future.
Hoping to appease investors, Apple announced today that it will payback $100 billion to investors by 2015. Apple has yet to release a major product in 2013, but Cook reassured investors that Apple can’t wait to release new hardware and software this Fall and throughout 2014.
I’ve been writing for Cult of Mac for almost three years now, and in that time I’ve covered some pretty farfetched Apple rumors. But the latest from Forbes comes with a whole new level of crazy.
“Some Wall Street sources close to some Apple executives” say the Cupertino company could be searching for a replacement for Tim Cook, it claims, before suggesting Cook could turn Apple into another Hewlett-Packard or JC Penney and insisting “Apple’s shine has faded” since the passing of Steve Jobs.