Apple CEO Tim Cook got 22% pay hike in 2018: Filing

Agencies
January 9, 2019

Washington, Jan 9: Apple gave its chief executive Tim Cook a hefty 22 per cent pay raise in 2018, bringing his total compensation for the year to almost $15.7 million, according to a filing submitted to the Securities and Exchange Commission.

The figure comprised a base salary of $3 million, a $12 million bonus and $680,000 in what it called "other compensation" that includes private air travel and security expenses.

Apple's compensation committee cited the company's strong sales performance over the year in justifying the bonus.

"For 2018... we achieved net sales of $265.6 billion and operating income of $70.9 billion, each representing a year-over-year increase of 16 per cent, and exceeding the 2018 maximum annual cash incentive program goals for both of those performance measures," the document said.

"The Compensation Committee determined that no downward adjustments to the payouts would be made based on Apple's 2018 performance and the individual contributions of our named executive officers and approved the maximum total payout at 400 per cent of annual base salary."

It was the second year running that the 58-year-old successor to the late Steve Jobs got a major pay raise. In 2017 he received $12.8 million while in 2016 he made $8.7 million.

The news came a week after Apple cut its revenue outlook for the latest quarter, citing steeper-than-expected "economic deceleration" in China and emerging markets.

The disclosure rattled investors, some of whom viewed the weakened forecast as a sign the company lacks a major new gadget after the iPhone, a device that critics say has been priced too high.

Shares of Apple sank 10 per cent in the first session after the announcement, its worst day since 2013, contributing to a big pullback in the tech giant's stock market performance over the last three months.

Long the biggest company by market capitalisation, Apple is now fourth behind Amazon, Microsoft and Google parent Alphabet.

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News Network
February 6,2020

Beijing, Feb 6: The number of confirmed fatalities from China's coronavirus outbreak rose to at least 560, after authorities in hardest-hit Hubei province reported 70 new deaths on February 6.

In its daily update, the health commission in Hubei also confirmed the number of confirmed infections in the outbreak has reached 28,018 nationwide with 3,694 new cases reported.

The epidemic, which has spiralled into a global health emergency, is believed to have emerged in December from a market that sold wild game in Hubei's capital Wuhan.

Hu Lishan, an official in Wuhan, warned Wednesday that despite building a hospital from scratch and converting public buildings to accommodate thousands of extra patients, there was still a "severe" lack of beds in the region.

There was also a shortage of "equipment and materials," he told reporters, adding that officials were looking to convert other hotels and schools in the city into treatment centres.

Authorities in several other cities in China have placed restrictions on the number of people allowed to leave their homes.

Global concerns have also risen about the virus, with cases confirmed in more than 20 countries.

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News Network
June 12,2020

Washington, Jun 12: US President Donald Trump is considering suspending a number of employment visas including the H-1B, most sought-after among Indian IT professionals, in view of the massive unemployment in America due to the coronavirus pandemic, according to a media report.

The proposed suspension could extend into the government’s new fiscal year beginning October 1, when many new visas are issued, The Wall Street Journal reported on Thursday, quoting unnamed administration officials.

“That could bar any new H-1B holder outside the country from coming to work until the suspension is lifted, though visa holders already in the country are unlikely to be affected,” the daily reported.

H-1B is the most coveted foreign work visas for technology professionals from India.

Such a decision by the Trump administration is likely to have an adverse impact on thousands of Indian IT professionals. Already a large number of Indians on the H-1B visas have lost their jobs and are headed back home during the coronavirus pandemic.

The White House, however, said that no final decision has been made and the administration is considering various proposals.

“The administration is currently evaluating a wide range of options, formulated by career experts, to protect American workers and job seekers especially disadvantaged and underserved citizens — but no decisions of any kind have been made,” White House spokesman Hogan Gidley said in a statement.

In addition to the H-1B visas, the suspension could apply to the H-2B visa for short-term seasonal workers, the J-1 visa for short-term workers including camp counselors and au pairs and the L-1 visa for internal company transfers, the financial daily reported.

Meanwhile, the US Chambers of Commerce CEO Thomas Donohue on Thursday wrote a letter to Trump, expressing concern over his reported move on temporary work visas.

“As the economy rebounds, American businesses will need assurances that they can meet all their workforce needs. To that end, it is crucial that they have access to talent both domestically and from around the world,” Donohue wrote in a letter to Trump.

According to The Hill newspaper, Donohue said that American businesses need L-1 visa holders, who have a work visa valid for a relatively short amount of time, for necessary expertise.

He noted the importance of H-1B visa holders, who have a work visa valid for multiple years, for various industries, including technology, accounting and manufacturers, the newspaper said.

“Policies that would, for example, impose wide-ranging bans on the entry of nonimmigrant workers or impose burdensome new regulatory requirements on businesses that employ foreign nationals would undermine that access to talent and in the process, undercut our economy’s ability to grow and create jobs,” Donohue added.

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News Network
March 4,2020

Beijing/Zurich, Mar 4: China has approved the use of Swiss drugmaker Roche's anti-inflammation drug Actemra for patients who develop severe complications from the coronavirus as it urgently hunts for new ways to combat the deadly infection that is spreading worldwide.

China is hoping that some older drugs could stop severe cytokine release syndrome (CRS), or cytokine storms, an overreaction of the immune system which is considered a major factor behind catastrophic organ failure and death in some coronavirus patients.

Actemra, a biologic drug approved in 2010 in the United States for rheumatoid arthritis (RA), inhibits high Interleukin 6 (IL-6) protein levels that drive some inflammatory diseases.

China's National Health Commission said in treatment guidelines published online on Wednesday that Actemra can now be used to treat coronavirus patients with serious lung damage and high IL-6 levels.

Separately, researchers in the country are testing Actemra, known generically as tocilizumab, in a clinical trial expected to include 188 coronavirus patients and running until May 10.

Roche, which donated 14 million yuan ($2.02 million) worth of Actemra during February, said the trial was initiated independently by a third party with the aim of exploring the efficacy and safety of the drug in coronavirus patients with CRS.

It added that there was currently no published clinical trial data on the drug's safety or efficacy against the virus.

More than 3,000 people have died and 93,000 have been infected by the novel coronavirus thought to have originated in Wuhan, China, before spreading to around 90 countries including the United States, Italy, Switzerland, France and Germany.

The Swiss company, for which China is its No. 2 market behind the United States, also makes diagnostic gear to detect the coronavirus.

Since Actemra's approval a decade ago, it has become a go-to drug against other inflammatory conditions, including cytokine storms in cancer patients receiving cell therapies from Novartis and Gilead Sciences.

In 2012 it helped save the life of a young U.S. girl, the first child to be treated for leukaemia with Novatis' Kymriah, from a post-treatment rush of IL-6.

Priced at between $20-30,000 annually for RA according to SSR Health, Roche's medicine is also used for rare juvenile arthritis and giant cell arteritis, or inflammation of the blood vessels.

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