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
June 16,2020

Beijing, Jun 16: The coronavirus situation in China's capital is "extremely severe", a city official warned Tuesday, as 27 new infections were reported from Beijing where a new cluster has sparked a huge trace-and-test programme.

The COVID-19 resurgence -- believed to have started at the sprawling Xinfadi wholesale food market in the capital -- has sparked alarm as China had largely brought its outbreak under control through mass testing and lockdowns imposed earlier in the year.

The new cases took the number of confirmed infections in Beijing over the past five days to 106, as authorities locked down almost 30 communities in the city and tested tens of thousands of people.

"The epidemic situation in the capital is extremely severe," Beijing city spokesman Xu Hejian warned at a press conference.

The World Health Organization had already expressed concern about the cluster, pointing to Beijing's size and connectivity.

Officials in the capital have said they will test stall owners and managers at all of the city's food markets, restaurants and government canteens.

Beijing's coronavirus testing capacity has been expanded to 90,000 a day, according to China's official news agency Xinhua.

On Tuesday, the capital's transport commission banned taxi- and ride-hailing services from driving out of the city, Xinhua reported, in another move to try and contain the new outbreak.

All indoor sports and entertainment venues in Beijing were ordered to shut on Monday, and some other cities across China warned they would quarantine those arriving from the capital.

The National Health Commission also reported four new domestic infections in Hebei province, which surrounds Beijing, and a case reported in southwestern Sichuan province was linked to the Beijing cluster.

Authorities were also racing to track people from Beijing who had travelled to other parts of China, and those who visited the capital have been encouraged to get tested.

Beijing spokesman Xu said: "High-risk people who have left Beijing must inform local authorities immediately."

Market inspections

Authorities shut down another market on Tuesday -- Tiantaohonglian in the central Xicheng district -- after one employee there was diagnosed with COVID-19, state broadcaster CCTV reported.

Seven residential estates surrounding that market were also locked down.

In total, Beijing officials said Tuesday they have disinfected 276 agricultural markets, closed 11 markets, and disinfected more than 33,000 food and beverage businesses in a bid to stamp out the new cluster.

Officials had warned Sunday that since May 30, 200,000 people had visited the Xinfadi market -- the original site of the new outbreak.

More than 8,000 workers from Xinfadi have been tested and sent to centralised quarantine facilities.

Until this recent outbreak, most of China's cases in recent months were nationals returning home as the pandemic spread to other countries.

China's Center for Disease Control and Prevention said Monday that the virus strain found in the Beijing outbreak was a "major epidemic strain in the European countries".

While the virus was detected on chopping boards used to handle imported salmon at Xinfadi, "it does not clearly or definitely indicate it's from imported seafood", Wu Zunyou, the body's chief epidemiologist, said in an interview with state broadcaster CCTV.

"Ever since new cases suddenly emerged in Beijing, we have tried to figure out the reasons for the outbreak since there were no COVID-19 cases found over the past two months," Wu Zunyou said.

"We came up with several possibilities, and the most likely one is that the carrier of the novel coronavirus comes from outside China or other parts of China and brought it here."

On Tuesday, another eight imported cases were reported.

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Agencies
July 22,2020

Houston, Jul 22: China said on Wednesday that the US has ordered it to close its consulate in Houston in what an official called an outrageous and unjustified move that will sabotage China-US relations.

Foreign ministry spokesperson Wang Wenbin condemned the action, which comes as tensions rise between the world's two largest economies. He warned of firm countermeasures if the US does not reverse its decision.

The unilateral closure of China's consulate general in Houston within a short period of time is an unprecedented escalation of its recent actions against China, Wang said at a daily news briefing.

There was no immediate confirmation or explanation from the U.S. side.

Media reports in Houston said that authorities had responded to reports of a fire at the consulate. Witnesses said that people were burning paper in what appeared to be trash cans, the Houston Chronicle reported, citing police.

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News Network
April 26,2020

Islamabad, Apr 26: Pakistan Prime Minister Imran Khan has been trumped by the country's powerful military yet again, this time over his government's inadequate steps and its poor response in curbing the coronavirus outbreak in the country, even as cases soared over 12,500.

In his address to the nation on March 22, Khan explained the reasons for not imposing a countrywide lockdown, asserting that millions would lose their jobs and affect families, who are below the poverty line, struggling to find enough food to eat. However, less than 24 hours later, Pakistan Army spokesperson Major General Babar Iftikhar announced the implementation of lockdown in the country having a population of over 200 million, contradicting the statements made by Imran Khan.

As lockdown was imposed, the military has deployed troops across Pakistan and is orchestrating the COVID-19 response through the National Core Committee, a body set up to coordinate policy between the national and provincial governments.

"The government left a big gap in its handling of the coronavirus. The army has tried to fill that gap, there was no choice," an unnamed retired general was quoted by Financial Times as saying.

The virus crisis in Pakistan has once again made things crystal clear about who is calling the shots -- the military, widely believed to bring Imran Khan to power in 2018.

The armymen have taken over the COVID-19 crisis as an opportunity to prove their competency in contrast to Imran Khan, who was mocked after urging youth to come forward and join Corona Relief Tigers Force, a volunteer body to wage "jihad" against the virus.

According to analysts, the military's seizure of the coronavirus response marks yet another policy failure for Imran Khan in the eyes of the generals, as per the Financial Times report.

The 67-year-old cricketer-turned-politician has repeatedly failed to gain international traction over the Kashmir issue and has struggled to convince the Financial Action Task Force (FATF) in getting his country removed from 'grey list' for terror funding.

In times of emergency, one has to take clear decisions and take them through. You can't dither. The whole world is advising strong lockdown. If the prime minister does not show that he is decisive, somebody else will," said Nafisa Shah, a Member of Parliament from the opposition Pakistan Peoples Party (PPP).

Even after the lockdown was imposed, Imran Khan continued to question the need for its implementation, raising eyebrows over the country's response in tackling the virus, as cases continue to rise. This comes even as such drastic measures are in place in many countries across the world, including neighbouring India.

According to The Dawn, the country has 12,657 confirmed cases of COVID-19, which includes 2,755 recoveries and 265 deaths. Punjab has the highest number of cases -- 5,326 --, followed by 4,232 in Sindh.

However, experts suggest that the actual numbers could be more given the low testing rates and inadequate supply of testing kits.

Doctors and nurses across the country have staged protests over the lack of personal protective equipment, as increasing numbers of health workers contract COVID-19.

"Because of the lack of resources, there is chaos among the doctors and healthcare workers. They know people are dying, they know the severity of the illness and they have to work without PPE," Shoaib Hasan Tarar, a doctor working in Rawalpindi, was quoted as saying.

As the coronavirus crisis continues to ravage Pakistan, the country's overwhelming health infrastructure has put a toll on its already floundering economy. The IMF said that the GDP will shrink 1.5 per cent in 2020. The cash-strapped nation is set to be the first major emerging economy to apply to a G-20 initiative to request debt repayment relief, according to Financial Times.

In early March, Pakistan saw a surge in coronavirus cases, when infected pilgrims and workers crossed the border from Qom, a religious city in Iran, which is a hotspot.

Pakistan's limited resources were exposed when quarantined pilgrims agitated against unhealthy conditions at Taftan camp on Pakistan-Iran border, where five people were living in a tent with no access to toilets.

While the lockdown is in place, authorities have been confronted by hardline clerics who have defied social distancing terms and downplayed the threat of the virus. During Friday prayers every week, worshippers violate the restrictions by gathering at various mosques.

Last week, Islamabad inked an agreement allowing mosques to stay open for Ramzan. It stipulated that people should follow 20 rules, including maintaining a six feet distance from each other.

"There is little consistency in terms of how the lockdown is being approached. Coronavirus has shown the disconnect between the national government, regional governments and the military. Imran Khan has been left behind as the cheerleader for keeping Pakistan's morale high. I think people are starting to ask, 'How long is he going to last?'", said Sajjan Gohel, South Asia expert and guest teacher at the London School of Economics.

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