apple starting us tech manufacturing fund
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

With $1 bn

Apple starting US tech manufacturing fund

Egypt Today, egypt today

Egypt Today, egypt today Apple starting US tech manufacturing fund

Apple plans to borrow for its new "advanced manufacturing" fund
San Francisco - Arab Today

Apple chief Tim Cook announced Apple is creating a fund to get more people in the US to do "advanced manufacturing," kicking it off with a billion dollars.

Apple investing in high-tech manufacturing in the United States would come as rare common ground with US President Donald Trump, who hammered away at the theme during his campaign for office last year.

"We are creating an advanced manufacturing fund," Cook said in an interview broadcast on CNBC.

"We are initially putting one billion dollars in the fund."

Cook pointed out that apple spent more than $50 billion in the US last year -- buying from suppliers such as Corning Glass, working with developers behind applications for the California company's devices and more.

Apple has about 80,000 employees in the US and plans to hire thousands more "in the future," according to Cook.

"A company should have values because a company is a collection of people, and people should have values," Cook said.

"One of the thing you should do is give back."

Apple planned to borrow money for the new fund despite having a fortune in coffers overseas because of the tax hit that the company would suffer if it brought profit home, according to Cook.

And while Cook has been among Silicon Valley stars critical of Trump when it comes to limiting immigration, he endorsed a push for comprehensive tax reform.

"To invest in the US, we have to borrow," Cook said.

"Comprehensive tax reform is so important to this economy."

The first investment of the new fund will be announced later this month, according to Apple.

- Showing up -

Cook described it as wise to explore common ground with the administration while standing up when there are disagreements.

"Most people, if you disagree and say why, you have a good chance at influencing things," Cook said

"You look to find common ground; if you don't show up, I think that is the worst scenario because then you are quiet, and it doesn't do your cause any good."

Taiwan's tech giant Foxconn in January announced a $7 billion investment to make flat panels in the United States in a joint project with Japan's SoftBank.

Foxconn is the world's largest contract electronics maker and is best-known for assembling products for international brands such as Apple and Sony.

Apple this week reported a rise in quarterly profits, but logged weaker iPhone sales ahead of a 10-year-anniversary model on the horizon.

During a conference call with analysts, Cook said Apple was seeing a "pause" in iPhone purchases that he felt was caused by unconfirmed "reports about future iPhones."

Still, the company contended that iPhone sales were better than it had expected, and skewed toward large-screen iPhone 7 models that have higher margins of profit.

It is a sign of Apple's success but also a thorny problem: its cash stockpile has hit a staggering $256.8 billion, sparking debate on what do with such massive reserves.

Apple's quarterly report Tuesday showed its cash holdings -- the vast majority held overseas -- jumped to a sum that tops the entire economic output of Chile.

The tech giant has resisted the idea of bringing the cash home, because of disincentives in the US tax code -- it allows multinational firms to defer profits while they are held overseas but taxes income at up to 35 percent when repatriated.

source: AFP

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

apple starting us tech manufacturing fund apple starting us tech manufacturing fund



GMT 07:12 2018 Sunday ,21 January

A fake news article reports

GMT 09:58 2018 Tuesday ,09 January

Apple urged to study iPhone addiction

GMT 07:55 2017 Saturday ,18 November

Apple pushes back release of HomePod speaker

GMT 11:46 2017 Friday ,10 November

Apple's $120 mn patent award from Samsung upheld

GMT 18:16 2017 Wednesday ,08 November

Rich and famous in the Paradise Papers

GMT 14:55 2011 Wednesday ,13 July

From Barbie Girl to Businesswoman

GMT 05:35 2012 Monday ,13 August

Al-Assad exposed

GMT 19:52 2014 Thursday ,20 November

Global October temperatures record high for month

GMT 11:37 2013 Wednesday ,04 December

Afghan family of 4 killed in Kandahar explosion

GMT 17:50 2016 Wednesday ,23 March

Springy weather forecast over next two days

GMT 16:52 2017 Sunday ,19 November

US industry gears up to save NAFTA

GMT 13:39 2012 Tuesday ,07 February

Journey 2 reveals the mysterious allure of islands

GMT 09:05 2012 Monday ,27 February

Stem cells improve fertility

GMT 13:36 2011 Monday ,26 September

A round-up of Milan Fashion Week

GMT 12:29 2011 Friday ,05 August

Rain, flooding threaten Haiti

GMT 09:19 2013 Sunday ,10 November

ACCC puts free education modules online

GMT 00:20 2011 Monday ,05 September

South Africa eyes higher education sector

GMT 01:26 2015 Thursday ,10 September

Sharjah’s Tilal City Project in spotlight at Cityscape

GMT 09:02 2016 Tuesday ,20 September

Trump to meet with Egyptian president Monday

GMT 08:58 2017 Friday ,22 December

Syria opposition urges Russia to push Damascus

GMT 21:39 2017 Monday ,24 April

2 persons killed in air raids in Hama

GMT 21:08 2016 Saturday ,31 December

Worst is over for United Arab Emirates property market

GMT 07:23 2012 Friday ,20 July

Afghanistan, Pakistan to resume talks

GMT 07:46 2012 Sunday ,15 July

15 insurgents killed in Afghan operations

GMT 06:44 2015 Wednesday ,14 January

Fracking threatens electric cars

GMT 14:25 2011 Tuesday ,11 October

Iranian attempts to break record

GMT 12:48 2011 Monday ,03 October

Danes send controversial artist to Libya

GMT 11:23 2011 Monday ,27 June

A tour of Montreal

GMT 10:54 2010 Tuesday ,14 September

\'Slow reading movement\' defies our constant hurry

GMT 10:55 2011 Sunday ,27 November

Libya displays seized Roman-era artefacts

GMT 16:51 2011 Friday ,02 September

The Beautiful and the Damned

GMT 14:41 2011 Friday ,16 September

In the Sea There Are Crocodiles
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday