Tim Cook
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THE NEWS WRAP: Seven West announces new CEO as KKR sells its stock
5:15PM | Tuesday, 21 MayKerry Stokes’ Seven West Media has announced Tim Worner will replace Don Voelte as its chief executive, while private equity firm Kohlberg Kravis Roberts has announced it is selling its 12% stake in the media giant. “When I asked Don [Voelte] to accept the responsibility [of chief executive], it was on the basis that he would recommend when he thought he had delivered what he could deliver to the team, and we've arrived at that point,” Stokes said. “Our decision to sell our shareholding is based on a broad range of parameters on which we based our initial investment and how we sought returns for our investors. We know Seven West Media is a great company; its future is strong and we know it has a well-credentialed board and management,” said KKR local head Justin Reizes. Apple defends tax minimisation strategies Apple chief executive Tim Cook has denied the tech giant uses offshore holding companies in Ireland and the Caribbean to minimise the amount of tax it pays in the United States to a US Senate hearing. “It is completely outrageous that Apple has not only dodged full payment of US taxes, but it has managed to evade paying taxes around the world through its convoluted and pernicious strategies,” Republican Senator John McCain. “The way I look at it is that Apple pays 30.5 per cent of its profits in taxes in the United States… We do have a low tax rate outside the United States but this tax rate is for products we sell outside the United States,” Cook said. “We don't depend on tax gimmicks. We don't move intellectual property offshore and use it to sell our products back to the United States to avoid taxes... We don't stash money on some Caribbean island.” Door-to-door sales tactics cost AGL nearly $1.5 million A lawsuit by the Australian Competition and Consumer Commission in the Federal Court in Melbourne has resulted in utility giant AGL being fined $1.48 million fine in Victoria and a further $70,000 in South Australia over its door-to-door sales tactics. The lawsuit was largely the result of a CPM Australia contractor who sold gas and electricity for the firm in Coburg making false statements to customers about prices while claiming he was not selling anything. AGL has since stopped using doorknocking as a sales tactic, describing it as a “risky sales technique”. Overnight The Dow Jones Industrial Average is up 0.35% to 15,388.27. The Aussie dollar is steady at US98.06 cents.
Apple shares plummet 10% after reporting mixed holiday results
3:22AM | Monday, 11 MarchApple shares have plummeted 10% in after-hours trading today, the biggest drop in years, after the company announced mixed results for the holiday quarter.
Forbes names most powerful people – who can you learn from?
3:49AM | Monday, 11 MarchUS President Barack Obama might be the world’s most powerful person, according to Forbes, but there’s a handful of entrepreneurs on this year’s list for start-ups to draw inspiration from.
THE NEWS WRAP: Federal Government might drop budget surplus plans
3:52AM | Monday, 11 MarchThe Federal Government might drop is much-vaunted target of bringing the budget back to surplus next year, after the Australian economy posted its slowest rate of growth in the past six quarters.
Apple announces $369 iPad Mini, available in Australia on November 2
10:52AM | Wednesday, 24 OctoberApple announced the iPad Mini this morning, with the new gadget to start at $369 and launch in Australia on November 2.
Formal Apple apology over Maps app a lesson for SMEs
3:03AM | Tuesday, 12 MarchSmall businesses have been urged to follow Apple's lead when it comes to corporate apologies, with experts saying Tim Cook's admission of fault over the company's poor-performing Maps app is an ideal way to address severe customer service issues.
THE NEWS WRAP: New report says we’re saving more but still feeling the pinch
3:04AM | Tuesday, 12 MarchMore than half of Australian households say they are cash-strapped at the end of the month, despite an increase in the rate of saving rather than spending since the global financial crisis.
What to expect from tomorrow's iPhone 5 announcement
9:37AM | Wednesday, 12 SeptemberAfter months of speculation and waiting, Apple is set to announce its new iPhone tomorrow – and there are plenty of rumours flying around about what exactly the tech giant will unveil.
I know very little about finance or operations. Should I seek a co-founder?
6:04AM | Thursday, 21 JuneHow can I go about finding a business brain for my start-up?
Google attempts to woo developers with new Chrome Web Store features
6:15AM | Wednesday, 13 JuneGoogle has announced it will now provide developers with in-depth statistics about how their apps are performing in its Chrome Web Store, in its latest attempt to lure developers from arch rival Apple.
Six key developments from Apple’s developers conference
6:53AM | Tuesday, 12 JuneMacbooks and a 3D maps app were among the announcements made by Apple at its Worldwide Developers Conference in San Francisco this week.
THE NEWS WRAP: Failure to combat mental illness a drain on the economy, study finds
5:16PM | Wednesday, 30 MayA failure to invest in ways to combat mental illness among young men is proving a drain on the Australian economy, with businesses losing $3.3 billion a year due to the problem, according to a new report.
THE NEWS WRAP: Business leaders urge PM to allow Rinehart's foreign workers
5:18PM | Sunday, 27 MayBusiness leaders have urged Prime Minister Julia Gillard to stick to her decision to allow 1,700 foreign workers to be employed by Gina Rinehart after Gillard stated that no Australian jobs will be replaced by overseas staff.
THE NEWS WRAP: OECD says Australia set to outperform major economies, Europe at risk of recession
5:41PM | Tuesday, 22 MayAustralia is set to outperform the world’s major economies over the next year, with Europe at “severe” risk of recession, according to the Organisation for Economic Co-operation and Development.
THE NEWS WRAP: Optus facing $14.5 million claim from former staffer
4:16PM | Wednesday, 25 AprilSeveral European political leaders have called on the debt-stricken eurozone to embrace growth over austerity, as the UK plunged back into a double-dip recession.
Apple unveils iPhone 4S, set to launch in Australia on October 14
10:16PM | Tuesday, 4 OctoberApple launched its new iPhone 4S at its press event in San Francisco this morning, and introduced a new, powerful voice recognition technology, but stopped short of releasing an improved iPhone 5 with an all-new design.
iPhone5 tipped to be unveiled by Apple next week
9:29AM | Wednesday, 28 SeptemberApple has confirmed that it will hold a press conference on October 4 to possibly announce a new iPhone product after weeks of tips and rumours that have flooded the industry about the likelihood of the iPhone 5 hitting the shelves next month.
10 start-up lessons to take from Steve Jobs
5:49AM | Wednesday, 2 MayThe announcement of Steve Jobs’ decision to quit as CEO of Apple may, on reflection, not be entirely unexpected, but it draws to a close one of the finest chapters in entrepreneurial history.
Steve Jobs’ exit highlights importance of succession planning
8:08AM | Thursday, 25 AugustA succession planning expert says start-up founders should be wary of “becoming the business” following the shock resignation of Apple chief executive Steve Jobs.
