Apple chief executive officer Tim Cook took the hot seat on Tuesday morning in Washington to answer questions about a tax planning strategy that has enabled it to avoid billions of dollars of taxes.
Carl Levin, chairman of the Senate investigations committee, set the tone with his opening remarks, noting that just in 2012, Apple had exploited tax loopholes allowing it to avoid $9bn in US taxes. Such practices, he said, did “real harm” to the US economy, disadvantaging domestic companies that don’t make use of “tax gimmicks”.
You can watch the hearing here, read Mr Cook’s written testimony here and read the Senate committee’s report on Apple’s tax structure here.
Interesting commentary from around the Web on the tech story that made headlines this week.
For many, Tim Cook made his first significant mark on Apple this week with a reshuffling of senior executives that included the departure of Scott Forstall, Apple’s senior vice-president of iOS, and John Browett, its head of retail operations.
At the same time, commentators welcomed news that chief hardware designer Sir Jonathan Ive would now oversee software design. Read more
Spring cleaning was in the air for Apple this week as the company announced its plan to pay a dividend and institute a share buyback programme. The announcement had many tech commentators putting themselves in the shoes of Apple’s chief executive, Tim Cook, to ask: what else could Apple have done with its cash? Read more
Tech news from around the web:
Facebook is updating its photo viewer, ZDNet reports. Facebook Photos will look cleaner, easier to view and bigger.
The Atlantic’s Alexis Madrigal reports that the mobile payment service, Square, is growing through out the US. Data from the company shows that “just about every major city and plenty of smaller places have someone using the device”. Read more
From Vic Gundotra, the man behind Google+, to NPR’s All Songs Considered host Bob Boilen and Allen Paltrow, who met Steve Jobs as a young boy, the web was filled with stories of personal reminiscences about the Apple co-founder and expressions of gratitude for his visionary work.
Late on Wednesday, Mr Jobs announced he was stepping down as chief executive of Apple. Many in the tech world reflected on his influential leadership. Others pondered whether the company will continue its success with Tim Cook taking over. Read more
This internal email was sent by Tim Cook to all Apple employees early on Thursday morning, reassuring them that the company “is not going to change”.
Below is the full text of the e-mail:
I am looking forward to the amazing opportunity of serving as CEO of the most innovative company in the world. Joining Apple was the best decision I’ve ever made and it’s been the privilege of a lifetime to work for Apple and Steve for over 13 years. I share Steve’s optimism for Apple’s bright future.
Apple is returning to its favourite venue for product launches on March 2, hosting an event at San Francisco’s Yerba Buena Center for the Arts where it is expected to unveil the iPad 2, according to people familiar with the plans.
The company has reserved the main stage at the multifunction venue for next Wednesday, marking a return to the site where it last year launched the original iPad and the iPhone 4. Read more