Apple CEO Tim Cook Keeps Support for Unbreakable Encryption

23 Dec 2015 | Author: | No comments yet »

Apple Announces New COO.

The tech giant has been subject to European Union tax probes on low-tax arrangements — or “sweetheart deals” as they’re known — in Europe, and has continued to invest in creating jobs in Ireland.Coming up this weekend on “60 Minutes,” (AAPL) talks with on a number of topics, including repatriation of overseas profits and the issue of taxes.

Apple chief executive Tim Cook has dismissed criticism of the company’s overseas tax policy as “political crap” from lawmakers who won’t fix an outdated US tax system.In an upcoming 60 Minutes segment, Charlie Rose will take viewers inside Apple AAPL -1.66% design SVP Jony Ive’s top-secret studio at Apple’s headquarters in Cupertino, Cal. Speaking to CBS news programme 60 Minutes, Mr Cook rejected the belief by members of Congress that the company pays little or no tax on $74 billion (€68bn) in overseas revenue, money that is held in Irish subsidiaries of the California-based company. “That is total political crap.

Chief Executive Officer Tim Cook repeated his strong support for unbreakable encryption technology, despite criticism from global law enforcement agencies that believe the digital tools impede criminal and terrorism investigations. Cook responds the company would have to pay 40% of it to the government in taxes, and that the tax policy of the U.S. “is one designed for the industrial age,” not the modern world. In an interview with CBS Corp.’s “60 Minutes” that airs Dec. 20, Cook said weakening encryption tools so that government agencies can have “back door” access isn’t the answer to preventing attacks. The interview was conducted before the shootings in Paris, where the perpetrators are believed to have used encrypted messages to communicate; Cook said later the event didn’t change his opinion on the issue, according to CBS and interview excerpts provided by the show. “There have been people that suggest that we should have a back door,” Cook said. “But the reality is if you put a back door in, that back door’s for everybody, for good guys and bad guys.

Nomura Equity Research’s Jeffrey Kvaal reiterates a Buy rating on the shares, and a $145 price target, writing that Williams “has functioned in this role for some time – he and Mr. American multinationals have been criticised by US politicians for keeping an estimated $2 trillion offshore in lower-tax jurisdictions such as Ireland to avoid paying the US corporate tax rate of 35 per cent. Ive is considered to be the mastermind behind Apple’s iconically minimalist aesthetic, and a February profile in the New Yorker has called him “one of the two most powerful people” at Apple. Williams is described as “tall, soft-spoken, and an avid fitness buff with an inexhaustible memory for operational details.” He earned an MBA from Duke University and spent time at IBM during the early part of his career. “We are fortunate to have incredible depth of talent across Apple’s executive team. Ive and his core design team, which the publication reports consists of 19 people, rarely speak in public about their work, making his 60 Minutes appearance and tour unusual—and very much worth watching.

As we come to the end of the year, we’re recognizing the contributions already being made by key executives,” said Tim Cook “Jeff is hands-down the best operations executive I’ve ever worked with.” Since 2010, Williams has overseen Apple’s entire supply chain, service and support. He admitted that Apple retains overseas income in its foreign companies to avoid incurring American corporate taxes, the highest in the developed world.

The tech giant’s CEO, Tim Cook, will also appear on the show to address the major issues Apple is facing, ” including encryption technology, corporate taxes, and manufacturing his products in China,” according to a press statement on the CBS website. Among the suggestions is that technology providers such as Apple would maintain a key that could be used to unlock any encrypted message if there’s a plausible threat. Cook and other privacy advocates have said the existence of such a key would only make it a tempting target for hackers and threaten users’ privacy. Reform of the complex tax code has become an election issue with candidates condemning US companies that merge with overseas competitors in low-tax countries to avoid American taxes in a practice known as corporate inversions.

The appointment of Johny Srouji as head of hardware “results from his success in silicon efforts, perhaps reflecting further vertical integration intentions as well as the Apple’s predilection for unusual spellings of ‘Johnny,’” quips Milunovich. Apple has an interesting dichotomy: its products are increasingly closed and integrated while at the same time driven by platform economics, which require Apple to be more open. However, we think Apple mostly subsidizes on the software/services side of the platform to monetize through the iPhone, which limits the profitability of services.

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