Wednesday, 24 October, 2018

Apple Plans To Create $1 Bln US Advanced Manufacturing Fund

Apple CEO Tim Cook speaks during an announcement of new products in Cupertino Calif. Apple will invest $1 billion to help create more U.S. manufacturing jobs and counter recurring criticism about its reliance on Apple Plans To Create $1 Bln US Advanced Manufacturing Fund
Orlando Vargas | 06 May, 2017, 01:17

Tim Cook says Apple will invest $1 billion to boost USA manufacturing.

Apple CEO Tim Cook recently announced on CNBC that Apple would start a $1 billion fund to promote advanced manufacturing American jobs.

Cook in an interview with CNBC on Wednesday (3 May) said, "By doing that, we can be the ripple in the pond", as the new manufacturing jobs would create new service-industry positions around them. "How can we create even more?'" he says.

On Wednesday, Apple for the first time released a state-by-state breakdown of where its 80,000 USA employees work, showing that more than half of them are located outside Silicon Valley.

He went on to say that Apple wanted to help set a new trend for companies returning manufacturing back to the US. "I mean, you can take every tool and die maker in the United States and probably put them in a room that we're now sitting in".

Cook also promised that Apple will hire "thousands of employees, thousands more in the future" in the US, although he didn't specify how quickly that will happen.

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Directly and indirectly, Apple has reached workers in all 50 states, boasting 80,000 company employees in areas like research and development, customer support, financial services, and Apple's 271 US stores.

"Because it motivates you and it constantly gives you feedback, it constantly gives you rewards, and this makes a difference over time", Tim Cook said. If you do not expose up, I think it is the worst scenario.

Mr. Cook said the company will announce the first investment from the fund later this month. In 2017 reports did emerge, however, relating to Apple bringing iPhone production back to the U.S. The company already has released "Made in the USA" Mac Pro computers, assembled in Texas, but nothing on the scale of its Chinese manufacturing.

One of the areas where Cook and Trump see eye-to-eye is repatriation of foreign cash at favorable tax rates. And the trend isn't just problematic for older workers; by 2030, more than a third of all U.S.jobs may be done by robots, according to a recent study by the consulting firmPricewaterhouseCoopers. In the latest quarterly results revenue generated from India, which is the third largest smartphone market in the world after the United States and China, grew by double digits.

Cook also gave a clue or two regarding certain novel gadgets that Apple was tinkering with. "Of Apple's $256.8 billion cash pile, 93% is held overseas", points out Trevor Mogg for Digital Trends.

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