Tim Cook says keeping Apple's secrets are 'the bane my existence'

Tim Cook

Tim Cook

Loup Ventures Managing Partner Gene Munster said earlier this week during an appearance on the Varney & Company show that about $70 billion could go towards share buybacks, with additional funds allocated to special dividend payouts and additional acquisitions. Cook, who predicted in October 2016 that Apple would help to kill cash, affirmed his interest at the shareholders' meeting in seeing the elimination of money in his lifetime, even though using smart phones for mobile payments was not catching on as quickly as he first hoped. He all but guaranteed that Apple's board will raise the dividend in April, as it has done each year since the company reinstated the shareholder payments in 2012. "But in terms of annual increases in the dividend it is something that this board and management are committed to doing".

Apple CEO Tim Cook (AAPL) on Tuesday downplayed the possibility that the tech giant could offer its shareholders a special dividend due to recent changes to the USA corporate tax code that allowed companies to repatriate worldwide cash at a lower tax rate, a key provision in President Trump's tax reform plan.

Apple is already collaborating with the U.S. Food and Drug Administration for a pilot programme to help the agency figure out how to regulate lower-risk digital health products.

None of the shareholders at the meeting pressed Cook about how the iPhone X is faring or about Apple's handling of software updates that secretly slowed down older iPhones, triggering customer complaints and government inquiries inside and outside the U.S.

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The proxy access measure asked Apple to reconsider its rules for shareholders to nominate directors; the rules say that a group of no more than 20 shareholders must hold 3 percent of Apple's stock in order to nominate a director for one of the eight director positions. Another scenario is Apple spending between $30 billion and $60 billion per year on share repurchases and combine that with a dividend yield of 3 percent until 2023 - which he says is what Wall Street is now leaning towards.

"This was so bad for America", he said. Apple listed $252.3 billion in overseas cash in its most recent filing with the SEC.

"We are saying we would like to pay (the tax) and for paying we would like to use the residual profits to invest in this country", Cook said.

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