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Supervisor
Elham AbolFateh
AR
Thursday 25 May 2017

Science & Technology

Apple starting US tech manufacturing fund with $1 bn

Wednesday 10/May/2017 - 12:57 PM
Sada El Balad
Anadolu Agency

Apple chief Tim Cook on Wednesday announced Apple is creating a fund to get more people in the US to do "advanced manufacturing،" kicking it off with a billion dollars.
"We are creating an advanced manufacturing fund،" Cook said in an interview broadcast on CNBC.
"We are initially putting one billion dollars in the fund."
Cook pointed out that apple spent more than $50 billion in the US last year -- buying from suppliers such as Corning Glass، working with developers behind applications for the California company's devices and more.
Apple has about 80،000 employees in the US and plans to hire thousands more "in the future،" according to Cook.
"A company should have values because a company is a collection of people، and people should have values،" Cook said.
"One of the thing you should do is give back."
Apple planned to borrow money for the new fund despite having a fortune in coffers overseas because of the tax hit that the company would suffer if it brought profit home، according to Cook.
And while Cook has been among Silicon Valley stars critical of Trump when it comes to limiting immigration، he endorsed a push for comprehensive tax reform.
"To invest in the US، we have to borrow،" Cook said.
"Comprehensive tax reform is so important to this economy."
The first investment of the new fund will be announced later this month، according to Apple.

Edited by rehab sayed

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