Skip to content 
Search

Latest Stories

Apple CEO: Demonetisation great move for India in longer term

The demonetisation drive undertaken by the Indian government is a “great move” in the longer term, Apple CEO Tim Cook said as he emphasised the company’s strong intention to “invest significantly” in the country

Cook, in first quarter fiscal year 2017 earnings release conference call, said despite the demonetisation exercise, US-based iPhone maker performed well in the Indian market.


“Despite the demonetisation move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results, and so we were very happy about that,” Cook said in the call on Tuesday when asked about the company’s performance in India during its fiscal 2017 first quarter ended December 31, 2016.

Cook, 56, said the impact of demonetisation has not worked its way through yet and it is “still definitely having some overhang.”

“But I think in the longer term, it’s a great move, and I feel really good about how we’re doing there. We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it’s a great place to be,” Cook said.

Describing India as a “great” market, Cook said Apple will make significant investments in the country going forward.

The Indian government had last year in November withdrawn from circulation the highest denomination currency notes of 1000 and 500 in an effort to curb black money.

Apple’s chief financial officer Luca Maestri said the company established new all-time revenue records in most developed and emerging markets, with strong growth rates in many countries, including the US, Japan, Canada, France, Australia, Brazil, India, Turkey, and Russia.

He said the iPad and its laptop range Macs did very well in the Indian market.

Cook said Apple sold 5.4 million Macs and generated its highest-ever quarterly Mac revenue. “We were very happy to report double-digit unit growth in several countries, including Japan, Mainland China, India, the Netherlands, and Sweden, as well as in the US education market,” he said.

Apple sold 13.1 million iPads, ahead of its expectations, posting double-digit growth in China and India, “as we’ve expanded distribution channels in those countries and we continue to attract a very high percentage of first-time tablet buyers,” Maestri added.

Apple posted a quarterly revenue of $78.4 billion compared to revenue of $75.9 billion in the year-ago quarter. International sales accounted for 64 per cent of the quarter’s revenue.

More For You

Brothers deny assaulting police during Manchester Airport brawl

Photo for representation. (iStock)

Brothers deny assaulting police during Manchester Airport brawl

TWO brothers accused of assaulting a man inside a Starbucks and later attacking police officers at Manchester Airport are standing trial, with the prosecution arguing they used "unlawful and extreme violence".

Mohammed Fahir Amaaz, 20, and his older brother Muhammad Amaad, 26, both from Rochdale, are said to have acted aggressively on July 23 last year while at the airport to pick up their mother, who had arrived on a flight from Qatar.

Keep ReadingShow less
Court to review teen's sentence in Bhim Kohli case
Bhim Kohli

Court to review teen's sentence in Bhim Kohli case

THE seven-year prison sentence handed to a 15-year-old boy convicted of the manslaughter of 80-year-old Bhim Sen Kohli is to be reviewed under the UK’s Unduly Lenient Sentence (ULS) scheme.

The Attorney General’s Office confirmed on Friday (5) that the teenager’s sentence will now be considered by the Court of Appeal.

Keep ReadingShow less
Dalai Lama hopes to live 'beyond 130 years'

Tibetan spiritual leader the Dalai Lama attends a prayer meet held for his long life at the Dalai Lama temple in the northern hill town of Dharamshala, India, July 5, 2025. REUTERS/Anushree Fadnavis

Dalai Lama hopes to live 'beyond 130 years'

THE Dalai Lama said on Saturday (5) he hopes to live until he is more than 130 years old, two decades longer than his previous prediction, following his assurance to followers that he would reincarnate as the spiritual head of the faith upon his death.

The Nobel Peace Prize winner was speaking during a ceremony organised by his followers to offer prayers for his long life, ahead of his 90th birthday on Sunday (6), and as China insists it will choose his successor. The Dalai Lama told Reuters in December he might live to 110.

Keep ReadingShow less
UK heatwave by mid-July

Daytime temperatures meeting or exceeding set thresholds of 25°C

iStock

Met Office warns of potential third UK heatwave by mid-July

Key points

  • Met Office forecasts rising temperatures by mid-July
  • Possible third heatwave after record-breaking June
  • High pressure system likely to bring hot air from the Atlantic
  • Yellow rain warning and flood alerts issued in parts of Scotland and Cumbria

Possible heatwave to return by mid-July

The UK could experience its third heatwave in a month by mid-July, the Met Office has said. Forecasters expect rising heat and humidity during the second weekend of July, following two weekends of unusually warm weather in late June.

June was officially the hottest on record in England, and the return of high temperatures could mean another heatwave for parts of the country. However, the Met Office cautioned that it is too early to confirm how hot conditions will get.

Keep ReadingShow less
crypto

Two men have been jailed for defrauding investors of £1.5 million through a fake crypto investment scheme. (Representational image: iStock)

iStock

Two jailed over £1.5m crypto investment scam

TWO people who duped investors of £1.5 million by selling fake investments in crypto have been jailed for 12 years, the Financial Conduct Authority (FCA) said.

Raymondip Bedi, of Bromley, and Patrick Mavanga, of Peckham, conned at least 65 people by cold-calling them between February 2017 and June 2019. They operated companies including CCX Capital and Astaria Group LLP.

Keep ReadingShow less