Spectator on facebook

Spectator on facebook

FOCUS SHORT

Apple has largest capitalisation

FOLLOWING blockbuster holiday-season quarterly results, Apple shares surged well above the $500 mark, turning the California-based computer giant into the largest company in the world by market capitalisation.

FOLLOWING blockbuster holiday-season quarterly results, Apple shares surged well above the $500 mark, turning the California-based computer giant into the largest company in the world by market capitalisation.

Apple surpassed Exxon Mobil briefly last summer but the oil producer then regained its lead. Apple shares rose above $540 on February 28, pushing the company's value above the historic $500 billion benchmark.

Apple was riding on the results sentiment and anticipated product introduction – as the IT world went abuzz with rumors about the imminent launch of iPad 3.

Investors' confidence did not seem to be affected by bad publicity Apple had to face following reports about substandard working conditions in the Foxconn-owned factories in China where its products are produced.

The iPhone maker joined the Fair Labor Association (FLA) in January, and in February granted the FLA access to inspect assembly lines in the Foxconn factories, which the FLA reported to be better than average in China.

Contrary to expectations, a TV documentary produced by ABC, that gained access to the factory floor, did not reveal any shocking working conditions.

Apple found itself in the middle of the controversy despite being the only major electronics maker to allow independent inspections of its Chinese facilities.

Hewlett-Packard, Microsoft and Sony have so far resisted calls for greater transparency involving the factories of their China-based manufacturing contractors.

But the publicity driven by Apple helped to raise awareness about working conditions in China and led Foxconn to raise salaries of its employees by 16 to 25%, a third increase since 2010.

Topic: Finances and Advisory


Top stories

Fico: Women need protection, especially as more migrants arrive in Europe

The prime minister repeated that he refuses to allow the emergence of "compact Muslim communities in Slovakia" as he announced Slovakia will not ratify the Istanbul Convention as a whole.

Robert Fico

Slovakia’s story of economic success

The country marks 25th anniversary of its existence as an independent state

Bratislava

Populists are more creative than liberals

The essence of creativity and good governance is about finding a coherent story. When every city gets smart, being a stupid city will be an advantage, says a strategic management expert.

Maciej Kisilowski

Slovak biathletes surprise in women’s relay Photo

Though they were not considered favourites, Slovak biathletes fought bravely for medal positions but ended fifth.

Ivona Fialková of Slovakia crosses the finish line.