BUSINESS
April 14, 2012 | By Andrea Chang, Los Angeles Times
Apple Inc., responding for the first time to antitrust charges levied against it and five major book publishers this week, denied that it had engaged in price-fixing to inflate prices paid for electronic books. In a statement to The Times on Friday, Apple spokesman Tom Neumayr said that the Department of Justice's accusation against Apple "is simply not true. " Neumayr said customers have benefited from e-books that are more interactive and engaging and, "just as we've allowed developers to set prices on the App Store, publishers set prices on the iBookstore.
BUSINESS
April 11, 2012 | By Jim Puzzanghera and Andrea Chang
WASHINGTON - Former Apple Inc. Chief Executive Steve Jobs was a key player in a conspiracy with five major book publishers to drive up the price of digital books, federal and state officials said in antitrust lawsuits filed against the companies. Jobs helped orchestrate a complex price-fixing plan that cost consumers tens of millions of dollars over the last two years by boosting the price of many new releases and bestsellers by $3 to $5 each, federal investigators said. Apple even proudly described the maneuver - which gave the iPad maker a guaranteed 30% commission on each e-book sold through its online marketplace - as an "aikido move," referring to the Japanese martial art, according to the lawsuit.
BUSINESS
April 11, 2012 | By Jim Puzzanghera and Andrea Chang, Los Angeles Times, This post has been corrected, as indicated below
This post has been corrected. See note below. WASHINGTON -- Former Apple Inc. Chief Executive Steve Jobs and top executives at five major book publishers illegally conspired to raise the prices of e-books, costing consumers tens of millions of dollars, federal and state officials alleged in antitrust suits filed Wednesday. The collusion began in 2009 and price fixing took effect with the launch of the iPad in early 2010, boosting the average cost of e-books by $2 to $3 each "virtually overnight," said Sharis Pozen, the acting head of the Justice Department's antitrust division.
BUSINESS
March 27, 2012 | By Salvador Rodriguez
The U.S. Patent and Trademark Office has awarded two patents to Steve Jobs, the Apple Inc. co-founder who died five months ago. The patents were posthumously awarded to Jobs, as well as other employees of Apple, for their design of the current iMac and for the third-generation iPod Shuffle - which was famous for its tiny size and lack of buttons. In total, the agency awarded 19 patents to the company, which is notorious for stockpiling patents. In the past, Apple has filed patents for items ranging from products that have never made it to the public to staircases used at Apple stores around the world.
BUSINESS
March 21, 2012 | By Deborah Netburn
Faced with a surplus of roughly $100 billion in cash, Apple Inc. announced this week that it will use the money to pay investors a quarterly dividend and embark on a three-year stock buyback program. Bo-ring! The choice, which represents a departure from Steve Jobs' no-dividends-ever policy may be nice for investors, but it has no entertainment value. If only Apple Chief Executive Tim Cook had gone with one of the many interesting ideas proposed by our favorite Taiwanese animated news commentators, the good folk at Next Media Animation.
BUSINESS
March 20, 2012 | By David Sarno and Jessica Guynn
In agreeing to pay $35 billion in dividends, Apple Chief Executive Tim Cook was sending Wall Street a message: It's my company now. Steve Jobs, Cook's predecessor and Apple's co-founder, hated dividends. To him, Apple profits should be plowed back into the development of mind-bending new products, and shareholders would reap the benefits as the stock value rose. Cook, on the other hand, is siding with Wall Street investors who have long believed the company was only as strong as its last product.