Apple Opens First Retail Store in India as It Looks to Country for Manufacturing
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Apple Opens First Retail Store in India as It Looks to Country for Manufacturing

The iPhone maker aims to diversify supply chain and boost sales in a country where it has struggled to gain traction

By ALYSSA LUKPAT
Wed, Apr 19, 2023 8:42amGrey Clock 2 min

Apple Inc. opened its first retail store in India Tuesday, with Chief Executive Tim Cook celebrating the launch in person, as the company ramps up efforts to diversify its supply chain and boost smartphone sales in the world’s most populous country.

The tech company opened a bricks-and-mortar location in Mumbai, a financial hub in India, and said it is planning to open a second location Thursday in New Delhi, India’s capital.

Mr. Cook said earlier this year that he was focused on India, where Apple has been using financing options and trade-ins to make its products more affordable compared with cheaper alternatives from China.

“India is [a] hugely exciting market for us and is a major focus,” he said on Apple’s earnings call in February.

Fuelling Apple’s push into India is an ambitious project to diversify more of its supply chain away from China. For more than 20 years, Apple’s primary base of manufacturing has been China. But recent turmoil in its China operations has propelled Apple to more aggressively move operations to other countries, such as Vietnam and India, The Wall Street Journal reported.

Outside of China, India is viewed by Apple as the main candidate for producing the iPhone, the company’s most important product that still accounts for roughly half of its sales. India currently accounts for less than 10% of global iPhone production, mostly for selling into the domestic market. Apple’s longer-term goal is to produce 40% to 45% of its iPhones from India, according to Ming-chi Kuo, an analyst at TF International Securities who follows the supply chain.

Apple has encountered problems of building up iPhone manufacturing in India, the Journal previously reported. India doesn’t have the same level top-down governmental coordination that is found in China, which has previously helped clear the way for Apple to build up operations to the scale it needs in the country.

Apple’s main manufacturing partner, Foxconn Technology Group, is also considering a major expansion into India, including expanding iPhone production in an existing plant near Chennai, in the southern Indian state of Tamil Nadu, the Journal reported last month.

Apple has struggled to gain traction in India, where the company previously had mostly been selling its products online or through resellers and retail chains.

India is the world’s second-biggest smartphone market, both in terms of annual shipments and sales, according to market intelligence firm IDC. It accounts for almost 12% of the global market.

The retail stores are among Apple’s first steps to try to increase its sales in India. Apple is projected to have a 5% share of the country’s overall smartphone market this year, up from 1% in 2019, according to Counterpoint Research.

The multi storey Mumbai shop is in a bustling commercial area. Apple said the store will use solar panels and renewable energy. It is expected to be one of the company’s most energy-efficient locations. The company has more than 520 stores worldwide, according to its website.

Mr. Cook tweeted a picture of himself outside the Mumbai store on Tuesday, saying, “The energy, creativity, and passion in Mumbai is incredible!”



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The Top 10 highest paid CEOs of the ASX 200 revealed

Along with pay rates, the latest report from the ACSI shows bonuses are no longer based on exceptional results

By Bronwyn Allen
Tue, Jul 23, 2024 2 min

The CEOs of the ASX 200 were paid a little less in FY23 compared to the year before, but bonuses appear to have become the norm rather than a reward for outstanding results, according to the Australia Council of Superannuation Investors (ACSI). ACSI has released its 23rd annual report documenting the CEOs’ realised pay, which combines base salaries, bonuses and other incentives.

The highest-paid CEO among Australian-domiciled ASX 200 companies in FY23 was Greg Goodman of Goodman Group, with realised pay of $27.34 million. Goodman Group is the ASX 200’s largest real estate investment trust (REIT) with a global portfolio of $80.5 billion in assets. The highest-paid CEO among foreign-domiciled ASX 200 companies was Mick Farrell of ResMed with realised pay of $47.58 million. ResMed manufactures CPAP machines to treat sleep apnoea.

The realised pay for the CEOs of the largest 100 companies by market capitalisation fell marginally from a median of $3.93 million in FY22 to $3.87 million in FY23. This is the lowest median in the 10 years since ACSI began basing its report on realised pay data. The median realised pay for the CEOs of the next largest 100 companies also fell from $2.1million to $1.95 million.

However, 192 of the ASX 200 CEOs took home a bonus, and Ed John, ACSI’s executive manager of stewardship, is concerned that bonuses are becoming “a given”.

“At a time when companies are focused on productivity and performance, it is critical that bonuses are only paid for exceptional outcomes,” Mr John said. He added that boards should set performance thresholds for CEO bonuses at appropriate levels.

ACSI said the slightly lower median realised pay of ASX 200 CEOs indicated greater scrutiny from shareholders was having an impact. There was a record 41 strike votes against executive pay at ASX 300 annual general meetings (AGMs) in 2023. This indicated an increasing number of shareholders were feeling unhappy with the executive pay levels at the companies in which they were invested.

A strike vote means 25 percent or more of shareholders voted against a company’s remuneration report. If a second strike vote is recorded at the next AGM, shareholders can vote to force the directors to stand for re-election.

10 highest-paid ASX 200 CEOs in FY23

1. Mick Farrell, ResMed, $47.58 million*
2. Robert Thomson, News Corporation, $41.53 million*
3. Greg Goodman, Goodman Group, $27.34 million
4. Shemara Wikramanayake, Macquarie Group, $25.32 million
5. Mike Henry, BHP Group, $19.68 million
6. Matt Comyn, Commonwealth Bank, $10.52 million
7. Jakob Stausholm, Rio Tinto, $10.47 million
8. Rob Scott, Wesfarmers, $9.57 million
9. Ron Delia, Amcor, $9.33 million*
10. Colin Goldschmidt, Sonic Healthcare, $8.35 million

Source: ACSI. Foreign-domiciled ASX 200 companies*

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