The resignation of Steve Jobs as the chief executive of Apple took a multibillion-dollar bite out of the company's market value and wiped as much as US$52 billion (Dh190bn) off stocks around the world yesterday.
Apple's shares in the US sank as much as 7 per cent in after-hours trading, following Mr Jobs's announcement on Wednesday night that he would be stepping down from his post immediately.
Futures trading on the S&P 500 Index slumped yesterday by as much as 0.6 per cent on the news, while the Nasdaq-100 index dropped 0.3 per cent.
"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know," Mr Jobs wrote in a letter to the Apple board late on Wednesday.
"Unfortunately, that day has come," he added. "I hereby resign as CEO of Apple."
The 56-year-old leader of the world's second most valuable company has already been elected chairman of Apple's board. After surviving a rare form of pancreatic cancer, Mr Jobs has encountered more recent health issues, though did not specify his reasons for stepping down.
Tim Cook, the Apple chief operating officer has been strongly tipped to take the top job. Mr Cook acted as interim chief executive while Mr Jobs was on medical leave.
While Apple's board was quick to act on the news, some investors are concerned that the company may not be able to keep up with the brisk sales pace of its devices without the company founder at the helm.
Apple posted a record quarterly profit of $7.31bn when it released its latest earnings last month, buoyed by sales of more than 20 million iPhones and 9 million iPads, but sales of its music-playing iPods dropped 20 per cent from the same quarter a year ago.
Neverthless, Apple briefly surpassed ExxonMobil as the most valuable company by market value in the world before dropping back to second position.
"I believe Apple's brightest and most innovative days are ahead of it," Mr Jobs wrote in his resignation letter.
"And I look forward to watching and contributing to its success in a new role."
nparmar@thenational.ae
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013