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Microsoft shareholders get their money’s worth after $60 billion buyback

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The big tech firm announces new repurchase program, following the promotion of president Brad Smith to vice chair.

Microsoft’s Brad Smith is the newly appointed Vice Chair

Microsoft is set to buy back $60 billion worth of shares under a new share repurchase program.

Each dividend will cost just over 60 cents per share, which is six cents more than the previous quarter.

The purpose of a buyback is to lower the number of outstanding shares on the market.

As a result, stakeholder ownership is increased and companies are able to reinvest in themselves.

There are a number of reasons behind why a company may buyback shares with Microsoft planning to raise their quarterly dividend by 11 percent.

Taking the top spot

The program comes after the tech giant appointed president Brad Smith as vice chair.

The company president who joined the tech firm in 1993, currently leads a team of over 1,500 staff across 54 countries.

According to his biography, Smith became general counsel for the company in 2002 and, over the next decade, handled the resolution of antitrust cases.

It’s unclear how long the buyback will last, with Microsoft saying they can choose to terminate the program at any time. 

Shares went up by 0.5 percent following the announcement.

Written by Rebecca Borg

Business

EU plans to force USB-C chargers for all phones

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EU plans to make USB-C connectors the standard port for all smartphones and tablets, angering Apple

The European Commission rules to force manufacturers to create a universal charging solution for phones and small electronic devices. The European Commission is aiming to have a common charging port for all mobile phones, tablets, cameras, headphones, and handheld videogame consoles.

The ruling has been in the making for a decade, with environmental concerns the main driving force behind the historic move.

Reducing waste

The rule will reduce waste by encouraging consumers to re-use existing chargers when buying a new device. Politicians have been pushing for this uni9versal charging rule for over a decade.

Disposed and unused charging cables generate approximately 11,000 tonnes of waste per year.  Research shows the average person owns around three mobile phone chargers.

A decade ago there were about 30 different types of chargers, now, phones use either USB-C, lightning, and USB micro-B.

Rotten Apple

The move would see all smartphones in the EU sold with the same charger, a motion Apple is not happy about. The tech giant says this move would damage ongoing innovation.

The tech giant is the main manufacturer of smartphones using a custom charging port, as its iPhone series uses an Apple-made “Lightning” connector. Apple argues its Lightning connector is used by one billion active iPhone users.

“We remain concerned that strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world,”

Apple spokesperson

The proposed changes would apply to the charging port on the device body and will also standardise charging speeds. It may be a number of years before the proposals come into effect.

It will be thoroughly debated by the European Parliament and national Governments.

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Tech

Facebook CTO resigns as Zuckerburg announces replacement

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Facebook is about to close an important chapter in its history

In some major news, the social network’s chief technology officer, Mike Schroepfer is stepping down from his role after a total 13 years at the company.

He’ll move to a part-time position as Facebook’s first Senior Fellow at some point in 2022.

CEO Mark Zuckerburg has now appointed hardware lead Andrew Bosworth to be the new CTO.

Schroepfer first joined Facebook in 2008 as a vice president of engineering. He took the CTO position in 2013.

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Business

American plane maker to open major factory in Australia

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Major US-based aircraft maker, Boeing is heading for Australia’s sunshine state

The new Boeing manufacturing facility is planned to be built at Toowoomba’s Wellcamp Airport in an Australian first.

The facility would be involved in manufacturing the Loyal Wingman unmanned aircraft for the Royal Australia Air Force.

Queensland Premier Annastacia Palaszczuk stated that the Boeing project would bring more than 300 jobs to the area, and was ‘very welcome’

The Queensland Government also confirmed that the interior of the aircraft manufactured at the new site would be painted maroon and stamped with “Made In Queensland”.

The Loyal Wingman is an unmanned aircraft but works alongside crewed aircraft, with Defence currently examining how it will be deployed once it’s put into use.

The new facility isn’t the first to be opened and operated by Boeing, with the plane maker also operating sites across Australia’s east coast, including in major cities; Melbourne and Sydney.

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