Company news in brief

Apple's Tim Cook gets mega bonusApple chief executive Tim Cook has received a bonus of some US$750 million, reflecting his performance at the US technology giant in his 10 years at the helm, a regulatory filing showed.The Thursday filing with the Securities and Exchange Commission showed Cook's bonus was granted in some five million Apple shares, which were subsequently cashed out.The bonus reflects a stock option plan implemented in 2011 when Cook took over as CEO from Steve Jobs shortly before the Apple co-founder's death.Since then, Apple's market value has skyrocketed and the California giant's worth is estimated at more than US$2.4 trillion.Cook’s net worth is estimated by Forbes magazine at some US$1.4 billion, well below that of other Silicon Valley tech leaders. Under his leadership, the iPhone maker expanded into new areas of digital content and subscriptions to diversify its revenue stream. – Nampa/AFPPfizer/BioNTech ink vaccine deal with BrazilCovid-19 vaccine makers Pfizer and BioNTech have joined forces with Brazilian pharmaceutical company Eurofarma to distribute doses in Latin America, the companies announced Thursday.Production will start next year and at full capacity will produce 100 million finished doses, the statement said."Everyone - regardless of financial condition, race, religion or geography - deserves access to lifesaving Cpvid-19 vaccines," Pfizer chief Albert Bourla said in the statement.According to Pfizer and BioNTech, the companies have shipped more than 1.3 billion vaccine doses to more than 120 countries and territories in every region of the world, and aim to provide a billion doses annually to low- and middle-income countries in 2021 and 2022.The companies last month announced a similar deal with Biovac in South Africa, with the goal to deliver up to 100 million doses a year to the 55 countries of the African Union. – Nampa/AFPAmazon-backed Rivian announces IPORivian Automotive, the Amazon-backed manufacturer of electric trucks and utility vehicles, said Friday it had filed for a stock market listing as it prepares to ramp up production and delivery.The California-based firm said it had filed confidentially for an initial public offering, under a provision allowing it to keep its financial data private. The size and price range for the offering was not disclosed.Rivian has raised more than US$10 billion in funding since its founding in 2009, including from Amazon, which has pledged to purchase 100 000 electric delivery vans from the startup. Its valuation was pegged at US$26.7 billion earlier this year.In addition to the Amazon delivery vehicles, Rivian is producing electric trucks and sport utility vehicles for consumers with prices starting from around US$70 000.The news from Rivian comes as governments around the globe, including in the United States, make the development of electric cars a priority and as the global auto sector accelerates EV production. – Nampa/AFPChina to clamp down on overseas IPOsChina plans to block tech firms with large amounts of sensitive user data from listing abroad, a report said Friday, dealing another blow to the ambitions of its largest digital companiesThe move will make it tougher for businesses to raise cash in the lucrative US markets and gives further control to the government as it presses on with its regulatory clampdown on private industries.China's stock market regulator has proposed targeting tech firms eyeing initial public offerings, even via a legal loophole that allows them to use a unit registered abroad, the Wall Street Journal said, citing sources familiar with the matter.Officials from the China Securities Regulatory Commission said that even Chinese firms in less sensitive sectors would need regulatory approval to list abroad, the report said.The developments come weeks after Chinese ride-hailing giant Didi Chuxing was investigated for "cybersecurity issues", shortly after a bumper New York listing. – Nampa/AFPMicrosoft warns of data vulnerabilityMicrosoft says it has warned thousands of its cloud computing clients of a recently discovered flaw that left their data vulnerable for an extended period.The problem involved keys used to access Microsoft Azure's flagship database service Cosmos DB, and was discovered two weeks ago by cybersecurity company Wiz."Imagine our surprise when we were able to gain complete unrestricted access to the accounts and databases of several thousand Microsoft Azure customers, including many Fortune 500 companies," Wiz said on its blog Thursday.Companies including Coca-Cola and Exxon-Mobil use Cosmos DB "to manage massive volumes of data around the world in real time," Wiz added. The cloud service is used to store data, as well as to analyse and process everything from orders from suppliers to transactions with consumers.According to Microsoft, customers who may have been impacted were notified, but there was no evidence the flaw had been exploited by malicious actors. – Nampa/AFP

Company news in brief

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