Feeds

Cupertino clears Apple's Fruit Loop HQ - provided it coughs up more taxes

City council eyes fruity firm's billions as it waves construction plans through

3 Big data security analytics techniques

Apple has been given the final go-ahead to build its infamous “fruit loop” HQ - as long as it agrees to cough more taxes to the City of Cupertino.

Cupertino City Council voted unanimously to reduce the annual tax break it gives Apple by 15 per cent, before also agreeing to allow the fruity firm to park the spaceship-like Apple Campus II in the centre of town.

In 1997, Cupertino agreed to hand back 50 per cent of the tax raised by Apple's business-to-business sales.

Back then, Apple was struggling and so was Cupertino. But now, the agreement looks ridiculous considering the firm raked in total sales of $156.5bn in 2012 alone and boasts a cash reserve of about $100bn.

"There will be short-term and long-term impacts from this new development," Cupertino's mayor Orrin Mahoney said yesterday. "And as part of our negotiations, this change was just one way that Apple could continue to help us out in the long-term. This will give us some additional revenue, which will be nice to have."

It is estimated that the deal will net the city $1.8m.

There were no public objections at the vote yesterday and politicians were typically fawning. Cupertino has generally bent over backwards to make Apple feel at home, for fear of sending the city's one golden Apple tumbling from the tree.

A video of Steve Jobs telling the council about his plans two years ago looks more like a fanbois' love-in than a planning meeting.

"We're really proud that you decided to stay here in Cupertino," Councilman Gilbert Wong added yesterday. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.