Jobs takes $1 salary, but gained more stocks

NATION

Jobs takes $1 salary,
but gained more stocks

SAN FRANCISCO — Apple Inc. Chief Executive Steve Jobs continued his tradition of taking home only $1 in salary in 2007, when he also gained $14.6 million on paper by exercising stock options that were about to expire, according to a filing with the Securities and Exchange Commission.

Jobs has taken a $1 annual salary since returning to the Cupertino-based company in 1997 and has hoarded his shares of Apple stock since then, accumulating about 5.5 million, according to Apple’s proxy report filed Wednesday with the SEC.

Since Apple released a disappointing second-quarter forecast after the close of trading Tuesday, Apple shares have plunged more than 14 percent. That drop has lopped $20 billion from the company’s market value and trimmed the value of Jobs’ stake by $125 million to a total of around $730 million.

Starbucks testing $1 cup of coffee in Seattle

SEATTLE — Faced with growing competition from cheaper rivals, Starbucks Corp. is testing offering small cups of drip coffee for $1 with free refills in its hometown. That’s about 50 cents less than the Seattle-based coffee retailer normally charges for an 8 oz. cup of joe, though prices vary from store to store.

Small cups of premium coffee at McDonald’s Corp., Dunkin’ Donuts and other lower-cost competitors typically cost just over $1, according to The Wall Street Journal. But the company said in a statement e-mailed by Starbucks spokeswoman Bridget Baker that the test “is not indicative of any new business strategy.”

Associated Press