An Open Letter from Steve Jobs to Tim Cook

Time passes quickly and the WiFi is spotty here in Tr?yastri??aso I apologize for taking so long to check out how you’ve been doing with our company.

Of course, truth be known, Apple was already on that trajectory when I handed you the company, but props anyway.

Beyond that, though, I feel I must ask: Is that ALL you could manage with that money and talent? Seriously?

OK… Let me calm down… Deep breath… Nam Myoho Renge Kyo… Nam Myoho Renge Kyo.. That’s better.

Look, Tim, I don’t want to go all heavy on your case, but here’s what you need to do to make Apple great again:

1. Invest in new technology.

You let our cash on hand get all the way up to $245 billion??? Earning maybe 3% interest? Are you out of your mind?!?!  With those deep pockets, we should be making huge investments and acquisitions in every technology that will comprise the world of the future. You’ve let that upstart Musk make us look like IBM. That’s just plain wrong. 

2. Attack and cripple Google.

Google is our new nemesis, remember? They attacked our core business model with that Android PoC. But, Tim, c’mon… Google is weak. They can’t innovate worth beans and most of their revenue still comes from online ads, which are only valuable because they constantly violate user privacy. You could cut their revenues in half if you added a defaul 100% secure Internet search app to iOS and Mac OS. Spend a few billion and make it faster and better than Google’s ad-laden wide-open nightmare. This isn’t brain surgery.

3. Make the iPad into a PC killer.

WTF? The iPad was supposed to be our big revenge on Microsoft for almost putting us out of business. All it needed was a mouse and could have killed–killed!–laptop sales. Sure, it would have cut into MacBook sales, but that’s the way our industry works. I let the Macintosh kill the Lisa, remember? And the Lisa was my personal pet project. The iPad could have been the next PC… and it still might not be too late.  

4. Give our engineers private offices.

I get it, Tim. You’re not a programmer. You built your career in high tech but it was always in sales and marketing, which are the parts of the business where a lot of talking and socializing make sense. But if you’d ever designed a product, or actually written code, you’d know engineering requires concentration without distractions. Programmers and designers don’t belong in an open plan office. Give them back their private offices before it’s too late.

5. Don’t announce trivial dreck.

A credit card? Seriously? Airbuds with ear-clips? A me-too news service? Is that best you can do? And what was with Oprah And Spielberg at the event? Hey, the year 2007 called and wants its celebrities back. Look, when you gin up the press and the public up for a huge announcement and it’s just meh tweaks to existing products or me-too stuff, it makes us look lame and out of touch. If we don’t have anything world-shaking, don’t have an announcement!

6. Stop pretending we’re cutting edge.

There was a time–I remember it well–when people would line up for hours just to be the first to get our innovative new products. Heck, we even had “evangelists” who promoted our products to our true-believers. But that’s history. Until we come out insanely great new products that inspire that kind of loyalty, dial down the fake enthusiasm. 

7. Make Macs faster, better, cheaper–more quickly.

I’m honestly embarrassed what you’ve done with the Mac. You’ve not released a new design in years. Sure, MacBooks were cool back in the day, but now they’re just average. And where’s our answer to the Surface? Tim, you actually let Microsoft–Microsoft again!–pace us with a mobile product. That’s freakin’ pitiful.

8. Diversify our supply chain out of Asia.

Tim, Tim, Tim…  I love Asia, but you’ve bet our entire company on the belief that there will never be another war (shooting or trade) there. Meanwhile, China has become more aggressive and there’s a madman with nuclear weapons perched a few miles from our main supplier for iPhone parts. Wake up! We need to sourcing our parts in geographical areas where war is less likely.

9. Fix our software, already.

This was the one that surprised me the most. I knew that iTunes, iBooks, Music, and AppStore was a crazyquilt but I figured we could fix that in a future release. But here we are, ten years later, and we’re still asking people to suffer through this counter-intuitive bullsh*t? And what’s with the recent instability with our operating systems? And that wack Facetime security hole? 

10. Make some key management changes.

Delete your account.

Beatifically,

Chinese tech giant Tencent plans $5 billion bond sale: sources

HONG KONG (Reuters) – China’s Tencent Holdings Ltd is returning to the market with a U.S. dollar bond that could raise about $5 billion, two people with direct knowledge of the matter said.

A Tencent sign is seen during the China Digital Entertainment Expo and Conference (ChinaJoy) in Shanghai, China August 3, 2018. REUTERS/Aly Song

The social media and gaming giant launched the sale on Wednesday of five-year, seven-year, 10-year and 30-year dollar bonds, showed a term sheet seen by Reuters.

The term sheet did not detail the amount Tencent is looking to raise.

The bond sale could be Asia’s largest so far this year, Refinitiv data showed, exceeding property developer China Evergrande Group’s $2.8 billion sale in January.

Tencent last tapped the bond market in January last year, raising $5 billion.

The bonds were being marketed with indicative interest rates of 115, 140, 165 and 185 basis points (bps) over U.S. Treasuries for the five-year, seven-year, 10-year and 30-year tranches, respectively, the term sheet showed.

Tencent has a $6 billion offshore issuance quota from China’s state planner, the National Development and Reform Commission (NDRC), the people said, declining to be identified as they were not authorized to speak publicly on the matter.

Proceeds from the sale will be used for refinancing and general corporate purposes, the term sheet showed.

Tencent said in an exchange filing on Monday it had increased its Global Medium Term Note Programme limit to $20 billion from $10 billion and that it planned to conduct an “international offering”, without specifying a size.

Asked for comment on Tuesday regarding the size of the sale, Tencent said it does not comment on market speculation.

The company has hired Deutsche Bank, HSBC, Goldman Sachs and Morgan Stanley as joint global coordinators for sale, Tencent said in Monday’s exchange filing.

Tencent suffered a rough 2018, as a nine-month hiatus in approving games for monetization in China prevented it from capitalizing on some of its most popular games.

Its net profit for the last quarter of 2018 dropped 32 percent, the steepest decline since Tencent went public in 2004, to 14.2 billion yuan ($2.11 billion), in part due to one-off losses at portfolio companies.

Reporting by Julia Fioretti; Additional reporting by Julie Zhu; Editing by Himani Sarkar and Christopher Cushing