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...economic measures that have left foreign investors distinctly uncharmed. In December, to combat an appreciating currency that was irking Thai exporters by making their goods pricier overseas, the central bank briefly instituted harsh capital controls, precipitating the worst one-day drop in the 31-year history of the Bangkok stock exchange. Then, last week, Thailand's Cabinet began tightening foreign-ownership laws, closing loopholes that had made the country one of the region's most welcoming destinations for overseas investment. At the same time, the government is clamping down on the thousands of foreigners who work in Thailand without proper...
...controlling hand of Steve Jobs, 51, for whom this is an almost mystically significant year. It has been five years since the iPod launched, 30 years since Jobs co-founded Apple (with Stephen Wozniak) and 10 since he returned there after having been fired. In that decade, Apple's stock has gone up more than 1,500%. Neither age nor success--nor cancer surgery in 2004--has significantly mellowed him, although some of the silver in his beard is creeping up into his hair. All technologists believe their products are better than other people's, or at least they...
Apple's superiority complex can inspire resentment, which is one reason for some of the Silicon Valley schadenfreude over Jobs' current stock-options woes (see sidebar). An internal investigation has cleared Jobs, but a federal investigation and a shareholder lawsuit are still going forward. (Jobs declines to talk about the options issue.) Taking pleasure in seeing a special person knocked down to size is a great American pastime. But there's no point in pretending that Jobs isn't special. A college dropout whose biological parents gave him up for adoption, Jobs has presided over four major game-changing product...
Companies grant options to compensate top execs for increasing the stock price. Such grants allow them to buy the stock over a period of time at a price set by the grant date. Backdating--changing the date to make the stock more profitable--is not illegal, per se, but "spring-loading" (granting options before a market-boosting announcement) and faulty or erroneous reporting can violate civil or even criminal laws because of the potential to mislead shareholders...
...report submitted by the board's special investigative committee, headed by Apple directors Al Gore and Jerome York, says Jobs knew about the backdating or recommended favorable dates to boost stock value but says he did not benefit from the two grants he received because he gave up his right to exercise them in 2003. One was for 10 million shares in January 2000, the other for 7.5 million shares. The latter grant was finalized in December 2001 but backdated to October, when the stock was 13% cheaper. "The report seeks to downplay Jobs' involvement and the extent to which...