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THE CONTACT WEEKLY NEWSPAPER ISSUE - 652, 2 FEB. - 8 FEB. 2016 PH: (905) 671 - 4761

Alphabet beats Apple Becomes most valuable US company

NEW YORK Alphabet Inc. surpassed Apple Inc. as the most valuable company in the United States in after-hours trading on Monday, knocking the iPhone maker from the top spot that it has held for the better part of four years. The change may signal the passing of the technology baton to Alphabet formerly known as Google - from Apple, which surged past Microsoft Corp in market value in 2010. Microsoft in turn eclipsed International Business Machines Corp two decades ago. It is not without piquancy for Apple and Alphabet, which worked handin-hand to develop mobile computing, but fell out bitterly after Google launched its own Android mobile operating system in 2008. Google’s then-CEO Eric Schmidt left Apple’s board the following year. The two companies’ operating systems and apps are in direct competition with each other and Apple is still in litigation

with Samsung Electronics, the biggest Android smartphone maker. Alphabet shares jumped on Monday after reporting strong quarterly earnings, making its combined share classes worth

devices, while Apple has struggled due to signs of softening demand for its signature phone, especially in China, and the lack of another blockbuster product in its pipeline. “This makes Alphabet an even

Alphabet’s stock price growth started around July last year. Since then the company has restructured, forming a new holding company and splitting into two parts. Google includes its search

$568 billion, compared with Apple, which had a value of about $535 billion. Alphabet will officially overtake Apple in market value if they open around current levels at the open on Tuesday. The Internet powerhouse’s stock has surged in the last year, helped by increasing sales of advertising on mobile

stronger bellwether for investors to watch,” Scott Fullman, chief strategist at Revere Securities Corp, after the earnings on Monday. “The company has been tracking very well given the volatility in the market, dominated by falling energy prices and weakness from China.” The latest spurt in

engine, YouTube and related parts of the company, while a unit called ‘Other Bets’ includes its ‘moonshots’ such as self-driving cars, and encompasses Google Capital, the secretive X research division and Nest, which offers smart-home accessories. Investors have appreciated the

No Hindu marriage law in Pak creating multitude of issues

Pakistani lawmakers’ lack of political will to pass the pending Hindu marriage Bill despite a Supreme Court directive came in for criticism Friday, with a leading newspaper questioning the government’s commitment to minority rights, especially for Hindu women.“While many politicians are quick to issue public statements about the rights of minorities in Pakistan, when it comes to taking practical steps to secure these rights, there is very little to show,” Dawn

newspaper said in a scathing editorial.“A prime example of

this strange paradox is the decades-old issue of legislation related to Hindu marriage,” it said, highlighting that the “legal

vacuum that created a multitude of issues especially for minority communities.”A Bill on Hindu marriage was jointly presented in the parliament in 2014 by Ramesh Lal of opposition Pakistan People’s Party (PPP) and Darshan of ruling Pakistan Muslim LeagueNawaz (PML-N). A separate but similar government bill was tabled in parliament by Law Minister Pervaiz Rashid in March 2015. The Hindu women have to face problems in proving their Continued on Page 2

company’s new discipline on costs, which started with the arrival of new Chief Financial Officer Ruth Porat. For a time it looked as if Apple would never relinquish the top spot in terms of market value. Bolstered by success of the iPhone, an enormous cash hoard, Apple took over the top U.S. spot in 2012 from Exxon Mobil, and at one point in early 2015 was worth more than $760 billion. Alphabet shares are much more expensive, relatively speaking, than Apple’s, trading around 38 times earnings for the last 12 months, compared to about 11 times for Apple. Alphabet pays no dividend, whereas Apple’s dividend currently yields about 2 percent of the stock’s value annually. Alphabet’s move into the top spot makes it the 12th company to be recognized as the largest publicly traded U.S. name since 1928, according to S&P Dow Jones Indices. Past No. 1 names include General Electric, General Motors and IBM.

Dhami gets life for murder SACRAMENTO An Indo-American man from Elk Grove was sentenced to life in prison last Friday for the murder of a man at a 2008 Sacramento Sikh temple festival, Sacramento County Deputy District Attorney Anthony Ortiz said in a news release. Amandeep Singh Dhami was sentenced to 82 years to life. A jury convicted Dhami on June 17, 2015 of second-degree murder and attempted murder with firearm use enhancements. At trial, prosecutor Anthony Ortiz said, Dhami was ready to settle a score with rival Parmjit Pamma Singh, 26, in a long-standing feud that reignited at a San Jose nightspot. The prosecution and defense varied in their versions of what happened, but, minutes after the pair arrived, Pamma

Singh was shot dead on the festival’s cricket grounds, and his confidant, Sahibjeet Singh (a sexual assault criminal), was wounded but alive. Gosal was quickly captured in the mob scene that ensued and would go on to serve a prison term for second-degree murder in the shooting. Dhami managed to escape, eluding authorities for five years in India before he was returned to the United States in 2013 to stand trial. Continued on Page 2


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