Apple Inc. (AAPL) News: Tim Cook’s Congress Adventure, $6B Wearable-Device Market & More

Editor’s Note: Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB), Google Inc (NASDAQ:GOOG),, Inc. (NASDAQ:AMZN)

Microsoft updates Xbox as Apple to Facebook gain in gaming (Livemint)
Microsoft Corporation (NASDAQ:MSFT) is revamping the Xbox to fend off a breed of competitors ranging from Apple Inc. (NASDAQ:AAPL) to Facebook Inc (NASDAQ:FB). Those companies were nowhere in gaming when the software maker debuted its last version five years ago. Now these newcomers—along with the likes of Google Inc (NASDAQ:GOOG) and, Inc. (NASDAQ:AMZN) —are posing a threat by introducing their own software and devices that let consumers access an array of games and entertainment on smartphones, computers and home electronics.

Apple Inc. (NASDAQ:AAPL)

Apple CEO to call for corporate-tax overhaul (Dispatch)
Apple Inc. (NASDAQ:AAPL) CEO Tim Cook plans to propose a “dramatic simplification” of corporate tax laws when he testifies for the first time before Congress on Tuesday, just as lawmakers are considering an overhaul of the tax code. In an interview with The Washington Post, Cook said he will present specific proposals aimed at encouraging companies to bring back foreign earnings to the United States and invest that money in job creation and research and development. Cook is to speak at a Senate hearing that is taking aim at companies that shift profit abroad to lower their U.S. tax bills.

Google Glass woos developers to $6 billion wearable market (DelawareOnline)
As Apple Inc. (NASDAQ:AAPL) and Samsung Electronics Co. develop smart watches and Google Inc (NASDAQ:GOOG) prepares to roll out Web-enabled eyewear, an ecosystem of software developers is springing up to lend a hand and reap the profits. The wearable-computer market may swell to $6 billion by 2016, according to Wellingborough, U.K.-based IMS Research. To tap into that early, companies like Evernote Corp. have already set up shop. At the Redwood City, California, headquarters of the note-taking software maker, about two dozen engineers work among a clutter of wireless watches, heart-rate monitors and Google Inc (NASDAQ:GOOG)’s computerized spectacles.

Hon Hai Confirms Employee Deaths (WSJ)
Two Hon Hai Precision Industry Co 2317.TW -0.64% . employees have fallen to their deaths in Zhengzhou, China, since late April, the company disclosed Monday, highlighting the continued struggles the Apple Inc. (NASDAQ:AAPL) -0.30% supplier is facing as it tries to manage its growing workforce in mainland China. …The Taiwanese company, which uses the trade name Foxconn Technology Group, 2354.TW -0.12% has been under scrutiny over the past five years for its labor practices following a spate of high-profile suicides and accidents at its factories. Hon Hai has sought to improve worker conditions and implemented suicide-prevention measures to meet the criticism of labor groups, which has added to its labor costs.

iPhones, iPads on planes critical to pilots reporting interference (NewsDay)
The regional airliner was climbing past 9,000 feet when its compasses went haywire, leading pilots several miles off course until a flight attendant persuaded a passenger in row 9 to switch off an Apple Inc. (NASDAQ:AAPL) iPhone. “The timing of the cellphone being turned off coincided with the moment where our heading problem was solved,” the unidentified co-pilot told NASA’s Aviation Safety Reporting System about the 2011 incident. The plane landed safely.