Apple appeals EU tax ruling, says it was a 'convenient target'
By Foo Yun Chee | CUPERTINO, Calif./BRUSSELS CUPERTINO, Calif./BRUSSELS Apple (AAPL.O) has launched a legal challenge to a record $14 billion EU tax demand, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximize the penalty, senior executives said.Apple's combative stand underlines its anger with the European Commission, which said on Aug. 30 the company's Irish tax deal was illegal state aid and ordered it to repay up to 13 billion euro..>> view originalWaiting for Dow to breach 20000 is main focus in markets
A man cycles past in front of an electronic stock board of a securities firm in Tokyo, Monday, Dec. 19, 2016. Most Asian stock benchmarks lost ground Monday as investors fretted over the potential political and economic fallout from China’s capture of a U.S. underwater glider. Worries over China’s effort to stem outflows of capital also overshadowed the Hong Kong market following an economic work conference in Beijing late last week. (Koji Sasahara/Associated Press) By Associated Press Dec..>> view originalCanada's Fairfax Agrees to Purchase Switzerland's Allied World for $4.9B in Cash
Fairfax Financial Holdings Ltd. agreed to buy insurer Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Prem Watsa’s largest purchase. Fairfax will pay $54 per share, which is 18 percent higher than Allied World’s closing price on Friday. For every share, Allied investors will receive about $10 in cash — half from Fairfax and the rest from a pre-closing dividend by Allied — as well as $44 of Fairfax’s stock, according to a statement from the companies. Tor..>> view originalUkraine's largest bank rescued by state, prompts call for calm
KIEV Ukraine took over its largest bank on Monday in a move backed by Kiev's international donors to protect the country's financial system and accompanied by an appeal for calm and assurances to depositors from President Petro Poroshenko.In one of the biggest shake-ups of the war-torn country's banking system since Ukraine plunged into economic and political turmoil more than two years ago, the central bank said that PrivatBank had not fulfilled its recapitalization program.Risky lending prac..>> view originalGerman Economy Gets in Festive Mood
Europe’s biggest economy appears to have found a higher gear as the year-end approaches. Despite all the shocks of 2016, German businesses could be the source of pleasant economic surprises as 2017 gets under way. Germany’s closely watched Ifo Business Climate Index climbed to 111 in December from 110.4 in November, beating expectations. Moreover, German companies’ assessment of the current situation improved to the best level since February 2012, while expectations remained strong. The Ifo Ins..>> view originalBillionaire Steinmetz Detained in Israel on Bribe Suspicion
Beny Steinmetz, the Israeli billionaire who’s been entangled in a long-running dispute with authorities over rights to one of the world’s most valuable mining assets, was detained in Israel on suspicion of bribing government officials in Guinea.An Israeli businessman was detained on suspicion of bribery and money laundering, a police spokeswoman said earlier by text message, without identifying the individual. He and other Israelis, who live mostly abroad, are suspected of paying tens of millio..>> view originalFutures slightly higher ahead of Yellen speech
U.S. stock index futures were slightly higher on Monday as investors awaited a speech by Federal Reserve Chair Janet Yellen, less than a week after the Fed raised interest rates for only the second time since the financial crisis. Yellen will be speaking on "the State of the Job Market" at 1:30 p.m. ET (1830 GMT) at the University of Baltimore.U.S. stocks fell on Friday, weighed by a more than 4 percent drop in Oracle ORCL.O shares and news that a Chinese Navy warship seized a U.S. underwa..>> view originalOil Prices Lifted by Hopes Inventories Will Fall
Oil prices gained on Monday amid renewed hope that previously agreed cuts from major oil producing nations would have a significant impact on global inventories. The February contract for global benchmark Brent was up 0.54% at $55.50 a barrel while its U.S. counterpart, West Texas Intermediate, increased 0.5% to $52.16 for January deliveries. The Organization of the Petroleum Exporting Countries has pledged to cut output to...>> view originalIran Toughens Talk on US Jet Deal
Iranian officials publicly hardened their resolve to proceed with a multibillion-dollar deal to buy dozens of Boeing Co. jets, threatening to claw back any lost money if the deal is scuttled after the inauguration of President-elect Donald Trump. The officials touted the timing of the agreement to buy 80 aircraft with a $16.6 billion list price from Boeing—ahead of the start of Mr. Trump’s administration—as possibly making it more...>> view original'Trumpflation' trade keeps dollar near 14-year highs
LONDON The dollar steadied close to its highest levels in 14 years on Monday, underpinned by expectations that a fiscal expansion planned by U.S. President-elect Donald Trump will boost inflation and lead to a faster pace of interest rates hikes. The greenback surged to its highest since January 2003 against a basket of currencies last week and threatened parity with the euro, after the U.S. Federal Reserve hinted that rates could rise as many as three times next year.But the dollar drifted a ..>> view original
Saturday, February 4, 2017
Apple appeals EU tax ruling, says it was a 'convenient target' and other top stories.
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