Apple Appeal Against EU Tax Bill Would Enter Uncharted Territory
Apple CEO Tim Cook has said he will appeal the European Commission’s ruling that his company received an unlawful 13 billion euro ($14.5 billion) subsidy when Ireland gave it preferential tax deals and that he was confident the decision would be reversed. But over a dozen lawyers, including three advising companies on appeals, told Reuters it was impossible to predict how EU courts would rule in an area that has not been tested before. State aid cases have up until now centered on targeted tax ..>> view originalEarly movers: LULU, YUM, ABBV, AVGO, SWHC, AMBA, GAP, UPS, MCD & more
Check out which companies are making headlines before the bell: Lululemon — The yogawear maker reported adjusted quarterly profit of 38 cents per share, 1 cent a share above estimates. Revenue was in line, but investors are focusing on weaker than expected guidance, putting extreme pressure on Lululemon shares. Yum Brands — Yum sold a $460 million stake in its China unit to a consortium consisting of a China investment firm and a unit of online retail giant Alibaba. The unit is in the pr..>> view originalWal-Mart to Cut 7000 Back-Office Store Jobs
Updated Sept. 1, 2016 1:50 p.m. ET Wal-Mart Stores Inc. WMT 1.96 % plans to cut thousands of back-office positions around the country, a sign that the retailer’s effort to make its cavernous stores more efficient is also changing the face of its workforce. The largest private employer in the U.S. is eliminating about 7,000 store accounting and invoicing positions over the next several months. The jobs are mostly held by long-term employees, often some of the highest paid..>> view originalCaterpillar considers closing Belgian site, laying off 2000
BRUSSELS (AP) รข€” U.S. heavy equipment maker Caterpillar said Friday it may close a Belgian manufacturing site and lay off about 2,000 workers, an announcement met with dismay and alarm by employees and the government.In a post on its corporate website, Caterpillar said that in line with its September 2015 global restructuring plan, it was considering shifting production of construction equipment now at its Gosselies site to Grenoble, France, and other facilities outside Europe. "If this intent..>> view originalUber's Didi Deal Under Antitrust Investigation in China
SHANGHAI, Sept 2 (Reuters) – China’s commerce ministry is investigating the planned acquisition by ride-hailing firm Didi Chuxing of U.S. rival Uber Technologies Inc’s China unit over anti-monopoly concerns, the ministry’s spokesman said on Friday. Shen Danyang told reporters the Ministry of Commerce would look to protect fair market competition and consumer interests in the deal, which will create a roughly $35 billion giant dominating China’s car-hailing market. A representative for Uber co..>> view originalUS Firms Take Action Against Hanjin Shipping As Half Its Fleet Gets Blocked
Roughly half of Hanjin Shipping’s container vessels have been blocked from ports since the South Korean firm’s collapse, putting manufacturers and their customers increasingly on edge about the fate of cargo and spikes in freight costs. Woes for world’s seventh-largest container shipper have only deepened since its banks withdrew support and it filed for court receivership this week. One vessel has also been seized by a creditor in Singapore while firms in the U.S. have launched legal action ag..>> view originalAugust Jobs
Happy Labor Friday! The July jobs report was all positives featuring an impressive top-line job growth of 255,000 new payroll jobs. The labor force participation rate ticked up to 62.8 percent, a 407,000 increase in the labor force for July. As a result of the growth in both jobs and labor force participation, the unemployment rate remained unchanged. The long-awaited earnings growth was most notable with average hourly earnings increasing by 8 cents, an annual rate of 3.8 percent. Here is a bri..>> view originalDollar treads water as all eyes turn to US jobs report
LONDON The dollar held steady on Friday as investors awaited the most closely watched data set of the month, the U.S. non-farm payrolls report, for clues as to whether the Federal Reserve is to raise U.S. interest rates this year. The greenback was flat against a basket of major currencies at 95.72, having fallen 0.4 percent on Thursday .DXY, its worst performance in two weeks, after a surprise contraction in U.S. manufacturing that cast some doubts on the strength of U.S. economic growth.The ..>> view originalClinton unveils plan to stop price-gouging on old drugs
Democratic presidential candidate Hillary Clinton. (Matt Rourke/AP) Hillary Clinton has been quick to criticize drug companies that raise the prices of old drugs to boost their profit margins, calling the EpiPen price hikes "outrageous" and accusing embattled pharmaceutical executive Martin Shkreli of "price gouging" on a decades-old anti-parasitic drug. On Friday morning, Clinton's campaign unveiled her plan to prevent companies from exploiting these kinds of older drugs, using measures su..>> view originalIn shakeup, most Greek TV stations set to lose licenses
By DEREK GATOPOULOS, Associated Press ATHENS, Greece (AP) — In a major shakeup for Greek broadcasting, only two of the country's seven private TV stations have survived a landmark license auction that raised 246 million euros ($275 million) for the cash strapped left-wing government. The results were announced Friday after TV executives from eight rival candidate companies were kept in isolation at a government building for some 65 hours during the sequential bidding. Broadcasters Skai a..>> view original
Friday, September 9, 2016
Apple Appeal Against EU Tax Bill Would Enter Uncharted Territory and other top stories.
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