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Apple and Ireland reach tax escrow deal as EU appeal is set for fall

“The European Commission ruled in August 2016 that Apple had received unfair tax incentives” reports venturebeat.com. (Reuters) — An appeal by Apple and Ireland against a European Union ruling for the U.S. firm to pay 13 billion euros ($16 billion) in disputed taxes is likely to be heard in the autumn, Irish Finance Minister Paschal Donohoe said on Tuesday.The government said it was acting as fast as it could to facilitate the collection of the funds. Source: venturebeat.com Share This:

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Ireland expects Apple EU tax appeal to be heard before end of year

“The Commission told Ireland to collect 13 billion euros in back taxes, a figure Ireland’s finance department estimated last year could reach 15 billion euros including EU interest” writes Midwest Communications Inc for 95kqds.com. The European Commission ruled in August 2016 that Apple had received unfair tax incentives.Interest due by Apple will be calculated after the initial 13 billion euros is collected, Donohoe said.Both Apple and Dublin are appealing against the original ruling, saying the iPhone maker’s tax treatment was in line with Irish and European Union law.DUBLIN (Reuters) –…

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Markets News 

SAP, gaining market share, raises outlook

“Non-IFRS operating profits rose 14 percent in constant currency to 1.235 billion euros, compared to the average forecast of 1.19 billion euros in a Reuters poll of 15 analysts” writes Midwest Communications Inc for 95kqds.com. Cloud subscription and support revenues, SAP’s growth driver, grew by 18 percent to exceed 1 billion euros for the first time.SAP now expects total non-IFRS revenues at constant currencies this year of 24.8-25.3 billion euros ($30.28-$30.89 billion), representing growth of 5.5-7.5 percent, up from an earlier expectation of 5-7 percent growth. Source: 95kqds.com Share This:

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Philips income falls on restructuring

“Koninklijke Philips N.V. PHIA said Monday that first-quarter net income from continuing operations decreased 27% after booking restructuring, acquisition and bond-redemption charges and backed its outlook for 2017-20” writes Carlo Martuscelli for marketwatch.com. The Dutch technology company said that net income from continuing operations for the quarter ended March 31 fell to 94 million euros ($115 million), compared with EUR128 million the previous year, on sales that fell to EUR3.9 billion euros, from EUR5.7 billion. Source: marketwatch.com Share This:

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Dollars for…donuts: when the craze for FX simply gets out of control

“Therefore, by the book (albeit the book of American sanctions regulators), dollars that have touched Iran are problematic” reports tehrantimes.com. But instead of following the herd and asking, “where can I get some dollars to hoard?”, the better questions to ask are instead: 1.Knowing the demand for dollars in Iran, the exporter converts those euros to dollars at an exchange rate of 1,225, receiving 1,225,000 USD, which he then exchanges for rials at 56,000, receiving 68.600.000.000 rial.The fisherman then returns to Bandar Abbas, where he exchanges his dollars for rials…

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VW Chief Pledges Faster Streamlining to Speed Decisions

“The most significant structural decision paves the way for a standalone stock listing of the trucks division, with assets that Evercore ISI estimates at as much as 30 billion euros ($37 billion)” writes unknown author for bloomberg.com. Poetsch said that, whatever moves the company makes with the truck division, Volkswagen won’t cede control. Source: bloomberg.com Share This:

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News Oil 

Exclusive: Rusal triggers Iran-style defense after U.S. sanctions – source

“LONDON (Reuters) – Russian aluminum giant Rusal has activated a contingency plan asking customers to pay in euros instead of dollars to try to skirt round U.S. sanctions, a source close to the matter said” writes Midwest Communications Inc for 95kqds.com. “Rusal has triggered an Iran-like defense plan,” a top executive at one of Rusal’s shareholders said, declining to name the banks that would process the transactions. Source: 95kqds.com Share This:

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Millionaire bankers on the rise in Europe in decade after crisis

“One executive in asset management topped the table, earning a 30 million euro bonus, taking home total pay of more than 33 million euros” writes Midwest Communications Inc for 95kqds.com. In 2016 Germany had just 253 bankers who earned more than one million euros and Paris had roughly 200, while London counted more than 3,500.FRANKFURT (Reuters) – Financiers in Europe earning more than 1 million euros ($1.23 million) rose by a third in the six years to 2016 to 4,597, with investment bankers and London dominant, data showed on Tuesday.The…

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Blackstone Bids for Spain’s Hispania for 17.45 Euros a Share

“Blackstone has agreed to buy 16.65 percent of Hispania at 17.45 euros per share for a total of 315.4 million euros from funds QP Capital Holdings Ltd and QPB Holdings Ltd, Alzette said in a statement to the market regulator” writes Partner Content for investopedia.com. Hispania shares stood at 18.5 euros per share before trading was suspended late on Wednesday.Blackstone will make a full takeover bid for Hispania via investment vehicle Alzette Investment, in a deal valuing the Spanish hotel group at around 1.9 billion euros ($2.3 billion), Alzette said…

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