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Steinhoff to send 60 million euros to Europe unit

“Steinhoff International Holdings N.V. (SNH.JO) said Thursday that lenders have approved a transfer of funds from its South African subsidiary worth 60 million euros ($73 million) to support its European operations” writes Carlo Martuscelli for marketwatch.com. The South African retailer said it estimated it needed EUR200 million to fund its short-term liquidity requirements in Europe, and it was in talks with its South African lenders to approve further payments.It also said it would seek refinancing as soon as possible for its South African debt in order to release liquidity, and…

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Crypto News 

Cryptocurrency hardware wallet maker Ledger raises $75M Series B led by Draper Esprit; the company sold 1M USB dongle wallets that store private keys

“The startup is profitable and had revenue of 46 million euros in 2017 split across the U.S., Europe and Asia, compared to 600,000 euros the year before” writes Marie Mawad for bloomberg.com. It has raised 70 million euros in total, including this round, since it was founded in 2014.With offices in Paris and San Francisco, Ledger targets selling 3 to 6 million of its hardware wallets this year.The dongle lets customers do cryptocurrency transactions, using the keys stored within it. Source: bloomberg.com Share This:

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News Stocks 

Drugmaker Dermapharm gears up for likely first German IPO of 2018

“Privately held Dermapharm is targeting earnings before interest, tax, depreciation and amortization of 139 million euros sales on sales of 562 million euros this year, according to the analysts” writes Midwest Communications Inc for 95kqds.com. FRANKFURT (Reuters) – German drugmaker Dermapharm is preparing for an initial public offering (IPO), probably stealing a march on much larger Siemens’ healthcare unit Healthineers as the first stock market flotation in Germany this year.Dermapharm, which makes generic drugs, cosmetics, dietary products and medical devices, said on Monday it aimed to raise about 100 million…

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Airbus in talks with German prosecutors to end jet probe

“The aviation and defense company says that “once concluded, Airbus will disclose the result.”” reports foxbusiness.com. The company described as “pure speculation” a report late Saturday by German daily Sueddeutsche Zeitung that Airbus might avoid going to trial by paying a fine of 70-80 million euros ($85-97 million). Separately, Airbus said it has been notified of an arbitration ruling in a case involving subsidiary Matra Defense, ordering it to pay 104 million euros for breach of contract in the 1992 sale of missiles to Taiwan. Source: foxbusiness.com Share This:

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Rabobank Unit Sets Aside 310 Million Euros Amid U.S. Probe

“From a regulatory perspective, the lines between fintech and traditional financial institutions are starting to blur, bringing greater regulatory expectations, along with potential penalties and legal actions for noncompliance” writes Samuel Rubenfeld for wsj.com. Regardless of whether fintech companies decide to become a bank chartered institution, they can increase their potential for success by having solid risk management controls in place. Source: wsj.com Share This:

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Filings: Google moved $19.2B to Bermuda shell company in 2016, up 7% YoY, to save $3.7B+ in taxes; money moved between Irish firms and Dutch firm with no staff

“The Irish government closed the tax loophole that permitted “Double Irish” tax arrangements in 2015″ writes unknown author for bloomberg.com. The setup involves shifting revenue from one Irish subsidiary to a Dutch company with no employees, and then on to a Bermuda mailbox owned by another Ireland-registered company.Alphabet Inc.’s Google moved 15.9 billion euros ($19.2 billion) to a Bermuda shell company in 2016, saving at least $3.7 billion in taxes that year, regulatory filings in the Netherlands show.Google uses two structures, known as a “Double Irish” and a “Dutch Sandwich,”…

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saving at least $3.7 billion in taxes that year

“The Irish government closed the tax loophole that permitted “Double Irish” tax arrangements in 2015″ writes unknown author for bloomberg.com. The setup involves shifting revenue from one Irish subsidiary to a Dutch company with no employees, and then on to a Bermuda mailbox owned by another Ireland-registered company.Alphabet Inc.’s Google moved 15.9 billion euros ($19.2 billion) to a Bermuda shell company in 2016, saving at least $3.7 billion in taxes that year, regulatory filings in the Netherlands show.Google uses two structures, known as a “Double Irish” and a “Dutch Sandwich,”…

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France fines Johnson & Johnson about $30 million over painkiller patch

“France’s competition authority fined U.S. health-care group Johnson & Johnson 25 million euros ($29.62 million) on Wednesday after it found the company had deliberately slowed market access to generic copies of its painkiller Durogesic” writes unknown author for cnbc.com. In 2013, France’s Sanofi was ordered to pay 40.6 million euros for disparaging generic competition to its Plavix blood thinner.The French Autorite de la Concurrence said J&J’s Janssen had “repeatedly intervened” to block the approval processes in France of Durogesic’s generic copies and disparaged them when in contact with doctors and…

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EU regulators to investigate Ikea’s Dutch tax deals

“EU state aid regulators will investigate whether Swedish furniture retailer Ikea’s tax arrangement with the Netherlands helped cut its tax bill – the latest crackdown on unfair tax deals between multinationals and EU countries” writes unknown author for cnbc.com. Fast food chain McDonald’s and French energy company Engie are also in the EU crosshairs over their Luxembourg tax deals.Belgium has been told to recover a total of 700 million euros from 35 firms, among them Anheuser-Busch InBev, BP and BASF because of an illegal tax scheme.The European Commission said on…

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Buwog agrees to be taken over by Vonovia in $6.1 billion deal

“Germany’s Vonovia has agreed to buy Buwog in a cash deal valuing the Austrian real estate company at 5.2 billion euros ($6.12 billion), the two companies said on Monday” writes Martin Leissl for cnbc.com. The deal will also have a positive effect on Vonovia’s underlying earnings per share and adjusted net asset value per share, Vonovia said.Buwog shareholders are to be offered 29.05 euros per share under the offer, an 18.1 percent premium to Friday’s closing price, which Vonovia said it would finance with debt capital.Vonovia will also offer 115,753.65…

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