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| EU says Ireland must recover €13bn in illegal aid from Apple - business live | |
| (35 minutes later) | |
| 11.01am BST | |
| 11:01 | |
| It is now up to Ireland to recover the tax from Apple. | |
| The Commission says: | |
| The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. | |
| This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid. | |
| 10.56am BST | |
| 10:56 | |
| The full statement on Apple’s Irish tax bill can be found here. | |
| 10.52am BST | |
| 10:52 | |
| Breaking: EU rules Apple must pay up to €13bn in Irish taxes | |
| Ireland must recover up to €13bn in taxes from Apple according to an EU ruling. | |
| EU regulators say Apple’s unpaid Irish tax bill could be cut if other countries including the US order the company to pay more. | |
| 10.38am BST | |
| 10:38 | |
| The pound is down 0.2% against the dollar this morning at $1.3083. | |
| It is roughly flat against the euro at €1.1710. | |
| 10.35am BST | |
| 10:35 | |
| Eurozone confidence falls more than expected post Brexit vote | |
| Confidence in eurozone countries edged lower in August, suggesting the Brexit vote has started to take its toll in the single currency bloc. | |
| The European Commission’s economic sentiment indicator fell to 103.5 in August from 104.5 in July. It was weaker than the 104.1 forecast by economists. | |
| The business climate indicator fell to a near three-year low of 0.02 this month from 0.38 in July. | |
| Jack Allen, European economist at Capital Economics, says the indicators signal a slowdown in the eurozone: | |
| August’s fall in the eurozone economic sentiment indicator supports our long-held view that growth in the currency union will slow in the second half of this year. | |
| The sectoral breakdown confirmed the fall in consumer confidence and revealed declines in the services, retail and industrial indices. | |
| Meanwhile, among the euro-zone’s four largest economies, France was the only country in which the ESI rose. Italy’s index fell to an 18-month low, probably reflecting political uncertainty and concerns about the country’s banks. | |
| But the general weakness of ESIs across the euro-zone suggests that more fundamental forces are weighing on growth, such as the fading boost from previous declines in oil prices and the euro exchange rate. | |
| Allen says the data suggests quarterly eurozone growth of just 0.1% to 0.2%, from 0.3% in the second quarter. | |
| 10.16am BST | 10.16am BST |
| 10:16 | 10:16 |
| The European Commission is expected to deliver its verdict on Apple’s back-dated Irish tax bill at 11am UK time. | The European Commission is expected to deliver its verdict on Apple’s back-dated Irish tax bill at 11am UK time. |
| The press conference should be live streamed here. | The press conference should be live streamed here. |
| 10.08am BST | 10.08am BST |
| 10:08 | 10:08 |
| Howard Archer at IHS Markit says the weaker-than-expected mortgage data reinforces his expectation that house prices will drop by about 3% towards the end of this year, and by 5% in 2017. | Howard Archer at IHS Markit says the weaker-than-expected mortgage data reinforces his expectation that house prices will drop by about 3% towards the end of this year, and by 5% in 2017. |
| We believe housing market activity is likely to be limited over the coming months and prices will weaken as heightened uncertainty following the UK’s vote to leave the EU weighs down on consumer confidence and willingness to engage in major transactions, and also hampers economic activity. | We believe housing market activity is likely to be limited over the coming months and prices will weaken as heightened uncertainty following the UK’s vote to leave the EU weighs down on consumer confidence and willingness to engage in major transactions, and also hampers economic activity. |
| The fundamentals for house buyers look likely to soften over the coming months with unemployment rising and purchasing power softening. | The fundamentals for house buyers look likely to soften over the coming months with unemployment rising and purchasing power softening. |
| 10.02am BST | 10.02am BST |
| 10:02 | 10:02 |
| Scott Bowman, UK economist at Capital Economics, says the drop in mortgage approvals is likely to accelerate in the post Brexit vote environment. | Scott Bowman, UK economist at Capital Economics, says the drop in mortgage approvals is likely to accelerate in the post Brexit vote environment. |
| July’s UK money and credit figures provided more evidence that the housing market is cooling down. With Brexit uncertainty having driven new buyer enquiries lower in recent months, we suspect that mortgage approvals have further to fall over the rest of the year. | July’s UK money and credit figures provided more evidence that the housing market is cooling down. With Brexit uncertainty having driven new buyer enquiries lower in recent months, we suspect that mortgage approvals have further to fall over the rest of the year. |
| There were some initial signs that the Brexit vote has effected consumers too. Indeed, net consumer credit only rose by a monthly £1.2bn, well below the consensus expectation for a £1.7bn increase. | There were some initial signs that the Brexit vote has effected consumers too. Indeed, net consumer credit only rose by a monthly £1.2bn, well below the consensus expectation for a £1.7bn increase. |
| 9.55am BST | 9.55am BST |
| 09:55 | 09:55 |
| UK consumer lending growth slows | UK consumer lending growth slows |
| The Bank of England figures also revealed a cooling in the amount of credit borrowed by UK consumers. | The Bank of England figures also revealed a cooling in the amount of credit borrowed by UK consumers. |
| Consumer credit, including credit cards and personal loans, increased by £1.181bn in July, the weakest increase since August 2015. | Consumer credit, including credit cards and personal loans, increased by £1.181bn in July, the weakest increase since August 2015. |
| It took the annual rate of growth down to 10.1% from 10.3% - the first drop in growth since December 2014. | It took the annual rate of growth down to 10.1% from 10.3% - the first drop in growth since December 2014. |
| The figures are contrary to other recent reports that suggest British consumer have shrugged off any uncertainty caused by the Brexit vote. | The figures are contrary to other recent reports that suggest British consumer have shrugged off any uncertainty caused by the Brexit vote. |
| 9.40am BST | 9.40am BST |
| 09:40 | 09:40 |
| UK mortgage approvals fall more than expected after Brexit vote | UK mortgage approvals fall more than expected after Brexit vote |
| UK banks approved the lowest number of mortgages in July since January 2015 according to the Bank of England. | UK banks approved the lowest number of mortgages in July since January 2015 according to the Bank of England. |
| Mortgage approvals fell to 60,912 in the month after the Brexit vote, from 64,152 in June. | Mortgage approvals fell to 60,912 in the month after the Brexit vote, from 64,152 in June. |
| Economists polled by Reuters had predicted a smaller drop to 61,900 in July. | Economists polled by Reuters had predicted a smaller drop to 61,900 in July. |
| #UnitedKingdom Mortgage Approvals at 60.91K https://t.co/Lcxqqr618S pic.twitter.com/fXnDlYrgKC | #UnitedKingdom Mortgage Approvals at 60.91K https://t.co/Lcxqqr618S pic.twitter.com/fXnDlYrgKC |
| Updated | Updated |
| at 10.14am BST | at 10.14am BST |
| 9.13am BST | 9.13am BST |
| 09:13 | 09:13 |
| Yellen keeps markets guessing on timing of US rate hike | Yellen keeps markets guessing on timing of US rate hike |
| When Janet Yellen gave her highly anticipated speech at Jackson Hole on Friday, commentators initially felt the US Fed chair was sending a hawkish message. | When Janet Yellen gave her highly anticipated speech at Jackson Hole on Friday, commentators initially felt the US Fed chair was sending a hawkish message. |
| But with a bit more time to digest the message, investors appear to have shrugged off concerns that a hike might be coming at the Fed’s September meeting. The probability of a September move increased to 36% from 30%, so there was no huge swing. | But with a bit more time to digest the message, investors appear to have shrugged off concerns that a hike might be coming at the Fed’s September meeting. The probability of a September move increased to 36% from 30%, so there was no huge swing. |
| Yellen said the case for rate rises had “strengthened”- essentially leaving the door open to a hike before the end of the year - but she gave markets little guidance on timing, saying they would be “gradual” and happen “over time”. | Yellen said the case for rate rises had “strengthened”- essentially leaving the door open to a hike before the end of the year - but she gave markets little guidance on timing, saying they would be “gradual” and happen “over time”. |
| Investors will look to the latest US monthly jobs report on Friday for any clue as to whether it makes a September hike more or less likely. | Investors will look to the latest US monthly jobs report on Friday for any clue as to whether it makes a September hike more or less likely. |
| Updated | Updated |
| at 9.14am BST | at 9.14am BST |
| 8.57am BST | 8.57am BST |
| 08:57 | 08:57 |
| Brian Lucey, a professor in finance at Trinity College Dublin, says the EU’s expected ruling on Apple is politically difficult for the Irish government. | Brian Lucey, a professor in finance at Trinity College Dublin, says the EU’s expected ruling on Apple is politically difficult for the Irish government. |
| He told the BBC’s Radio 4 Today programme: | He told the BBC’s Radio 4 Today programme: |
| Bizarre as though it may seem, on a day when we have been told we have that we have a record level of homelessness among children, the Irish government is going to say no no, we don’t want your filthy money. | Bizarre as though it may seem, on a day when we have been told we have that we have a record level of homelessness among children, the Irish government is going to say no no, we don’t want your filthy money. |
| The reason of course is that they feel if they were to accept the ruling ... that would basically fly in the face of 20/25 years of denials. There are political ramifications from this that they don’t want to face up to. | The reason of course is that they feel if they were to accept the ruling ... that would basically fly in the face of 20/25 years of denials. There are political ramifications from this that they don’t want to face up to. |
| They also feel that were that to be the case they might find themselves under increased pressure in Europe at a time when post Brexit we’re likely to need all the friends we can get in Europe to allow us to cut any special deals regarding the UK’s position with Ireland etc. So they’re in a bit of a bind. | They also feel that were that to be the case they might find themselves under increased pressure in Europe at a time when post Brexit we’re likely to need all the friends we can get in Europe to allow us to cut any special deals regarding the UK’s position with Ireland etc. So they’re in a bit of a bind. |
| 8.41am BST | 8.41am BST |
| 08:41 | 08:41 |
| Connor Campbell, analyst at Spreadex, gives an insight into the markets this morning: | Connor Campbell, analyst at Spreadex, gives an insight into the markets this morning: |
| Kicking things off after its Bank Holiday break the UK index rose 20 points after the bell, an upwards move that puts it on track to recover at least some of last week’s gradual losses . | Kicking things off after its Bank Holiday break the UK index rose 20 points after the bell, an upwards move that puts it on track to recover at least some of last week’s gradual losses . |
| If anything the FTSE can feel pleased with any gains at all considering the redness of its mining sector, the likes of BHP Billiton and Rio Tinto down 2.8% and 3.4% respectively. | If anything the FTSE can feel pleased with any gains at all considering the redness of its mining sector, the likes of BHP Billiton and Rio Tinto down 2.8% and 3.4% respectively. |
| The eurozone was the source of the biggest movers this morning. The DAX surged by 1%, with the CAC not far behind; this meant the former could once again approach 10,650, while the latter held strong at 4,470. | The eurozone was the source of the biggest movers this morning. The DAX surged by 1%, with the CAC not far behind; this meant the former could once again approach 10,650, while the latter held strong at 4,470. |
| 8.37am BST | 8.37am BST |
| 08:37 | 08:37 |
| European markets rise in early trading | European markets rise in early trading |
| European markets are up in early trading, following rises in the US on Monday. | European markets are up in early trading, following rises in the US on Monday. |
| 8.30am BST | 8.30am BST |
| 08:30 | 08:30 |
| Spanish deflation eases in August | Spanish deflation eases in August |
| Spanish deflation on the EU harmonised measure of consumer prices eased in August to -0.3% from -0.7% in July. | Spanish deflation on the EU harmonised measure of consumer prices eased in August to -0.3% from -0.7% in July. |
| The figure, published by Spain’s statistics office, was in line with expectations. | The figure, published by Spain’s statistics office, was in line with expectations. |
| Deflation also eased on Spain’s national measure of consumer prices to -0.1% in August from -0.6% in July. | Deflation also eased on Spain’s national measure of consumer prices to -0.1% in August from -0.6% in July. |
| The data come ahead of the flash estimate for eurozone inflation on Wednesday. It is expected to pick up to 0.3% in August from 0.2% in July. | The data come ahead of the flash estimate for eurozone inflation on Wednesday. It is expected to pick up to 0.3% in August from 0.2% in July. |
| 8.14am BST | 8.14am BST |
| 08:14 | 08:14 |
| Also today... | Also today... |
| There will be more clues on how well business and consumer confidence is holding up in the eurozone following the Brexit vote in June, with the latest sentiment indexes for August. | There will be more clues on how well business and consumer confidence is holding up in the eurozone following the Brexit vote in June, with the latest sentiment indexes for August. |
| The Bank of England will publish mortgage approvals and consumer credit data for July, which again will offer some insight into behaviour immediately after the EU vote on 23 June. | The Bank of England will publish mortgage approvals and consumer credit data for July, which again will offer some insight into behaviour immediately after the EU vote on 23 June. |
| German inflation data for August will be published ahead of the flash estimate for the wider eurozone on Wednesday. | German inflation data for August will be published ahead of the flash estimate for the wider eurozone on Wednesday. |
| And later in the US the Case-Shiller house price index will be published, as well as the latest consumer confidence report. | And later in the US the Case-Shiller house price index will be published, as well as the latest consumer confidence report. |
| 7.59am BST | 7.59am BST |
| 07:59 | 07:59 |
| Europe’s major markets are expected to open higher this morning, with the exception of the FTSE. | Europe’s major markets are expected to open higher this morning, with the exception of the FTSE. |
| Our European opening calls:$FTSE 6828 down 10$DAX 10572 up 27$CAC 4440 up 15$IBEX 8622 up 6$MIB 16697 up 42 | Our European opening calls:$FTSE 6828 down 10$DAX 10572 up 27$CAC 4440 up 15$IBEX 8622 up 6$MIB 16697 up 42 |
| 7.59am BST | 7.59am BST |
| 07:59 | 07:59 |
| The agenda: EU rules on Apple's Irish tax bill | The agenda: EU rules on Apple's Irish tax bill |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| Apple is facing a potentially huge bill for back taxes in Ireland, with the European commission expected to give its ruling on the matter today. | Apple is facing a potentially huge bill for back taxes in Ireland, with the European commission expected to give its ruling on the matter today. |
| The commission has been investigating whether Apple’s tax deals with Ireland, which have allowed the company to pay very little tax on income earned throughout Europe, amounted to illegal state aid. | The commission has been investigating whether Apple’s tax deals with Ireland, which have allowed the company to pay very little tax on income earned throughout Europe, amounted to illegal state aid. |
| We will bring you the decision and reaction when it comes. | We will bring you the decision and reaction when it comes. |
| Updated | Updated |
| at 8.17am BST | at 8.17am BST |