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EU orders Apple to pay up to €13bn in Irish taxes - business live EU orders Apple to pay up to €13bn in Irish taxes - business live
(35 minutes later)
3.38pm BST
15:38
Meanwhile Apple-supplier ARM is set to complete its £24bn takeover by Japan’s SoftBank after its shareholders voted overwhelmingly to back the bid.
At a court meeting, scheme shareholders voted 95.12% in favour of the deal, while a general meeting later saw 94.92% of votes cast by ordinary shareholders also backing the takeover.
3.25pm BST
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Back with Apple, and Ireland needs the US technology group more than the other way round, according to Brad Badertscher, professor of accountancy at the University of Notre Dame’s Mendoza College of Business:
I think this will have significant effects on Ireland and the rest of the EU countries. Apple will appeal the ruling and likely pay the taxes many years from now and Apple will do fine going forward but Ireland relies upon Apple for tax revenue (obviously the EU wants them to collect more but at some point more causes Apple to leave and that is likely to happen).
Ireland needs Apple more than Apple needs Ireland. Many EU countries used low tax rates to attract large (often US) multinational firms. This door is now closing very quickly and the countries themselves are not happy that the EU is imposing such rules. One of the reasons the UK left the EU was because of the ever increasing power of the EU and this is another example of that power.
3.18pm BST
15:18
The strong US consumer confidence figures come despite concerns about the global economy, says Dennis de Jong, managing director of UFX.com, but this may not last:
The slight uptick in US consumer confidence for August will have surprised many. Considering the growing global uncertainty on the financial markets, Fed Chair Janet Yellen should be very happy with the results.
On the whole, the US consumer has remained a robust proposition within an international context of weakening demand, and the positive data may put the long-speculated interest rate hike further up Yellen’s agenda.
The real test, however, is whether this confidence begins to waver as we enter what will surely be the most contentious US presidential race in living memory.
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Lynn Franco, director of economic indicators at the Conference Board, said:
Consumer confidence improved in August to its highest level in nearly a year, after a marginal decline in July. Consumers’ assessment of both current business and labor market conditions was considerably more favorable than last month. Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months.
3.04pm BST3.04pm BST
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US consumer confidence stronger than expectedUS consumer confidence stronger than expected
More positive US economic data, with August consumer confidence figures coming in better than expected.More positive US economic data, with August consumer confidence figures coming in better than expected.
According the Conference Board, the consumer confidence index rose from 96.7 in July to 101.1, better than the 97 forecast and the highest level since September 2015. According to the Conference Board, the consumer confidence index rose from 96.7 in July to 101.1, better than the 97 forecast and the highest level since September 2015.
USA Consumer Confidence announcement - Actual: 101.1, Expected: 97.0 pic.twitter.com/NziWWkavwvUSA Consumer Confidence announcement - Actual: 101.1, Expected: 97.0 pic.twitter.com/NziWWkavwv
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2.58pm BST2.58pm BST
14:5814:58
Elsewhere the Bank of England bought another £1.17bn of long dated bonds - maturing in 15 years or more - as part of its quantitative easing programme.Elsewhere the Bank of England bought another £1.17bn of long dated bonds - maturing in 15 years or more - as part of its quantitative easing programme.
It received offers representing 2.08 times the number of bonds it wanted to buy, up from 1.54 a week ago.It received offers representing 2.08 times the number of bonds it wanted to buy, up from 1.54 a week ago.
2.51pm BST2.51pm BST
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Apple decision "bizarre" - Ireland's NoonanApple decision "bizarre" - Ireland's Noonan
German economy minister Sigmar Gabriel has backed the EU ruling that Apple has to pay up to €13bn in Irish taxes, and named another target. Reuters reports:German economy minister Sigmar Gabriel has backed the EU ruling that Apple has to pay up to €13bn in Irish taxes, and named another target. Reuters reports:
Gabriel said it was important that companies like Apple and Alphabet Inc’s Google are made to pay their taxes.Gabriel said it was important that companies like Apple and Alphabet Inc’s Google are made to pay their taxes.
Meanwhile Irish finance minister Michael Noonan, who earlier said the country would appeal against the EU decision, has been making a few more comments. He told broadcaster RTE:Meanwhile Irish finance minister Michael Noonan, who earlier said the country would appeal against the EU decision, has been making a few more comments. He told broadcaster RTE:
As far as I am concerned there is no economic basis for this decision. It’s bizarre and it’s an exercise in politics by the Competition Commission.As far as I am concerned there is no economic basis for this decision. It’s bizarre and it’s an exercise in politics by the Competition Commission.
They don’t have responsibility for taxes and they are opening a back door through state aid to influence tax policy in European countries when the European treaties say tax policy is a matter for sovereign governments.They don’t have responsibility for taxes and they are opening a back door through state aid to influence tax policy in European countries when the European treaties say tax policy is a matter for sovereign governments.
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at 2.53pm BSTat 2.53pm BST
2.38pm BST2.38pm BST
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Wall Street opens roughly flatWall Street opens roughly flat
Only small moves in US markets in early trading on Tuesday, following gains on Monday:Only small moves in US markets in early trading on Tuesday, following gains on Monday:
2.34pm BST2.34pm BST
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US house prices dip in JuneUS house prices dip in June
US house prices dipped by 0.1% in June on a seasonally adjusted basis according to the latest Case-Shiller index.US house prices dipped by 0.1% in June on a seasonally adjusted basis according to the latest Case-Shiller index.
The report, which measures property prices in 20 cities, showed the annual pace of growth slowed to 5.1% from 5.2% in May.The report, which measures property prices in 20 cities, showed the annual pace of growth slowed to 5.1% from 5.2% in May.
Portland, Seattle, and Denver reported the strongest annual rises in June.Portland, Seattle, and Denver reported the strongest annual rises in June.
David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said:David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said:
Home prices continued to rise across the country led by the west and the south. Overall, residential real estate and housing is in good shape.Home prices continued to rise across the country led by the west and the south. Overall, residential real estate and housing is in good shape.
2.20pm BST2.20pm BST
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Almost time for Wall Street to open. IG is forecasting a very slight fall in US markets:Almost time for Wall Street to open. IG is forecasting a very slight fall in US markets:
US Opening Calls:#DOW 18497 -0.04%#SPX 2180 -0.03%#NASDAQ 4784 -0.13%#IGOpeningCallUS Opening Calls:#DOW 18497 -0.04%#SPX 2180 -0.03%#NASDAQ 4784 -0.13%#IGOpeningCall
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2.16pm BST2.16pm BST
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Hollande throws TTIP trade deal into doubtHollande throws TTIP trade deal into doubt
The French president Francois Hollande has thrown the TTIP free trade deal further into doubt by saying it will not be completed before Barack Obama leaves office in January.The French president Francois Hollande has thrown the TTIP free trade deal further into doubt by saying it will not be completed before Barack Obama leaves office in January.
Hollande said discussions between Europe and the US over the Transatlantic Trade and Investment Partnership had become “bogged down”.Hollande said discussions between Europe and the US over the Transatlantic Trade and Investment Partnership had become “bogged down”.
Addressing French ambassadors, Hollande said:Addressing French ambassadors, Hollande said:
The negotiations are bogged down, positions have not been respected, it’s clearly unbalanced.The negotiations are bogged down, positions have not been respected, it’s clearly unbalanced.
It followed comments over the weekend from German economy minister Sigmar Gabriel, who said talks had failed:It followed comments over the weekend from German economy minister Sigmar Gabriel, who said talks had failed:
In my opinion, the negotiations with the United States have de facto failed, even though nobody is really admitting it.In my opinion, the negotiations with the United States have de facto failed, even though nobody is really admitting it.
1.53pm BST1.53pm BST
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The FTSE is lagging its European peers this afternoon.The FTSE is lagging its European peers this afternoon.
1.38pm BST1.38pm BST
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German inflation slows unexpectedlyGerman inflation slows unexpectedly
In other news, German inflation slowed unexpectedly in August, suggesting price pressures remain weak in Europe’s largest economy.In other news, German inflation slowed unexpectedly in August, suggesting price pressures remain weak in Europe’s largest economy.
The EU harmonised annual rate of inflation fell to 0.3% from 0.4% in July. Economists polled by Reuters were expecting the rate to pick up to 0.5%.The EU harmonised annual rate of inflation fell to 0.3% from 0.4% in July. Economists polled by Reuters were expecting the rate to pick up to 0.5%.
Consumer price inflation on the national measure was unchanged in August at 0.4%.Consumer price inflation on the national measure was unchanged in August at 0.4%.
Carsten Brzeski, ING’s chief economist in Germany, say the European Central Bank has a tough job at its policy meeting next week:Carsten Brzeski, ING’s chief economist in Germany, say the European Central Bank has a tough job at its policy meeting next week:
Today’s German inflation data will not make the ECB’s already difficult life any easier. Ahead of next week’s policy meeting, available data has been too inconclusive to justify any (significant) change to the ECB’s current monetary policy stance.Today’s German inflation data will not make the ECB’s already difficult life any easier. Ahead of next week’s policy meeting, available data has been too inconclusive to justify any (significant) change to the ECB’s current monetary policy stance.
Normally, the staff projections have a so-called cut-off date some ten days ahead of the ECB meeting. This would mean that this week’s set of macro data will not have any impact on the ECB’s staff projections, leaving the projections with a rather benign reaction to the Brexit vote and no hard macro data after the second quarter.Normally, the staff projections have a so-called cut-off date some ten days ahead of the ECB meeting. This would mean that this week’s set of macro data will not have any impact on the ECB’s staff projections, leaving the projections with a rather benign reaction to the Brexit vote and no hard macro data after the second quarter.
Consequently, we expect only very few changes to the ECB staff’s outlook for inflation and growth. Against this background, the ECB will probably try to buy some additional time before making another move. In order not to come entirely empty-handed at next week’s press conference, the ECB could drop the current deposit rate floor for its purchases of government bonds. This would address the increasing problem of bond scarcity and would also buy some time.Consequently, we expect only very few changes to the ECB staff’s outlook for inflation and growth. Against this background, the ECB will probably try to buy some additional time before making another move. In order not to come entirely empty-handed at next week’s press conference, the ECB could drop the current deposit rate floor for its purchases of government bonds. This would address the increasing problem of bond scarcity and would also buy some time.
1.22pm BST1.22pm BST
13:2213:22
Henry McDonaldHenry McDonald
A Cabinet meeting will be held in Dublin tomorrow to discuss the fallout from the EU’s ruling against Apple’s tax arrangements with the Irish state.A Cabinet meeting will be held in Dublin tomorrow to discuss the fallout from the EU’s ruling against Apple’s tax arrangements with the Irish state.
Finance Minister Michael Noonan has already briefed his counterpart in the Fianna Fail party, Michael McGrath, about the government’s course of action in appealing against the decision in Brussels.Finance Minister Michael Noonan has already briefed his counterpart in the Fianna Fail party, Michael McGrath, about the government’s course of action in appealing against the decision in Brussels.
At the heart of the Fine Gael led administration’s objections to any potential €13 billion tax windfall from Apple is that it would cause Ireland “reputational damage” in the eyes of other - mainly US - multi-nationals thinking of establishing their European base in the Republic.At the heart of the Fine Gael led administration’s objections to any potential €13 billion tax windfall from Apple is that it would cause Ireland “reputational damage” in the eyes of other - mainly US - multi-nationals thinking of establishing their European base in the Republic.
Left-wing parties in Ireland have criticised the government’s position on not wanting to force Apple to pay up what the EU says it owes the Irish exchequer . They have demanded that the €13 billion be channeled into either the Irish health service - the figure is exactly the amount spent each year on public health - or invested in public housing, especially in Dublin where there is a major lack of homes.Left-wing parties in Ireland have criticised the government’s position on not wanting to force Apple to pay up what the EU says it owes the Irish exchequer . They have demanded that the €13 billion be channeled into either the Irish health service - the figure is exactly the amount spent each year on public health - or invested in public housing, especially in Dublin where there is a major lack of homes.
However, Fine Gael, the main opposition party Fianna Fail, and a host of independent deputies serving as ministers in the coalition government support the policy of a low taxation regime for multi-nationals because they have created hundreds of thousands of jobs in the state.However, Fine Gael, the main opposition party Fianna Fail, and a host of independent deputies serving as ministers in the coalition government support the policy of a low taxation regime for multi-nationals because they have created hundreds of thousands of jobs in the state.
1.17pm BST1.17pm BST
13:1713:17
Margrethe Vestager the EU commissioner in charge of competition has spoken to CNBC, and admitted the Apple case is not done and dusted:Margrethe Vestager the EU commissioner in charge of competition has spoken to CNBC, and admitted the Apple case is not done and dusted:
We have a strong obligation for equal treatment to any country in the EU single market.We have a strong obligation for equal treatment to any country in the EU single market.
I think it is more likely that Ireland will continue to appeal the case to the European court system and then of course they will also look at it but that is the most probable situation looking forward.I think it is more likely that Ireland will continue to appeal the case to the European court system and then of course they will also look at it but that is the most probable situation looking forward.