Friday, 22 November 2019

Business

Apple takes fight against 13-billion-euro EU tax order to court

LUXEMBOURG: Apple will launch a legal challenge to a European Commission order to pay 13 billion euros ($14.4 billion) in Irish back taxes in a landmark case in the EU’s crackdown on tax avoidance by multinational companies. The iPhone maker is expected to send a six-man delegation headed by Chief ...

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Launch of new online banks in Hong Kong faces further delay

The launch of new online-only banks in Hong Kong is expected to be delayed in part due to anti-government protests in the city, people with direct knowledge of the matter said. Most of the eight newly licensed digital banks in Hong Kong, including joint ventures involving Standard Chartered and Bank ...

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BMW X6 painted with the ‘world’s blackest black’ coating

LONDON: BMW has unveiled a special edition BMW X6 that you might struggle to see. The vehicle is spray-painted with “the world’s blackest black” coating – Vantablack VBx2 – that absorbs more than 99% of visible light. The one-off X6 sprayed with a Vantablack VBx2 finish will be unveiled at ...

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Brexit minister Barclay says UK making progress on exit deal

LONDON: Britain is making progress towards a Brexit deal but significant work remains to be done, Brexit minister Stephen Barclay told Sky News. “There’s been a huge amount of work going on behind the scenes. We can see a landing zone in terms of a future deal but there is ...

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Draghi comments at ECB press conference

FRANKFURT: The European Central Bank approved a fresh stimulus package as expected on Thursday, cutting interest rates and approving a new round of bond purchases to prop up euro zone growth and halt a worrisome drop in inflation expectations. Following are highlights of ECB President Mario Draghi’s comments at a ...

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46,000 General Motors auto workers strike

DETROIT: The United Auto Workers union began a nationwide strike against General Motors, with some 46,000 members walking off the job after contract talks hit an impasse. The move to strike, which the Wall Street Journal described as the first major stoppage at GM in more than a decade, came ...

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Volkswagen settles Australia emissions cheating scandal

SYDNEY: Volkswagen has agreed to pay up to Aus$127 million ($87.3 million) to settle multiple class action suits brought by Australian motorists over a diesel emissions cheating scandal, the parties’ lawyers said. The German car giant, which owns brands ranging from luxury Audi to lower-end Skoda, said in 2015 that ...

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Oracle Unveils More Autonomous Software to Boost Cloud Growth

NEW YORK: Oracle Corp. unveiled an operating system that runs without the need for human oversight, part of a raft of new software tools meant to ease the company’s rocky transition to cloud computing. The operating system expands Oracle’s line of autonomous products beyond databases, the company’s flagship software. Chairman ...

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Google agrees 945mn euro tax settlement in France

PARIS: US internet giant Google has agreed a settlement totalling 945 million euros ($1.0 billion) to settle a tax dispute in France under an agreement announced in court on Thursday. The company will pay a 500-million-euro fine for tax evasion, as well as a further 465 million euros to settle ...

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BASF strikes French alliance to recycle electric car batteries

FRANKFURT AM MAIN: German chemical giant BASF announced Wednesday plans with French companies Eramet and Suez to recycle lithium-ion batteries from electric cars, aiming to secure a leading role in a growing market. Backed by 4.7 million euros ($5.2 million) of EU funding, “the objective is to develop an innovative ...

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