Category: Europe
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Apple to appeal EU tax ruling this week, says it was a ‘convenient target’
Apple (AAPL.O) will launch a legal challenge this week to a record $14 billion EU tax demand, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximize the penalty, senior executives said. Apple’s combative stand underlines its anger with the European Commission, which said on Aug. 30 the…
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Bill Gates, investors launch $1 billion clean tech fund
Microsoft co-founder Bill Gates and a group of high-profile executives are investing $1 billion in a fund to spur clean energy technology and address global climate change a year after the Paris climate agreement. Gates launched the Breakthrough Energy Ventures fund on Monday along with billionaire entrepreneurs such as Facebook Inc (FB.O) head Mark Zuckerberg,…
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UniCredit to raise $13.8 billion in Italy’s biggest share issue
Italy’s largest bank, UniCredit, unveiled plans on Tuesday to raise 13 billion euros ($13.8 billion) in the nation’s biggest share issue, to shore up its balance sheet and distance itself from Italy’s broader banking crisis. Its gambit comes at a troubled time for Italian banks and the economy, with Monte dei Paschi di Siena at…
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European share markets stabilize after U.S election
European share markets continued to stabilize today after Asian stocks rebounded from Wednesday’s sharp sell-off in the immediate aftermath of Donald Trump’s US election victory. Hopes that Mr. Trump will introduce a pro-business agenda to stimulate US economic growth helped to blunt concerns about his surprise win. In London, Paris and Frankfurt, the main stock…
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Stocks, dollar roiled by tightening U.S. election race
Asian shares tumbled to seven-week lows and the dollar lost ground against the yen and the euro on Wednesday as investors were rattled by signs the U.S. presidential election race was tightening just days out to the Nov. 8 vote. Markets were beginning to rethink their long-held bets of a victory for Democratic candidate Hillary…
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Uber partners with GM’s Maven car-sharing program
Uber Technologies Inc [UBER.UL] said on Tuesday it would partner with car-sharing service Maven, operated by General Motors, to allow Uber drivers to rent GM vehicles on a weekly basis. The 90-day pilot is a surprise move for Maven and General Motors, which with Lyft – Uber’s main competitor in North America – announced a…
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Tesla says SolarCity would add $1 billion to 2017 revenue
Tesla Motors Inc (TSLA.O) said on Tuesday its $2.6 billion merger with SolarCity Corp (SCTY.O) would add over $500 million in cash to the electric carmaker’s balance sheet over the next three years, while contributing over $1 billion to revenue in 2017. Shares of Tesla fell another 2 percent in after-hours trade after tumbling 4…
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Pfizer cholesterol drug fizzles, hitting shares
Pfizer Inc (PFE.N) scrapped its high-profile cholesterol fighter after its effectiveness waned over time in large clinical trials, sending its shares 2 percent lower and prompting the company to trim its 2016 earnings forecast. The largest U.S. drugmaker trimmed the top end of its 2016 profit estimate on Tuesday, citing costs of scrapping the experimental…
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U.S. stocks not moved by October’s marquee deals
The record dealmaking volume for October did not create a ripple effect lifting U.S. stocks as it has in the past – partly because the mergers, albeit large, were few and far between, bankers and analysts said. Though acquisitive corporate bosses generated $329 billion worth of takeovers in October, the biggest month for U.S. M&A…
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Vodafone UK fined a record 4.6 million pounds for failing customers
Britain has fined Vodafone (VOD.L) a record 4.6 million pounds ($5.60 million) for “serious and sustained” customer failures, including not updating accounts when mobile phone users topped up their credit to make calls. Vodafone, the world’s second-largest mobile operator, also failed to act quickly enough to identify or address the problems, the regulator said, which…