Apple returns to the attack of the European Commission, after Tuesday's fine that requires the company to Cupertino payment of 13 billion euro to move back taxes in Ireland. "The European legislation on taxes is maddening," said the number one Tim Cook group then called "exasperating" the EU Commission approach to State aid. Yesterday, the US Treasury Secretary, Jack Lew, had spoken of fury on the part of Brussels against American companies. However, Cook remains "very confident" about the outcome of the appeal against the EU decision: "I am convinced that the verdict will be overturned," he told Irish radio Rte.
In August, the growth of the Eurozone manufacturing sector has lost momentum and the rates of expansion slowed for production, new orders and exports, causing a weakening of the creation of jobs. The final reading of the Eurozone manufacturing index confirms a new phase of economic stagnation. In August, the indicator Markit PMI stood at 51.7 points, the lowest level in three months. The final reading is also found to be lower than the earlier flash estimate of 51.8. Germany (53.6 flash estimate confirms) and the Netherlands (53.5 maximum of 5 months) reported strong expansions. The growth was relatively weak in Austria (52.1 minimum of 3 months), Spain (subject to 51) and Greece (50.4 maximum of two months). In France (from 48.3 flash estimate 48.5) and Italy (49.8) contractions were observed.
he greek bond market remains the most lucrative on the European scene. Athens has in fact placed 1.14 billion of six-month bonds offering a yield of 2.97%, unchanged from the previous auction. The demand from institutional investors was stable with a coverage ratio of 1.30. Yields also remain stable with decades of greek bonds offering a yield of 8.10% to the 70.30 price. As for bonds maturing in 2019 and 4.75% coupon, the rate stood at 8.60 compared with a price in area 91. The stabilization of prices is determined by the GDP, no longer in free fall, but in the process of settling.
Swiss banks have hired more staff during the first half of the year, thus reversing the trend. These additional places, however, were created abroad, while in Switzerland the number of employees has decreased. Domestically, the Swiss banks have in fact reduced the staff by a significant 4.1%, writes the Swiss Bankers Association as a barometer of the banks published today. The 162 banks considered cut 3,454 employees in Switzerland. A major part of this decrease contributed to the foreign banks, with a reduction of 2,036 jobs, or 11.2% of its workforce. On the contrary, the Swiss banks have created over 6,700 jobs abroad.
Statoil, the Norwegian energy giant, has developed a project to make profitable the huge investment in the Johan Sverdrup field in the North Sea, even if the price of a barrel of oil falls to $ 25, "The situation we've been in for the last two years, where we need to find smarter solutions, spurs creativity," Mr. Nylund, Statoil's head of Norwegian operations, told The Wall Street Journal. The plan is followed with great attention by the domestic energy that is trying to adapt to the low prices of crude oil. In short, it is the traditional manufacturers to launch the competitive challenge in the alternative ones.
Volkswagen could reach a final agreement with the US authorities by October, "or at least the beginning of November." This was reported by Bloomberg, citing Dietmar Voggenreiter, head of sales and marketing of the Audi brand, interviewed by Reuters in Hong Kong. The comparison between the automaker and US authorities are making "very well," said the manager, predicting the reaching of final agreement in the autumn.
The moment in which the securities issued or guaranteed by Greece will be included in the plan of the ECB purchases, ie Qe, are not yet certain. This is the content of the written response from the President of the institute, Mario Draghi, to request the Greek MEP Dimitrios Papadimoulis.
Commercial flights between Cuba and the United States, interrupted in the sixties, will resume today. "The resumption of regular flights is a positive step and a contribution to the process of improving relations between the two countries," said the Cuban Vice Minister of Transport, Eduardo Rodriguez. The first direct flight, operated by the US airline JetBlue, will take off from Fort Lauderdale, Florida, headed the Cuban city of Santa Clara.
The day after the sentence with which the EU has fined Apple for 13 billion euro for unpaid taxes, the first proposals came from other countries. The risk, according to Cupertino, is that the decision "will have profound consequences on investment and on jobs in Europe. "Apple should move to Turkey," , Mehmet Simsek, deputy MP wrote on Twitter. "Happy to provide more generous tax incentives. Won't have to deal with EU bureaucracy." In UK, The Prime Minister’s official spokesman said “The narrative of the Government has been well set out. Britain is open for business,
The new CEO of Unicredit, Jean Pierre Mustier, has clear ideas on how to manage the first phase of work, in particular the capital increase that the bank is called upon to put in. As reported by the newspaper La Repubblica, Mustier aims to lighten the capital increase through a sales program. In recent weeks, rumors of a possible sale of the stake held in the Polish Bank Pekao had already emerged. Then rumors related to the sale of FinecoBank, not to mention those on possible also movements of Pioneer.
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