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☆ Brexit is ‘stifling’ Britain’s trade with Europe and the problem is getting worse
▼ + stars: | 2024-09-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Researchers at Aston University in England estimated that between 2021 and 2023, annual UK exports of goods to the EU were 17% lower than they would have been had Brexit never happened. Exports in most sectors have decreased since 2021, according to the report. “The UK-EU trade relationship remains crucial for both parties,” Tuesday’s report said, adding that the relationship “underpins” economic stability and growth. According to the study’s lead author, Professor Jun Du, the post-Brexit trade deal has “introduced substantial barriers” to UK-EU trade. The report is the latest piece of research to highlight the negative effects Brexit has had on the UK economy.

Persons: London CNN — Brexit, —, Keir Starmer, ”, Jun Du, ” Du, Brexit, Sophie Hale, “, Olesya Dmitracova Organizations: London CNN, European Union, Aston University, Labour, EU, “ Locations: United Kingdom, England, EU, “

☆ The EU may be prepping to lend Ukraine up to $45 billion — with or without the US
▼ + stars: | 2024-09-17 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +1 min

According to the FT, the EU plans to raise billions to help Ukraine by the end of the year. It comes after plans to use profits from Russia's frozen funds to help Ukraine fell short. Ukraine faces a $38 billion financial gap and relies on aid from the US and Western allies. AdvertisementThe EU is preparing to provide up to $45 billion in loans to Ukraine within the next four months, according to a report in the Financial Times. The move comes after a plan to use profits from Russia's frozen funds to help Ukraine ran into roadblocks.

Persons: —, Josep Borrell Organizations: Service, Financial Times, European Commission, Business Locations: Ukraine, Washington

☆ Von der Leyen names European Commission's new top team
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +2 min

European Commission President Ursula von der Leyen attends a press conference, on the day of a European Union leaders summit, in Brussels, Belgium March 22, 2024. EU Commission President Ursula von der Leyen on Tuesday named Spain's ecological transition minister Teresa Ribera as the bloc's next antitrust commissioner while Estonia's Kaja Kallas will be in charge of foreign policy. All commissioners will report to German conservative von der Leyen, who this summer was handed a second term as EU chief executive by member states after her political camp won the most votes in EU elections. A second Trump presidency could sharply alter Western unity on supporting Ukraine against Russia's invasion and up-end EU trade relations with the world's biggest economy. There was some drama on Monday on the next Commission's line-up, when France picked Foreign Minister Stephane Sejourne as its new candidate after the incumbent, Thierry Breton, abruptly quit with tough words for von der Leyen.

Persons: Ursula von der Leyen, Teresa Ribera, Estonia's Kaja, Andrius, Stephane Sejourne, Slovakia's Maros Sefcovic, Ribera, Denmark's, Margrethe Vestager, der Leyen, Trump, Thierry Breton, von der Leyen Organizations: European Union, EU, French, Big Tech, U.S, Ukraine Locations: Brussels, Belgium, China, France

☆ Tech M&A has been thwarted by regulators, but dealmakers skeptical that election will change much
▼ + stars: | 2024-09-17 | by ( Jordan Novet | ) www.cnbc.com time to read: +12 min

Amazon abandoned its $1.7 billion purchase of iRobot in January after the FTC and European regulators raised concerns. Since peaking at $1.5 trillion in 2021, tech transaction volume has plummeted, dropping to $544 billion last year, according to Dealogic. Before the company announced its $27 billion purchase of data analytics software company Splunk last September, he said he viewed the risk as absolutely worth taking. Alphabet's last big deal was its $5.4 billion purchase of cybersecurity company Mandiant in 2022. Microsoft closed its massive $75 billion purchase of Activision in October, but it took 20 months and a protracted fight with U.S. and European regulators.

Persons: Lina Khan, Jonathan Kanter, Khan, Joe Biden, Drew Angerer, Biden, Permira, Thoma, Sen, JD Vance, Donald Trump's, Barry Diller, Reid Hoffman, Kamala Harris, Andrew Luh, Gunderson Dettmer, Figma, Dana Rao, Rao, We've, they've, Juniper, Salesforce, Antonio Neri, Pau Barrena, Neri, Sergio Letelier, hasn't, Letelier, Marc Benioff, It's Benioff's, Slack, Benioff, Derek Idemoto, who's, Idemoto, that's, Splunk, HPE's Letelier, it's, Harris, Trump Organizations: U.S . Federal Trade Commission, Justice, Brookings Institution, U.S, Senate, Getty, Google, Amazon, Microsoft, Federal Trade Commission, iRobot, FTC, BlackRock, Thoma Bravo, KKR, Republican, CNBC, Democratic, Trump, Big Tech, Justice Department, DOJ, Apple, Meta, Adobe, European Commission, UK Competition, Markets Authority, Justice Department's Antitrust, Hewlett Packard Enterprise, Mobile World Congress, MWC, AFP, Juniper, Markets, DOJ's Antitrust, European Union, EU, Software, Cisco, Activision, Foreign Investment, Regulators, Bloomberg, Tech Locations: Washington, Europe, Barcelona, Pau, Salesforce, United States

☆ Meta is banning Russian outlets including RT just weeks ahead of the US election
▼ + stars: | 2024-09-17 | by ( Beatrice Nolan | Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Read previewMeta is banning RT, Rossiya Segodnya, and other Russian state media networks from its platforms, claiming the outlets had used deceptive tactics to carry out interference activity. AdvertisementMeta's decision comes as Russian media faces increased scrutiny from the Biden administration. On Friday, the Biden administration hit Russian state media outlets with new sanctions, accusing RT of acting as an arm of Moscow's spy agencies by engaging in covert information warfare operations around the world. Representatives for RT and Rossiya Segodnya did not immediately respond to a request for comment from BI, sent outside normal working hours. AdvertisementMeta, along with YouTube and TikTok, has already banned some Russian state media, including RT, in the EU, following requests from national governments after Russia's full-scale invasion of Ukraine in February 2022.

Persons: —, Segodnya, Biden, James Rubin, Merrick Garland, Donald Trump, Meta Organizations: Service, Business, Meta, RT, State, Global, NBC, Department of Justice, Reuters, YouTube Locations: Ukraine, Tennessee, Russia, Russian

☆ Breton says he is stepping down as France's EU commissioner, citing spat with von der Leyen
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: +1 min

French European Commissioner Thierry Breton on Monday said he would step down as a member of the EU executive body over a rift with Commission President Ursula von der Leyen, alleging that she had asked Paris to withdraw his candidacy. Von der Leyen is finalizing her list of commissioners for her second term leading the governing body, due to be presented to the public this week. In his resignation letter, which Breton posted on X, he said von der Leyen "a few days ago" had asked France to withdraw his name as its pick for the Commission "for personal reasons" in return for an "allegedly more influential portfolio". Von der Leyen's office did not immediately reply to a request for comment. The French presidency did not immediately reply to a Reuters request for comment.

Persons: Thierry Breton, Ursula von der Leyen, Paris, Von der, Breton, von der Organizations: French, Big Tech, Reuters, EU Locations: France

BRUSSELS (AP) — Trade unions and thousands of disgruntled workers are set to demonstrate through the Belgian capital Monday to protest the threat of thousands of layoffs in a state-of-the-art Brussels car factory and other key industries. There was a tide over the past year,” affecting major industries all over Belgium, said ACV union representative Lieve De Preter. To counter the industrial decline, unions are insisting on better company coordination across the 27-nation EU and more say of employees in the running of businesses. The demonstration is set to cause gridlock throughout Brussels for much of the day. This material may not be published, broadcast, rewritten or redistributed.

Persons: Lieve De Preter Organizations: — Trade, Belgian, Audi, EU, Associated Press Locations: BRUSSELS, Brussels, Belgium

☆ Germany angers European neighbors as it tightens migration along all land borders
▼ + stars: | 2024-09-16 | by ( Sophie Tanno | ) edition.cnn.com time to read: +3 min

CNN —Germany has begun new controls at all of its land borders as part of a crackdown on migration, placing restrictions on a wide area of free movement known as the Schengen Zone and stirring anger among its European neighbors. From Monday, as well as existing border controls with Austria, Switzerland, the Czech Republic and Poland, Germany will now also have internal border controls with France, Luxembourg, the Netherlands, Belgium and Denmark. Berlin will have the power to reject people at all land borders, a statement from the Interior Ministry said. The move marks how far Germany has shifted in recent years on the flashpoint issue of migration. Under European Union rules, member states have the ability to temporarily reintroduce border control at internal borders in the event of a serious threat to public policy or internal security.

Persons: Angela Merkel, Maja Hitij, Nancy Faeser, Donald Tusk, “, ”, Chancellor Olaf Scholz, Ukraine – Organizations: CNN, Schengen, Interior Ministry, Union, Poland’s, Germany, Germany’s, Migration, ISIS Locations: Germany, Austria, Switzerland, Czech Republic, Poland, France, Luxembourg, Netherlands, Belgium, Denmark, Berlin, Kenya, Polish, Warsaw, Greece, Europe, East, Ukraine, Solingen

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why European tariffs on Chinese EVs may not workCritics say the European Union's provisional tariffs on Chinese EVs could raise prices, reduce choice and slow the pace with which the EU meets its climate change mitigation targets. Some European automakers, especially those from Germany, oppose them. They also might not be high enough to actually stop the tide of Chinese imports. Supporters say they are necessary to 'offset the harm' done by China's pattern of subsidizing its own industries and subsequently crushing global competition.

Organizations: EU Locations: Germany

☆ Turkey's 'balancing act' with BRICS may stoke NATO fears, but the West needn't be too worried, analysts say
▼ + stars: | 2024-09-15 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +6 min

Read previewEarlier this month, a spokesperson for Turkey's ruling AK Party said that a process was "underway" for Turkey to join the BRICS group of emerging-market nations. He now appears to be seeking to maintain what experts have dubbed a "balancing act" between its relations with the West, Russia, and China. "Even if Turkey does join BRICS, I do not believe it is going to lead to a fundamental redefinition of Turkey's relationship with the West." Advertisement"Understanding and collaborating with Turkey's perspective can enhance US and NATO relations with Turkey, irrespective of potential administrative changes in Ankara," Can wrote in an article for the Wilson Center. For its part, the US has remained relatively quiet following the news that Turkey's BRICS ambitions may be inching forward, which Aydintaşbaş said was likely a savvy move aimed at avoiding a public dispute.

Persons: —, Omer Celik, Tayyip Erdoğan's, Aydintaşbaş, Erdogan, Bulent Aliriza, Yusuf, Aliriza, there's, Turkey's Organizations: Service, AK Party, Reuters, Business, United, Saudi, NATO, EU, West, Brookings Institution, Russia, China, Eurasia Program, Center for Strategic, International Studies, Middle, Wilson Center, Wilson, of Europe, France Locations: Turkey, Ankara, Turkish, Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Egypt, United Arab Emirates, Saudi Arabia, Ukraine, United States, Europe, France, West, Russian, U.S, Washington, Kazan

CNN —At least eight people have died after some of the heaviest rain in years hit central and eastern Europe, causing flooding and widespread disruption. Rescuers have been working hard to rescue hundreds of people left stranded by heavy rainfall there. Garages and a house flooded in the town of Kłodzko, in Poland's southwest, Sunday, Sept. 15, 2024, after days of unusually heavy rain. Krzysztof Zatycki/APRising water along the Wien River during heavy rain on September 15, 2024, in Vienna, Austria. Many municipalities in Lower Austria have declared a state of emergency as heavy rainfall continued into Sunday.

Persons: Boris, Prudnicka, Cătălin Predoiu, Predoiu, Sofia Basalic, “, Gica Stan, Storm Boris, Krzysztof Zatycki, Christian Bruna, Donald Tusk, Tusk, Petr Pavel, Vlček, Miroslav Binar, Gabriel Kuchta, Tomas Benedikovic, Sergei Gapon, Ursula von der Leyen Organizations: CNN, Residents, AFP, Storm, Poland’s, ”, European Union, CNN Prima, Fire, Getty, European Commission Locations: Europe, Vienna, Bratislava, Prague, Poland, Germany, Czech Republic, Austria, Slovakia, Klodzko county, Moszczanka, Romania, Galati, Kłodzko, Poland's, Sunday, Wien, Klodzko, Klodzko County, Czech, ”, Krnov, Jesenik, AFP, Glucholazy, Benešově nad Černou, Saxony, Lower Austria

☆ Why the European Union's tariffs on Chinese automakers may not work
▼ + stars: | 2024-09-14 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +2 min

By the end of October, the European Union will make a final decision on what some analysts call the biggest EU trade case against China in more than a decade. But automakers and countries are divided over whether to place tariffs — so far of up to 36.3% — on Chinese electric vehicles. A German automotive trade association says they would hurt German automakers, which have a significant presence in China. China has been exporting cars to countries all around the globe, and both supporters of tariffs and trade and industry analysts point to China's support for its domestic manufacturers as a rationale for imposing tariffs. Chinese automakers can produce a car for about $5,500, said Felipe Muñoz, senior analyst for JATO Dynamics, while it costs European automakers closer to $20,000.

Persons: William Reinsch, Scholl, Felipe Muñoz, Muñoz, It's Organizations: European Union, China, Business, Center for Strategic, International Studies, JATO Dynamics Locations: European, China, Germany, Washington ,

☆ U.S. firms say confidence in China has hit an all-time low
▼ + stars: | 2024-09-13 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

American companies in China are experiencing historically low business confidence and poor profits amid U.S.-China tensions and a slowing Chinese economy. Firms have also lost market share to Chinese competitors which have received more government support, the U.S.-China Business Council added. Their struggles in China have also been felt by EU businesses, according to an EU Chamber of Commerce in China report released on Wednesday. On how the U.S. government could support their firms in China, nearly half of AmCham respondents suggested a reduction of tariffs on Chinese goods. Foreign direct investment into China fell by 29.6% during the January to July period compared to a year ago, according to China's Ministry of Commerce.

Persons: Allan Gabor, Jeff Yuan, Evelyn Cheng Organizations: U.S, American Chamber of Commerce, U.S ., China Business Council, China Business, EU, of Commerce, China's Ministry of Commerce Locations: Shanghai, American, China, Washington, Beijing, U.S, PwC China

☆ China's plan to boost consumption by encouraging trade-ins has yet to show results
▼ + stars: | 2024-09-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

A banner plays up China's trade-in policy at a home goods expo in Qingdao, Shandong province, China, on June 1, 2024. Nurphoto | Nurphoto | Getty ImagesBEIJING — China's plan to boost consumption by encouraging trade-ins has yet to show significant results, several businesses told CNBC. Analysts are not overly optimistic about the extent to which the trade-in program could support retail sales. China's retail sales for August are due Saturday morning. Retail sales in June rose by 2%, the slowest since the Covid-19 pandemic, while July sales growth saw a modest improvement at 2.7%.

Persons: Jens Eskelund, Tao Wang, Sally Loh, Otis, Kone, We've, Ilkka Hara, Hara Organizations: Nurphoto, Getty, BEIJING, CNBC, EU Chamber of Commerce, UBS Investment Bank, China, U.S, Otis Locations: Qingdao, Shandong province, China, Greater China

☆ Pets, sports, and Disney might end up rescuing China's ailing consumer economy
▼ + stars: | 2024-09-13 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

Read previewA family dog, tennis, and Disney Shanghai's LinaBell character have one thing in common — they might end up pulling China out of a long slump in consumer demand. Those rapidly growing areas are poised to drive a rebound in China's anemic consumer spending, Bank of America analysts say. China's pet economy is seeing outsize spending as pets come to occupy a greater place of prominence in households. Finally, the analysts see significant growth potential in the country's "cultural IP" economy — spending on books, movies, and experiences based on fictional characters or storylines. China's economy has been stuck in the doldrums amid weak consumer spending.

Persons: —, that's Organizations: Service, Disney, Bank of America, Business, Consumers Locations: China

☆ Booking Holdings CEO disagrees with 'gatekeeper' label under EU law
▼ + stars: | 2024-09-13 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'I don't think that was the right decision.' Booking Holdings CEO on 'gatekeeper' label under EU lawBooking Holding's CEO Glenn Fogel told CNBC's Monica Pitrelli that he isn't against regulations, like the European Union's Digital Markets Act, but that he wants "rules to apply to everybody equally."

Persons: Glenn Fogel, CNBC's Monica Pitrelli Organizations: Booking Holdings, Union's

☆ Europe cuts interest rates again as economic recovery falters
▼ + stars: | 2024-09-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank (ECB) cut interest rates Thursday, lowering borrowing costs for the second time in recent months as inflation slows and Europe’s economy stumbles. The ECB cut rates for the first time in five years in June, but kept them unchanged at its last meeting in July. However, it marginally downgraded the outlook for economic growth in the eurozone to 0.8%, from 0.9% projected in June. “Financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment,” the ECB said. Earlier this week, former ECB chief Mario Draghi said in a report that slowing economic growth and productivity present an “existential challenge” to Europe.

Persons: Bert Colijn, Christine Lagarde’s, Mario Draghi, Draghi Organizations: London CNN, European Central Bank, ECB, Olympic, Paralympic Games, P Global, Hamburg Commercial Bank, “, ING Locations: Germany, Paris, Europe, United States, China, EU

☆ Apple must pay 13 billion euros in back taxes to Ireland, EU's top court rules
▼ + stars: | 2024-09-11 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple must pay 13 billion euros in back taxes to Ireland, EU's top court rulesBoth Apple and Google lost key court hearings in the European Union. Apple's court case related to 13 billion euros ($14.4 billion) in back taxes owed to Ireland while Google was trying to get a 2.4 billion euro antitrust fine dismissed. CNBC's Arjun Kharpal runs through both cases.

Persons: CNBC's Arjun Kharpal Organizations: Apple, Google, European Union Locations: Ireland

☆ Ireland now needs to decide what it will do with 13 billion euros in back taxes from Apple
▼ + stars: | 2024-09-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesA landmark ruling from the European Union's top court means Ireland will receive 13 billion euros ($14.4 billion) in unpaid taxes from Apple — a windfall that Dublin had spent several years fighting to avoid. In a decision the European Court of Justice (ECJ) said was final, the EU's top court on Tuesday ruled that Apple must pay Ireland billions of euros in back taxes. For years, Ireland consistently argued that the iPhone maker should not have to repay unpaid taxes to the country. The decision comes at a time when Ireland is in the unusual position of running a budget surplus of several billion euros, partly due to the strength of corporate tax receipts. Shoppers and staff are seen inside the Apple Store, with its sleek modern interior design and prominent Apple logo on September 10, 2024 in Chongqing, China.

Persons: ECJ, Margrethe Vestager, Apple, Johanna Geron, Aidan Regan, there's, Simon Harris, Sir Keir Starmer, Brian Lawless, Robert Dever, Dever, Alex Cobham, Cobham, Cheng Xin Organizations: Bloomberg, Getty, Apple, Court of Justice, European Union, Reuters, Irish, University College Dublin, CNBC, Ireland's Finance Ministry, Ireland, U.S, England, Masons, Tax Justice Network, UN, Shoppers Locations: Wicklow, Dublin, Ireland, Brussels, Belgium, Farmleigh, Republic of Ireland, Chongqing, China

☆ EU Chamber of Commerce in China discusses China-EU ties amid EV tariff dispute
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU Chamber of Commerce in China discusses China-EU ties amid EV tariff disputeJens Eskelund, president of the chamber, weighs in on EU-China trade tensions.

Persons: Jens Eskelund Organizations: EU, of Commerce Locations: China

☆ From the far right to fiscal challenges, France could lurch from one crisis to another
▼ + stars: | 2024-09-11 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

France's challenges are far from over, however, with the country facing acute fiscal challenges and an ongoing threat posed by the far-right National Rally opposition, led by Jordan Bardella and Marine Le Pen. France this week asked the Commission to extend its deadline of Sept. 20 to submit debt reduction proposals. Analysts say Barnier's political survival therefore "depends on the whims and personal-political calculations of Le Pen." "The great unknown ... is how far Le Pen will be willing to address the most immediate crisis facing Barnier and the country: the painful choices needed to prevent France from plunging into a destructive fiscal crisis by the end of this year," he said. Marine Le Pen and Jordan Bardella at the final rally before the June 9 European Parliament election, held at Le Dôme de Paris - Palais des Sports, on June 2, 2024.

Persons: La France Insoumise, Remon Haazen, Emmanuel Macron's, Michel Barnier, Jordan Bardella, Pen, Barnier's, Gabriel Attal, Sarah Meyssonnier, Reuters Barnier's, Macron —, Le, Mujtaba Rahman, France's, Eurasia Group's Rahman, Le Pen's Organizations: Republique, La, Getty, Getty Images, Veteran, National Assembly, European, France's, Reuters, New, National, Eurasia Group, Le, Palais des Sports, Nurphoto Locations: La France, Paris, France, Europe, Eurasia

☆ CNBC Daily Open: Lower rates might hurt banks
▼ + stars: | 2024-09-11 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Tough environment for European companiesChina's environment for businesses is so thorny that European companies have grown discouraged with operating in the country, according to the EU Chamber of Commerce. If European companies were to invest in China further, Beijing must act on its pledges to improve the business conditions, the chamber's paper wrote. CNBC Pro looked for companies headquartered overseas, but listed in the U.S. – and may experience over 100% upside, according to analysts.

Persons: Morgan, Dow, First Harris, Kamala Harris, Donald Trump, Taylor Swift, Harris, Cat Lady Organizations: Canary, CNBC, Nasdaq, Japan's Nikkei, U.S ., Trump, EU Chamber of Commerce, Federal Reserve Locations: Wharf, London, United Kingdom, Asia, Pacific, fracking, China, Instagram, Beijing, U.S

☆ Apple just lost a decadelong EU tax case. Now it must pay $14 billion.
▼ + stars: | 2024-09-10 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

The EU's top court ruled Apple must pay over €13 billion in back taxes. The European Court of Justice's decision ends a decadelong legal battle with the tech giant. EU competition chief Margrethe Vestager argued Apple received unfair tax breaks from Ireland. AdvertisementThe EU's top court just dealt Apple a major blow, ruling that the tech giant must pay more than €13 billion (about $14 billion) in back taxes. The European Court of Justice (ECJ) ruled that Apple must pay the taxes to the Irish government, ending a decadelong legal battle.

Persons: Margrethe Vestager, Apple, — Organizations: Apple, Service, of Justice, European Commission, Business Locations: EU, Ireland

☆ European Commission how to increase European competitiveness
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEuropean Commission how to increase European competitivenessJohannes Hahn, Commissioner of Budget and Administration for the European Commission discusses support measures to increase European competitiveness, highlighting the importance of cooperation between EU member states and investing in key sectors such as quantum technologies.

Persons: Johannes Hahn Organizations: Budget, Administration, European Commission

☆ Apple loses EU court battle over 13 billion euro tax bill in Ireland
▼ + stars: | 2024-09-10 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Europe's top court on Tuesday ruled against Apple in the tech giant's 10-year court battle over its tax affairs in Ireland. The pronouncement from the European Court of Justice comes hours after Apple unveiled a swathe of new product offerings, looking to revitalize its iPhone, Apple Watch and AirPod line-ups. In 2014, the European Commission, the European Union's executive arm, opened an investigation into Apple's tax payments in Ireland, the tech giant's headquarters in the EU. Apple and Ireland appealed the Commission's decision in 2019, and in 2020 the EU General Court sided with the U.S. tech giant. The EU's second-highest court anulled the Commission's 2016 decision and said that the executive arm did not prove that the Irish government had given Apple a tax advantage.

Organizations: Apple, European Court, Apple Watch, CNBC, European, Reuters, European Commission, EU, The, Ireland, U.S Locations: Ireland, U.S, London, Dublin

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