Apple faced tax issue on Europe’s
An adviser to Europe’s top court has argued that an EU tribunal made legal errors when it ruled in favor of Apple over a 13-billion-euro ($14 billion) tax ruling. The case was part of EU antitrust chief Margrethe Vestager’s campaign on multinational-EU transactions considered improper state aid. In 2016, the European Commission stated Apple profited…
US president and China’s president set to meet in san Francisco
US President Joe Biden and Chinese President Xi Jinping are set to meet in San Francisco for the second time in three years to address tensions, following a six-month US push to engage its geopolitical rival. The summit, which is part of the APEC group, is expected to focus on improving relations with China, such…
China’s largest government interventions on property sector
Chinese authorities have reportedly urged Ping An Insurance Group to take a controlling interest in ailing Country Garden, the country’s largest private property developer. The State Council, led by Premier Li Qiang, has ordered the local government of Guangdong province to help Ping An save the company. Ping An’s Hong Kong-listed shares fell 5.4%, wiping…
Oil prices touch lowest level for almost a month
Crude oil prices have fallen to their lowest in three months, lowering inflation forecasts and bond yields. The fall is attributed to global demand uncertainties, record US output, and easing Gaza war supply concerns. Softer energy prices, a cooling job market, and rising credit card delinquencies have lowered bond market two-year inflation expectations to 2.2%,…
Bank funding became a reason on bank net income
Fineco, an Italian online bank, is expected to see a drop in its 2024 net financial income due to increased competition for bank funding. The bank’s government bond portfolio and lending-deposit rate differential are key profit measures. Deposit outflows in 2023 have forced Fineco to lower its full-year net interest income forecast. However, investment services…
Huawei AI chips ready to supply Baidu
Baidu, a leading Chinese AI firm, has purchased Huawei artificial intelligence chips, indicating US pressure is pushing China to adopt Huawei’s products over Nvidia’s. The order was placed in August ahead of new US government rules tightening chip and chip tool exports to China in October. Baidu bought 1,600 of Huawei Technologies’ 910B Ascend AI…
Europe’s economy slipped due to weak demand
Eurozone business activity increased last month due to weakening demand in the dominant services industry, signaling a recession in the 20-country currency union. Official figures showed the economy contracted 0.1% in the third quarter, and the final Composite Purchasing Managers’ Index (PMI) for October showed the union entered the last quarter of 2023 on the…
Tesla made a new breakthrough on electric car
Tesla is set to construct a 25,000-euro ($26,838) electric car at its Berlin facility, a significant breakthrough for the company, which aims for widespread adoption. The production start date is yet to be specified. High borrowing rates and high electric car prices are causing slow adoption in Europe and the US. Tesla must expand into…