The European Commission ruled on Wednesday that Starbucks Corp and Fiat Chrysler Automobiles benefited from illegal tax deals with the Dutch and Luxembourg authorities, sending shock waves to MNCs who have been using such profit-shielding tax deals in the past.
Legal & Regulatory
Apple Could Stop Selling iPhone in the UK if Government Passes Bill Banning Encryption
The UK government is trying to pass a bill that would ban strong end-to-end encryption that could force Apple to stop selling its iPhone in that country. According to Forbes, the UK government plans to pass legislation that would prohibit the use of strong encryption, which means any encryption they can't break is not allowed.
U.S. fines Takata $70 million, bans ammonium nitrate in its air bags
The National Highway Traffic Safety Administration fined air-bag supplier Takata Corp for $70 million and is ordered to stop manufacturing inflators that has ammonium nitrate.
European antitrust launches in-depth probe on Hutchison's $14 Billion offer for Telefonica's 02
Europe's major antitrust regulator has opened an "in-depth investigation" on Hutchison's $14 billion acquisition of Telefonica UK's O2 operations. According to The Wall Street Journal, top European Union officials have been warning that mobile-phone mergers in concentrated markets can lead to higher prices and less options for consumers.
Fed wants to shield taxpayers when banks go down
The Federal Reserve is implementing new rule especially in a bid to strengthen the global financial institutions. According to the proposal, all banks that operate in the US will be able to go down smoothly without causing too much collateral damage to the public.
Latest News
The Financial Conduct Authority banned Weaving Capital (UK) Ltd. Founder Magnus Peterson from working in the financial industry as part of a closure in one of the biggest scandals in the country.
Greek tech company Globo Plc said that its Chief Executive Officer Costis Papadimitrakopoulos and Chief Financial Officer Dimitris Gryparis have resigned after they disclosed falsified financial data at the company.
The British government has publicly announced a list of 115 business firms that are not adhering the minimum wages act. As per the National Minimum Wages (NMW) norms, these companies together owe about £389,000 ($598,500), according to the UK government. One fashion company, the Monsoon Accessorize topped the list among offenders. The UK government has decided to take action against them and may order them to reimburse their employees. It could also attract imposition of a fine for the offenders. The UK government will introduce a new National Living Wage in April 2016.
BLU has unveiled 2 New Big Battery Energy Series Smartphones named as the Studio Energy 2 and the Energy X. Both devices can offer up to 30 days of standby, or up to 3 days of “standard usage” per charge.
The European Union Commission agreed that Starbucks Corp and Fiat Chrysler Automobiles NV is currently benefiting from illegal tax deals with the government. The decision came yesterday after the hearing organized by the European Parliament.
Sony Pictures Entertainment has agreed for an $8 million settlement with the company's former and current employee after its data was stolen in a cyber attack launched by North Korea. During the breach, information of its employees was stolen resulting in a mounting of lawsuits from each employee involved.
Amazon is filing a lawsuit over 1,114 fake reviewers of Amazon products identified under the website Fiverr, a website for hiring freelance writers.
The FTC allowed the Coca-Cola Company and PepsiCo Inc. to retain the word 'diet' on their ads and labels while the FDA said it will still review the plea.
A former Merck and Co Inc financial analyst was sentenced to three years and a month in prison for insider trading charge by the US Attorney of New York.
