The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
"I think if yields roll over and start slipping, we may see renewed pressure on stocks," UBS' Art Cashin says.Marketsread more
These are the stocks posting the largest moves midday.Market Insiderread more
The European Commission is taking Ireland to court for failing to recover taxes from Apple.
The executive arm of the EU ordered Ireland last year to recover 13 billion euros ($15.28 billion) back from Apple after it said the U.S. multinational firm benefited from sweetheart tax deals.
"Ireland has to recover up to 13 billion euros in illegal state aid from Apple. However, more than one year after the Commission adopted this decision, Ireland has still not recovered the money, also not in part," Margrethe Vestager, the EU's commissioner for competition, said in a statement Wednesday.
"We of course understand that recovery in certain cases may be more complex than in others, and we are always ready to assist. But member states need to make sufficient progress to restore competition. That is why we have today decided to refer Ireland to the EU Court for failing to implement our decision," Vestager added.
Brussels opened an investigation in 2014 into tax arrangements between Ireland and Apple. Last year, the Commission concluded that Ireland had issued two tax rulings that "substantially and artificially lowered the tax paid by Apple in Ireland since 1991."
The Irish authorities have responded to the Commission's decision to take them to court, saying they never agreed with its assessment in the first place.
"It is extremely regrettable that the Commission has taken this action, especially in relation to a case with such a large scale recovery amount. Ireland has made significant progress on this complex issue and is close to the establishment of an escrow fund, in compliance with all relevant Irish constitution and European Union law," the Irish authorities said in a statement.
They added they have been in "constant contact" with the Commission and Apple on all aspects of this process.
The decision to take Ireland to the European court comes as the EU has asked Luxembourg to recover 250 million euros ($294 million) from Amazon, also due to illegal tax arrangements.