Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018.Traderead more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
China is reducing support for its electric carmakers a move experts and industry insiders warn could lead to consolidation and waning investor appetite. But some of the...Technologyread more
Is your CEO on the list? Glassdoor has the results.Power Playersread more
Joseph Gaspar, the chief financial officer at Elbit Systems, said M&A among firms in the sector began to pick up pace in the 1980s and looks set to continue.Paris Air Showread more
Stocks in Asia rose on Wednesday following positive developments overnight on the U.S.-China trade front.Asia Marketsread more
The U.S. Department of Defense has hit back at Russian officials who have criticized a U.S. plan to deploy more troops to the Middle East.World Politicsread more
Signs of companies moving out of Hong Kong have emerged, members of the business community told CNBC following massive protests in the city. But one analyst said Hong Kong's...China Politicsread more
Sen. Josh Hawley, a well-known tech critic, introduced legislation on Wednesday that would remove the immunity big technology companies receive for user-posted content under...Technologyread more
"Apple, already the largest US taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made," the company said in the release.
Using the new 15.5 percent repatriation tax rate, the $38 billion tax payment disclosed by Apple means they are planning a $245 billion repatriation.
The tax overhaul, which President Donald Trump signed into law last month, also lowered the corporate tax rate to 21 percent from 35 percent.
After the repatriation tax payment, the company will have $207 billion left over from the move it can use for investments, acquisitions, stock buybacks or larger dividends. Apple said it plans more than $30 billion in capital expenditures in the U.S. during the next five years.
Apple had $252.3 billion in overseas cash as of the end of September quarter, according to SEC filings, so that means the company is paying tax on nearly all of that foreign cash.
"I think it is more likely that you will see incremental cash return to shareholders in the form of higher dividend and/or incremental share repurchases," Bernstein analyst Toni Sacconaghi said on CNBC's "Power Lunch" Wednesday.
The shares rose 1.7 percent after the announcement. Apple declined to comment to CNBC on the specific repatriation size.
Technically the new law mandates that Apple pay this tax on its foreign cash. And after it pays this tax, it can do what it wants with what's left and isn't under any requirement to bring that cash physically back to the U.S. to invest here.
The amount Apple is paying tax on is larger than analysts anticipated. Bank of America Merrill Lynch analyst Wamsi Mohan estimated on Wednesday Apple had $236 billion available to be repatriated to the U.S.