The EU will appeal the court’s ruling in the $15 billion tax case against Apple.
The European Commission will appeal the court’s ruling in the $15 billion tax lawsuit involving Apple and the Republic of Ireland. Back in July, the EU’s general court ruled that the Commission had failed to prove that the Irish government had given a tax advantage to the tech giant and as such, Apple was absolved of the claims of unpaid taxes. The European Commission will now take the case to the highest court in Europe, the European Court of Justice. Click here to read more
A U.S. judge has temporarily blocked a Trump administration ban on new TikTok downloads from both the App Store and the Play Store that was to take effect on September 27th, 2020. The injunction comes at a time when negotiations are underway to outline terms of a possible deal between Oracle Corp, Walmart and TikTok. TikTok said it was pleased with the injunction and that it would continue with its plans to turn its proposal into an agreement. Click here to read more`
Alphabet Inc, the parent company of Google, has settled a shareholder lawsuit that accused it of covering up lavish exit packages to executives found involved in sexual misconduct. Under the settlement terms, the company will block severance packages to employees who are subject to pending investigation for sexual misconduct. Senior executives accused of sexual misconduct will also be barred from amending their stock-selling plans while under investigation. Click here to read more
Department store chain Neiman Marcus Holding Co has completed its Chapter 11 bankruptcy protection process, emerging from one of the highest-profile retail collapses during the pandemic. The process which began in May 2020 involved a restructuring plan that eliminated over $4 billion of debt and $200 million of annual interest expense. The company also has new owners and a new board of directors. Click here to read more
Here are the biggest movers in pre-market trading
1. Google will help employees pay off student loans amid the debt crisis. Click here to read more
2. Postmates more than doubles revenue in Q2 ahead of merger with Uber. Click here to read more
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