Global Glance: Ireland to appeal $14 billion tax order; Volkswagen faces deal deadline

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Here are today’s top business headlines from across the nation and world:

Ireland to appeal EU’s record $14 billion tax order on Apple

DUBLIN (AP) — Ireland will appeal the European Union’s landmark order to collect a record 13 billion euros ($14 billion) in taxes from Apple, the Irish Department of Finance announced Monday. The Irish countermove comes nearly four months after EU competition authorities hit Apple with the back-tax bill based on its longtime reporting of European-wide profits through Ireland, which charges the American company only for sales on its own territory at Europe-low rates that in turn have been greatly reduced by the use of shell companies at home and abroad. Read more

Volkswagen faces deadline in possible emissions scandal deal

SAN FRANCISCO (AP) — Volkswagen faced a Monday deadline to tell a federal judge whether it had reached a deal with U.S. regulators and attorneys for car owners on the remaining 80,000 diesel vehicles that cheated on emissions tests. U.S. District Judge Charles Breyer gave the sides more time to negotiate by twice postponing a Friday hearing to update him on a potential settlement. Breyer said the parties had made substantial progress and he was optimistic they would arrive at a resolution. Read more

Stores push deals, hope to lure shoppers for holiday stretch

NEW YORK (AP) — Stores are pushing deals and incentives like free shipping for the final week of the holiday shopping season, as new numbers show people are so far spending at a bit of a slower pace than last year. Retailers pared down their inventories and offered more exclusive merchandise this season in a bid to avoid having to offer big discounts that shoppers have come to expect. Read more

IMF chief awaits verdict in French payout case

PARIS (AP) — Christine Lagarde, the International Monetary Fund’s managing director, is awaiting the verdict of a special French court for alleged “serious negligence” over a huge payout to a business magnate while she served as France’s finance minister. The Court of Justice of the Republic is to deliver its verdict later Monday after a week-long trial. The court handles cases involving ministers. Read more

China disputes US claim it’s top source of synthetic drugs

BEIJING (AP) — U.S. assertions that China is the top source of the synthetic opioids that have killed thousands of drug users in the U.S. and Canada are unsubstantiated, Chinese officials told the Associated Press. Both the U.S. Drug Enforcement Administration and the White House Office of National Drug Control Policy point to China as North America’s main source of fentanyl, related drugs and the chemicals used to make them. Such statements “lack the support of sufficient numbers of actual, confirmed cases,” China’s National Narcotics Control Commission told DEA’s Beijing field office in a fax dated Friday. Read more

Ukraine nationalizes largest bank after stability concerns

MOSCOW (AP) — Ukraine is nationalizing its largest bank following concerns over its stability in a move welcomed by the International Monetary Fund and the European Union. The Cabinet agreed late Sunday to move PrivatBank into full state ownership, saying the move was carried out “in close coordination with international financial organizations” and with the consent of PrivatBank’s owners. It was an apparent reference to the oligarchs Ihor Kolomoisky and Hennady Boholyubov, who together control over 90 percent of the bank. Read more


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