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Apple Ordered to Repay €13 Billion in Taxes to Ireland by EU Court

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Apple Ordered to Repay €13 Billion in Taxes to Ireland by EU Court

In a significant legal development, the European Court of Justice (ECJ) has ruled that Apple must repay €13 billion (£11 billion; $14 billion) in back taxes to Ireland. This decision upholds a 2016 European Commission ruling that found Ireland had granted Apple unlawful tax advantages, which the tech giant must now return.

The case dates back eight years, with the European Commission accusing Ireland of offering Apple favorable tax arrangements that were not available to other companies, effectively giving the company an illegal competitive edge. Despite Ireland’s consistent opposition to this ruling, the ECJ has now confirmed that the tax benefits Apple received between 1991 and 2014 violated EU state aid rules.

“The Court of Justice gives final judgment in the matter and confirms the European Commission’s 2016 decision: Ireland granted Apple unlawful aid which Ireland is required to recover,” the ECJ stated in its ruling.

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This judgment marks the culmination of a lengthy legal battle and is a major victory for the European Commission’s efforts to ensure that multinational corporations pay their fair share of taxes within the EU. The decision is particularly notable as it arrives just a day after Apple launched its new iPhone 16 range.

The ruling underscores the EU’s commitment to cracking down on creative financial arrangements used by large corporations to minimize their tax liabilities. Apple’s case has been one of the most high-profile in the Commission’s broader campaign to ensure fair taxation across the European Union.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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