|Bid||13.33 x 4000|
|Ask||13.34 x 1200|
|Day's Range||13.26 - 13.35|
|52 Week Range||12.11 - 18.41|
|Beta (3Y Monthly)||1.70|
|PE Ratio (TTM)||5.74|
|Forward Dividend & Yield||0.73 (5.24%)|
|1y Target Est||17.90|
(Bloomberg) -- Apple Inc. may only need to wait until Tuesday to get early clues about its chances of success in the biggest tax case in recent history.The iPhone maker has been arguing its case at the European Union’s General Court to topple a record 13 billion-euro ($14.3 billion) EU tax order. This week the same panel of judges will deliver a ruling on two smaller but related challenges by Starbucks Corp. and a Fiat Chrysler Automobiles NV unit.They’re the first in a series of cases to come to a decision as companies rail against EU Competition chief Margrethe Vestager’s five-year crackdown on allegedly unfair tax deals.While the facts of the various appeals differ, Tuesday’s decisions “should have a far-reaching impact, both on the other pending cases and going forward,” said Howard Liebman, a tax partner at law firm Jones Day in Brussels, who isn’t involved in the disputes.The judges’ stance will “presumably establish some precedent as to how far the court is willing to allow the commission to extend its approach of judging tax regimes -– and individual tax rulings –- in the context of a state-aids analysis,” he said.Vestager’s ProbesAppeals have been piling up at the EU courts since state-aid investigators started work in 2013 to unearth what they deem to be the most problematic examples of otherwise legal individual tax agreements doled out to companies by countries. The judges’ verdicts could empower or halt Vestager’s probes, which are now centering on fiscal deals done by Amazon.com Inc. and Alphabet Inc.Starbucks and Fiat were targeted on the same day in 2015 by a similar EU order to pay back about 30 million euros each over their tax arrangements in the Netherlands and Luxembourg respectively.The commission accused Luxembourg and the Netherlands of granting so-called tax rulings to the companies that backed “artificial and complex methods” to calculate their taxable profits that didn’t reflect “economic reality.”The EU said at the time the companies did this by setting prices for products and services sold between units -- called transfer prices -- that didn’t reflect market conditions.“As a result, most of the profits of Starbucks’ coffee roasting company are shifted abroad, where they are also not taxed, and Fiat’s financing company only paid taxes on underestimated profits,” said in a 2015 statement.Back TaxesLuxembourg has since also been ordered to recoup 250 million euros from Amazon.com and 120 million euros in back taxes from energy utility Engie SA, France’s former natural-gas monopoly, previously known as GDF Suez.In the Apple case, the EU said Ireland illegally slashed the iPhone maker’s tax bill between 2003-2014, a finding the company and Irish officials don’t accept.The EU alleged that “Apple paid essentially no tax on earnings in Europe” and “sought headlines by quoting tiny numbers, but this public campaign ignores the taxes Apple pays all across the world,” Apple attorney Daniel Beard said at last week’s hearing.The Dutch finance ministry said it had nothing to add to previous statements criticizing the EU’s approach. Fiat Chrysler, Starbucks, Apple and the commission declined to comment, as did the Luxembourg and Irish finance ministries. EU nations ordered to claw back the allegedly illegal tax aid have accused the commission of overreaching itself by using state aid law to attack individual fiscal arrangements that dated back many years. A key question for the commission in the cases is whether its argument that these tax rulings were selective and unfair stands up in court.“The commission did not identify a single instance where a taxpayer was treated less favorably than Apple,” Paul Gallagher, a lawyer for Ireland, told the judges in the court hearings last week.Luxembourg, which has so far faced the brunt of the EU’s decisions, has attacked the “arbitrary nature” of the commission’s approach which creates “complete legal uncertainty,” their lawyer Denis Waelbroeck said in a court hearing about Fiat’s case last year. Ireland and Luxembourg have supported each other in their respective appeals.The nation was among the first EU countries to be singled out in 2014 over its tax practices, when a group of investigative reporters published thousands of pages from secret arrangements between the tiny nation and companies including Walt Disney Co., Microsoft Corp.’s Skype and PepsiCo Inc. The so-called LuxLeaks publications have been used by EU regulators in their deliberations and EU officials further expanded their probes by seeking new information to find more “outliers” among these tax deals.Still, in a first in the EU’s continued crackdown on “outliers” among these otherwise legal tax rulings, the commission last year closed its probe into the fiscal deal between McDonald’s Corp. and Luxembourg, finding there was no violation of state aid laws.The cases are T-636/16 - Starbucks and Starbucks Manufacturing Emea v. Commission, T-755/15 - Luxembourg v. Commission, T-759/15 - Fiat Chrysler Finance Europe v. Commission, T-760/15 - Netherlands v. Commission,(Updates with more on Luxleaks revelations and McDonald’s probe in last two paragraphs.)\--With assistance from Peter Flanagan, Daniele Lepido and Ruben Munsterman.To contact the reporter on this story: Stephanie Bodoni in Luxembourg at email@example.comTo contact the editor responsible for this story: Anthony Aarons at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FCA Announces Leadership Change Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU/MTA: FCA) announces the retirement of Paul Alcala as Chief Operating Officer (COO), APAC.
Europe's second-highest court will rule on Sept. 24 whether Starbucks Corp has to pay up to 30 million euros ($33 million) in Dutch back taxes and Fiat Chrysler Automobiles NV a similar amount to Luxembourg. Both cases are part of European Competition Commissioner Margrethe Vestager's crackdown on unlawful tax breaks offered by EU countries to multinationals that have drawn criticism for using the bloc's state aid rules to assess tax strategies commonly used by many companies. The judgments from the Luxembourg-based General Court could determine the scope of Vestager's drive in the coming years and whether she will open more cases.
AUBURN HILLS, Mich. , Sept. 20, 2019 /PRNewswire/ -- Autotrader's first-ever list of 12 Best Electric Vehicles recognizes the Chrysler Pacifica Hybrid — the first and only electrified minivan The honor ...
DALLAS , Sept. 19, 2019 /PRNewswire/ -- Alfa Romeo will showcase the Alfa Romeo Stelvio and Giulia, both offering world-class performance, seductive Italian style and an exhilarating driving experience ...
AUBURN HILLS, Mich. , Sept. 19, 2019 /PRNewswire/ -- FCA US among 53 major U.S. employers that received the 2019 Best Employers: Excellence in Health and Well-being Award from the National Business Group ...
Fiat Chrysler will set up an experimental fleet of up to 700 electric cars to test vehicle-to-grid (V2G) technology, which allows power grids to use energy stored in car batteries to face demand during peak hours. FCA is taking its first steps into electric mobility as the Italian-American carmaker moves on from its failed $35 billion bid to merge with France's Renault, a pioneer in electric vehicles. FCA on Thursday signed an agreement with Italy's national grid operator Terna to jointly test a technology enabling electric vehicles to interact with the grid, through charging infrastructure.
Having selected her prospective team of commissioners, Mrs von der Leyen now needs another rubber stamp from MEPs to form her commission (the vote is in late October). In years gone by, the parliament’s dominant centre-right and socialist parties sewed up the confirmation hearings, ensuring that their own candidates would be immune from being dumped.
(Bloomberg) -- Apple Inc. and Ireland’s court room clash with the European Commission finally lived up to its billing as the world’s biggest tax case.A two-day hearing into their appeal of the EU’s record 13 billion-euro ($14.4 billion) tax bill heated up on Wednesday as Apple rebutted claims that Irish units at the center of its fight are just “phantoms” and Ireland hit back at regulators for saying the country would willingly forgo one-fifth of its corporate tax takings.Ireland is the victim of "wholly unjustified criticism of its tax system and its approach" from the EU in "the biggest state aid case ever," said Paul Gallagher, the government’s lawyer, in closing arguments of an EU General Court hearing in Luxembourg.EU officials "have not produced to this court a single example of Apple being preferred to anyone else" and Irish tax law didn’t require Apple to pay any more.Apple and Ireland are battling the European Commission’s 2016 order that ruled illegal a tax deal that saw the company channel sales through two Irish units. The iPhone maker is the biggest target of EU Competition Commissioner Margrethe Vestager’s crusade against corporate tax deals that allow big firms to reduce their fiscal burden.Irish BranchesThe five-judge panel homed in on the exact functioning of the Irish branches that allowed Apple revenues to be covered by a national tax deal labeled as illegal by regulators.The EU asserts the units received selective tax treatment that allowed Apple to allocate all sales profits to two companies that “existed only on paper.” Apple attempted to show that each business wasn’t a ghost while saying strategic decisions over products and sales were made elsewhere and profits should also be taxed elsewhere.“This wasn’t some kind of shell company, this was a company doing things in the U.S.,” Apple’s lawyer Daniel Beard responded, citing one of the firms. He said that no critical decisions on intellectual property were made in Ireland.Marc van der Woude, a Dutch judge and the court’s vice-president, had quizzed the EU’s lawyer late Tuesday on what evidence the European Commission had to show whether the Apple units determined strategy or drew up business plans.The business "looks like a phantom company,” he said at one point. Other judges dug into details of how the branches were run and how the Irish government determined that the revenue should be taxed there.The EU’s lawyer Richard Lyal sought to dismiss Apple’s arguments that the revenue at stake should have been taxed in the U.S. where its products are developed."Apple should not now pretend" that its Irish units "make all that money but that only a tiny proportion of it should be attributed to Ireland," he told the court. "All arguments as to tax being paid in the U.S. are completely irrelevant."Amazon, AlphabetA court ruling, likely to take months, could empower or halt Vestager’s tax probes into complicated corporate structures used by many American technology firms. The EU has also scrutinized fiscal deals done by Amazon.com Inc. and Alphabet Inc. and may draft new rules to net digital companies’ revenue.The first hints of how the Apple case may turn out will come from a pair of rulings scheduled for Sept. 24.The General Court will rule on whether the EU was right to demand unpaid taxes from Starbucks Corp. and a Fiat Chrysler Automobiles NV unit. Those judgments could set an important precedent on how far the EU can question tax decisions national governments make on how companies should be treated.To contact the reporters on this story: Aoife White in Luxembourg at email@example.com;Stephanie Bodoni in Luxembourg at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Peter Chapman, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
With around 48,000 workers picketing at General Motors' factories, this marks the first major stoppage at the company in the last 12 years.
The editors of Latina Style magazine have selected FCA US LLC as one of the 2019 Top 50 Best Companies for Latinas to work in the U.S. The Company ranked #14 on the list, which will be featured in the magazine's LS50 Report released in September. More than 800 companies were evaluated for inclusion on the list and this is the 16th year the Company has been included in the Top 50 Report since the benchmark was established in 1998.
Tesla (TSLA) stock has tanked over 26% year-to-date as of September 17. Let's look at some catalysts that could help it make a turnaround.
Automaker stocks have seen mixed performances in September. While Ford, General Motors, Tesla, and Fiat Chrysler have risen, Ferrari has declined.
AUBURN HILLS, Mich. , Sept. 18, 2019 /PRNewswire/ -- This year marks the 70th anniversary of Abarth and the 120th anniversary of FIAT Starting at $25,390 MSRP, the Fiat 124 Spider is the most affordable ...
General Motors was hit with its first strike since 2007 — which could cost the largest U.S. carmaker $10s of millions per day, analysts said.
GM strike 2019 news is spreading following a walk out of 50,000 United Auto Workers (UAW) members on Sunday night.Source: Katherine Welles / Shutterstock.com The strike against General Motors (NYSE:GM) comes as it negotiates with workers that are part of the UAW union. These members are negotiating for higher pay, better benefits and more job security.The GM strike 2019 is the result of the two groups not being able to come to terms on a deal. GM says that it is offering higher pay and better profit sharing. However, it appears that the UAW wasn't happy with the offer.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe GM strike 2019 is the largest that has happened since 2007 when UAW members spoke out against pay and benefits then too. GM and UAW are meeting again today, but it's unknown if they will reach an agreement this time around, reports CNNBusiness."The fight more is for the future. The middle class has been eroding. We've been losing, losing. We've been making concessions for the past three contracts…" Celso Duque, a GM employee, told Fox Business. "The main issue isn't that they're building in Mexico. The issue is that they're building in Mexico and then shipping the cars up here to sell." * 7 Tech Stocks You Should Avoid Now It's worth noting that the GM strike 2019 is important for more than just GM. UAW members also work at Ford (NYSE:F) and Fiat Chrysler (NYSE:FCAU). Whatever happens here could affect negotiations with those two companies further down the line.GM stock was down 4% as of noon Monday. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Recession-Resistant Services Stocks to Buy * 7 Hot Penny Stocks to Consider Now * 7 Tech Stocks You Should Avoid Now As of this writing, William White did not hold a position in any of the aforementioned securities.The post GM Strike 2019: 50,000 Auto Workers Walk Out appeared first on InvestorPlace.
(Bloomberg) -- Elliott Management Corp. has built a stake in CNH Industrial NV in a bid for constructive engagement with the truck and tractor maker controlled by Italy’s Agnelli family, according to people familiar with the matter.Elliott, run by billionaire Paul Singer, sees value-creation potential in CNH’s plan to separate the Iveco truck business from its more profitable agricultural machine unit, the people said.The U.S. activist investor, known for its shareholder battles at companies like Telecom Italia SpA and AT&T Inc., bought below 3% of CNH earlier this year, according to the people, who asked not to be named because the holding isn’t public.The stake is valued at around 400 million euros ($440 million) at current market prices.CNH rose as much as 3.8% in Milan and traded up 0.5%, at 10.23 euros, at 4:41 p.m. local time.The investment firm has held constructive talks with CNH’s management and its main shareholder, the people said.Representatives for CNH and Elliott declined to comment. A spokesman for Exor NV, the Agnelli family holding which owns 29% of CNH and 42% of its voting rights, also declined to comment.Marchionne StyleCNH is seeking to replicate a strategy used by Fiat Chrysler Automobiles NV Chief Executive Officer Sergio Marchionne: unlock value by separating businesses which investors rate at different levels.The Dutch-registered CNH earlier this month unveiled a plan to split its business into two separately listed companies, with agricultural equipment on one side and commercial vehicles on the other.The idea of separating CNH’s truck business from the more profitable tractor unit has been under consideration for years. Last year, then-Chief Executive Officer Richard Tobin said he’d consider spinning off Iveco after further strengthening CNH’s balance sheet.Tobin was a close aide of Marchionne, who championed separating businesses in the interest of shareholders. His strategy helped raise the value of the Fiat empire more than 10-fold during his tenure, with spinoffs of Fiat Industrial SpA, which later became CNH, and super-car maker Ferrari NV. Marchionne died last year.CNH Industrial was created in 2013 through the merger of Iveco producer Fiat Industrial with the CNH agricultural and construction-equipment division.(Updates with share reaction in fourth paragraph)To contact the reporters on this story: Daniele Lepido in Milan at firstname.lastname@example.org;Tommaso Ebhardt in Milan at email@example.comTo contact the editors responsible for this story: Chad Thomas at firstname.lastname@example.org, Jerrold Colten, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
In the electric pickup truck market, legacy automakers Ford and GM are set to take on established electric vehicle maker Tesla and startups such as Rivian.
AUBURN HILLS, Mich. , Sept. 13, 2019 /PRNewswire/ -- Refreshed Jeep® Cherokee midsize SUV earns Top Safety Pick rating from Insurance Institute for Highway Safety (IIHS) Cherokee, the most capable SUV ...
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