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Todayis today is a big win for European Citizens and tax injustice. Trouble in the pipeline . The price of oil tumbles below 70 a barrell for the first time since 2021 as concerns grow about the state of the world economy. It relates to how two apple subsidiaries in ireland were treated for Tax Purposes between 1991 and 2014. Ireland has a low corporate Tax Rate of 12. 5 but its been accused of so called Sweetheart Deals with certain companies allowing them to pay a much lower rate. The Decision Cant be appealed apple said its disappointed with the decision and accused the European Commission of trying to retroactively change the rules. Here is what the Eu Competition Commissioner had to say. There commissioner had to say. Is a bigger picture, our investigation there is a bigger picture, our investigation has decisively contributed to a Mind Shift and change in attitude amongst member states, they have helped to trigger and accelerate regulatory and legislative reform. Take ireland, today the Apple Case could no longer occur, and ireland changed its corporate tax rules to prevent corporate tax rules to prevent irish incorporated companies from being stateless for tax irish incorporated companies from being stateless for Tax Purposes. Purposes. Joining us now is brendan joining us now is brendan murphy, head of tax murphy, head of tax at baker tilly ireland. At baker tilly ireland. Thanks forjoining us. Thanks forjoining us. In your expert opinion, in your expert opinion, does apple have a point when it does apple have a point when it claims that the ec is trying claims that the ec is trying to rewrite the rules to rewrite the rules of the past . Of the past . I suppose the answer is yes and i suppose the answer is yes and no. I will look at the pure tax no. I will look at the pure tax voted to give prospective and voted to give prospective and yes, they do have a point yes, they do have a Point Tax legendary. This was at a tax legendary. This was at a time when the irish law allows time when the irish law allows this to be the case, and this to be the case, and companies that were not companies that were not resident did not have a Tax Resident did not have a Tax Charge in ireland and Apple And Charge in ireland and apple and other companies at the time it other companies at the time it would have used the structure would have used the structure to allow profits to be moved to allow profits to be moved into another prevent into another location, but taking off the Green Jersey and you look at hundreds of billions drifting to a nontax jurisdiction, you can see where general anti avoidance and the globalisation of tax needs to be looked at, so it really is a yes and no mix there really. The period in question is now more than ten years ago and we heard in that little clip there, i do not has these ireland no longer has the Sweetheart Deals on the table . Yes, this is a time when there was a project in 2014, 2015, and ireland was one of the firstjurisdictions and ireland was one of the first jurisdictions to and ireland was one of the firstjurisdictions to adopt these changes, but you cannot have stateless companies in a country any more, and in recent years we havent shifted away from we havent shifted away from we havent shifted away from allowing this to happen. We have shifted away. From allowing this to happen. We have shifted away. Thanks forjoining we have shifted away. Thanks forjoining us lets stay with apple it makes most of its built from the ground up for artificial intelligence. The software, called Apple Intelligence, is integrated into a host of applications across the iphone. Take this Photo Editor that allows you to remove people from the background, and this tool which helps rewrite your emails. Theres also an upgrade to the iphones voice assistant, siri, which can now take written commands and is said to work better with natural spoken language. For now, Apple Intelligence features will not be available in the eu. Thats as executives find themselves in the middle of a Dust Up with regulators there over the digital markets act. The features will, however, be available in the uk. That is when theyre released. The Test Version of Apple Intelligence will start with a rollout in the us next month, with more coming by The End of the year. When it comes available, analysts say executives are keen to use Apple Intelligence integration to sell more iphones, which have hit a slump in recent years. Some analysts arent so sure that will happen. Is Apple Intelligence going to drive sales on its own . It might not. I think its not necessarily the sort of thing thats going to trigger people to go out and buy iphone 16 in waves. The company faces stiff competition from the usual Suspects Google and samsung, and now chinas huawei, which introduced a new Trifold Phone as the festivities were underway in cupertino. Sales of the phone have reportedly topped 3 Million so far. Some analysts say Apples Decision to roll out features before they are ready puts the company under extra pressure to deliver. A Test Version of Apple Intelligence will be released in the us next month, with more coming by The End of the year. Lilyjamali, bbc news, cupertino, california. To The Markets now where the price of oil has slipped below 70 a barrel for the first time since December 2021, on growing concerns about the state of the world economy. On Wall Street us shares have been struggling for direction as traders stay on their guard ahead of key Inflation Data that could determine how much the federal reserve Cuts Interest rates this month. Adding to the cautious mood tonights televised Election Debate that may move the dial on the tight race for the white house. Ritika gupta is in new york. Nervous time and more to come . Yes indeed. We have seen markets treading water and fluctuations between gains and losses in the session today, and The Markets have a lot to contend with at the moment with an Election Debate tonight and key inflation Data Tomorrow and the Oil Market going to the lowest since December 2021 in terms of brent crude, but different corners of The Market have suggested opposing signals and this is something that the head of Portfolio Management was discussing with me earlier. Have a listen. Now, if you look at rates out less than a year, The Markets implying a cut of over 2 . Thats a pretty drastic change. And in my view for the fed to cut by more than 2 in less than a year, that would require a recession to be in place. So the fed funds Futures Market is pricing a recession as a pretty likely outcome. But the equities look is really, really optimistic. You know were very resilient there. So theres one of them is going to be wrong. The fund futures, reflection of what The Market expects federal Reserve Policy to be, shows the intention of a 2 cut in Interest Rates between now and june 2025, and he says that suggests fears of a severe slowdown or a recession on the cards which would warrant such a big cut from the federal reserve in a short amount of time. This seems very bearish outlook on the us economy but on the other hand you have an Equity Market that is fuelled by low Interest Rates, so matt is trying to make sense of that, saying only one of those can be right, and No One has the answerjust yet, and even whether the fed will cut Interest Rates by 25 or 50 basis points, later this month, and that is when all the economic data out tomorrow is very much in focus. All eyes on the Election Debate Tonight And Donald trump is threatening to impose a 10 20 tariff on all imports rising to 60 from those coming from china, this has huge implications for global trade, and i spoke to the boss of the los angeles port, one of the busiest ports, but why that is concerning for his business. About right. We have to understand coming up pretty quickly is whether this is Campaign Talk or real policy that could be put in place if he is elected. Weve heard from some of the folks on the ground that this is a very serious topic, but a 10 tariff on all 3 Trillion of american imports leads to higher prices for consumers and increased cost for inputs on the Manufacturing Side here in the united states. Were watching this closely. We will have the popcorn ready for the president ial debate later tonight. To kenya now, where the High Court has temporarily blocked a plan by indias richest man Gautam Adani to take over the Main Airport in nairobi. The controversial deal to grant a 30 Year Lease to the Adani Group saw Airport Workers threaten to go on strike and bring east africas biggest Aviation Hub to a standstill. 0ur Africa Business Correspondent Jewel Kiriungi is in nairobi she has been following the story. The Law Society of kenya and the kenya human Rights Commission had moved to court to stop this deal that would have seen the Adani Group inject some 2 Billion into nairobis Main Airport. Now, they say that this is money that the government can raise on its own independently, and the airport being a very strategic asset, theres no reason why it should be leased to a private company. We also saw some aviation Workers Union taking to the streets to protest this move. They say that they are at risk of losing theirjobs, and that the takeover by Adani Group would see some foreign workers coming to take over theirjobs at the airport. While the Adani Group defended its investment in the airport. They said that with this investment, they should be able to grow revenue at the airport from about 163 Million in 2025 to about 290 Million by 2030. In other news. Volkswagen has formally terminated Job Security agreements with its main Trade Union at six of its factories in germany. It paves the way for potential redundancies at the Worlds Number two carmaker which has warned that it needs to cut costs and Manufacturing Capacity so it can compete with cheaper asian rivals. The process will be complicated the regional government in vw s Home State holds a large stake in the company and its Workers Council controls half of the seats on its supervisory board. Stay with us here on bbc news. Welcome back. The hamas run Health Ministry in gaza says 19 palestinians have been killed in an israeli strike on a designated humanitarian zone. Local reports say at least 60 more who were sheltering in the Displacement Camp at Al Mawasi were injured. Israels military says it targeted what it called a hamas command centre

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