Wednesday☕️
Trending:
- EU Court Of Justice Apple Ruling
- U.S. CENTCOM Activity
Markets:
- Yesterday’s U.S. stock market:
- Yesterday’s commodity market:
- Yesterday’s crypto market:
EU Court Of Justice Apple Ruling:
- The European Court of Justice recently ruled against Apple in a long-standing legal dispute over its tax arrangements in Ireland, marking the conclusion of a 10-year case. The case originated in 2016 when the European Commission mandated that Ireland recover up to €13 billion ($14.4 billion) in back taxes from Apple, claiming the company had benefited from unfair tax benefits. Apple has consistently denied this, asserting that it had complied with all applicable tax laws in both Ireland and the United States.
- The ruling is seen as a significant moment in Europe’s efforts to challenge the tax practices of major multinational corporations. Throughout the legal battle, Ireland has stood by Apple, stating that the country did not provide preferential treatment to the company or any other taxpayer. Ireland has long maintained that Apple’s tax payments were appropriate under its legal framework at the time. Now that the court's decision has been finalized, the Irish government will begin the process of reclaiming the funds that were previously held in escrow during the litigation.
- Apple’s response to the decision has focused on its compliance with international tax laws, arguing that it has always met its obligations to pay taxes in the countries where it operates. The company also emphasized that the dispute revolved around which country should collect the taxes in question, not the total amount owed. Apple has been critical of the European Commission’s efforts to retroactively alter tax rules, noting that the relevant income was already taxed in the U.S.
- As a result of the court's ruling, Apple will incur a one-time tax charge of about $10 billion in its fourth fiscal quarter of 2024. The outcome of this case has broader implications for global tax policy, especially for how multinational companies structure their tax affairs in Europe. It also underlines the increasing regulatory scrutiny tech giants face regarding their operations and tax arrangements across the continent.
U.S. CENTCOM Activity:
- On September 9, U.S. Central Command (CENTCOM) reported the destruction of two Iranian-backed Houthi missile systems and one support vehicle in Houthi-controlled areas of Yemen, along with the downing of a Houthi unmanned aerial vehicle over the Red Sea. These strikes were carried out in response to clear threats to U.S. and coalition forces, as well as merchant vessels in the region. CENTCOM stated that the actions were taken to safeguard freedom of navigation and secure international waters for U.S., coalition, and commercial ships.
- On September 8, CENTCOM forces successfully destroyed three Iranian-backed Houthi uncrewed aerial vehicles and two missile systems in Yemen. This operation targeted Houthi military assets that were increasingly posing risks to regional stability and maritime safety, as part of a broader strategy to neutralize their threats. Similarly, on September 6, CENTCOM neutralized one Houthi uncrewed aerial vehicle and a support vehicle in Yemen. This action continued the ongoing efforts to disrupt Houthi capabilities in the region, reducing the risks to U.S. and coalition forces and international shipping.
- These military operations are part of an increased U.S. presence in the Middle East, which is responding to escalating tensions fueled by Iranian-backed groups such as Hamas, Hezbollah, the Houthis, the IRGC (Islamic Revolutionary Guard Corps). The growing influence of these forces has led to a heightened U.S. military focus on countering threats to stability, regional security, and the free flow of goods through critical maritime routes.
Statistic:
- Largest food companies by market capitalization:
- 🇨🇭 Nestlé: $269.12B
- 🇺🇸 McDonald: $208.95B
- 🇬🇧 Unilever: $163.54B
- 🇺🇸 Mondelez: $100.35B
- 🇮🇳 Hindustan Unilever: $81.18B
- 🇺🇸 Chipotle Mexican Grill: $74.23B
- 🇬🇧 Compass Group: $55.12B
- 🇺🇸 DoorDash: $51.77B
- 🇫🇷 Danone: $47.16B
- 🇺🇸 Kraft Heinz: $42.94B
- 🇺🇸 General Mills: $41.65B
- 🇺🇸 The Hershey Company: $41.03B
- 🇺🇸 Sysco: $38.58B
- 🇨🇭 DSM-Firmenich: $35.85B
- 🇳🇱 Ahold Delhaize: $31.98B
- 🇨🇭 Chocoladefabriken Lindt & Sprüngli: $30.23B
- 🇨🇦 Restaurant Brands International: $29.99B
- 🇨🇳 Muyuan Foods: $29.70B
- 🇮🇳 Nestlé India: $29.13B
- 🇺🇸 Archer Daniels Midland (ADM): $28.23B
- 🇨🇳 Foshan Haitian Flavouring and Food: $27.83B
- 🇮🇳 Zomato: $27.78B
- 🇺🇸 Kellogg's: $27.51B
- 🇺🇸 McCormick & Company: $22.50B
- 🇺🇸 Tyson Foods: $22.48B
- 🇨🇦 George Weston: $21.63B
- 🇬🇧 Associated British Foods: $20.99B
- 🇯🇵 Ajinomoto: $19.37B
- 🇺🇸 Darden Restaurants: $18.43B
- 🇮🇪 Kerry Group: $17.98B
- 🇺🇸 Hormel Foods: $17.66B
- 🇺🇸 Conagra Brands: $15.70B
- 🇹🇼 Uni-President Enterprises: $15.43B
- 🇺🇸 Campbell Soup: $15.25B
- 🇸🇬 Wilmar International: $15.04B
- 🇲🇽 Grupo Bimbo: $14.86B
- 🇸🇦 Almarai: $14.70B
- 🇺🇸 Domino's Pizza: $14.57B
- 🇺🇸 US Foods: $14.05B
- 🇺🇸 CAVA Group: $13.68B
- 🇺🇸 Bunge: $13.62B
- 🇧🇷 JBS: $13.57B
- 🇸🇬 Grab Holdings: $13.26B
- 🇫🇷 Sodexo: $13.05B
- 🇨🇳 Yum China: $12.99B
- 🇯🇵 Kirin Holdings: $12.77B
- 🇺🇸 J.M. Smucker Company: $12.65B
- 🇺🇸 Wingstop Restaurants: $11.13B
- 🇺🇸 Performance Food Group: $11.10B
- 🇯🇵 Kikkoman: $10.91B
- 🇧🇪 Lotus Bakeries: $10.80B
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