While you were sleeping: EU ruling sours Apple

Tue, 30 Aug 2016

By Margreet Dietz Aug. 31 (BusinessDesk) - A decline in Apple shares after the European Union demanded the company pay a record amount in what it ruled to be back taxes weighed on Wall Street. Shares of Apple slid, down 0.9 percent as of 3.08pm in New York, after the European Commission ruled that Ireland granted the company undue tax benefits of up to 13 billion euros (US$14.5 billion)—"illegal aid” under EU rules that the commission says Ireland now must recover from Apple. However, the move drew criticism from the US Treasury Depart...

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