Apple avoids potential $9bn tax bill
Apple will avoid a potential tax bill of up to $9bn by using the proceeds from its $17bn bond issue to pay shareholders rather than bringing back cash from abroad. The technology group would have paid as much as 35 per cent in tax to bring that amount of cash back into the US, according to lawyers and accountants.
Paris rebuffs Yahoo video bid
France’s socialist government has claimed that it blocked a bid by Yahoo to “devour” a growing online video business owned by France Telecom, refusing to cede control to foreign owners of one of the country’s internet success stories. Arnaud Montebourg, the leftwing industry minister, said he had rejected the US company’s interest in Dailymotion, Europe’s largest video website.
Tablet shipments up as PCs fall
Global tablet shipments rose 142 per cent year-on-year in the first quarter, according to the IDC research company, as consumers increasingly preferred them to PCs. Earlier research showed PC sales slumped 14 per cent in the quarter.
Long-term boost for Oxford
Oxford Biomedica shareholders received a rare shot in the arm after news of a collaboration with Novartis. Oxford, a specialist in gene therapy, will work with the Swiss drug giant on a programme to treat cancer cells.
Bupa closes its charitable fund
Scientists have angrily attacked Bupa for abruptly shutting down its charitable organisation, which has funded medical research to the tune of £33m over three decades.
The Daily Telegraph
Time Warner boosted by exclusive TV
Time Warner, the US owner of cable networks CNN and HBO, yesterday offered evidence that its bet on producing premium television shows is paying off with an almost 25 per cent increase in first-quarter profits.
Kodak to return as printing company
Photography company Kodak is betting its future on selling printing equipment, as it announced plans to emerge from bankruptcy protection as early as July.
THE WALL STREET JOURNAL
Russia squeezed over natural gas
Gazprom’s European customers have squeezed billions of dollars in discounts from the company, and they are pressing for more, thanks in part to the US shale-gas boom.
Greek sale advances privatisation
Greece’s government yesterday accepted a €652m bid for state gambling company OPAP, marking the first significant asset sale in the country’s long-delayed privatization program.