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Apple fights $14-billion court battle over “phantoms”

Apple Inc. sought to rebut claims by the European Commission that Irish units at the center of its fight to overturn a record 13 billion-euro ($14.3 billion) tax bill are nothing but phantoms. Judges weighing Apple’s legal challenge on day two of a hearing at the EU’s General Court homed in on the exact functioning

New Zim dollar the worst performing currency in the world

If you thought Argentina’s currency crisis was bad, spare a thought for Zimbabwe. Measures to protect the Zimbabwe dollar — including sky-high interest rates — seem to be coming to naught. Since the southern African nation allowed formal trading of what was effectively a new currency in February, the unit has depreciated to 13.52 per

WeWork postpones IPO, share price plummets

WeWork pushed back its much-awaited initial public offering as the company seeks more time to allay investor doubts over its governance, slashed valuation and business prospects. The offering is likely to be postponed until at least October, people familiar with the matter said Monday. The office-rental unicorn had planned to begin making its pitch to

Europe urges Trump to end aerospace dispute

Despite European efforts to avoid an escalation in trade tensions with the U.S., a tit-for-tat tariff battle over illegal aircraft subsidies is in the offing, according to the European Union’s chief trade negotiator. “Our view is that we have enough tariffs in the world as it is, so imposing tariffs on each other, which strictly

WeWork’s IPO could be a disaster

The We Co. roadshow is set to begin this week, perhaps as soon as today. Such corporate processionals through the ranks of blue-blooded Wall Street institutions are usually a triumph for buoyant, young companies. WeWork’s roadshow, on the other hand, will likely more closely resemble Cersei Lannister’s humiliating march to the Red Keep in Game

VW to invest $9 billion in software overhaul

Volkswagen AG is bundling its software operations with an investment plan of about 8 billion euro ($9 billion) over the next three to five years, another step in the electric and connected-car shift that’s heralding massive change across the entire industry. Unifying VW’s fragmented IT units will boost efficiency as the world’s biggest auto manufacturer

WeWork learns that it’s not Facebook

The message to Adam Neumann was clear: You’re not Zuckerberg. Over the past month, as Neumann’s grandiose plans for We Co. started to fray, bankers began warning that he would have to loosen his iron grip on the company. The old era of Mark Zuckerburg was over, WeWork executives would soon learn. Back in 2012,

Disney CEO resigns from Apple board

Walt Disney Co. Chief Executive Officer Bob Iger resigned from Apple Inc.’s board, a sign of increased competition between the entertainment and technology giants. Apple said in a Friday regulatory filing that Iger quit on Tuesday. He had served as a director since 2011 and was a friend of Steve Jobs. The Apple co-founder was

Lawmakers want internal records of big tech companies

A House panel conducting a broad antitrust investigation of the technology sector is demanding that companies turn over a trove of internal records about their business practices as it ramps up its scrutiny of the industry. Rhode Island Democrat David Cicilline, who is leading the House antitrust subcommittee’s inquiry into large internet companies, said it

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