The European Union’s highest court on Wednesday backed Intel Corp.’s appeal of a €1.06 billion ($1.26 billion) EU antitrust fine in 2009, referring the case back to a lower court and dealing a blow to an antitrust regulator that has taken a hard line on U.S. tech giants.
Intel was fined by the European Commission in 2009 for abusing its monopoly of the computer processor market by bullying manufacturers into purchasing all their chips from Intel instead of rivals. The penalty was the biggest antitrust fine in the Commission’s history until the €2.4bn fine handed to Google this year.
The data breakdown from this year’s tax returns so far confirm what Greece’s finance ministry officials were afraid all along: Declared income from freelancers dropped by 20%, compared to last year.
According to a Kathimerini newspaper report, the tax burden on professionals and freelancers has led to tax evasion. The negative development will not only have an impact on this year’s budget but future budgets too, which has generated concern at the ministry ahead of the third bailout review, especially given the International Monetary Fund’s view that Greece will not be able to achieve the target for a primary surplus of 3.5 percent of gross domestic product from next year.
Wells Fargo is now saying 3.5 million customers were impacted by its fake accounts scandal, a dramatic increase from the 2.1 million accounts it originally estimated.
In the weeks and months after the bank acknowledged in September 2016 that its employees opened 2.1 million accounts without getting customers’ permission, the bank agreed to look for fake accounts going back an additional two years to 2009. This was because news reports showed that problems at Wells started before 2011, which is what Wells originally admitted.
Tax authorities in France are reportedly seeking €600m in taxes from the local subsidiary of software giant Microsoft. The company paid €32.2 million in corporate tax in France last year, and billed French customers from its operation in Ireland, where business tax rates are considerably lower, the weekly L’Express reported on Wednesday.
Lawyers for former Georgia prime minister Bidzina Ivanishvili said on Tuesday they are suing Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses.
Lawyers for Mr Ivanishvili have previously alleged that fraudulent activities by a Credit Suisse client adviser lost the former Georgian leader hundreds of millions of dollars.
The Committee on Economy and Royalties of the National Council or CER-N, a key panel of Swiss parliament which rejected on August 15 a proposal seeking to outrightly suspend implementation of the AEOI Switzerland has agreed to adopt with 41 nations including India, will examine the criteria a country would need to satisfy to start getting access to data under the automatic information exchange.
According to the minutes of the last meeting of the committee, the CER-N will continue its examination at a meeting on September 11 of the 41 AEOIs agreed upon by the Federal Council, the highest decision making body of Swiss government.
Days after a largely positive launch of the Galaxy Note 8, the head of Samsung has been sentenced to five years in jail. Lee Jae-Yong, who has been in charge of the company since his father suffered a heart attack in 2014, was found guilty of bribing the South Korean government. The heir to the empire has been embroiled in the scandal, which saw the impeachment of the country’s president, since last year. His father remains in hospital, making Lee the de facto leader of the electronics giant.
As Reuters reported, Danielle Sindzingre, 54, the bank’s former global head of treasury, and her subordinate Muriel Bescond, 49, its former head of treasury in Paris, were accused in an indictment filed in a New York federal court of submitting false information about the rates at which the bank was able to borrow money.
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