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Tag - Finance
Apple is ending an investigation into its tax affairs by Italian authorities, by paying a settlement of €318 million ($347.5 million) to the country, far less than it could have ended up paying. The payment effectively ends Italy's probe into Apple's local subsidiary's finances, with authorities suspecting Apple of tax fraud by failing to comply with local tax laws for a five-year period ending in 2013.
An investigation into the tax-related finances of Apple in Europe will be completed by the end of this year, according to Ireland's finance minister. Michael Noon advised earlier today that the investigation by European Union regulators into whether or not Apple and other major multinational companies have benefited from using "illegal tax sweeteners" on the continent will be ruled upon in the coming weeks, one that could potentially cost companies millions.
You're rubbish with money, and that's one reason we feel a personal bond with you. However, you and we are also Mac users, and there is a way to get OS X to help us. It won't earn us anything, it won't save us anything, but if we work this right, then it will automate how we record our finances. That's a bigger thing than it sounds, because always knowing where you stand means always knowing whether you can afford that iPad Pro.
In what has now started to become a routine occurrence, AAPL on Friday ended the week with a new all-time record high for its stock, as well as its market capitalization. The stock closed on Friday at a price of $129.49 per share, though it is down a nickel in after-hours trading at the time of this article. The market cap for the company now stands at $754.28 billion after the stock rose 0.81 percent on the day, compared to $710 billion just 10 days ago.
Electronics retailer RadioShack has applied for Chapter 11 bankruptcy. Following a week of speculation, the troubled company filed its papers earlier today, and confirmed plans to sell off a large proportion of its stores to Sprint and Standard General, one which will provide the carrier with a considerable boost to its overall outlet count.
Apple's stock closed on Wednesday at a new all-time high, closing at $119.56 for the day, breaking the record set on November 26 when it closed at $119 even. The company, now valued at $696.41 billion -- more than a third more than the next most valuable publicly-traded company -- recently reported the best all-time quarterly revenue and profit of any company ever. The latest peak comes after a spike a week ago, following the results of the quarter.
Apple's stock closed on Monday at a year-to-date high-water mark, closing in on $600 as the repeated message of last week's earnings call -- Tim Cook's "we believe the stock to be undervalued" mantra -- appeared to sink in on the back of better-than-expected iPhone sales, an expansion of the stock buyback program and an announced 7-to-1 stock split taking place next month. The stock has jumped almost exactly $70 since last Thursday.
Though many analysts have already noted that Apple revenues in the Americas were down one percent year-over-year -- with global iPhone sales failing to meet the 55 million mark of consensus estimates -- less reported is that in most other areas, the company exceeded expectations. Sales of both Macs and iPads hit higher-than-predicted levels, and the company also beat consensus estimates for earnings per share (EPS) and gross margins. The 51 million iPhones sold, however, had serious repercussions on the stock.
T-Mobile is attempting to take on the banking industry by launching a personal finance service that allows users to manage their funds via smartphone apps. Working with Bancor, Mobile Money allows users to add funds to a prepaid Visa debit card and perform most of the tasks typically associated with a checking account, though for a large number of every-day actions, there will apparently be no fees charged to customers.
Apple's stock finally surpassed its previous 2013 high on Friday, beating the $549.03 mark to close at $556.07. The former high mark came on January 2, reflecting a year that saw the company doing brisk business in revenues, but penalized by Wall Street for lacking any category-redefining product or service, and being slow to update existing products. The perception -- not wholly accurate -- that Apple was losing influence and marketshare also played a role.