Apple’s enormous cash hoard grew to $237.6 billion in the fiscal fourth quarter, up $6.1 billion from the previous quarter.
If the company’s massive cash pile was its own company, it would be the seventh largest in the S&P 500 and the fourteenth largest public company in the world.
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Time For Truth: (CNBC) – Apple's cash hoard swells to $237.6 billion, a record
The crowd gasped with oohs and aahs when Chris Sheldon pulled his company’s new gadget from a silky black bag in front of hundreds of techies.
“We are very proud to introduce the least-advanced NoPhone ever,” he said at a technology conference in Canada this month. The NoPhone is a plastic rectangle that looks like a smartphone but does absolutely nothing. More than 10,000 have been sold in the past two years for about $10 each.
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Time For Truth: (Wall Street Journal) – Hey, Check Out My New Phone! It Does Nothing.
U.S. tax law gives the Obama administration power to double tax rates for European companies should it choose to dramatically escalate a dispute with the European Union over Apple’s tax bill.
Experts said the administration was unlikely to take such a drastic measure, and even if it did, courts might strike down that action because of treaties.
The Republic of Ireland’s Cabinet meeting to discuss the European Commission’s decision that Ireland granted undue tax benefits of up to €13bn (£11bn) to Apple has been adjourned.
Finance Minister Michael Noonan said the Irish government will appeal the ruling.
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Time For Truth: (BBC News) – Irish Cabinet meeting about Apple tax ruling adjourned until Friday
The European Commission ruled on Tuesday that “selective treatment” by Ireland allowed Apple to pay a tax rate of one percent on EU profits in 2003 down to 0.005 percent in 2014. The US company has been ordered to pay up to €13 billion to cover the unpaid tax.