The EU’s €13bn bite into Apple
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 11 September 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
The EU’s top court orders Apple to pay €13bn in back taxes, and the Federal Reserve halves its proposed capital requirement increase for the largest US banks. Plus, we talk to the FT’s Benjamin Parkin about the Taliban’s warming relations with a growing number of regional powers.
Mentioned in this podcast:
Top EU court rules Apple must pay €13bn in back taxes
Federal Reserve halves proposed capital requirement rise for largest US banks
Taliban’s closer ties with UAE signal global divide over Afghan regime
The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Mischa Frankl-Duval, Michela Tindera, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The UK's energy partner. |
| 0:06.0 | Learn more at equinore. |
| 0:10.0 | At Aquinore. |
| 0:11.0 | The UK. |
| 0:12.0 | Good morning from the Financial Times. Today is Wednesday, September 11th, and this is your |
| 0:17.8 | FD news briefing. Apple is facing some whiplash this week after Europe's top court said it owed a bunch in back taxes. |
| 0:27.0 | And Wall Street Banks got a big win yesterday, |
| 0:29.5 | plus there's a growing divide between countries over whether to engage with the Taliban. |
| 0:35.0 | I remember one quote that a diplomat said to me, |
| 0:39.0 | are we going to starve 20 million Afghan women in the name of women's rights. |
| 0:44.7 | I'm Kasha Bresayan and here's the news you need to start your day. The European Court of Justice dealt a major blow to Apple on Tuesday. |
| 1:07.0 | The ECJ ordered the company to pay 13 billion euros in back taxes. |
| 1:12.4 | The ruling said that Apple received unlawful aid from Ireland |
| 1:16.4 | through a kind of sweetheart tax deal. The F.T.'s Javier Espinoza has been |
| 1:21.1 | following the case from Brussels. |
| 1:22.6 | Hey, Javier. |
| 1:23.6 | Hello. |
| 1:24.6 | So yesterday's ruling actually overturns an earlier decision that went in Apple's favor. |
| 1:30.8 | So tell me, what exactly did the ECJ say that Apple did wrong here? |
| 1:36.0 | So the case dates back to 2016 when Margaret Vestager, who is the EU's competition commissioner, said that Ireland had giving |
| 1:46.0 | apple an illegal sweetheart deal amount into a tax rate of less than 1% and that essentially this was against EU rules that it's not fair |
| 1:59.6 | for one company to be getting a preferential tax treatment. |
... |
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