Apple challenged a $14 billion tax charge from the European Commission in the EU's second-highest court on Tuesday, escalating the landmark tax fight between the iPhone maker and EU regulator.
Pedro Sanchez (2nd from right), Prime Minister of Spain and candidate of the Socialist Party (PSOE), cheers with his wife Begonia Gomez (2nd from left) to his supporters on election night.picture alliance | picture alliance | Getty ImagesSpain is gearing up for its fourth election in four years after almost six months of failed political negotiations. The Southern European economy has been at a political impasse since a general election in April. At the time, Prime Minister Pedro Sanchez won the vote, but without a majority and he has, since then, struggled to find support from other political groups to form a government. The Spanish King has started fresh consultations with the various parties, but without a breakthrough by Monday, Spain will automatically hold elections on November 10. "Given the existing discord between parties, a new election is the most likely outcome at this stage," Antonio Barroso, deputy director of research at Teneo, said in a note Monday. Opinion polls show t..
Quito, EcuadorGabrielle and Michel Therin-Weise | Getty ImagesAn unprecedented national data breach has seen detailed information of potentially every person in Ecuador leaked online, it has been revealed. More than 20 million people, including about 7 million children, had their data exposed by an unsecured server run by an Ecuadorian marketing and analytics firm, according to internet security firm vpnMentor. The population of Ecuador is approximately 16.5 million people, meaning that the entire population could have been affected by the breach. Ecuador's State Attorney General's Office said Monday that deceased citizens could account for the additional few million people affected. It is not yet known exactly how many people have been impacted by the data leak but it is thought to include full names, dates of birth, national identity card numbers, tax identification numbers, employment information, the names of family members, and more. It was first uncovered when vpnMentor..
Portuguese Finance Minister and Eurogroup President Mario Centeno rings the bell at the start of a meeting of Eurogroup Finance Ministers.FRANCOIS WALSCHAERTS | AFP | Getty ImagesEU nations are at odds on how to change rules on government spending in the 28-member bloc — an impasse that could potentially halt plans to revive the region's economy. The European Commission, the EU's executive branch, has started looking at ways to change its complex fiscal rulebook; but the initial debate between finance ministers at the weekend showed it will take time before any concrete proposals emerge. "I do believe that the simpler the rules are the better and the enforcement factor is essential, because if we do not obey the law, then the credibility of the whole system is very weak," Lithuanian Finance Minister Vilius Sapoka told CNBC before meeting his EU counterparts. Currently, the EU fiscal rules state that European countries should not have budget deficits higher than 3% of their a..
Energy stocks, one of the worst-performing sectors this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring. The S&P Oil & Gas Production ETF jumped more than 7%, on pace for its best day of the year, while the S&P energy sector is set to move out of bear-market levels and is also on track for its best session of 2019. An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday, knocking out 5.7 million barrels of daily crude production or 50% of the kingdom's oil output. The disruption drove Brent crude oil up as much as 19%, its biggest intraday jump in history. The rally in the energy sector is led by small and mid-cap explorers that are heavily shorted, according to Citi's energy analyst Scott Gruber. These stocks include Extraction Oil & Gas and Whiting Petroleum, which soared 25% and 44% respectively. Oil explorers are typically a riskier segment in the energy sector gi..
Britain's Prime Minister Boris Johnson on September 12, 2019.DANIEL LEAL-OLIVAS | AFP | Getty ImagesLUXEMBOURG — British Prime Minister Boris Johnson met with the European Union's top executive on Monday for a set of lunchtime talks that both critics and allies have described as political theater, because his government continues to insist the U.K. will exit the EU at the end of October, with or without a negotiated agreement. The meeting was Johnson's first face-to-face encounter with European Commission President Jean-Claude Juncker since replacing Theresa May as the U.K.'s premier. It was held exactly one week after the Parliament in Westminster passed into law a measure designed to block the possibility of an abrupt and economically disruptive departure on October 31. Following the lunchtime sit-down, both men emerged to boos from protesters and were forced to negotiate a scrum of reporters and photographers. Within minutes, the European Commission issued a pres..