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European Commission Rules Starbucks' and Fiat's Tax Deals with Dutch and Luxembourg Tax Authorities Illegal - Ordering Both Companies To Pay Millions of Euro in Back Taxes

The European Commission ruled on Wednesday that Starbucks Corp and Fiat Chrysler Automobiles benefited from illegal tax deals with the Dutch and Luxembourg authorities, sending shock waves to MNCs who have been using such profit-shielding tax deals in the past.

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Globo’s CEO and CFO resign amid falsification charges

Greek tech company Globo Plc said that its Chief Executive Officer Costis Papadimitrakopoulos and Chief Financial Officer Dimitris Gryparis have resigned after they disclosed falsified financial data at the company.

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Mercedes Car Sales Create New Record in China

The Mercedes-Benz cars manufacturer Daimler had released its third quarter report for record sales and revenues. The car cited strong progress in Western Europe which is its biggest market, but its feat was surpassed by the sales it made in China.

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Swedish child

Sweden to cut spending, borrows more to accommodate overwhelming refugees

With the hordes of refugees crossing its borders, Sweden needs extra $7 billion in 2016 and $8.2 billion every year until 2019 to provide for the needs of the people seeking asylum in the country.

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Oil drilling rig

Unsuccessful Oil Exploration leds BP and Shell Billions of Profits Loss

It's yet not over for oil prices to go plunging as BP and Shell will report this week that billions of pounds were shelled off their profits as the aftermath of low oil price associated with exploration failures strike two of Britain's biggest companies.

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UK firms put to shame for escaping minimum wage laws

The British government has publicly announced a list of 115 business firms that are not adhering the minimum wages act. As per the National Minimum Wages (NMW) norms, these companies together owe about £389,000 ($598,500), according to the UK government. One fashion company, the Monsoon Accessorize topped the list among offenders. The UK government has decided to take action against them and may order them to reimburse their employees. It could also attract imposition of a fine for the offenders. The UK government will introduce a new National Living Wage in April 2016.

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Abbey Road Studios

Abbey Road Studios is entering the tech industry

The great Abbey Road Studios is entering into the tech industry as it wanted not only to act as a recording studio but also as a music technology incubator. The plan was revealed by the Universal Music Group in a ceremony at the Studio 2 on Wednesday night. It will assure their continued reliability amidst technology era.

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Angry Birds

Angry Birds maker Rovio Entertainment to cut 213 of workforce mostly in Finland

Rovio Entertainment, the maker of Angry Birds, announced it will reduce a third of its jobs mostly in Finland. The Finnish gaming company, Rovio Entertainment, had concluded from negotiations between employees on August 26. Rovio had deliberated it will cut 213 jobs.

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Scott Maw

Starbucks and Fiat are required to pay back millions in taxes to Dutch and Luxembourg Government

The European Union Commission agreed that Starbucks Corp and Fiat Chrysler Automobiles NV is currently benefiting from illegal tax deals with the government. The decision came yesterday after the hearing organized by the European Parliament.

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Adidas to open an automated shoe factory in Germany and the United States

Adidas will open Speedfactory in Germany and in the U.S. The Speedfactory will boost the manufacturing process of Adidas shoes through the automated technology. The two factories will be fully integrated by the year 2020.

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Irish High Court to investigate Facebook's transfer of European users' data to the U.S.

The Irish court orders to investigate Facebook's transferring of European user's data to the United States. This is to ensure that the European user's privacy was protected from the U.S. surveillance.

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Cash-strapped Greece raising prices of tickets for tourist spots

If you are heading for Greece for sightseeing, be sure to have extra cash ready. That's because the cash-strapped country is raising prices of tickets to tourist spots as early as April.

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London Stock Exchange

Quindell spends £11M bid to bolster its own share price

The LSE-listed insurance claims processor Quindell Plc is investing heavily to jack up its own share price. It's estimated that the company has pumped in £11million so far to push up the share price on London Stock Exchange (LSE).

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Killer USB

Beware of USB Killer Version 2.0: It can burn your laptop

A Russian researcher nicknamed Dark Purple launched a new version of computer killer: USB Killer version 2.0. The first version of USB Killer was announced on March 2015. Instead of storing data, 'killer USB' causes serious damage on a laptop or computer.

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German broadcaster buys Swedish travel firm for $267mn

ProSiebenSat.1, a Munich-based German broadcaster, has acquired Swedish online travel agency Etraveli Holding AB for Euro235million ($267mn) from private equity (PE) firm Segulah IV LP. The acquisition deal for ProSiebenSat.1 is its biggest investment in the global e-Commerce. The German broadcaster will expand its digital operations globally following the acquisition. ProSiebenSat.1 is planning to expand beyond TV business.

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