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Apple reaches 500-mln-euro tax settlement with France

Apple said Tuesday that it had reached an agreement with French authorities to settle 10 years of back taxes, becoming the latest US company to make a deal with France, which has led a European push for higher taxes on tech giants. Apple paid nearly 500 million euros ($570 million) to resolve the case in a confidential settlement reached in December, a source familiar with the case told AFP, confirming a report in French news weekly L'Express. "The French tax administration recently concluded a multiyear audit on the…

Euro slides as ECB warns on economic outlook

LONDON: The euro slipped on Thursday after the ECB trimmed its growth forecast for the eurozone because of "mounting uncertainties" from within and outside the region. European Central Bank chief Mario Draghi said risks facing the area were now "moving to the downside", although that did not stop the bank from pulling the plug on its massive emergency crisis-fighting economic stimulus known as quantitative easing (QE). "While Mario Draghi was boxed in by previous announcements about QE, his press conference revealed…

EU agrees 18 million euro development aid for Iran

BRUSSELS: The European Union agreed 18 million euros (£16.1 million) in aid for Iran on Thursday, including for the private sector, to help offset the impact of US sanctions and salvage a 2015 deal that saw Tehran limit its nuclear ambitions. The announcement is part of the bloc’s high-profile efforts to support the nuclear accord that President Donald Trump abandoned in May. It is part of a wider package of 50 million euros earmarked for Iran in the EU budget. The EU is working to maintain trade with Iran, which has…

Dollar edges off lows against euro, central banks eyed

NEW YORK: The U.S. dollar rose against the euro on Wednesday a day after touching a more than one-year low, but it hit a more than three-week low against the yen as traders awaited meetings of the European Central Bank and the Bank of Japan. Market watchers will be looking to see if the recent strength of the euro and the yen influence policy outlooks from the European and Japanese central banks. The ECB meets on Thursday and is expected to adjust its language as it gets closer to normalizing policy. That may include…

Happy 15th birthday, Euro: key things to know

The euro, used by nearly 340 million people each day, celebrates its 15th birthday on Sunday. Like a teenager in the throes of adolescence, the euro has lurched from crisis to crisis in recent years, but still manages to enjoy firm support across the 19-member area -- especially among a new generation who have never known any other currency. Here is a snapshot of some key points and memorable moments in the life of the euro: Birth of a currency The euro was launched on January 1, 1999, initially existing only as…