Wednesday 21 August 2019

Apple chief executive Tim Cook says that "tension" in Europe over EU bureaucracy is holding back trade here.

Apple chief executive Tim Cook says that "tension" in Europe over EU bureaucracy is holding back trade here.

The head of the world's most valuable business said that Europe's internal machinations sometimes makes it harder to do business in the large trading bloc.

"I think that it's important that Europe becomes clearer of what should be done centrally by the EU and what should be done in the country," he said. "I sense more tension in that regard today than before. So I would hope that that would be sorted out for the best of Europe. Europe has great growth potential if that is sorted out."

Apple is currently awaiting a decision from the European Commission on whether Ireland gave it illegal state aid through the country's taxation regime. However, Cook said that an adverse decision would be appealed.

Sunday Times

American investment fund Cerberus has issued legal proceedings against Mick Wallace TD after it acquired loans linked to his La Taverna Di Bacco restaurtant in Dublin.

Cerberus unit Promontoria (Aran) has launched a court action seeking a summary judgement in relation to the debt, the newspaper reported.

It is understood to be the first time Cerberus has taken a case against a debtor here.

The US fund is a major player in Ireland, owning thousands of business loans.

It has acquired €6bn of loans from Ulster Bank in addition to its controversial purchase of Nama's massive Northern Ireland portfolio dubbed Project Eagle, and Project Arrow, Nama's biggest ever sale of loans.


Technology companies valued in the billions of dollars based on private fundraising rounds are unlikely to live up to those valuations, according to Bill Ford, chief executive officer of General Atlantic, a US firm that was an early investor in Facebook and Uber.

The rush from private investors seeking stakes in closely held start-ups before initial public offerings has pushed valuations too high, Ford said in an interview. Some are reassessing the price of such firms after mobile payment company Square Inc was valued at less in its IPO than in an August 2014 round of private funding, he said.


China will continue to spur liberalisation of currency exchange rates and interest rates as well as looking to optimise resource distribution, Xinhua reported, citing People's Bank of China (PBOC) Deputy Governor Pan Gongsheng.

China plans to build multi-layer capital markets for both stock exchanges and over-the-counter transactions, the central bank number two said.

Irish Independent

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