Apple avoids paying taxes
Technology giant Apple is avoiding billions of US dollars in taxes by setting up small offices around the world to collect and invest the company’s profits, the New York Times reported on Saturday. The report said an office in Reno, Nevada, where the corporate tax rate is zero, was one of many that the California-based firm uses to legally sidestep state income taxes on some of its gains. California’s corporate tax rate is 8.84 percent. The Times quoted Apple executives who said the Reno office and others in Ireland, the Netherlands, Luxembourg, the British Virgin Islands and other low-tax places were among the legal methods the company used to reduce its global tax bill.
LNG supply continues: YFP
Argentina’s YPF oil company announced on Saturday it would continue to provide liquefied natural gas (LNG) to local customers despite the decision of Spain’s Repsol to cancel deliveries. Repsol was the majority owner of the Repsol YPF business alliance until the Argentine government decided this month to nationalize the company. The team charged with expropriating Repsol’s interest, headed by Argentine Federal Planning Minister Julio de Vido, said in a statement the company would increase supplies of liquefied natural gas.
USITC to investigate Acer
The US International Trade Commission (USITC) has voted to launch an investigation into patent infringement accusations against Acer Inc (宏碁), one of the world’s leading personal computer vendors. The commission said on Friday that Technology Properties Ltd LLC, a patent licensing company based in California, filed a complaint with it last month, alleging that Acer and several others had infringed on its technology used in computers and computer peripheral products, including laptop and desk computers, media card readers and printers, the commission said.
Istithmar buys Atlantis Hotel
Istithmar World, a subsidiary of the -government-owned conglomerate Dubai World, which shook markets across the globe in 2009 with its debt woes, announced on Saturday that it had acquired the remaining stake in the Atlantis hotel on Dubai’s glitzy palm-shaped island. The company confirmed “the completion of the purchase of Kerzner International Holdings Limited’s 50 percent interest in Atlantis ... for US$250 million,” with the purchase making Istithmar the sole owner of the 1,537 room resort.