Summary

  • Apple facing €13bn bill for unpaid taxes

  • Ireland and Apple to appeal EU tax ruling

  • US anger over 'unfair' rulings by EU Commission

  • FTSE and Wall Street finish with mild losses

  • ARM shareholders back Japanese takeover

Live Reporting

Dan Macadam

  1. KimDotcom extradition appeal to be streamed

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  2. Asia markets update

    Japan's benchmark Nikkei 225 was virtually unchanged at 16,739.49 in morning trading, losing earlier gains as the dollar weakened again. South Korea's Kospi added 0.8% to 2,047.93, while Hong Kong's Hang Seng rose 0.7% to 22,989.13. The Shanghai Composite inched up nearly 0.1% to 3,072.23.  

  3. ARM deal shows UK 'leads the world'

    BBC Radio 5 Live

    Arm chipArm

    The processing giant ARM Holdings designs the micro chips powering Apple iPhones. Last month ARM - often referred to as the jewel of the UK's tech industry - became the subject of a £24bn takeover by the Japanese conglomerate Softbank. Today shareholders will vote on the deal, and it's expected to be approved. Under the plan ARM will keep its headquarters in Cambridge and will at least double the number of its staff over the next five years.  

    Eileen Burbidge is a partner at Passion Capital which invests in tech start-ups. She's also the chairwoman of Tech City UK which promotes the UK's digital economy and she's on Wake up to Money to discuss the deal. 

    She reckons the deal will probably give Arm even more resources, which is what Softbank had committed to do, though she says the devil will be in the details. 

    This is giving Arm shareholders on company's publicly-listed price the day before the deal was announced. 

    But would it be better for UK tech if ARM stayed British "I don't think so" she says. 

    "My feeling is that having a sale of £24bn demonstrates that UK companies do lead the world in certain categories and that really ARM was the market leader, being acquired by a Japanese company highlights that fact.

    "It's not actually moving the company away from Britain so hopefully you're going to see even more talent coming in and more people who benefit from the success of ARM will continue to invest in Britain and it becomes a nice virtuous cycle," she adds. 

  4. Good morning!

    Welcome to another Business Live day with Russell Hotten and Karen Hoggan. 

    Top of the agenda today looks like being European Union's final ruling in the case of Apple's tax affairs in Ireland.   

    The company could be ordered to pay billions of euros in back taxes in the Republic of Ireland by EU competition officials, following a three year long investigation - so stick with us for that announcement and all the reaction to it.