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Tuesday, September 30, 2014

EU says Ireland tax deal with Apple was state aid, (NASDAQ: AAPL)

The European Union has accused Ireland of giving Apple Inc. state aid by letting the iPhone maker shelter profits worth tens of billions of dollars from tax, in return for maintaining jobs.European Competition Commissioner Joaquin Almunia told the Dublin government in a letter published on Tuesday that tax deals agreed in 1991 and 2007 appeared to amount to state aid that may have broken EU laws."The Commission is of the opinion that through those rulings the Irish authorities confer an advantage on Apple," Almunia wrote in the letter, which was dated June 11.Apple said it had received no selective treatment while an Irish government spokesman referred to previous statements saying it followed EU rules. On Monday, when publication of the letter was flagged, the Irish finance department said it was confident it had not breached state aid rules and had responded to the Commission to address "concerns and misunderstandings".

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 0.77% or $0.77/share to $100.88. In the past year, the shares have traded as low as $68.33 and as high as $103.74. On average, 54575400 shares of AAPL exchange hands on a given day and today's volume is recorded at 780522.