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Friday, November 7, 2014

Irish minister expects EU case against Apple to fail, (NASDAQ: AAPL)

Irish Finance Minister Michael Noonan said on Friday that a European Commission case against Ireland over tax breaks given to Apple Inc is likely to fail. The European Commission said in June it was making in-depth inquiries into tax arrangements reached by Ireland with Apple to see whether they represented unfair state aid."My legal advice is that the Irish authorities will win the case quite easily and that there isn't a very strong case by the Commission," Noonan told journalists after a meeting in Brussels. His comments were broadcast on RTE."It's more likely that investigation will be dropped rather than there being further investigations," he said.A U.S. Senate committee investigation revealed last year that Apple had cut billions from its tax bill by declaring companies registered in the Irish city of Cork as not tax resident in any country.

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 0.12% or $0.129/share to $108.83. In the past year, the shares have traded as low as $70.51 and as high as $110.30. On average, 58590700 shares of AAPL exchange hands on a given day and today's volume is recorded at 25196992.