LONDON (Reuters) – Saudi Aramco is the world’s most profitable oil company, Bloomberg reported on Friday, but its huge earnings and cash flows may still fail to justify its desired $2 trillion valuation. Financial performance at Aramco has long been one of the best kept secrets in the oil industry but as the company prepares for a long-awaited initial public offering (IPO) this year or next it needs to tell investors what it earns and how it operates. Bloomberg news agency cited company accounts as saying Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of $52.1 billion. Aramco said: “This is inaccurate, Saudi Aramco does not comment on speculation regarding its financial performance and fiscal regime.” The accounts, prepared to the IFRS standard, showed the firm made $7.2 billion in net income in the first of half of 2016, when crude averaged $41 a barrel, Bloomberg said. Saudi Arabia’s Crown Prince Mohammed bin … [Read more...] about Aramco is world’s most profitable oil company -Bloomberg
(Reuters) – Alphabet Inc’s Google is expected to be fined a record 4.3 billion euros (£3.82 billion) by the European Union over its Android system, Bloomberg reported on Wednesday. Google Chief Executive Officer Sundar Pichai had a call with EU Competition Commissioner Margrethe Vestager late Tuesday for a meeting, Bloomberg reported https://bloom.bg/2zL6sGs citing a source. The EU antitrust enforcer has charged Google with using its dominant Android to marginalise rivals following a three-year-long investigation – seen as the most important of three EU cases against the world’s most popular internet search engine. Google was not immediately available for comment. Vestager will hold a news conference at 1100 GMT, the European Commission said, where she is expected to announce a record fine against Google. The Commission said Vestager would speak on an antitrust case but did not provide details. (Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar … [Read more...] about EU expected to fine Google $5 billion over Android: Bloomberg
Oct 04, 8:08 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Jack Stubbs AND Sweta Singh AND Jim Finkle AND Adam Jourdan 10/04/18 AT 7:34 AM Apple Inc and Amazon denied a Bloomberg report on Thursday that their systems contained malicious computer chips inserted by Chinese intelligence, statements from the tech companies released separately by Bloomberg showed.Bloomberg Businessweek cited 17 unnamed intelligence and company sources as saying that Chinese spies had placed computer chips inside equipment used by around 30 companies, as well as multiple U.S. government agencies, which would give Beijing secret access to internal networks.Reuters was unable to reach Apple, Amazon or representatives with the FBI, Dept of Homeland Security Agency and National Security Agency for comment.China's Ministry of Foreign Affairs did not immediately respond to a written request for comment on Thursday. Beijing has previously … [Read more...] about Apple, Amazon Deny Bloomberg Report On Chinese Hardware Attack
(Reuters) - Oreo cookies maker Mondelez International Inc is in advanced talks to buy international brands of U.S. food company Campbell Soup Co, Bloomberg reported late on Thursday. Mondelez is negotiating final terms of purchase of the business, which includes Australian cookie brand Arnott's and Danish baked snacks maker Kelsen Group, the report said, citing people familiar with the matter. The report said the companies have been discussing a price of around $2.5 billion for the assets, but no final agreement has been reached, and talks could fall apart or another buyer could emerge. Mondelez, Nutella maker Ferrero SpA and a consortium comprising private equity firms KKR & Co and Bain Capital LP were among the bidders for Campbell's international business, according to a report earlier this month. Sources told Reuters in December that Kraft Heinz Co too had made a bid. Campbell's international unit, along with its "fresh" business, was put up for sale in August after the company … [Read more...] about Mondelez in advanced talks for Campbell’s international business
The proverbial "second set of books" cat and mouse game with taxing authorities now reflects the fact that most point-of-sale, or POS, bookkeeping is done electronically. Michigan recently joined numerous other jurisdictions by enacting tax enforcement spawned legislation making the sale, purchase, installation, transfer or mere possession of any "zapper" software subject to a felony. Zappers are also known as automated sales suppression devices. Michigan's statute contains a mandatory minimum of one year incarceration and severe monetary sanctions. See MCLA § 750.411w. The statute defines a zapper as a software program, however accessed or possessed, that "falsifies the electronics records of electronic cash registers and other point-of-sale systems, including, but not limited to transaction data and transaction reports." MCLA § 750.411w(4)(a). In essence it creates a second set of books, albeit electronic. While the sole purpose of … [Read more...] about Michigan Zaps Zappers – Cash Business Owners Beware!