Today

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Tim Cook has posted an open letter on Apple.com for customers, in response to the European judgement that Ireland must recover 13 billion euros in tax revenue from Apple, covering the period 2003-2014. In the public posting, Cook lambasts the judgement as having serious consequences on European business. It says the ruling suggests Apple received a special deal on our taxes which has “no basis in fact or in law”. Cook says Apple is being compelled to pay back taxes to a government that states Apple does not owe any additional money.

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A month after Australian banks demanded the right to have their own apps access the NFC chip used for Apple Pay, Apple has issued a formal response to the Australian Competition and Consumer Commission (ACCC). The company argues that giving Australian banks what they want would be doubly harmful to consumers.

A fortnight ago, the ACCC denied the banks an interim ruling, but said that it would be considering the matter more fully.

Apple initially dismissed the idea on security grounds, also claiming that the banks were acting as an illegal cartel. It has now made a 21-page formal submission to the competition authorities, explaining the two additional reasons it believes such a move would be detrimental to the interests of consumers …

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9to5toys 

Apple’s September product unveiling event is now confirmed as being held on September 7 at a keynote in San Francisco. Rumors are expecting a new iPhone 7 to be launched, largely resembling an iPhone 6s with dual cameras as a new flagship feature. Russian trademark filings discovered by mobiltelefon.ru confirm that Apple is readying new iPhones with model numbers A1778 and A1784.

The filings also describe a series of new Apple wearable devices, which appear to be different versions of Apple Watch 2 and maybe tweaked Apple Watch 1 hardware too. Most interestingly, it also confirms the existence of ‘AirPods’ – official wireless headphones to be used in tandem with the iPhone 7 …

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EU antitrust regulators have today ruled that Ireland’s tax arrangements with Apple are illegal. It is demanding that the country get Apple to pay back up to 13 billion euros in back taxes, around 15 billion dollars. Last night, it was reported to be in the region of 1.1 billion dollars so this is a substantial increase in the final ruling. The bill is probably subject to appeals but a ruling in the order of billions is a huge deal, even for Apple.

Update: Apple has said that it will appeal the European Commission tax decision, via Reuters.

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Yesterday

AAPL: 106.82

-0.12
Stock Chart

Earlier today, Apple officially sent invites to its iPhone 7 announcement event that will be held next week on September 7th. Shortly after Apple’s announcement, wireless headphone company Bragi announced that it has its own big news coming next week, lending some to believe that Apple might be in the picture…

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