US Business News

EU Court Rules E-Books Are Services, Not Goods

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Electronic books cannot share the same reduced rate of value-added tax as paper books, the top EU court ruled, because e-books are ‘electronically supplied services,’ not goods.

Beijing to Build Its Commodity Hoard

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China plans to spend more on building up its commodity stock piles in 2015 while cutting its coal use, in an effort to clean up highly-polluting industries and take advantage of low global resource prices.

Costco Profit Boosted by Tax Benefit

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The U.S.’s second-largest retailer said its fiscal second-quarter profit rose 29%, beating analysts’ expectations while revenue for the period was in line with market forecasts.

Emirates Boss Rebuts Unfair Aid Claims

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Emirates Airline President Tim Clark plans face-to-face meetings with U.S. government officials later this month to try to counter claims by the Persian Gulf carrier’s U.S. rivals that it benefits from unfair state aid and should be constrained.

Simon Property Eyes Rival

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Simon Property Group has made takeover approaches for rival Macerich, seeking to combine two of the largest shopping-mall owners in the U.S.

Crafts Site Etsy Files for IPO

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Etsy unveiled plans to further test investors’ appetite for e-commerce companies, filing for an initial public offering a decade after it was founded in a Brooklyn, N.Y., apartment as a way to sell handmade goods online.

Adidas Fourth-Quarter Loss Widens

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Adidas reported a significantly wider fourth-quarter loss, hurt by goodwill impairment losses, negative currency effects and losses from its discontinued Rockport unit.

Carrefour Battles Tough Market

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French retailer Carrefour said that it continued to gain ground in its efforts to kick-start growth despite difficult business conditions in Europe as it reported an increase in full-year operating profit.

AbbVie to Buy Pharmacyclics in $21 Billion Deal

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AbbVie said it will buy cancer biotech Pharmacyclics in a $21 billion deal that returns the Chicago drug company to deal-making after backing away from a big tax-lowering takeover last year.

Apple to Make Larger iPad in Second Half

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Apple suppliers have been told to start production of a larger-screen iPad in the second half of this year as the U.S. tech giant wrestles with new designs and features for the enterprise market.

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