Apple will not have to pay. The Court of the European Union has ruled in favor of the American tech giant. It invalidated the 2016 decision of the European Commission, ordering Apple to repay 13 billion euros in unpaid taxes to Ireland. This is a hard blow for Commissioner Margrethe Vestager. An appeal is likely to be made to the European Court of Justice.
Still in pole position. Moderna obtained a positive immune response in all volunteers treated with its Covid-19 vaccine. The stock spiked post session last night after that announcement. The laboratory is keeping up a frantic pace with the launch of a phase III trial on July 27, with a projected recruitment of 30,000 patients. Moderna is still holding the line to bring out the first Covid-19 vaccine, which explains the speculation that has reigned in the biotech industry for several months.
Time to pay the bill. JPMorgan Chase, Citigroup and Wells Fargo have together set aside $28bn for bad debts due to the health crisis. The bill might be heavy for banks, with several quarterly results released today.
Goldman Sachs stands out. Goldman Sachs reported a better-than-expected quarterly profit thanks to the strength of its core bond trading and loan underwriting activities.
Nailed to the ground. Boeing delivered only 70 commercial aircraft in the first half of the year, compared with 239 a year earlier, and is suffering the cancellation of 355 orders for B737 MAXs. The figures don't surprise analysts. The backlog remains strong with 4,552 aircraft at the end of June.
New purchase. Google (Alphabet) will acquire 7.7% of the capital of Jio Platforms, the digital subsidiary of Reliance Industries for 4.5 billion dollars, thus joining Facebook, which invested in April in this same subsidiary, the Indian company announced Wednesday.
In other news. Analog Devices buys Maxim Integrated in shares. Spotify enters 13 new European markets, including Russia. Straumann shifts its target of generating CHF 5bn in annual revenues by 2-3 years. Virgin Atlantic reaches a €1.32bn bailout deal.