WASHINGTON/SAN FRANCISCO - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
EU approves UAL's buy of Continental Airlines
BRUSSELS (Reuters) - United Airlines parent UAL Corp UAUA.O won unconditional EU regulatory approval on Tuesday for its $3.17 billion buy of Continental Airlines Inc CAL.N that will create the world's largest carrier.
UAL, which unveiled the deal in May, had said the combined company would fly to 370 destinations and have 10 hubs worldwide, helping it to attract more business travelers.
The global downturn has hit the airline industry already under pressure from volatile fuel prices, low-cost competition and overcapacity.
The European Commission, the European Union's competition watchdog, said in a statement that the deal would only result in an incremental increase in market shares for the carriers.
"The Commission's investigation confirmed the complementary nature of United's and Continental's respective networks as regards transatlantic EEA-US routes and the fact that their combination will not give rise to concerns on any specific route," the EU executive said.
U.S. regulators are mow reviewing the deal. Some U.S. senators have criticized the transaction, saying it would hurt consumers and reduce competition. Congress cannot block the transaction but can influence regulators and public opinion.
The airlines, which expect to close the deal before the end of 2010, expect to generate between $1 billion to $1.2 billion in annual sales and cost benefits by 2013.
(Reporting by Foo Yun Chee)
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