Apple opens first official store in SE Asia

SINGAPORE - Apple opened its first Southeast Asia store in Singapore on Saturday, drawing hundreds of excited fans to the swanky two-storey site in the city's upmarket shopping district.

Located on the affluent Orchard Road, the new shop -- easily distinguished by its iconic glass facade -- is expected to be one of the most popular Apple stores in the world according to the US tech giant.

Merchandise such as the iPhone and MacBook were strategically placed on display across the spacious first floor, while the upper level acted as a classroom for customers to participate in hands-on sessions.

Hundreds of shoppers camped out in anticipation of the launch, while more than a thousand thronged the store soon after the doors opened, an AFP reporter observed.

First in the queue was Xiang Jiaxin, a twenty-five-year-old Chinese national working in Macau who had queued for more than 12 hours overnight and planned a holiday to Singapore specially to coincide with the opening.

"I am very happy and excited to be part of this. I have participated in the official store openings in Macau, Guangzhou and Nanjing," he told AFP.

Apple, which has a staggering $256.8 billion cash stockpile, celebrated its 40th anniversary last year. The Silicon Valley legend sprang out of Steve Jobs' garage to reshape modern life with trend-setting gadgets.

Most of its earnings come from the iPhone, which faces increasingly tough competition in a saturated market.

The tech behemoth has almost 500 stores globally with more than a million visitors daily. Aside from Singapore, its Asia shops are located in Hong Kong, China and Japan.

A regional transport, business and financial hub, Singapore attracted 16.4 million visitors last year.

source: news.abs-cbn.com

Apple to pay Italy 318-M euros after tax fraud probe

ROME, Italy - Apple has agreed to pay Italy 318 million euros ($348 million) to settle a tax dispute after the US tech giant was investigated for suspected fraud, the country's tax agency said Tuesday.

The company's Italian subsidiary and several of its senior executives had been under investigation for fraud over its alleged failure to comply with obligations to declare its earnings in Italy between 2008 and 2013.

According to Italian daily La Repubblica, Apple Italia should have paid corporation tax of 880 million euros for the period.

But, after months of negotiations, the tax authorities agreed to close the case in return for a cheque for 318 million.

The tax office spokesman confirmed the newspaper's report was accurate but would not divulge further details.

Apple Italia did not respond immediately to a request for comment on a case which could set a precedent for other European countries' dealings with the company.

The settlement comes against a backdrop of mounting controversy over the tax arrangements of multinational groups who use cross-border corporate structures to reduce their tax bills.

Apple Italia is part of the company's European operation which is headquartered in Ireland, a country with one of the lowest levels of corporation tax in the European Union.

Ireland taxes corporate earnings from normal business activities at a rate of 12.5 percent, which compares with a standard 27.5 percent rate in Italy.

Earlier this month, Apple chief Tim Cook described accusations that the world's richest company was sidestepping US taxes by stashing cash overseas as "political crap" and insisted: "We pay ever tax dollar we owe."

The settlement of the tax dispute will not halt the criminal investigation into the conduct of three Apple Italia executives but will likely reduce the severity of any sanctions they may face, La Repubblica said.

source: www.abs-cbnnews.com