Bloomberg Large digital companies operating in the European Union, such as Alphabet Inc. and Twitter Inc., could face a 3 percent tax on their gross revenue based on users’ locations, according to a plan by the European Commission. The proposal by the EU’s executive arm outlines how a targeted levy on sales would increase the tax bill technology companies face, ...

Bloomberg Michelin’s planned acquisition of UK conveyor-belt maker Fenner Plc for about 1.2 billion pounds ($1.7 billion) is aimed at expanding the French tire manufacturer’s mining equipment business and moving into non-rubber materials. Under a deal unveiled, Fenner shareholders will receive 610 pence a share, which represents a 24 percent premium over the East Yorkshire, UK-based company’s price before the ...

Bloomberg After getting kicked out of the chief executive officer job at Uber Technologies Inc. in June, Travis Kalanick is getting back in the saddle. Kalanick said he’s buying a controlling stake in a distressed real estate company called City Storage Systems for $150 million and installing himself as CEO. The investment represents roughly 10 percent of his liquid wealth. ...

Bloomberg The UK’s transitional agreement to smooth its departure from the European Union is too late to stop some of Brexit’s fallout. Nearly one in seven EU companies with UK suppliers have moved some of their business out of Britain, according to the Chartered Institute of Procurement & Supply. Almost a third of UK businesses with suppliers from the bloc ...

Bloomberg BMW AG became the latest in a list of carmakers under investigation over suspected illegal devices to influence emissions setups in its diesel vehicles—even as the German carmaker said it simply made a mistake. Munich prosecutors led searches involving 100 officials, a day before the carmaker’s annual earnings press conference, visiting BMW’s headquarter in the Bavarian capital as well ...

Bloomberg Deere & Co., the world’s largest maker of agricultural equipment, is concerned that rising trade tensions between the US and other countries could affect sales of its signature green-and-yellow tractors and combines. While US tariffs on imports of steel and aluminum will have a financial impact on the company, Deere is “much more worried” about possible trade retaliation targeting ...

As US President Donald Trump prepares a wide-ranging package of tariffs and investment restrictions targeted at China, a trade war between the world’s two most important economies looks unavoidable. On the face of it, the US might seem to have the leverage it needs to win. Since it runs a huge trade deficit with China, the Chinese have a lot ...

Facebook Inc. is on a merry-go-round of crises, and it can’t get off. The question now is whether the latest episode in Facebook’s post-2016 period of reckoning will permanently mar its reputation, impair its business prospects and result in onerous regulatory handcuffs. Investors appear to have decided the answer is yes. In a day-and-a-half of stock market trading, Facebook has ...

The listing of a minority stake in Siemens AG’s healthcare technology unit was a pretty muted affair — and not just because trading didn’t start on time for technical reasons. That’s a good thing, in part. Spandex-clad dancers cheer-led the unit’s re-branding as “Healthineers” in 2016. You can relive the horror here. Siemens will be disappointed, though, that investors haven’t ...

Several developments last week indicated that the recent panic in the market for US Treasury bonds was a false alarm. The increase in average hourly earnings has slowed appreciably, reducing the risk of aggressive monetary tightening by the Federal Reserve. Inflation moderated from levels recorded at the beginning of the year. Retail sales dropped for a third month, belying expectations ...