Business News Roundup, Nov. 10
Twitter Chief Operating Officer Adam Bain, who built the company’s business model, has left to explore new opportunities.
Chief Financial Officer Anthony Noto will shift to Bain’s job, and the social media company has started a search for a new finance chief, Twitter said Wednesday.
Noto’s new responsibilities include global advertising sales, data and revenue products, as well as partnerships and business development, the San Francisco company said.
Bain assembled Twitter’s sales team and built its advertising from nothing into a business projected to generate $2.55 billion in revenue this year.
American Airlines plans to install faster Wi-Fi on 500 more aircraft in its domestic fleet, bolstering an earlier order with ViaSat while dealing a blow to current service provider Gogo.
In June, the world’s largest airline split an order between the two Wi-Fi providers, with ViaSat contracted for service on 100 new Boeing 737 Max planes and Gogo tapped to install its new 2Ku satellite service on more than 130 Airbus A319s and A320s.
The European Union says that economic growth in Britain is set to “almost halve” next year because of the impact of the June referendum vote to leave the bloc.
In Wednesday’s publication of the autumn forecasts, the EU said that gross domestic product growth in Britain is set to fall from a projected 1.9 percent for this year, to just 1 percent next year, before slightly picking up to 1.2 percent in 2018.
The biannual report says that it reflects the “impact of heightened uncertainty following the referendum and its impact on business confidence.”
The Irish government filed an appeal on Wednesday against efforts by European authorities to force Apple to pay the country $14.3 billion to cover what antitrust officials say are unpaid taxes.
Margrethe Vestager, Europe’s competition chief, ordered Apple in August to pay the amount, alleging the company had received preferential tax rulings from the Irish government that gave Apple an unfair advantage over rivals.
Both Ireland and Apple deny any wrongdoing, and the appeal filed with the General Court, the top appellate court of the European Union, represents the beginning of a lengthy standoff between European authorities, and the Irish government and Apple.
“The government fundamentally disagrees with the European Commission’s analysis and the decision left no choice but to take an appeal,” Michael Noonan, the country’s finance minister, told European politicians on Tuesday.
Drugmaker Mylan swung to a third-quarter loss, mainly due to a big settlement for overcharging the federal government for its EpiPen, the emergency allergy injector whose price Mylan has repeatedly jacked up.
The results missed Wall Street expectations, and Mylan reduced its 2016 profit forecast.