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, Italy, Nov. 13 (Xinhua) -- Milan prosecutors were investigating the Italian subsidiary of Apple for alleged fraud of around one billion euros (1.3 billion U.S. dollars), local reports said on Wednesday.
The California-based tech company was suspected of underestimating its taxable income from 2010 to 2011, according to l'Espresso weekly.
Earlier this year Niklas Hjalmarsson Coyotes Jersey
, Apple was accused of evading billions of dollars in U.S. taxes by using Ireland as a tax haven.
According to reports, U.S. investigators uncovered a sophisticated scheme involving the creation of an international web of subsidiaries. Apple has denied any wrongdoing.
In Italy, where tax authorities have become more attentive on tax dodging by multinationals, the iPhone maker was the latest prominent corporation to become the target of a tax probe.
BEIJING Luke Schenn Coyotes Jersey
, Jan. 26 (Xinhua) -- China's economy is likely to grow by around 5 to 6 percent in the 2020s, remaining at the medium-pace growth section of the L-shape pattern, China Daily reported Friday citing a senior researcher at a government think tank.
Liu Shijin, vice president of the China Development Research Foundation Shane Doan Coyotes Jersey
, said at the China Finance Annual Forum the economy had entered a moderate growth track and would continue to grow at the bottom part of the L-shape pattern.
The L-shape pattern comes when the economic growth rate first falls and then levels out, thereafter maintaining medium-pace growth.
He said that the recent recovery of industrial profits was likely to support the Chinese economy to rebound a little in the coming months, but it does not point to a major increase of the country's growth pace.
Profits of China's major industrial firms increased 21 percent year on year in 2017, the fastest pace since 2012 Clayton Keller Coyotes Jersey
, according to a statement released Friday by the National Bureau of Statistics (NBS).
The reading was 12.5 percentage points faster than the growth rate registered in 2016.
Liu said that to achieve its target of doubling GDP by the end of 2020 from a decade earlier as scheduled, Chinese economy needs to grow 6.3 percent annually.
In 2017, the figure stood at 6.9 percent, picking up for the first time in seven years and well above the government annual target of around 6.5 percent.
Such better-than-expected growth has been propped up by booming domestic consumption Jason Demers Youth Jersey
, robust trade, and new technologies which boosted external demand and international labor productivity, analysts said.
To ensure the steadfast transition toward high-quality development, however Louis Domingue Youth Jersey
, some efforts must be taken, including reducing the size of the government balance sheet.
Liu said the government needs to develop more sustainable financing channels to attract private capital to invest in public goods and solve the piling up of local government debts.
Bert Hofman, the World Bank's country director for China, Mongolia and Korea in the East Asia and Pacific Region Alex Goligoski Youth Jersey
, said that local governments should not bail companies out or provide guarantees for debt repayment, but should let borrowers shoulder their own responsibilities instead.
Ren Zeping, chief economist of Chinese property developer Evergrande, said that efforts to deal with financial risks need to be implemented steadfastly for at least the next three years Oliver Ekman-Larsson Youth Jersey
, otherwise existing problems will trigger new risks affecting the healthy growth of the economy.
LOS ANGELES， March 29 (Xinhua) -- A U.S. federal judge in Hawaii on Wednesday extended his previous nationwide order blocking the implementation of President Donald Trump's revised travel ban while the lawsuit continues.
U.S. District Judge Derrick Watson's original order halting the travel ban was issued on March 15， hours before the ban was set to go into effect， in the form of a nationwide temporary restraining order.
Court papers show that Watson granted a motion on Wednesday to turn his temporary restraining order into a preliminary injunction， extending his order against the ban while the case moves forward.
The move sets the stage for the Department of Justice to appeal to the 9th Circuit Court of Appeals， which is the same court that upheld a national halt to Trump's first travel ban last month after a Seattle federal judge ruled against it.
Hawaii has become the first state in the United States to file a lawsuit against Trump's revised travel ban. Judge Watson blocked provisions of the March 6 executive order of Trump that would have frozen the refugee program for 120 days and stopped citizens of six Muslim countries from entering the United States.
The revised travel ban will bar entry of citizens of Iran， Libya， Syria， Somalia， Sudan and Yemen for 90 days.
The new order lowered the named nations from seven to six， among other changes. Iraq， which was included in the first ban， has been taken off the list.
The state of Hawaii sued to stop the travel ban， arguing the president's policy violates the Constitution and the travel ban would harm its economy because of the loss of tourism and the ability to recruit international students.
Trump reacted to Watson's March 15 restraining order by calling the ruling "an unprecedented judicial overreach"， pledging to take the legal fight all the way to the Supreme Court.
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