- Irish broadcaster RTE reports the EU will launch a formal investigation of Apple's (AAPL +0.6%) Irish tax arrangements.
- Apple's use of favorable Irish tax laws allowed it to pay just a 3.7% tax rate on non-U.S. income during its last fiscal year. That, in turn, is a big reason $132.2B of Apple's $150.6B cash balance at the end of FQ2 was offshore.
- Tim Cook was grilled by Congress last year over Apple's offshore tax payments; Cook responded in part by calling for an overhaul of the oft-criticized U.S. corporate tax code.
- Meanwhile, AdAge reports Apple is "madly building an internal [ad] agency that it's telling recruits will eventually number 1,000 [employees]," and by doing so is set to move projects away from historical agency partner TBWA/MAL.
- Apple has also reportedly invited other agencies to collaborate on big projects, as it tries to overhaul its marketing after recent campaigns failed to meet expectations.
- In e-mails unearthed during the latest Samsung trial, marketing chief Phil Schiller voiced concerns about Samsung's ad campaigns, and also asked Cook if Apple should replace TBWA/MAL.
- Earlier: Morgan Stanley forecasts strong FQ3 iPhone sales
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