WHAT’S NEWS
Apple’s Bet on Oprah’s Original Content
On 15 June, Apple announced a unique, multi-year content partnership with Oprah Winfrey, the esteemed producer, actress, talk show host, philanthropist and CEO of OWN. Winfrey’s original programmes will be released as part of a lineup of original content from Apple. – Apple
The deal is a significant high-profile win for Apple, which has been busy filing out its lineup with an array of talent in recent months. The company’s upcoming video-streaming service will also include a reboot of Steven Spielberg’s Amazing Stories, a Reese Witherspoon- and Jennifer Aniston-starring series set in the world of morning TV, an adaptation of Isaac Asimov’s Foundation books, a thriller starring Octavia Spencer, a Kristen Wiig-led comedy, a Kevin Durant-inspired scripted basketball show, a series from “La La Land’s” director and several other shows. – Techcrunch
Sales Tax for Online Retailers
The U.S. Supreme Court rules on 21 June that states can require online merchants to collect sales tax. The Court overruled its own 1992 precedent that forbid states from requiring merchants to collect sales tax unless those sellers maintained a “physical presence” within the state’s borders. The current rule undermines fair competition among retailers and costs states up to $33.9 billion annually in uncollected sales taxes. The South Dakota law at issue, however, will not apply retroactively, includes an exception for small business and offers retailers software and clear definitions to help merchants comply with the sales tax requirement. – WSJ
New Front in Trade War
The EU is threatening to retaliate against the Trump administration’s tariffs, slapping penalties on $3.2B of iconic American products like bourbon, jeans and motorcycles. As EU Trade Commissioner Cecilia Malmstrom said, the bloc was “left with no other choice” after the “unilateral and unjustified decision of the U.S.” – European Commission
“We did not want to be in this position. However, the unilateral and unjustified decision of the US to impose steel and aluminium tariffs on the EU means that we are left with no other choice. The rules of international trade, which we have developed over the years hand in hand with our American partners, cannot be violated without a reaction from our side. Our response is measured, proportionate and fully in line with WTO rules. Needless to say, if the US removes its tariffs, our measures will also be removed.”
— Cecilia Malmstrom
The U.S. President is threatening a 20% tariff on European cars coming into the U.S.:
Based on the Tariffs and Trade Barriers long placed on the U.S. & its great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!
— Donald J. Trump (@realDonaldTrump) June 23, 2018
Also in the News:
“Unacceptable Deterioration” in KPMG’s Audit Quality
According to the Financial Reporting Council (FRC), overall audit quality at the Big Four has significantly deteriorated. In 2017/18, 72% of audits required no more than limited improvements compared with 78% in 2016/17. Among FTSE 350 company audits, 73% required no more than limited improvements against 81% in the prior year. There has been an unacceptable deterioration in quality at one firm, KPMG: 50% of KPMG’s FTSE 350 audits required more than just limited improvements, compared to 35% in the previous year. As a result, KPMG will be subject to increased scrutiny by the FRC. – FRC
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