Wednesday, August 15, 2018

From the Wire - Business

Business Roundup 12/6/17

Lands’ End ekes out profit in Q3

DODGEVILLE — Lands’ End on Tuesday reported fiscal third-quarter net income of $162,000, after reporting a loss in the same period a year earlier.

The Dodgeville-based company said it had profit of 1 cent per share.

The clothing maker posted revenue of $325.5 million in the period.

Lands’ End shares have decreased 22 percent since the beginning of the year. The stock has fallen 27 percent in the last 12 months.

Ireland will hold Apple’s back taxes

LONDON — Ireland has struck a deal with Apple to collect up to $15 billion in back taxes and hold it in an escrow account pending an appeal before the European Court of Justice.

The government said in a statement Monday that an agreement had been reached “in relation to the framework of the principles that will govern the escrow arrangements.”

The European Commission had ordered Ireland to collect the money after concluding that two Irish tax rulings allowed Apple to pay less tax than other businesses — thus giving them an unfair advantage. The Commission ordered Ireland to collect back taxes for the years 2003-2014, which it estimated to be as much $15 billion plus interest.

Ireland disagreed with the Commission’s analysis and appealed the decision.

Monsanto asks judge to halt ban

LITTLE ROCK, Ark. — Monsanto has asked a judge to prevent Arkansas lawmakers from banning the use of a weed killer that farmers in several states have said drifts onto their crops and causes widespread damage.

The Missouri-based agribusiness asked a Pulaski County judge to issue a preliminary injunction preventing the state from banning dicamba’s use while the company challenges a prohibition approved by the Arkansas Plant Board last month.

The board’s proposal, which would ban dicamba’s use from April 16 through Oct. 31, is scheduled to go before a legislative committee next week. The company also wants the judge to block enforcement of a previous rule restricting its dicamba weed killer’s use.

Farmers in Mississippi, Missouri, North Dakota and Tennessee have also complained about dicamba damaging their crops.

Dish founder will leave CEO spot

NEW YORK — Charlie Ergen, the founder of satellite TV company Dish, is stepping aside as CEO to focus on the company’s wireless business.

He will remain chairman. The new CEO, Dish Network Corp. president Erik Carlson, will report to him.

Dish has substantial rights to spectrum, or airwaves that transmit wireless signals, and has said it wants to build a network for everyday products that have internet connections, known broadly as the “internet of things.”

Jefferies analyst Scott Goldman said Tuesday’s announcement may be a sign that Dish will build that wireless network. The company could also sell or lease its spectrum rights.

Ergen has stepped away from the CEO role at Dish before, in 2011. He returned to the job in 2015.

From news services

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