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On November 27th, according to an unpublished court document from the Delhi High Court, Apple is challenging Indias newly revised antitrust penalty law. Under this law, the American company could face fines of up to $38 billion. This is the first judicial challenge to Indias antitrust penalty law, which came into effect last year. The law authorizes the Competition Commission of India (CCI) to calculate fines based on a companys global turnover when it determines that the company has abused its market dominance. Since 2022, Match Group, which owns Tinder, has been engaged in a protracted legal battle with several Indian startups over Apples App Store policies with the CCI. In this 545-page, non-public legal document, Apple is asking the judge to invalidate the 2024 amendments that allow penalties based on global turnover. The company argues that its "maximum penalty risk" is approximately $38 billion, calculated as 10% of the average global services business turnover over the three years prior to fiscal year 2024. Apple emphasizes that "penalties based on global turnover...are clearly arbitrary, unconstitutional, and seriously disproportionate and unfair."The total number of oil rigs in the United States for the week ending November 28 will be released in ten minutes.Court documents show that Apple could face fines of up to $38 billion in an antitrust case in India under new laws.The Atlanta Feds GDPNow model projects U.S. GDP growth of 3.9% in the third quarter, down from a previous estimate of 4.2%.British Chancellor of the Exchequer Reeves: Trade agreements mean we can exceed growth expectations.

T-Mobile announces a $14 billion buyback of its shares

Aria Thomas

Sep 09, 2022 10:32

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T-Mobile US (NASDAQ:TMUS) Inc. announced on Thursday a $14 billion share repurchase program that would run through September of next year in an effort to reward shareholders for outperforming competitors.


In after-hours trading, its shares rose 2.8% to $149.47. Compared to rivals AT&T (NYSE:T) and Verizon (NYSE:VZ20.5%), the stock has risen by 25.3% so far this year, while both have fallen by 9.7%.


T-free Mobile's cash flow is expected to increase in the next years, according to industry analysts, as expenses related to the acquisition of rival Sprint Corp decline and more customers sign up for the telecom company's 5G networks at competitive prices.


The announcement of the repurchase comes one day after T-Mobile announced the sale of its landline business to Cogent Communications Holdings Inc in order to concentrate more on 5G.


The company intends to fund the repurchases with cash on hand and revenues from one or more loan offerings or other borrowings.


T-Mobile management stated during last year's investor day that the company anticipated free cash flow growth to finance $60 billion in stock buybacks between 2023 and 2025.

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