What’s Going on in Finance from CFO
In a move Delaware’s governor called “deeply disappointing,” DuPont has announced it will reduce its workforce in its home state by about 28% ahead of its merger with Dow Chemical.
DuPont had previously indicated it would trim its workforce of 63,000 by 10% and slash costs by $700 million. The company said Tuesday that as part of that plan, about 1,700 jobs will be eliminated in Delaware by early 2016. Read more.
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Amid increased scrutiny of U.S. companies’ tax arrangements in Europe, Apple has agreed to pay as much as $350 million in a settlement with Italian tax authorities.
According to the BBC, investigators say they found an 880 million euro ($961 million) gap between Apple’s revenues in Italy of over 1 billion euros between 2008 and 2013 and the 30 million euros that it paid in tax in the country. Read more.
DuPont to Cut 1,700 Jobs in Delaware
The company says the layoffs of 28% of its home state workforce reflect an “urgent need” to reduce corporate overhead costs.
Apple Settles Italian Tax Probe for $350M
Investigators reportedly found a $961 million gap between Apple’s sales in Italy over a five-year period and what it paid in tax.
Cybersecurity CFO Hustles to Foster Firm’s Growth
CrowdStrike’s Burt Podbere worries “every single day” about whether the firm has enough capital to fuel what he sees as its “explosive” growth potential.
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