Morning Wrap: need to know business stories

Top stories from around the web.

New Statesman

Apple chief Tim Cook defends tax practices and denies avoidance (FT)

Tim Cook, Apple‘s chief executive, mounted an emphatic and unapologetic defence of the US technology group’s tax practices, as US senators quizzed him over congressional charges that the company avoided billions of dollars in taxes on international profits.

Dimon victory despite investor backlash (FT)

Jamie Dimon won a decisive victory over shareholder activists looking to strip him of his chairmanship of JPMorgan Chase but investors used the bank’s annual meeting to deliver a big protest vote against three of its directors.

Apple chief Tim Cook defends tax practices and denies avoidance (FT)

Tim Cook, Apple‘s chief executive, mounted an emphatic and unapologetic defence of the US technology group’s tax practices, as US senators quizzed him over congressional charges that the company avoided billions of dollars in taxes on international profits.

HMRC to miss tax credit fraud target, says PAC (BBC)

The UK tax authority's failure to hit a target of reducing tax credit fraud and error has "cost the taxpayer dear", according to a committee of MPs.

Microsoft unveils Xbox One next-generation console (BBC)

Microsoft has unveiled the Xbox One which will go on sale later this year.

The next-generation console was shown off alongside a new Kinect sensor and a redesigned gamepad.

The US firm described the voice and gesture-controlled machine as an "all-in-one" system offering games, live TV, movies and music.