Morning Wrap: need to know business stories
Top stories from around the web.
US senators accuse Apple of avoiding billions in taxes (FT)
US congressional investigators on Monday accused Apple of avoiding paying billions in taxes around the world by exploiting loopholes and using Irish subsidiaries that are not tax residents of any country.
Qatar snaps up stakes in key lenders (FT)
Qatar is launching another multi-billion dollar push into the banking sector, buying fresh stakes in Russia’s VTB and Germany’s Deutsche Bank.
The Qatar Investment Authority, the principal fund responsible for allocating the gas-rich emirate’s vast wealth, is poised this week to invest up to $1bn as part of a $3.2bn capital raising by VTB, Russia’s second-biggest bank, according to people close to the transaction.
Marks and Spencer profits fall as clothing disappoints (BBC)
Marks and Spencer has reported a big fall in profits, despite rising sales across the group.
Pre-tax profits fell to £564.3m, down from £658m last year, despite group sales rising 1.3% to £10bn for the year to 30 March.
G4S chief executive Nick Buckles to step down (BBC)
Nick Buckles, the chief executive of global security group G4S, is to step down from his position and retire from the company at the end of May.
Yahoo! promises Tumblr bloggers 'light' advertising (Telegraph)
Having just spent $1.1bn (£724m) on blogging network Tumblr, Yahoo! chief executive Marissa Mayer’s first strategic move was a promise “not to screw it up”.