this is "nightly business " with tyler mathisen and sue herera. standard companies. being big companies or small company, european or foreign, that's the wonderful way to do business and invest. but you have to play by the rules. and not to rely on fair tax benefits. >> apple pay. the european commission hits the tech giant with a $14.5 billion bill for unpaid taxes. reaction fro and what does it m .or other hamburger sales are slowing and that's causing problems for companies. so, is the burger bubble

bursting? and rocky mountain high. why colorado is fast becoming a "b for the latest space race. good evening and welcome. i'm sue herera. tyler mathisen is off this evening. the european union's antitrust regulator slapped apple with a huge bill today. its reason, eyreland granted the tack company unfair tax breaks for more than a decade and the back taxes come out to a whopping $14.5 billion an apple isn't happy saying quote, the apple's commi history in europe. the sper national tax system in the process. the case is not about how much apple pay is in taxes, it's about which government collects the money. it will have a profound and harmful effect on investment and

job creation in europe. apple follows the law and pays all of the taxes we owe where ever we operate. we will appeal and are confident the decision will be overturned. jewel >> the european commission, europe's executive body, that has decided apple must pay up to $14 billion over to the irish government in order to settle unpaid tax claims. now, this is because they believe that the tax arrangement be ireland and apple was unfair. it was too lenient. the irish government don't want the money. p their beneficial relationship with apple and other u.s. firms that bring jobs and investment into ireland. now, apple responded, they say

they belie and that it will be overturned. they say that this is less about the corporation tax that they're paying, the rate at is less than 1% in this case. the government and their tax practices. >> it's up to the irish authorities to make sure ha the i tax law and european rules. >> these aren't the only people to complain. the u.s. treasury has also stepped in today, too. and they said that ultimately, this w detri impact on u.s. fir investing in europe. i also tackled the commissioner oen this and said what megs a you sending here to firms that are trying to bring investmen a taxpayer in europe. being multinational, a stand alone companies, being big companies or small company, european or foreign, that is this is a wonderful place to do business. and to invest.

but you have to play by the rules. and not to rely on unfair tax bets. zpl $14.5 billion to an a l is nothing compared to the $215 billion around the borld. they can afford this. and analysts at jpmorgan say actually, eve fn this amount is charged, ultimately, it won't have an impact on o apple's share price, but t are far bigger. what does this mean for u.s. firms operating here in europe? there are ino amazon and mcdona too, what we're looking at is one heck o f a legal battle between apple, the irish government and between european officials over w could have greater ramifications going forward.

>> back in the u.s., politic qu decision and not many were happy with the outcome. >> the obama white house's concern if apple has to pay billions in back taxes to irmd, american taxpayers may ultimately bear that burden. zpl the koens consequences for that transfer were that it could be fretreated system. as a cur that would allow essentially apple to deduct that eu tax payment from the taxes. that wouldn't be fair to u.s. taxpayers. >> international trade experts say the eu decision is an additional challenge to the sovereignty of the individual countries in a post brexit europe. and they sa. zpl coming off brexit where you know, you have countries who

feel l all of a sudden, a clawback on made with a company i think that's going to scare away investors. >> they have been criticized by capitol hill for using billions offshore and not pay of the eu ruling was bipartisan. house speaker paul ryan said slamming a company with a giant tax bill years after the fact sends the wrong message to job creators on both side of the atlantic. new york senator charles schumer pull no pumplgs, calling the move a cheap money grab. >> we ar concerned about a unilateral approach in state negotiations that threaten to undermine progress. that we have made collaboratively with the europeans. to make the international

taxation system fair. >> it's not clear what if anything washington can do to counterer that eu order, but it does add a new dimension to the tax reform debate involving the treatment of some $2 trillion in corporate profits cu to avoid u.s. taxes. .or >> let's turn now to lillian to discuss what today'se european mean for other big u.s. multinn in europe. at georgetown ernational law universi law center. says part of its response and we quoted it earlier, it will have a profound and harmful effect on investment and job creation in europe. do you agree with that? >> i think it will change how companies make their decisions about how to invest in europe and how to structure their entities in europe.

it's not clear what the actual effect will be, but i think it will change their calculus and i thino longer rely on tax rulings to the extent they could before. >> tim cook has an interest d ote. ourselves the unusual position of being ordered to retroactively pay additional tax to a government that says we don't owe them anymore than we've paid. government. zpl yes, this is what's so fascinating about state aid. it's ireland is getting to have its cake and eat it, too. it's getting apple and other u.s. entities and other multinational companies to ireland and not charge them taxes and at the end of the day, the european union is essentially forcing it to charge $14.5 billion in taxes, so i think that it's an interesting, ironic twist to this.

i think it's also ing to think ireland wants to appeal this decision even though as tim cook points out, ireland is really the one that could benefit short-term, but perhaps not long-term. >> what about other companies that do business there, that cdonal is there. j and jrk. pfizer. have they made changes considering this investigation has been going on for a while? or is there more of this to come? >> well, several companies including apple had maze changes. they'll node that the rules, the r 2014 because apple no onger had the structure, so this was going on for the last deci, it goes back ten year, so even if they made changes, there could stilt companies may have started to make decision, but they could still be on the hook for taxes that the commission org argues

they o ten years aes. >> is this a point we may look back on later and say that's a s going the way of the uk or mo in stead of stay brussels? >> well, ipg london, maybe not now, but in a few years if brexit goe into effect, yes, tryg to appeal to the taxpayers and is sit big u.s. multinationals without having to pay taxes themselves. it's thear the citizens see this the united states, the eu may be more appealing. >> thank y >> yesterday, we told you that investors bought stocks because they were not worried about rising interest rates, today, they had a change of heart. stanley fisher said the employment market is almost at

full strength and that rate increases will depend on the economy. add to that, consumer confidence in august hit its highest level for a little doubt creeping in. just a little. the dow jones fell to 18,454. the nasdaq gave back nine and . home prices continue to rise, but the growth slowed ever so slightly. the closely watches s&p core lodge kay schiller index showed home prices in june rose 1.5%. that's a pullback from may's gain. the biggest gains were in denver, seattle, portland, oregon. >> more lending helped banks add to their coffers in the second quarter. the fdic says u.s. banks earned $43.6 billion in if quarter up from 43 billion a year earlier. that's a rise nearly 1.5%. and now that summer is draw

tog a close, wall street will be looking for what's hot to come inb pisi takes a look at what's working and what's not in the ipo markete leave beg to change. >> on the surface, it's been a terrible year, only 59 ipos have priced. recent ipos have begun outperforming the markets. up 260% since its ipo. up 60%. those are terrific numbers. they've got two characteristics in common. first, they're a technology stock and second, they've got have a shot another going if you believe soon. new cannics, those data center storage, a subscription service for cios, chief information e their technology. severa consumer xaeps including elf beauty, a low cost cosmetics company and yeti, they make

coolers. not a lot of top line growth like value voe lean and cvs radio. what's not working? righ not working. bio tech it performing se of the year. after nk se around the epipen fiasco, they're going to have a tougher time going public. unicorns are a separate b problem. uber, air bnb, snap chat, pinterest, all have high valuation, but without earnings, it's going to be hard to support that. don't look for many this year if any at all. i'm bob pisani at the new york stock exchange. >> coming up, while start ups cid small businesses are finding

mcdonald's, wendy's and sheikhs are known as hamburger restaurants and all are suffering from slowing sales. americans are eating fewer ham a burgers than they did six years ago. burger bubbl is bursting. >> hamburg americans are still eat ago lot of them. more than 8.5 until june. according to npd group, it's still a huge number, but less than in 2015 and also fewer than in 2 nd the slowdown is taking place food, fast casual, casual dining and even family style

restaurants. >> i expect stocks to remain negative. at least for the next six to 12 months.2% negative transaction, i expect the qsr guys to outperform casual dining. >> the largest chains reported slowing same store sales. they saw comparable sales fall short of market expectation, so why are consumers passing on the burgers. one reason might be cheaper groceries, with one saying the gap between eating out and at home at the widest since the great recession. another maybe chicken offerings. 250 limited service chains in the u.s. added 78 new chicken items in the first few months of o only 15 new beef offerings in a tough restaurant environment, one analyst says it

comes down to price. >> in the near t the chicken players, the taco you have to be able to f players incompet the hand businesses and some say it's a crowded fieldh too ma offerings and low barriers to entry, s important to remember even with slowing sale, hamburgers aren't going away with americans still enjoying them by the billions. >> sales fall for the 14th straight quarter at abercrombie & fitch and that's where we d the tonight's market focus. compy to post a wider loss and a bigger than expected deline in buss likelyales will not improve in the second half of the year. shares were punished following 20% to 18.29. g 3 apparel which owns -- sales

and earnings and revenue guidance for the year. plunlged 20% to $33.14. and strong demand for women's athl. but the retailer fell, so dsw finished down. canadian fertilizer companies said they have entered into talks regard iing a d companies at more than $28 billion. shares popped to 17.79 and agrium rose to 95.96. currency head winds an frs the unit dragged down results.

tax preparation company posted a wird than anticipated loss. shares initially fell in the extended session after finishing the regular day down 1% to 24.20 cents. when you think of small business, do you think of ohio? the top 15 on the coffman foundation's list for start up activity. in our on going look at small business cities, kate rogers tablgs us to columbus, ohio. >> it may be known for its widely popular nashville style that's more but the business rewarding han the lo >> let's get ready for chicken! >> the loss is imemployee ir a

ration. others haved time from e is accepting the fair chance back to employment, their determination and will power and motivation is particularly higher, so at this point, it's not a nice to do for chicken takeover is sim pollic of columbus, ohio. the area has a thriving small that foundation coupled with afford bability of successful big businesses headquartered here from dsw to l brands, have paved t brins di syndicate. the company aiming to sell $1 million in product. instead, they sold $4 million. this year, they're on track to sale $14 million worth of merchandise. being locate nd the midwest means she can access affordable space and pay her workers well above the local minimum wage of

$8.10 an hour. like other local start ups, robinson is committed to creating jobs in the it's a con senn. >> seth: we need a lot of big ones here and we can have an impaer local government is doins part, implementing the nation's first small business in 201. it's a one stop shop to help them get off the ground. alex is also helping to get local ventures tau'fo'ou ground with the idea foundry. it is filled with members who e designers and sculptors. their leverages the towols for ago, the built shoes. now, we ha daily on 3-d to b smithing. >> at hot chicken takeover,

delott has plans to take his business model across the country, but for now, he's proud and than to call columbus home. >> up next, how colorado is carving out its place in nasa is keeping a close on s view hurricane le, chos prompting pa and finally tonight, while

the s seeing the big boys, galactic and space x, places like california and florida, one rocky mountain state is gets a lot of traction with smaller players. phil lebeau lo >> it's called the treem chaser. a spacecraft designed to carry satellite, cargo, even people into on turn around and land back on earth. >> we want to be the transporte. we want to fix and mnt >> as it begins flying mission and d workers. opening aerospace in littleton,

colorado is also expanding as it works to meet growing demand for small satellites. >> a number of people in this industry have long realized that small satellites are the wave of the future. >> we have entered our second. >> but colorado is not the only state trying california, texas and florida all have operations and companies with space operations including space sports. the faa has licensed ten space ports in the u.s.,s most near a coast and far from cities, which makesafe still, the folks at the airport not far from denver, are applying to be a space port, believing they have horizont launches and landings of spacecrafts. >> it's an easier, less expensive way to get to space, so as companies look at opportunities to reduce the cost of getting up into space, things

like the whorizontal. >> easier and more frequent space trips. the goal of co companies with with big dreams, for "n i'm phil lebeau, louisville, colorado. that is "nightly business for tonight. this is the time of year your public television station seeks your support. thank you. have a gre

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