Must Read Money Stories for Wednesday, Aug. 31

by August 31, 2016

Ride along

You already use Google to figure out how to get where you’re going, but soon you might be using it to actually get there as well. The tech giant has started its own ride-sharing service that the Wall Street Journal reports adds to an already competitive market. When the service started in May, it was limited to around the company’s headquarters in California. Now it plans to expand the service to users of the navigation app Waze in the San Francisco area. Though the Waze program wants to connect riders for carpooling and not act as an on demand taxi-like service, this will pit Google against the ride-hailing company Uber. The companies are already competing to develop driverless cars and are spending a lot of money on their projects.

Oil in Africa

Uganda is set to receive some large investments from companies in search of oil. Bloomberg reports that the East African nation expects $8 billion in investments from three oil companies before they start producing crude in 2020. The country discovered oil in 2006 and found an estimated 1.7 billion barrels that are recoverable. The Ugandan government expects to receive an average of $1.5 billion a year from oil production once it begins.

Go generic

With recent anger still rampant over price increases, Mylan has introduced a generic version of the EpiPen. The company announced that it would be identical to the current EpiPen, but will have a wholesale list price of $300 for a pack of two, the New York Times reports. It hasn’t done much to stop criticisms, however. The Times article states critics have pointed out that the $300 price is still triple the price of the EpiPen in 2007, when Mylan acquired the product.

Apple owes

Apple owes a lot of money in back taxes from its European profits — more than $14.5 billion, according to the Washington Post. An European Commission investigation found that Apple paid 1 percent, or even less, on those profits for more than a decade. The ruling by European authorities could have an affect in U.S. corporate boardrooms as well, as the Post points out, “where aggressive tax strategies have become standard practice.” Tax deals with Amazon.com and McDonald’s in Europe are also under investigation by the European Commission, which has said other probes will follow soon.