With China being one of the largest markets in the world, especially for smartphones, Apple is willing to do anything necessary to maintain its foothold there. And that’s on full display as Apple has agreed to open its first data center in China. And while that would generally be seen as a good thing, there’s one big reason Apple fans could be a bit worried…

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GOOGLE WINS TAX CASE IN FRANCE; SEES $1.27 BILLION FINE FOR BACK TAXES TOSSED OUT

A French court ruled on Wednesday that Google was not liable to pay 1.1 billion euros ($1.3 billion) in back taxes demanded by the French authorities.

The Paris administrative court ruled that Google Ireland Limited was not subject to corporate and value-added taxes for the period 2005-2010, striking down the tax administration's demands for back payments.,

The ruling in favor of Google, now part of Alphabet Inc followed a court adviser's recommendation that Google did not have a “permanent establishment” or sufficient taxable presence to justify the bill.

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YELLEN TESTIMONY OFFERS NO SURPRISES; RATE AND PORTFOLIO PLANS ON TRACK, CAUTION ON INFLATION

The U.S. economy is healthy enough for the Fed to raise rates and begin winding down its massive bond portfolio, though low inflation and a low neutral rate may leave the central bank with diminished leeway, Fed Chair Janet Yellen said on Wednesday.

In what may be one of her last appearances before Congress, Yellen depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business investment, and was now being supported by stronger economic conditions abroad.

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Closing Bell

– Markets Soar UP After Yellen Testimony

Markets See Mixed Close as Energy Dips

Big Insider Trades

– Regal Beloit Corp. (RBC) Director Henry Knueppel Sells $1.7m

– Liberty Global plc (LBTYA) Director John Malone Buys $6m