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Tech giants face 3% tax on revenue Large digital companies operating in the European Union, such as Alphabet or Twitter, could face a 3% tax on their gross revenues based on where their users are located, according to a draft proposal by the European Commission.The draft, seen by Bloomberg, was circulated on Friday and outlines how a targeted levy on gross revenues would increase the tax bill digital giants face, as the bloc seeks to raise money from an industry it says provides less than it should to public coffers. -Fin24PepsiCo, Johnson &Johnson refuse to reveal palm oil sourcesGreenpeace says household brands including PepsiCo and Johnson & Johnson are refusing to disclose where they get their palm oil from despite vows to stop buying from companies that cut down tropical forests to grow the widely used commodity.The environmental group said Monday that in January it asked 16 major brands to reveal their suppliers of palm oil, which is mainly grown in Indonesia and Malaysia and used in a slew of consumer products from snacks to cosmetics. It said eight disclosed the information and eight refused.Greenpeace said that adds to concerns international consumer goods companies are “way off track” in meeting a 2010 commitment to remove deforestation-linked palm oil from their supply chains by 2020.-Nampa/AFPApple is developing own MicroLED Apple Inc is developing its own MicroLED device displays and has made small numbers of the screens for testing, Bloomberg reported on Sunday. The iPhone maker is developing next-generation MicroLED screens at a secret plant in California and has made a huge investment for this, according to the report. The secret project, code-named T159, is overseen by Lynn Youngs, who is in charge of iPhone and Apple Watch screen technology, Bloomberg said, citing people familiar with the matter. The company will aim to use the new technology in its wearable computers first, it said. -Nampa/ReutersHyundai shares slide following air bag probeShares in Hyundai Motor tumbled on Monday on a US probe into why air bags failed to deploy in some of its Sonata sedans, with investors fretting about potential recall costs for the once popular cars. The probe, which follows crashes that reportedly killed four people and left six injured, will review the 2011 Sonata sedan as well as the 2012-2013 Forte made by affiliate Kia Motors Corp, encompassing some 425 000 vehicles.-Nampa/ReutersLaw firms look to maul Tiger BrandsThree law firms are pursuing Tiger Brands in two separate class actions related to listeriosis deaths and illness that could result in the company paying out hundreds of millions of rands.Last week, Johannesburg-based law firm LHL Attorneys launched a class action application against Tiger Brands, Enterprise Foods and RCL Foods, seeking up to half a billion rands in damages for injury and losses associated with the listeriosis outbreak.“Tiger Brands received founding papers in a certification application this morning and is studying them. Once we have done so, we will be able to consider our position and response,” a Tiger Brands spokesperson said on Friday.-Fin24

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