APPLE ORDERED TO PAY $14.5 BILLION: What you need to know

REUTERS/Stephen Lam

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It's all about Apple right now. Here are the headlines:

• The EU has ordered Apple to pay up to $14.5 billion in taxes.
• This chart explains Apple's tax structure in Europe that led to the $14.5 billion ruling.
• TIM COOK: "The European Commission has launched an effort to rewrite Apple’s history in Europe."
• Apple defended its Irish tax-minimizing operation using a classic photo of Steve Jobs in Cork
• Apple's response can be summarized as: You can have taxes or you can have jobs, but you can't have both.
• Ireland's finance minister doesn't want to ask Apple for the $14.5 billion.
• Here's just how big $14.5 billion is to Apple.
• Apple has told investors its $14.5 billion tax bill won't have any near-term impact. 

In other news, Carl Icahn thinks Bill Ackman should feel "boxed in" on his Herbalife bet,the committee that brought in Martin Shkreli and Valeant to testify is now going after Mylan, and the US government just announced some big changes to try to fix Obamacare.

We are witnessing the end of the credit cycle, and a crash is coming, according to UBS. Home prices in 20 major US cities fell for a third straight month in June, according to the S&P/Case-Shiller home price index. And we're about to enter "the worst month of the year for stocks."

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