Tensions are on the rise between the EU and the US over Brussel's probe into the company's tax payments, with a particular focus on Apple's payments in Ireland.

US treasury secretary Jack Lew has written to European Commission chief Jean-Claude Juncker, warning that investigations like the one into Apple's Irish operations set a dangerous precedent.

"While we recognise that state aid is a long-standing concept, pursuing civil investigations – predominantly against US companies – under this new interpretation creates disturbing international tax policy precedents ... We respectfully urge you to reconsider this approach," the official wrote.

Mr Lew added that a disproportionate amount of US companies have been targeted by EU probes.

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David Drumm agreed to come back to Ireland last night, ending his fight against extradition.

His lawyers told a Boston court that he agreed to be extradited to Ireland, ending his four-month challenge against removal from the US.

The process of bringing him to the country is expected to be complicated, Irish Times reports that it will take a matter of weeks.

Mr Drumm faces 33 criminal charges in Ireland.

Investors dumped stocks yesterday and migrated towards haven assets, mainly gold and bonds, as the 2016 market rout continued.

A British index that tracks the value of banking stocks hit a seven-year low while Dublin's ISEQ closed down 2.65%.

Gold prices spiked, rising by 4% to the highest price in a year.

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It is Day Two of the 48 hour strike by Luas staff in Dublin.

The dispute is over a pay claim of up to 54% over the next five years for tram drivers.

Yesterday saw heavier than normal traffic volumes in Dublin city center, with packed buses and trains, as commuters made alternative arrangements.

A further 48-hour stoppage is planned for next Thursday and Friday.