E-commerce giant eBay has said it is repatriating almost $9bn (£5.3bn) of its cash held overseas back to the US.

The firm said the move, which will see it paying taxes of $3bn on the cash, would help it access funds for any potential acquisitions in the country.

Many US firms have kept some of their cash overseas, a move widely seen as a way to avoid high US tax rates.

(BBC)