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March 2011
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Senate panel hammers Apple over offshore tax strategies

By Patrick Temple-West WASHINGTON (Reuters) - Apple Inc came under fire on Tuesday at a Senate hearing over an investigation that alleged the U.S. high technology icon has kept billions of dollars in profits in Irish subsidiaries and paid little or no taxes to any government. "Apple effectively shifts billions of dollars in profits offshore, profits that under one section of the tax code should nonetheless be subject to U.S. taxes, but through a complex process avoids those taxes," said Senator Carl Levin. ...

Ireland rejects blame for Apple's low tax rate

By Conor Humphries and Padraic Halpin CORK/DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low. ...

Wall Street drifts near record, Home Depot buoys Dow

By Rodrigo Campos NEW YORK (Reuters) - Stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on Wednesday. The housing market recovery helped Home Depot report higher quarterly sales and earnings, prompting the world's largest home improvement chain to boost its sales outlook for the year. Its shares rose 2.3 percent to $78.53 after hitting a record of $79.40. ...

JPMorgan's Dimon to remain chairman after vote: reports

By David Henry TAMPA, Florida (Reuters) - JPMorgan Chase & Co's Jamie Dimon appears headed for a victory in a shareholder vote on whether he will keep his dual roles as chairman and chief executive of the largest U.S. bank, according to reports on Tuesday. A bitter, months-long shareholder campaign demanding more oversight of Dimon will end with the vote tally at JPMorgan's annual meeting on Tuesday. Dimon had suggested that he may eventually leave the bank if he lost the vote. ...

Best Buy sees investments squeezing near-term profits

By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 percent in premarket trading. Net earnings from continuing operations fell to $97 million, or 29 cents a share, from $169 million, or 49 cents a share a year earlier. ...

Housing recovery boosts Home Depot results; outlook raised

By Dhanya Skariachan (Reuters) - Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year on Tuesday as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. The news pushed the retailer's shares up as much as 3.4 percent to an all-time high and gave fresh evidence that the U.S. housing market was improving after years of weakness. ...

Embraer books 'milestone' SkyWest deal worth up to $8.3 billion

By Brad Haynes SAO PAULO (Reuters) - SkyWest Inc , the world's largest regional airline group, agreed to buy at least 40 new jets from Brazilian planemaker Embraer SA , in a deal that could climb to 200 aircraft and a total price tag of more than $8 billion. "This is truly a milestone order for Embraer," Paulo Cesar de Souza e Silva, the head of Embraer's commercial aviation unit, said in a Tuesday announcement calling the deal one of the biggest ever for both companies. ...

Sprint raises Clearwire offer, not enough for some

By Sinead Carew (Reuters) - Sprint Nextel Corp raised its buyout offer for wireless service provider Clearwire Corp to $3.40 per share, though some investors and analysts said the new bid was still not enough to overcome staunch opposition. Clearwire shares almost immediately traded at the new offer price, having consistently traded well above the old $2.97-per-share bid. As recently as last week, analysts and investors said the deal was unlikely to be approved unless Sprint raised its bid substantially. Taran Asset Management principal Chris Gleason said that he would not vote for a $3. ...

JPMorgan may beat proposal to split chairman, CEO roles: NYT

NEW YORK (Reuters) - JPMorgan Chase & Co appears to have defeated a shareholder proposal to split the roles of Chairman and Chief Executive Jamie Dimon, the New York Times reported on Tuesday. The Times, which cited people familiar with a preliminary vote count, said the final outcome could still change and any margin of victory is still unclear. Three members of the board's risk committee who were criticized by the proxy advisory firm Institutional Shareholder Services also won support from shareholders in the early tally, the Times said. ...

Exclusive: EU wants to exclude utilities from U.S. trade talks

By Ethan Bilby BRUSSELS (Reuters) - The European Union wants to exclude much of the utility sector from a prospective EU-U.S. free trade agreement in order to protect government controlled infrastructure, the latest draft of the EU's mandate for the negotiations showed on Tuesday. Unlike in the United States, many national European electricity grids and power generators are state controlled, and governments fear that a deal supporting the free flow of U.S. companies and money into the sector would erode their influence over assets seen as vital to national infrastructure. ...

Archive for March 8th, 2011

08 Mar

As oil muddies outlook, Fed policy less certain (Reuters)

Reuters - Surging oil prices are deepening a split inside the Federal Reserve, blurring the likely direction of U.S. monetary policy and making next week’s policy meeting all the more contentious.
Original post by Reuters and software by Elliott Back

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Archive for March 8th, 2011

As oil muddies outlook, Fed policy less certain (Reuters)