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  March 2012

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• Breaking News

  • 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. ...
  • JPMorgan shareholders support Dimon's dual roles in vote
    NEW YORK (Reuters) - JPMorgan Chase & Co shareholders voted in support of Chairman and Chief Executive Jamie Dimon maintaining both roles, rejecting a proposal from shareholders who said the corporate governance structure was flawed, according to a preliminary tally at its annual meeting on Tuesday. Only 32.2 percent of shareholders voted in favor of splitting the chairman and CEO roles, less than the roughly 40 percent who voted to split a year ago. Shareholders also voted to support the bank's 11 directors in a range of 53.1 percent for Ellen Futter to 99. ...
  • 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. ...
  • Best Buy sees investments squeezing near-term profits
    By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported lackluster sales in the first quarter and warned that efforts 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 on Tuesday. ...
  • Exclusive: Intel CEO shakes up units, creates "new devices" group - source
    By Noel Randewich SAN FRANCISCO (Reuters) - Intel Corp's new chief executive, Brian Krzanich, has reorganized key business groups and created a "new devices" unit, according to a source who has seen an internal email, shaking up the world's top chipmaker days after formally assuming control. The chipmaker's main product groups - including the PC client group, mobile communications and data center unit that previously reported to Intel Architecture group chief Dadi Perlmutter - now report directly to Krzanich, the source said, citing the email sent to employees. ...
  • Exclusive: Glencore's top aluminum exec to leave, first exit since takeover-sources
    By Josephine Mason NEW YORK (Reuters) - Glencore Xstrata's head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month. Fegel's departure from one of the most powerful jobs in the global aluminum market will come as a surprise to many since he was reconfirmed in the post just weeks ago, and aluminum is one of the few areas of Glencore's mining portfolio that has no overlap with Xstrata. ...
  • 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, but the new bid was not high enough to impress some investors. Clearwire shares almost immediately traded around the new offer price, having consistently traded well above the old $2.97-per-share bid. Sprint announced the revised price just hours before Clearwire was due to hold a special meeting for shareholders to vote on the original offer. ...
  • SAC's Martoma says U.S. impedes defense in fraud case
    (Reuters) - Former SAC Capital Advisors portfolio manager Mathew Martoma said the government is impeding his ability to defend against criminal insider trading charges by trying to link him to an alleged long-running conspiracy for which it has only "vague" details. In papers filed on Monday night in U.S. District Court in Manhattan, Martoma said he was seeking more information about federal prosecutors' case against him. The previous week, authorities issued subpoenas seeking testimony from others at SAC Capital, including its founder, billionaire Steven Cohen. ...

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