U.S. Economy » 2012 » July

July 2012
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Senate panel peels back Apple's offshore taxes

By Patrick Temple-West WASHINGTON (Reuters) - Apple Inc's chief executive officer defended the company's tax record at a Tuesday Senate hearing where lawmakers said the maker of iPads, iPods and Mac computers kept billions of dollars in profits in Irish subsidiaries to avoid U.S. taxes. The hearing marked another foray by the Senate's most powerful investigative committee into corporate offshore tax avoidance, which is increasingly a target of many governments from the United States to Western Europe. ...

Wall Street advances as Home Depot, JPMorgan buoy Dow

By Leah Schnurr NEW YORK (Reuters) - Stocks gained on Tuesday after Home Depot raised its profit outlook, while JPMorgan rose after its chief executive won a vote of confidence from shareholders. Shares of the two companies helped lift the blue-chip Dow as the broader market picked up steam in the early afternoon, sending indexes to fresh intraday records. Comments from a top Federal Reserve official also boosted the market as they eased some concerns that the central bank could start to reduce its stimulus program, known as quantitative easing, or QE. ...

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. ...

Dimon keeps JPMorgan chairman title after bruising battle

By David Henry TAMPA, Florida (Reuters) - Jamie Dimon, JPMorgan Chase & Co's outspoken chairman and chief executive, won a vote of confidence on Tuesday as shareholders recommended that he keep his chairman title, giving him a greater margin of approval than last year. Investors who had pressed for Dimon to be stripped of his chairman title said they believed they lost because of the chief executive's hints he would quit if he did not win the vote. Just 32.2 percent of shareholder votes were in favor of a proposal to create an independent chairman, compared with 40. ...

Exclusive: EU says Chinese FTA possible, but wants market opening

By Ethan Bilby BRUSSELS (Reuters) - The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday showed. At the same time as EU regulators are ramping up trade pressure on Beijing by threatening duties on solar panels and telecoms equipment, Brussels is dangling the carrot of trade agreements before the Chinese. ...

Intel CEO shakes up units, creates 'new devices' group

By Noel Randewich SAN FRANCISCO (Reuters) - Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping company reorganization and created a unit aimed at growing its market share in future mobile technologies. The shakeup, announced internally just days after the 30-year veteran took the helm, places most of the main product groups of the world's top chipmaker directly under the CEO's supervision and hands its sprawling global manufacturing operation to new president Renee James, said a source close to the company, who declined to be identified. ...

EU leaders look to end Apple-style tax avoidance schemes

By Luke Baker and Mark John BRUSSELS/PARIS (Reuters) - Growing concern in European capitals about aggressive tax avoidance by high-profile corporations such as Amazon, Google and Apple looks set to steal the agenda of a European Union summit in Brussels on Wednesday. The summit was originally called to discuss energy policy and tax coordination, but press reports in Britain, France and the United States exposing how little tax major international companies have been paying by carefully structuring their European operations has forced the issue up the agenda. ...

U.S. court studies wiretaps in ex-Goldman director's insider case

By Nate Raymond NEW YORK (Reuters) - Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday, arguing that wiretap evidence used by the prosecution should not have been introduced at trial. Defense lawyer Seth Waxman told the 2nd U.S. Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence. ...

Exclusive: Wanxiang, VL Auto bid on Fisker; others eye DOE buyout

By Deepa Seetharaman DETROIT (Reuters) - A boutique carmaker led by former General Motors Co executive Bob Lutz and China's largest auto parts supplier made an offer to buy cash-strapped "green" car company Fisker Automotive this month, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy, the sources said, speaking on the condition of anonymity because the discussions are private. ...

Analysis: U.S. food labels seen heating up North America meat war

By Rod Nickel and Theopolis Waters WINNIPEG, Manitoba/CHICAGO (Reuters) - The United States is poised to introduce stricter rules on the labeling of meat imports this week, a move that is likely to heat up a simmering trade dispute with Canada and Mexico. Under new regulations that Washington says are aimed at complying with a World Trade Organization order, all meat sold in the United States must have labels that state where an animal was born, fed and slaughtered. ...

Archive for July 23rd, 2012

23 Jul

China’s Hu calls for party unity as succession looms

BEIJING (Reuters) - Chinese President Hu Jintao has called for unity in the ruling Communist Party and unflinching backing for economic reforms in the face of "unprecedented challenges", as Beijing struggles with a scandal-hit leadership transition and economic slowdown. Hu's speech to dozens of top officials dominated the front pages of China's major state-run newspapers [...]

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Archive for July 23rd, 2012

China’s Hu calls for party unity as succession looms