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  July 2012

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• Breaking News

  • Ireland says not to 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 starts slightly higher, eyes on Fed
    NEW YORK (Reuters) - Stocks opened slightly stronger on Tuesday after the S&P 500 hit yet another intraday record in the previous session, with markets expected to drift sideways ahead of Congressional testimony from Federal Reserve Chairman Ben Bernanke on Wednesday. The Dow Jones industrial average edged up 25.88 points, or 0.17 percent, at 15,361.16. The Standard & Poor's 500 Index added 1.37 points, or 0.08 percent, to 1,667.66. The Nasdaq Composite Index gained 0.51 points, or 0.01 percent, to 3,496.94. (Reporting by Leah Schnurr; Editing by Nick Zieminski)
  • 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. ...
  • 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. ...
  • Shell says hunt for new CEO is underway
    By Andrew Callus THE HAGUE (Reuters) - The hunt for Royal Dutch Shell's next chief executive is underway, its chairman said on Tuesday, after CEO Peter Voser made what could be his last appearance at the oil group's annual shareholder meeting. Voser announced his surprise decision three weeks ago to step down in the first half of 2014, before his 56th birthday, and less than five years into the role. "The process has started," Shell chairman Jorma Ollila told Reuters after the meeting when asked about the succession plan. ...
  • JPMorgan's Dimon looks set to remain chairman after battle
    By David Henry TAMPA, Florida (Reuters) - JPMorgan Chase & Co's Chairman and Chief Executive Jamie Dimon looks set to win a vote about whether he gets to keep his chairman title, the New York Times reported on Tuesday. A months-long and bitter shareholder campaign demanding more oversight of Dimon will end with JPMorgan's annual meeting on Tuesday. Dimon has suggested that he may eventually leave the bank if he loses the vote. The Times reported that JPMorgan appeared to have defeated the proposal, citing people familiar with a preliminary vote count. ...
  • Vodafone keeps Verizon payout to make up for European slump
    By Kate Holton and Paul Sandle LONDON (Reuters) - Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group's main revenue measure. The British firm is trying to decide whether to sell Verizon Wireless, its profitable U.S. unit in what could be the world's third largest deal to support its struggling core operations. ...
  • AutoZone profit beats as long winter leads to more repairs
    (Reuters) - AutoZone Inc , the largest U.S. auto parts retailer, reported a better-than-expected quarterly profit as U.S. customers undertook car repairs after a prolonged winter. The company, which faced weak demand a year ago as a warmer-than-usual winter resulted in less wear and tear to vehicles, said there was a noticeable improvement in its performance, mainly in the U.S. Northeast and Midwest in the final four weeks of the quarter. AutoZone said in February it would grow faster in the second half of the fiscal year as it expected the severe winter to drive up auto repairs. ...

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