31 Jul
Iran vows to resist sanctions ‘warfare’
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Breaking News- Jobs, housing data show economy has some muscleBy Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving employment picture is helping to prop up housing, with rising home prices keeping domestic consumption supported, limiting the drag from tighter fiscal policy that is dampening factory activity. "All the eggs are in housing and the consumers' baskets this quarter. ...
- EU wants big companies to reveal national tax billsBy John O'Donnell BRUSSELS (Reuters) - Europe's top regulatory official is seeking to force large companies to disclose how much tax they pay in each country where they operate, a measure some politicians say could curb tax avoidance. Michel Barnier, the European commissioner in charge of drafting business regulation, said in a speech in Amsterdam that rules which will force banks to report their profits, taxes and subsidies by country from 2015 should be extended to cover other companies. "We will expand these reporting obligations to large companies and groups," he said on Thursday. ...
- Wall St. dips as data, HP offset stimulus fearsBy Leah Schnurr NEW YORK (Reuters) - Stocks slipped on Thursday, recovering from session lows as encouraging domestic economic data and a rally in Hewlett-Packard's shares offset concerns about the timing of any reduction in the Federal Reserve's monetary stimulus. Hewlett-Packard jumped nearly 14 percent and helped support the Dow a day after the world's largest PC maker raised its outlook. HP's sharp gains had briefly helped the Dow edge into positive territory at midday. Signs of improvement in the housing and labor markets also helped indexes come off their lows by midday. ...
- Apple enjoyed Irish tax holiday from the startBy Poornima Gupta and Padraic Halpin SAN FRANCISCO/DUBLIN (Reuters) - Apple has operated almost tax-free in Ireland since 1980, welcomed by a government keen to bring jobs to what was then one of Europe's poorest countries, former company executives and Irish officials have said. Chief Executive Tim Cook faced criticism from a Senate subcommittee in Washington on Tuesday over the iPad and iPhone maker's tax practices, which had been shrouded from full view behind secretive tax-exempt Irish-based corporate entities. ...
- Elan rejects Royalty's $6.4 billion raised offerBy Padraic Halpin DUBLIN (Reuters) - Elan rejected Royalty Pharma's increased $6.4 billion bid on Thursday, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting at a meeting due to be held on June 17 the series of defensive transactions recently announced by the Irish drug firm. ...
- New car sales seen up 6-8 percent in May: analystsDETROIT (Reuters) - Auto sales in May are expected to rise 6 percent to 8 percent and the annual sales pace should rebound back above 15 million vehicles after a disappointing result in the prior month, two research reports said on Thursday. Sales of new cars and trucks in May are expected to top 1.43 million vehicles, while the annual sales pace is forecast to hit 15.2 million vehicles, according to a report by J.D. Power and Associates and LMC Automotive, as well as one by TrueCar.com. Kelley Blue Book's forecast is slightly more conservative, as it sees sales rising 6 percent to almost 1. ...
- JPMorgan names Barry Sommers to head consumer bank(Reuters) - JPMorgan Chase said it has appointed Barry Sommers, under whom the bank expanded its services to wealthy clients, to head its Chase consumer bank business. Sommers, 44, who previously served as chief executive of the bank's wealth management business, joined JP Morgan through the Bear Sterns merger in 2008. Sommers was responsible for the company's Chase Private Client business, which has offices in nearly 1,400 Chase bank branches. ...
- Ally to pay $2.1 billion to settle claims tied to ResCapBy Tom Hals (Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the deal will finally end allegations that ResCap was stripped of choice assets such as its online bank, Ally Bank, before being put into bankruptcy, leaving the mortgage unit's creditors empty-handed. Putting the issue behind it will help Ally focus on its core business of auto lending and on repaying the U.S. ...
- Large U.S. retailers sue Visa, MasterCard over card feesBy Jessica Dye (Reuters) - A group of U.S. retailers, including Macy's Inc. and Target Corp. , sued Visa Inc. and MasterCard Inc. on Thursday, breaking off from a proposed $7.2 billion settlement reached last year over fees to process credit card transactions. The lawsuit, filed in U.S. District Court in Manhattan, came ahead of a May 28 deadline for the millions of merchants affected by the settlement to decide whether to forego receiving damages under the pact and pursue their own legal action. ...
- U.S., China factories struggle; Fed hints at less stimulusBy Andy Bruce and Steven C. Johnson LONDON/NEW YORK (Reuters) - Chinese factory activity declined in May for the first time in seven months and U.S. manufacturing grew at its slowest pace since October, suggesting it may take a while before the global economy starts to pick up steam. Thursday's downbeat business surveys from the world's two largest economies came a day after Federal Reserve Chairman Ben Bernanke spooked markets by hinting that the U.S. central bank could soon scale back monthly bond purchases, provided the economy maintained its recent momentum. ...
- Jobs, housing data show economy has some muscle
