• Breaking News

  • Bank of Japan vows market steps to curb bond turbulence
    By Stanley White TOKYO (Reuters) - The Bank of Japan vowed on Wednesday to take necessary steps to reduce volatility in bond markets that has threatened to jeopardize the government's fight to end deflation and revive growth. The central bank upgraded its assessment of the economy for a fifth straight month, saying it "has started picking up," as Prime Minister Shinzo Abe's policy prescription of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...
  • Insight: No more easy pickings in Russia's banking market
    By Megan Davies MOSCOW (Reuters) - Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB. The latest to hit trouble has been France's Societe Generale. ...
  • The Irish loophole behind Apple's low tax bill
    By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation revealed Tuesday that Apple, maker of iPhones, iPads and Mac computers, channeled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world. ...
  • Dollar, German bond yields ease before Bernanke
    By Richard Hubbard LONDON (Reuters) - The dollar and benchmark German debt yields eased on Wednesday as expectations hardened that the head of the U.S. central bank will later in the day signal no tapering back of its ultra-loose monetary policy. Two senior Federal Reserve officials struck a dovish tone on the economy in comments on Tuesday, leading many in the market to assume Fed governor Ben Bernanke would follow a similar line when he addresses a congressional committee at 1400 GMT (10 a.m. EDT) That would temper speculation that improved U.S. ...
  • Rolls-Royce wins engine order from U.S. lessor CIT
    LONDON (Reuters) - Britain's Rolls-Royce has won a contract to supply engines to power 23 Airbus aircraft ordered by U.S. leasing company CIT Aerospace, it said on Wednesday. Rolls, the world's second-largest maker of aircraft engines behind U.S. group General Electric , said the deal included Trent XWB engines to power 10 A350 aircraft and Trent 700 engines for 13 Airbus A330 jets. The Trent XWB, specifically designed for the Airbus A350, is the fastest selling Trent engine ever, with more than 1,200 already sold, according to Rolls. The A350 is due to enter service in 2014. ...
  • DBS-Danamon deal hinges on Singapore's invite to Indonesian banks
    By Saeed Azhar and Janeman Latul SINGAPORE/JAKARTA (Reuters) - Southeast Asia's largest bank merger now depends largely on cooperation between Singaporean authorities and Indonesian politicians. Indonesia's central bank gave Singapore's DBS Group Holdings Ltd its long-awaited approval on Tuesday to buy a 40 percent, or $2.7 billion, stake in PT Bank Danamon Indonesia Tbk , a year after DBS proposed a majority takeover. ...
  • Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive - sources
    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 this month to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. This comes alongside a separate push by investors in Europe and Hong Kong, including billionaire Richard Li, to buy out the U.S. Department of Energy's position in Fisker. ...
  • Mercedes dealer review opens home front in luxury war
    By Christiaan Hetzner FRANKFURT (Reuters) - How many Mercedes staff does it take to sell a car? The answer, in the luxury carmaker's German showrooms, is more than it takes to shift an Audi - just part of the cost gap Daimler wants to close with its premium rivals. Among the top three, Mercedes depends on its unprofitable company-owned dealerships for a bigger share of domestic sales than either Volkswagen's Audi or BMW, which rely more on franchises. ...
  • SocGen CEO to face shareholders after Rosbank arrest
    PARIS (Reuters) - Societe Generale management will face investors later on Wednesday for the first time since the shock arrest of the French bank's top Russian executive on charges of bribery. The annual shareholder meeting is also likely to draw ire over a rise in 2012 bonus payouts for top management after a year that saw job cuts and a slump in profits at France's No. 2 listed bank. ...
  • Apple CEO makes no apology for company's tax strategy
    By Patrick Temple-West and Kevin Drawbaugh WASHINGTON (Reuters) - Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence. ...

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• Breaking News

  • Bank of Japan vows market steps to curb bond turbulence
    By Stanley White TOKYO (Reuters) - The Bank of Japan vowed on Wednesday to take necessary steps to reduce volatility in bond markets that has threatened to jeopardize the government's fight to end deflation and revive growth. The central bank upgraded its assessment of the economy for a fifth straight month, saying it "has started picking up," as Prime Minister Shinzo Abe's policy prescription of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...
  • Insight: No more easy pickings in Russia's banking market
    By Megan Davies MOSCOW (Reuters) - Foreign banks that once treated Russia as virgin land where easy money could be made are now finding it a cut-throat market tougher than some bargained for. While players such as Citi and Austria's Raiffeisen thrive, many have found post-Soviet Russia too hard to crack: rife with credit, legal and corruption risks, and dominated by state giants Sberbank and VTB. The latest to hit trouble has been France's Societe Generale. ...
  • The Irish loophole behind Apple's low tax bill
    By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation revealed Tuesday that Apple, maker of iPhones, iPads and Mac computers, channeled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world. ...
  • Dollar, German bond yields ease before Bernanke
    By Richard Hubbard LONDON (Reuters) - The dollar and benchmark German debt yields eased on Wednesday as expectations hardened that the head of the U.S. central bank will later in the day signal no tapering back of its ultra-loose monetary policy. Two senior Federal Reserve officials struck a dovish tone on the economy in comments on Tuesday, leading many in the market to assume Fed governor Ben Bernanke would follow a similar line when he addresses a congressional committee at 1400 GMT (10 a.m. EDT) That would temper speculation that improved U.S. ...
  • Rolls-Royce wins engine order from U.S. lessor CIT
    LONDON (Reuters) - Britain's Rolls-Royce has won a contract to supply engines to power 23 Airbus aircraft ordered by U.S. leasing company CIT Aerospace, it said on Wednesday. Rolls, the world's second-largest maker of aircraft engines behind U.S. group General Electric , said the deal included Trent XWB engines to power 10 A350 aircraft and Trent 700 engines for 13 Airbus A330 jets. The Trent XWB, specifically designed for the Airbus A350, is the fastest selling Trent engine ever, with more than 1,200 already sold, according to Rolls. The A350 is due to enter service in 2014. ...
  • DBS-Danamon deal hinges on Singapore's invite to Indonesian banks
    By Saeed Azhar and Janeman Latul SINGAPORE/JAKARTA (Reuters) - Southeast Asia's largest bank merger now depends largely on cooperation between Singaporean authorities and Indonesian politicians. Indonesia's central bank gave Singapore's DBS Group Holdings Ltd its long-awaited approval on Tuesday to buy a 40 percent, or $2.7 billion, stake in PT Bank Danamon Indonesia Tbk , a year after DBS proposed a majority takeover. ...
  • Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive - sources
    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 this month to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. This comes alongside a separate push by investors in Europe and Hong Kong, including billionaire Richard Li, to buy out the U.S. Department of Energy's position in Fisker. ...
  • Mercedes dealer review opens home front in luxury war
    By Christiaan Hetzner FRANKFURT (Reuters) - How many Mercedes staff does it take to sell a car? The answer, in the luxury carmaker's German showrooms, is more than it takes to shift an Audi - just part of the cost gap Daimler wants to close with its premium rivals. Among the top three, Mercedes depends on its unprofitable company-owned dealerships for a bigger share of domestic sales than either Volkswagen's Audi or BMW, which rely more on franchises. ...
  • SocGen CEO to face shareholders after Rosbank arrest
    PARIS (Reuters) - Societe Generale management will face investors later on Wednesday for the first time since the shock arrest of the French bank's top Russian executive on charges of bribery. The annual shareholder meeting is also likely to draw ire over a rise in 2012 bonus payouts for top management after a year that saw job cuts and a slump in profits at France's No. 2 listed bank. ...
  • Apple CEO makes no apology for company's tax strategy
    By Patrick Temple-West and Kevin Drawbaugh WASHINGTON (Reuters) - Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence. ...

Archive for June 28th, 2012

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