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  May 2012

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• Breaking News

  • Asian stocks cheered by Fed reassurance; BOJ stands pat
    By Masayuki Kitano and Vidya Ranganathan SINGAPORE (Reuters) - Asian stocks rose on Wednesday following a positive lead from Wall Street, with Japan's Nikkei reaching a fresh 5-1/2 year high and clinging to its gains as the Bank of Japan stood pat after unleashing massive stimulus last month. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, reversing some of Tuesday's 0.4 percent decline. The South Korean market climbed 0.8 percent. Tokyo's Nikkei gained 1.2 percent, breaking above 15,500 for the first time in over five years. ...
  • 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. ...
  • Prosecutors consider using racketeering law against SAC: source
    By Emily Flitter NEW YORK (Reuters) - Prosecutors are considering charging Steven A. Cohen's SAC Capital Advisors as a criminal enterprise engaged in a long pattern of insider trading in stocks, according to a person familiar with the matter. Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act, most commonly associated with prosecutions against the mafia, to move against Cohen's $15 billion hedge fund company, said the person, who spoke on condition of anonymity. While this is one option under consideration, no final decision has been made, the source added. ...
  • 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. ...
  • Dow, S&P end at records on Fed officials' reassurance
    By Angela Moon NEW YORK (Reuters) - Stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program. Dow component Home Depot gave the market a lift after the world's largest home improvement chain raised its profit outlook, driving its stock to a record intraday high. JPMorgan also bolstered the Dow, rising more than 1 percent to a 52-week high after the bank's chief executive won a vote of confidence from shareholders. ...
  • Merck signs $5 billion share buyback agreement with Goldman Sachs
    (Reuters) - Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics. Under the accelerated share repurchase agreement (ASR), Merck has agreed to repurchase about 99.5 million shares from Goldman Sachs based on current market prices. ...
  • Dimon clings to JPMorgan chairman title, after fight
    By David Henry TAMPA, Florida (Reuters) - Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co took an unusual step to fight off investors seeking more oversight of his activities - he hinted he might quit. And it worked. At the bank's annual meeting on Tuesday, JPMorgan shareholders voted down a proposal to strip Dimon of his chairmanship, giving the measure even less support than last year. Investors showed some unhappiness with the bank's management by only barely re-electing three directors who oversaw a massive trading loss last year. ...
  • BOJ holds steady despite bond turmoil, upgrades economic outlook
    By Stanley White and Leika Kihara TOKYO (Reuters) - The Bank of Japan kept policy steady on Wednesday despite concerns over recent volatility in bond market, saying growth is starting to pick up even as risks loomed from an uncertain global outlook. The central bank upgraded its assessment of the economy, saying it "has started picking up," as Prime Minister Shinzo Abe's program of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...
  • 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. ...
  • Ford adds production in North America to meet new car demand
    By Deepa Seetharaman DETROIT (Reuters) - Ford Motor Co is adding a week of production at 20 North American factories this year to build an additional 40,000 vehicles and help sustain its gains in U.S. market share. The second-largest U.S. automaker said on Wednesday that those factories will be idled for just one week this summer instead of the traditional two-week "summer shutdown" period. This is the second year in a row that the automaker has taken this step. The added capacity comes at a time when Ford sales are outpacing the overall U.S. auto market. Strength in the U.S. ...

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