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  June 2012

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• Breaking News

  • 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. ...
  • 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 decided to let him keep his chairman title by an even greater margin than last year. Dimon could not claim total victory at the bank's annual meeting. Three JPMorgan directors were re-elected by a slim majority, an unusual outcome. The three directors were on the board's risk management committee, which is widely seen as having fallen down after the bank lost $6.2 billion from risky derivatives trades last year. ...
  • 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. ...
  • Best Buy sees investments squeezing near-term profits
    By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported lackluster sales in the first quarter and warned that efforts 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 on Tuesday. ...
  • Exclusive: Chinese supplier, VL Automotive bid for Fisker - sources
    DETROIT (Reuters) - A boutique carmaker led by a former General Motors Co executive Bob Lutz and China's largest auto parts supplier submitted an offer to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said. VL Automotive and China's Wanxiang Group made an offer this month to buy Fisker through a prepackaged bankruptcy deal, the sources said, speaking on the condition of anonymity because the discussions are private. Separately, investors in Europe and Hong Kong are working to raise money to buy Fisker debt owed to the U.S. ...
  • Exclusive: Intel CEO shakes up units, creates "new devices" group - source
    By Noel Randewich SAN FRANCISCO (Reuters) - Intel Corp's new chief executive, Brian Krzanich, has reorganized key business groups and created a "new devices" unit, according to a source who has seen an internal email, shaking up the world's top chipmaker days after formally assuming control. The chipmaker's main product groups - including the PC client group, mobile communications and data center unit that previously reported to Intel Architecture group chief Dadi Perlmutter - now report directly to Krzanich, the source said, citing the email sent to employees. ...
  • Denso executives to plead guilty to price fixing in Toyota case
    WASHINGTON (Reuters) - Two executives at Japan's Denso Corp have agreed to plead guilty to conspiring to fix prices of electronic auto parts sold to Toyota and will cooperate with an ongoing criminal investigation, the U.S. Justice Department said on Tuesday. The settlement is the latest in a wide-ranging investigation into price fixing for a variety of car parts that has ensnared nine companies and elicited guilty pleas from 14 executives. The Denso executives, Yuji Suzuki and Hiroshi Watanabe, both Japanese nationals, will serve time in U.S. ...
  • Exclusive: Glencore's top aluminum exec to leave, first exit since takeover-sources
    By Josephine Mason NEW YORK (Reuters) - Glencore Xstrata's head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month. Fegel's departure from one of the most powerful jobs in the global aluminum market will come as a surprise to many since he was reconfirmed in the post just weeks ago, and aluminum is one of the few areas of Glencore's mining portfolio that has no overlap with Xstrata. ...
  • 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, but the new bid was not high enough to impress some investors. Clearwire shares almost immediately traded around the new offer price, having consistently traded well above the old $2.97-per-share bid. Sprint announced the revised price just hours before Clearwire was due to hold a special meeting for shareholders to vote on the original offer. ...

Archive for June 3rd, 2012

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