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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 DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing 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 to drift near record high, eyes on Fed
    By Rodrigo Campos NEW YORK (Reuters) - Stocks were set to open little changed 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 Fed chairman Ben Bernanke on Wednesday. The U.S. economic calendar is thin and the market will continue to be vulnerable after the S&P and Dow industrials hit record highs on Monday. However, the expectation of continuing accommodative monetary policy from the Federal Reserve should continue to lend support to equities. ...
  • 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 as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. The news on Tuesday boosted Home Depot shares by 3.9 percent to $79.75 in premarket trading. A bubble in the U.S. housing market was at the core of the 2007-2009 financial crisis. During the downturn, Home Depot's sales at established stores fell more than 20 percent in such markets as Florida and California. ...
  • 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. ...
  • Dollar firms before Bernanke, inflation dip hits sterling
    By Marc Jones LONDON (Reuters) - The dollar firmed, gold fell and shares slipped off five-year highs on Tuesday as investors postioned for an update on the future of the U.S. Federal Reserve's stimulus programme. A slowdown in British inflation sent sterling to a 7-week low on the view it could give the Bank of England more leeway to support the UK economy, and the yen lost ground after a Japanese minister rowed back on remarks suggesting the currency had weakened enough. ...
  • Sprint receives SoftBank waiver to consider Dish offer
    By Mari Saito TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders including Paulson & Co and Omega Advisors have publicly said the Dish offer looks better than SoftBank's deal. SoftBank, which agreed last October to pay $20. ...
  • JPMorgan investors on edge over vote on Dimon; what if they win?
    By David Henry TAMPA, Florida (Reuters) - As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight of Dimon, who has suggested that he may eventually leave the bank if he loses the vote. Investors say that while Dimon, 57, may need more oversight after the bank posted $6. ...
  • 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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