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  July 2012

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• Breaking News

  • EU leaders shine spotlight on Amazon, Google over tax policy
    By Luke Baker BRUSSELS (Reuters) - European leaders will discuss how to combat aggressive tax avoidance by major companies such as Amazon, Google and Apple at a summit on Wednesday, and cut the estimated 1 trillion euros a year the EU loses to tax evasion or avoidance. The four-hour summit was originally called to discuss energy policy, but investigations in Britain, France and the United States exposing how little tax major international companies have been paying by carefully structuring their European operations has forced the issue to the top of the agenda. ...
  • Futures up ahead of Bernanke testimony
    By Rodrigo Campos NEW YORK (Reuters) - Stock futures rose in thin trading on Wednesday, ahead of highly anticipated Congressional testimony by Federal Reserve Chairman Ben Bernanke on the economy and monetary policy. Bernanke is expected to strike a dovish tone when he addresses a congressional committee at 10:00 a.m. EDT. Earlier on Wednesday, influential New York Fed President William Dudley reinforced his own remarks Tuesday, when he damped speculation that the U.S. central bank was preparing to reduce its monetary stimulus. ...
  • Target cuts full-year forecast after weak first quarter
    (Reuters) - Target Corp cut its full-year profit forecast on Wednesday while turning in a weak first quarter with disappointing sales, as a chilly start to spring kept shoppers from buying seasonal items like clothing. Target warned in April its first-quarter results would be weaker than anticipated, and its performance was even worse than revised Wall Street expectations. Shares of Target fell 2.3 percent to $69.60 in premarket trading. First-quarter sales at U.S. stores open at least a year dipped 0.6 percent, while analysts targeted a 0. ...
  • Too soon to dial back Fed stimulus: Dudley
    (Reuters) - It is too soon to determine whether to dial down the Federal Reserve's massive bond-buying program, and the economic picture may not be clear enough to make that decision for another three or four months, an influential U.S. central bank official said. New York Fed President William Dudley, a close ally of Chairman Ben Bernanke, said on Bloomberg TV that it was possible to taper down the $85 billion in monthly asset purchases by the fall "if the economy does better and if the labor market continues to improve" in the face of tighter fiscal policies. ...
  • Toll Brothers profit rises 46 percent
    (Reuters) - Toll Brothers Inc posted a 46 percent rise in quarterly profit as the largest U.S. luxury homebuilder sold more homes at higher prices, indicating that the housing recovery is spreading across the industry. Record-low interest rates and rising rents have encouraged people to buy homes. Ground-breaking to build new homes in the United States rose 7 percent in March to the highest level since June 2008. Toll said its quarterly orders were the highest in seven 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. ...
  • Pfizer to spin off Zoetis stake to shareholders
    (Reuters) - Pfizer Inc said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc to shareholders by allowing them to swap Pfizer stock for Zoetis stock at a 7 percent discount. Pfizer, the largest drugmaker, sold Zoetis shares in an initial public offering in February that raised $2.2 billion. Pfizer retained an 80 percent stake in Zoetis after the IPO and now plans to unwind that, starting with this offer. The offer would allow shareholders to exchange $100 worth of Pfizer stock for $107.52 worth of Zoetis stock. ...
  • Lowe's results miss estimates, underperforming Home Depot
    By Dhanya Skariachan (Reuters) - Lowe's Cos Inc reported a weaker-than-expected quarterly profit on Wednesday, hurt by colder-than-usual weather at the start of the spring selling season and strong competition from larger rival Home Depot Inc . The results contrasted sharply with those of Home Depot and signaled that Lowe's, the world's No. 2 home improvement chain, was still struggling to narrow the performance gap with the industry leader. Lowe's sales fell 0.5 percent to $13.09 billion in the first quarter ended on May 3, missing the analysts' average estimate of $13.45 billion. ...
  • Kohl's names Starbucks' Gass chief customer officer
    (Reuters) - Kohl's Corp said on Wednesday that Michelle Gass, who was instrumental in Starbucks Corp's U.S. turnaround several years ago, will join the department store in the new position of chief customer officer. Gass, who will join Kohl's on June 17, had just been named to a new role at Starbucks earlier this month, where she was set to work directly with Chairman and Chief Executive Howard Schultz. Gass spent more than 16 years with Starbucks and was most recently president for Starbucks Europe, Middle East and Africa. ...
  • Boeing CEO McNerney says interest in 777X is high
    (Reuters) - Boeing Co Chief Executive Officer Jim McNerney said on Wednesday that customer interest in the 777X wide-body airplane is "high and still growing," and that he expects to formally launch the aircraft program later this year. The company began offering the next-generation plane to customers May 2. Speaking at an investor conference, McNerney also said the 787-9X, a stretch version of the 787 Dreamliner, remains on track for first flight this year. (Reporting by Alwyn Scott; Editing by Gerald E. McCormick)

Archive for July 16th, 2012

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