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  July 2012

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• Breaking News

  • 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. ...
  • 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 dips, shares mixed ahead of Bernanke testimony
    By Richard Hubbard LONDON (Reuters) - The dollar dipped and benchmark Bund futures rose on Wednesday as expectations hardened that the head of the U.S. central bank will later in the day signal no tapering off of the bank's ultra-easy monetary policy. Ben Bernanke, who speaks before the Joint Economic Committee of the U.S. Congress at 1400 GMT (10 a.m. EDT), is expected to follow the line set by two other Federal Reserve officials, who struck a dovish tone on the economy on Tuesday. ...
  • 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. ...
  • 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. ...
  • 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. ...
  • Airbus wins Oman Air order for three A330 planes
    PARIS (Reuters) - Airbus has won an order for three A330-300 aircraft from Oman Air, the national carrier of the Sultanate of Oman, the European planemaker said on Wednesday. The order, which Airbus said would bring Oman Air's A330 fleet to 10 aircraft, is worth about $720 million based on list prices. The planes will be operated on long-haul routes and can seat close to 300 passengers, Airbus said. (Reporting by James Regan; Editing by John Irish)
  • 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. ...
  • 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. ...

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