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  August 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. ...
  • Dow, S&P end at records on Fed officials' remarks
    NEW YORK (Reuters) - Stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as comments from Federal Reserve officials eased some concerns that the central bank could start reducing its stimulus program. The Dow Jones industrial average gained 52.30 points, or 0.35 percent, to end unofficially at a record 15,387.58. The Standard & Poor's 500 Index added 2.87 points, or 0.17 percent, to finish unofficially at a record 1,669.16. The Nasdaq Composite Index rose 5.69 points, or 0.16 percent, to close unofficially at 3,502.12. ...
  • 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. ...
  • Fed officials dampen speculation of imminent bond tapering
    By Paul Carrel and Jonathan Spicer FRANKFURT/NEW YORK (Reuters) - Two senior Federal Reserve officials on Tuesday played down chances that the U.S. central bank would signal a readiness to taper bond buying at its meeting next month, dampening speculation the Fed might soon dial back its ultra-easy policy. New York Federal Reserve Bank President William Dudley and St. Louis Fed chief James Bullard, both of whom will vote at the June 18-19 meeting, made clear further economic progress was needed before they would support curtailing bond purchases. "Inflation is pretty low in the U.S. ...
  • 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 recommended that he keep his chairman title, giving him a greater margin of approval than last year. Investors who had pressed for Dimon to be stripped of his chairman title said they believed they lost because of the chief executive's hints he would quit if he did not win the vote. Just 32.2 percent of shareholder votes were in favor of a proposal to create an independent chairman, compared with 40. ...
  • Sony to assess spin-off proposal for entertainment business: Nikkei
    (Reuters) - Sony Corp is considering evaluating a proposal from top shareholder Third Point LLC to spin off part of its movie and music business, Japanese daily Nikkei reported. Sony's U.S. listed shares rose 9 percent on Tuesday on the New York Stock Exchange. Billionaire hedge fund investor Daniel Loeb last week called on the company to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker. Sony declined to comment when contacted by Reuters. ...
  • Gap willing to sign Bangladesh safety accord, if tweaked
    (Reuters) - Gap Inc's chairman and CEO said on Tuesday the U.S. retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh's garment industry, provided there were some "very minor accommodations." A series of incidents at factories has focused attention on safety standards in Bangladesh's booming garment industry while creating a trans-Altantic divide between U.S. and European retailers over ways to resolve these issues. Some U.S. ...
  • Exclusive: EU says Chinese FTA possible, but wants market opening
    By Ethan Bilby BRUSSELS (Reuters) - The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday showed. At the same time as EU regulators are ramping up trade pressure on Beijing by threatening duties on solar panels and telecoms equipment, Brussels is dangling the carrot of trade agreements before the Chinese. ...
  • EU leaders look to end Apple-style tax avoidance schemes
    By Luke Baker and Mark John BRUSSELS/PARIS (Reuters) - Growing concern in European capitals about aggressive tax avoidance by high-profile corporations such as Amazon, Google and Apple looks set to steal the agenda of a European Union summit in Brussels on Wednesday. The summit was originally called to discuss energy policy and tax coordination, but press reports 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 up the agenda. ...
  • Exclusive: Wanxiang, VL Auto bid on Fisker; others eye DOE buyout
    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 to buy cash-strapped "green" car company Fisker Automotive this month, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy, the sources said, speaking on the condition of anonymity because the discussions are private. ...

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