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Breaking News- EU leaders shine spotlight on Amazon, Google over tax policyBy 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 testimonyBy 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 first-quarter profit down on weather-related sales weakness(Reuters) - Target Corp posted a 0.6 percent decline in first-quarter sales at U.S. stores open at least a year on Wednesday after warning investors one month ago that its results would be disappointing as a chilly start to spring kept shoppers from buying seasonal items such as clothing. Target earned $498 million, or 77 cents per share, in the first quarter ended on May 4, compared with a profit of $697 million, or $1.04 per share, a year earlier. (Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe)
- 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. ...
- Lowe's results miss estimates, underperforming Home DepotBy 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. ...
- Bank of Japan vows market steps to curb bond turbulenceBy Stanley White TOKYO (Reuters) - The Bank of Japan vowed on Wednesday to take necessary steps to reduce volatility in bond markets that has threatened to jeopardize the government's fight to end deflation and revive growth. The central bank upgraded its assessment of the economy for a fifth straight month, saying it "has started picking up," as Prime Minister Shinzo Abe's policy prescription of aggressive fiscal and monetary stimulus has boosted sentiment and a weaker yen has halted a decline in exports. ...
- 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)
- The Irish loophole behind Apple's low tax billBy 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. ...
- 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. ...
- UK wine retailer First Quench in $242 million pension risk dealBy Sarah Mortimer LONDON (Reuters) - British alcoholic drinks retailer First Quench is insuring a chunk of its pension liabilities with specialist provider Pension Insurance Corporation, improving retirement benefits for its 1,966 members. A growing number of "final salary" pension schemes are running into trouble because of rising longevity and low UK government bond yields. Insurers and reinsurers are capitalizing on increased demand from pension funds for ways to manage their liabilities by underwriting individual pension funds and charging a fee. ...
- EU leaders shine spotlight on Amazon, Google over tax policy
