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Senate panel peels back Apple's offshore taxes
21 May 2013 at 9:57am
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. ...
Ireland rejects blame for Apple's low tax rate
21 May 2013 at 9:55am
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. ...
Dimon keeps JPMorgan chairman title after bruising battle
21 May 2013 at 9:49am
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 decided to let him keep his chairman title by an even greater margin than last year. Dimon could not claim total victory at the bank's annual meeting. Three JPMorgan directors were re-elected by a slim majority, an unusual outcome. The three directors were on the board's risk management committee, which is widely seen as having fallen down after the bank lost $6.2 billion from risky derivatives trades last year. ...
Wall Street advances as Home Depot, JPMorgan buoy Dow
21 May 2013 at 9:50am
By Leah Schnurr NEW YORK (Reuters) - Stocks gained on Tuesday as a record intraday high for Home Depot helped lift the blue-chip Dow, but investors were cautious a day ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke. Shares of JPMorgan Chase & Co extended gains after a preliminary tally showed shareholders had rejected a proposed split of the rose of chairman and chief executive officer. The stock was up 2.1 percent at $53.38. ...
Best Buy sees investments squeezing near-term profits
21 May 2013 at 9:26am
By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported lackluster sales in the first quarter and warned that efforts 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 on Tuesday. ...
Exclusive: Intel CEO shakes up units, creates 'new devices' group
21 May 2013 at 10:12am
By Noel Randewich SAN FRANCISCO (Reuters) - Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping reorganization of the world's top chipmaker and created a unit aiming to retake the top chipmaker's lead in mobile and semiconductor innovation. The shakeup, announced internally just days after the 30-year veteran took the helm, places most of Intel's main product groups directly under his supervision and hands its sprawling global manufacturing operation to new president Renee James, said a source close to the company, who declined to be identified. ...
Denso executives to plead guilty to price fixing in Toyota case
21 May 2013 at 9:47am
WASHINGTON (Reuters) - Two executives at Japan's Denso Corp have agreed to plead guilty to conspiring to fix prices of electronic auto parts sold to Toyota and will cooperate with an ongoing criminal investigation, the U.S. Justice Department said on Tuesday. The settlement is the latest in a wide-ranging investigation into price fixing for a variety of car parts that has ensnared nine companies and elicited guilty pleas from 14 executives. The Denso executives, Yuji Suzuki and Hiroshi Watanabe, both Japanese nationals, will serve time in U.S. ...
Exclusive: Glencore's top aluminum exec to leave, first exit since takeover-s...
21 May 2013 at 8:35am
By Josephine Mason NEW YORK (Reuters) - Glencore Xstrata's head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month. Fegel's departure from one of the most powerful jobs in the global aluminum market will come as a surprise to many since he was reconfirmed in the post just weeks ago, and aluminum is one of the few areas of Glencore's mining portfolio that has no overlap with Xstrata. ...
Embraer books 'milestone' SkyWest deal worth up to $8.3 billion
21 May 2013 at 7:52am
By Brad Haynes SAO PAULO (Reuters) - SkyWest Inc , the world's largest regional airline group, agreed to buy at least 40 new jets from Brazilian planemaker Embraer SA , in a deal that could climb to 200 aircraft and a total price tag of more than $8 billion. "This is truly a milestone order for Embraer," Paulo Cesar de Souza e Silva, the head of Embraer's commercial aviation unit, said in a Tuesday announcement calling the deal one of the biggest ever for both companies. ...
Sprint raises Clearwire offer, not enough for some
21 May 2013 at 9:52am
By Sinead Carew (Reuters) - Sprint Nextel Corp raised its buyout offer for wireless service provider Clearwire Corp to $3.40 per share, but the new bid was not high enough to impress some investors. Clearwire shares almost immediately traded around the new offer price, having consistently traded well above the old $2.97-per-share bid. Sprint announced the revised price just hours before Clearwire was due to hold a special meeting for shareholders to vote on the original offer. ...
JPMorgan's Dimon survives shareholder referendum
21 May 2013 at 9:45am
TAMPA, Fla. (AP) ? Shareholders at JPMorgan Chase voted to let Jamie Dimon, the chairman and CEO, keep both his jobs.
Indexes edge higher on Wall Street in midday trade
21 May 2013 at 8:59am
NEW YORK (AP) ? Stock indexes are edging higher in midday trading on Wall Street as investors look ahead to the Federal Reserve's next moves.
Apple's Cook faces Senate questions on taxes
21 May 2013 at 10:33am
WASHINGTON (AP) ? Apple's CEO is disputing assertions by a Senate panel that the company avoids billions of dollars in U.S. taxes by shifting profits to foreign affiliates.
Lew: IRS actions "unacceptable and inexcusable"
21 May 2013 at 8:51am
WASHINGTON (AP) ? Treasury Secretary Jacob Lew says the Internal Revenue Service's targeting of conservative political groups was "unacceptable and inexcusable" and he has directed the agency's acting director to hold people accountable.
Microsoft reveals Xbox One, next-generation gaming
21 May 2013 at 10:27am
REDMOND, Wash. (AP) ? Microsoft thinks it has the one.
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