KBKW News :: RSS Re-aggregation

Apple's Cook faces Senate questions on taxes

Tue, 21 May 2013 21:46:50 GMT

WASHINGTON (AP) -- The Senate dragged Apple Inc., the world's most valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. taxes....

Senate panel approves immigration bill

Wed, 22 May 2013 03:05:27 GMT

WASHINGTON (AP) -- Far-reaching legislation that grants a chance at citizenship to millions of immigrants living illegally in the United States cleared the Senate Judiciary Committee on a solid bipartisan vote Tuesday night after supporters somberly sidestepped a controversy over the rights of gay spouses....

Stocks gain on reassurance from a top Fed official

Tue, 21 May 2013 22:26:20 GMT

NEW YORK (AP) -- Reassuring comments from a Federal Reserve official and better earnings from two big retailers helped push the stock market higher Tuesday....

Does France have right plan to revive its economy?

Tue, 21 May 2013 19:08:26 GMT

PARIS (AP) -- The man charged with reviving France's shrinking economy and attracting businesses to invest here is gaining a reputation for doing the opposite....

Japan's trade deficit hits $8.6B due to weaker yen

Wed, 22 May 2013 00:47:08 GMT

TOKYO (AP) -- Japan's trade deficit widened to a larger-than-expected 879.9 billion yen ($8.6 billion) in April as its weakening currency accentuated surging import costs....

Microsoft touts Xbox One as all-in-1 entertainment

Tue, 21 May 2013 23:19:55 GMT

REDMOND, Wash. (AP) -- Microsoft thinks it has the one....

Ex-Ford execs charged in Argentine torture cases

Tue, 21 May 2013 23:06:17 GMT

BUENOS AIRES, Argentina (AP) -- Three former Ford Motor Co. executives were charged Tuesday with crimes against humanity for allegedly targeting Argentine union workers for kidnapping and torture after the country's 1976 military coup....

Lew: IRS actions "unacceptable and inexcusable"

Tue, 21 May 2013 15:49:10 GMT

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....

Man, 91, Hits Goal to Fight Eviction

Tue, 21 May 2013 21:55:34 GMT

A 91-year old man in Zaleski, Ohio, hopes to buy back his home before his daughter has the chance to evict him from it.

Watch: Apple CEO: 'We Pay All the Taxes We Owe'

Tue, 21 May 2013 21:41:47 GMT

Timothy Cook calls for simplification of U.S. tax code in his Senate testimony.

Apple CEO: 'No Tax Shifting Going On'

Tue, 21 May 2013 21:21:14 GMT

Apple [NASDAQ: AAPL] chief executive Tim Cook donned a suit and tie in his rare appearance at a Senate hearing about the tech company's offshore revenue and taxes, hoping for "comprehensive tax reform to be passed this year."

Nutella Crisis Averted as Maker Caves

Tue, 21 May 2013 21:05:31 GMT

Fans of Nutella can once again breathe easy—at least the ones not allergic to nuts.

JPMorgan's CEO Keeps Dual Role

Tue, 21 May 2013 20:47:37 GMT

JPMorgan Chase shareholders voted to allow chief executive Jamie Dimon to keep his dual role as CEO and chairman of the board of directors, which critics say gives him too much risky power over the biggest bank in the U.S. by assets.

Watch: Apple's Tax Loopholes Makes Feds Sour

Tue, 21 May 2013 17:13:10 GMT

Jeff Macke analyzes the morning business headlines.

Apple CEO Defends Offshore Tax Policy

Tue, 21 May 2013 15:25:53 GMT

In advance of Apple CEO Tim Cook's testimony later today, in Washington, on the way Apple avoids paying U.S. taxes on money it earns overseas, both Apple and congressional investigators tried to get in a preemptive kidney-punch or two. Monday night Apple released an advance copy of Cook's testimony. Its 17 pages of self-defense are clear, blunt, unambiguous: Apple, Cook declares, "does not use tax gimmicks." It pays "an extraordinary amount" in U.S. taxes—nearly $6 billion last year, making it "likely the largest corporate income tax payer in the U.S." Its' effective tax rate last year, he says, was approximately 30.5 percent.

Photos: Rocker Buys Soap Star's Home

Tue, 21 May 2013 13:14:31 GMT

The frontman of indie band Foster The People, Mark Foster, bought a ranch-style 3-bed home in Hollywood Hills from ABC's "General Hospital" actor Maurice Benard, who plays Michael "Sonny" Corinthos, Jr., according to the Real Estalker blog. Foster, 28, paid $2.155 million, lower than the original listing of $3.599 million in 2008. Foster's vocals lead the band's popular song "Pumped Up Kicks". Benard and his wife snagged the home for $420,000 in 1997 and underwent a renovation. The home was on and off the market since 2008. The home spans 4,637-square feet and sits on more than 1.2 acres.

JPMorgan Chase Shareholder Showdown

Tue, 21 May 2013 12:07:23 GMT

Morning Business Memo… A shareholder showdown today at the annual meeting of JP Morgan Chase in Tampa. A vote is expected on a proposal to separate the jobs of chairman and CEO at the big bank. If the effort started by several large pension funds...

Merck signs $5 billion share buyback agreement with Goldman Sachs

Tue, 21 May 2013 22:36:04 EDT

- 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, Merck has agreed to repurchase ...

Japan exports disappoint, full benefits of weak yen yet to show

Tue, 21 May 2013 20:52:23 EDT

Japan's exports rose less than expected in April from a year earlier due to weak demand from Europe and China, highlighting the challenges confronting the world's third-biggest economy as policymakers try to engineer a sustained revival. The 3.8 percent annual increase in exports in April was below ...

The Irish loophole behind Apple's low tax bill

Tue, 21 May 2013 20:35:39 EDT

Apple's ability to shelter billions of dollars of income from tax has hinged on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs.

Sony shares hit two-year high on report of spin-off proposal

Tue, 21 May 2013 20:21:11 EDT

Shares of Sony Corp rose 6.3 percent to 2,300 yen, a two-year high, on Wednesday after the Nikkei newspaper reported Sony is considering evaluating a proposal from top shareholder Third Point LLC to spin off its movie and music business.

Ireland rejects blame for Apple's low tax rate

Tue, 21 May 2013 20:17:40 EDT

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.

Ex-strategist can sue UBS as whistleblower: U.S. judge

Tue, 21 May 2013 20:17:36 EDT

UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing to publish misleading research reports. U.S. District Judge Jesse Furman in Manhattan found that Trevor Murray, who was fired in February 2012, ...

Ireland rejects blame for Apple's low tax rate

Tue, 21 May 2013 20:16:09 EDT

Dimon clings to JPMorgan chairman title, after fight

Tue, 21 May 2013 20:04:46 EDT

Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co took an unusual step to fight off investors seeking more oversight of his activities - he hinted he might quit. And it worked. Investors showed some unhappiness with the bank's management by only barely re-electing three directors who oversaw ...

Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive - sources

Tue, 21 May 2013 19:37:37 EDT

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 ...