Latest Business News

• 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. ...

  
  
• 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. ...

  
  
• 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. ...

  
  




• Dow, S&P end at records on Fed officials' reassurance
  

  By Angela Moon NEW YORK (Reuters) - Stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as Federal Reserve officials' comments eased some concerns that the central bank could start reducing its stimulus program. Dow component Home Depot gave the market a lift after the world's largest home improvement chain raised its profit outlook, driving its stock to a record intraday high. JPMorgan also bolstered the Dow, rising more than 1 percent to a 52-week high after the bank's chief executive won a vote of confidence from shareholders. ...

  
  
• 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. ...

  
  
• Dimon clings to JPMorgan chairman title, after fight
  

  By David Henry TAMPA, Florida (Reuters) - 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. At the bank's annual meeting on Tuesday, JPMorgan shareholders voted down a proposal to strip Dimon of his chairmanship, giving the measure even less support than last year. Investors showed some unhappiness with the bank's management by only barely re-electing three directors who oversaw a massive trading loss last year. ...

  
  
• BOJ keeps policy on hold; Kiuchi proposes looser price target timeframe
  

  TOKYO (Reuters) - The Bank of Japan on Wednesday decided to keep monetary policy on hold, but one board member tried unsuccessfully to loosen the central bank's commitment to achieving its 2 percent inflation target within two years. In a unanimous vote, the BOJ maintained its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 60 trillion to 70 trillion yen ($585-$682 billion). ...

  
  
• 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. ...

  
  
• Ford adds production in North America to meet new car demand
  

  By Deepa Seetharaman DETROIT (Reuters) - Ford Motor Co is adding a week of production at 20 North American factories this year to build an additional 40,000 vehicles and help sustain its gains in U.S. market share. The second-largest U.S. automaker said on Wednesday that those factories will be idled for just one week this summer instead of the traditional two-week "summer shutdown" period. This is the second year in a row that the automaker has taken this step. The added capacity comes at a time when Ford sales are outpacing the overall U.S. auto market. Strength in the U.S. ...

  
  
• Scandal or not, one SAC investor can't get enough of Steve Cohen
  

  By Svea Herbst-Bayliss and Sam Forgione BOSTON/NEW YORK (Reuters) - As federal prosecutors circle Steven A. Cohen's $15 billion hedge fund in a long-running insider trading probe, one financial adviser in Texas is so devoted to the billionaire investor that he may give him more money. "I'm thinking about putting more money with him," said Ed Butowsky, managing director at Chapwood Capital Investment Management, who manages $1 billion in client money. ...

  
  
• Apple case seen as possible spur to tax action
  

  WASHINGTON (AP) ? Now that tech darling Apple Inc. has been dragged front and center into the debate over the U.S. tax code, lawmakers are hoping that the spotlight on such a high-profile company could be the catalyst for Congress to take action to close loopholes or reform the law.

  
  
• Bernanke testimony to be studied for policy clues
  

  WASHINGTON (AP) ? When Ben Bernanke testifies about the U.S. economy Wednesday, the Federal Reserve chairman's words will be examined for any clues that the Fed might soon taper ? or increase ? its support for the economy.

  
  
• Asia stocks rise as Fed official backs easy policy
  BANGKOK (AP) ? Asian stock markets were mostly higher Wednesday after investor confidence was boosted by a Federal Reserve official's comments that the U.S. central bank should stick with its super-easy monetary policy.
• JPMorgan's Dimon survives shareholder referendum
  

  TAMPA, Fla. (AP) ? Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote Tuesday that would have called on him to give up his role as chairman of the nation's largest bank. But shareholders sent a message that the bank needs better oversight by giving only narrow approval to three of the bank's board members.

  
  
• Senate panel approves immigration bill
  

  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.

  
  
• Does France have right plan to revive its economy?
  

  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
  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
  

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

  
  
• Ex-Ford execs charged in Argentine torture cases
  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"
  

  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.

  
  
• Photos: Frank Lloyd Wright Homes For Sale
  Frank Lloyd Wright may have died in 1959, but his architecture is alive and well. A recent story in the Wall Street Journal revealed the cost to upkeep some of his historic homes may be more than buyers bargain for, but others clamor to invest in history.        
• Martha Stewart Case Judge Ruling Favors JCP
  The judge presiding over the lawsuit against Martha Stewart and J.C. Penney ruled on Friday allowing the sale of Martha Stewart merchandise in J.C. Penney stores.        
• Couple Finds $100,000 in Safe Deposit Box
  An elderly couple in Brooklyn, N.Y., found a huge pile of cash?what they reckon was $100,000?in cash in a bank?s safe deposit box. Joe Valinoti, 82, and his companion, Kathleen Ricigliano, 81, said they opened a safe deposit box account with Sovereign Bank in February....        
• 3 Indicted for Millions of Fake Marlboros
  Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney?s Office on Monday in a U.S....        
• Men Charged for Millions of Fake Marlboros
  Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney?s Office on Monday in a U.S....        
• Holy Grail of Books Could Fetch $30M
  A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby?s auction on Nov. 26 in New York. ?It?s going to be far and away the most expensive book ever sold,? David Redden, vice chairman of Sotheby?s auction house,...        
• Holy Grail of Rare Books, Hymnal Could Fetch $30M
  A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby?s auction on Nov. 26 in New York. ?It?s going to be far and away the most expensive book ever sold,? David Redden, vice chairman of Sotheby?s auction house,...        
• McDonald's Apologizes for Sad Big Mac Ad
  McDonald?s has apologized for a Big Mac ad that enflamed the fast food giant in a whopper-sized controversy. The ad, a poster placed on Boston mass transit, featured a photo of a seemingly despondent woman with her head buried in her hands next to the...        
• Retail Sales Fall, Sending Stocks Down
  Retail sales fell by 0.4 percent in March, according to the Commerce Department, the biggest drop in nine months. The major stock market indexes slid on the news. Taxes went up at the beginning of the year for everyone who gets a paycheck and that...        
• Photos: Rock Icon's Former Home on Sale
  A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.        
• A New Way to Buy Powerball Tickets
  Those Californians who missed out on the state?s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn?t feel like visiting...        
• Investment Scam Hits NFL, NBA Stars
  Morning Business Memo? Dozens of current and former NFL and NBA players may have been the victims of an investment scam. FINRA ? the Financial Industry Regulatory Authority ? filed a cease-and-desist order against Success Trade Securities, alleging the online investment firm ripped off 58...        
• Lotto Tickets Now Available Online
  Those Californians who missed out on the state?s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn?t feel like visiting...        
• Website Wants to Sell You Lotto Tickets Online
  Those Californians who missed out on the state?s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn?t feel like visiting...        
• Photos: Rock Legend's Former Home on Sale
  A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.        
• Tiger Woods Boosts Masters Prices
  With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News? Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...        
• Masters Ticket Prices Highest Since Tiger Woods Debut
  With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News? Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...        
• Microsoft Falls on PC Shipment Decline
  Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn?t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...        
• Microsoft Swoons on PC Shipment Decline
  Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn?t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...        
• Microsoft (MSFT) Swoons on PC Shipment Decline
  Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn?t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...