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...
A teenager from Saratoga, California took home one of the top prizes at the Intel International Science and Engineering Fair late last week after showing off her invention, which can fully charge a cell phone in 30 seconds or less. Eesha Khare was given the Intel Foundation Young Scientist Award and a $50,000 prize for being runner-up in...
By Tetsushi Kajimoto TOKYO (Reuters) – 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...
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...
NEW YORK (Reuters) – 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, could move forward...
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...
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,”...
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...
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...
By Liana B. Baker (Reuters) – ESPN, the sports channel that is Walt Disney Co‘s most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts said. The job cuts, comprising 4 to 6 percent of ESPN’s staff of 7,000,...
By Jonathan Spicer and Paul Carrel NEW YORK/FRANKFURT (Reuters) – Two senior Federal Reserve officials on Tuesday played down the chances that the U.S. central bank would signal a readiness to reduce its bond buying at its meeting next month, dampening speculation the Fed‘s ultra-easy monetary policy might end soon. New York Federal Reserve...
By Sinead Carew (Reuters) – Sprint Nextel Corp raised its buyout offer for wireless service provider Clearwire Corp to $3.40 per share on Tuesday under pressure from activist shareholders, but the new bid failed to impress several big investors. Clearwire shares traded around the new offer price after Sprint was forced to revise its...
By Angela Moon NEW YORK (Reuters) – Stocks rose on Tuesday, with the Dow and the SP 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...
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...
Nearly four months ago, Oklahoma Senators Tom Coburn and James Inhofe both voted against H.R.152, the Disaster Relief Appropriations Act that eventually sent $50.5 billion in relief to victims of Hurricane Sandy. And in the flurry of last night’s devastation in Moore, Oklahoma. it was impossible not to forget that fact, knowing the federal government would...
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,...
By Noel Randewich SAN FRANCISCO (Reuters) – Intel Corp‘s new chief executive, Brian Krzanich, has launched a sweeping company reorganization and created a unit aimed at growing its market share in mobile technology. The shakeup, announced internally just days after the 30-year veteran took the helm, places most of the main product groups of...
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...
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...
(Reuters) – Rescue workers searched the rubble of a school in Moore, Oklahoma, on Monday to find some two dozen missing children following a huge tornado that leveled part of the town, Oklahoma Lieutenant Governor Todd Lamb said. In an interview on CNN, Lamb said rescue workers rushed in fading light to try to...
(Reuters) – Rescue workers searched the rubble of a school in Moore, Oklahoma, on Monday to find some two dozen missing children following a huge tornado that leveled part of the town, Oklahoma Lieutenant Governor Todd Lamb said. In an interview on CNN, Lamb said rescue workers rushed in fading light to try to...
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...
(Reuters) – Rescue workers searched the rubble of a school in Moore, Oklahoma, on Monday to find some two dozen missing children following a huge tornado that leveled part of the town, Oklahoma Lieutenant Governor Todd Lamb said. In an interview on CNN, Lamb said rescue workers rushed in fading light to try to...
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...
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...
By David Henry TAMPA, Florida (Reuters) – JPMorgan Chase Co‘s Jamie Dimon appears headed for a victory in a shareholder vote on whether he will keep his dual roles as chairman and chief executive of the largest U.S. bank, according to reports on Tuesday. A bitter, months-long shareholder campaign demanding more oversight of Dimon...
By Rodrigo Campos NEW YORK (Reuters) – Stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on Wednesday. The housing market recovery helped Home Depot report higher quarterly sales and earnings, prompting the...
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...
By Patrick Temple-West WASHINGTON (Reuters) – Apple Inc came under fire on Tuesday at a Senate hearing over an investigation that alleged the U.S. high technology icon has kept billions of dollars in profits in Irish subsidiaries and paid little or no taxes to any government. “Apple effectively shifts billions of dollars in profits...
By Andrew Callus THE HAGUE (Reuters) – The hunt for Royal Dutch Shell‘s next chief executive is underway, its chairman said on Tuesday, after CEO Peter Voser made what could be his last appearance at the oil group’s annual shareholder meeting. Voser announced his surprise decision three weeks ago to step down in the...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
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...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
By Kate Holton and Paul Sandle LONDON (Reuters) – Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group’s main revenue measure. The British firm is trying to decide whether to sell Verizon Wireless, its...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
There’s a reason that many eyes were on Plaza Towers Elementary as Moore, Oklahoma began to assess the damage from a deadly, devastating tornado that blasted through the town Monday evening and killed at least 51 people: the school was leveled, with dozens of children still inside. And so far, some of the most emotionally...
PARIS (AP) — The man charged with reviving France‘s shrinking economy and attracting businesses to invest there is gaining a reputation for doing the opposite. As the country’s first-ever minister for industrial renewal, Arnaud Montebourg has told the world’s largest steelmaker it is not welcome in France; exchanged angry letters with the head of...
If you watched the London Olympics last summer, you saw a parade of top athletes touting the nutritional qualities of their favorite eatery: Subway. Watching Apolo Ohno or Robert Griffin III bite into a veggie footlong with avocado or hearing that Subway is “the official training restaurant of athletes everywhere,” you might get the...
By Sumeet Chatterjee and Harichandan Arakali MUMBAI/BANGALORE (Reuters) – IT outsourcing company iGate Corp said it had sacked its chief executive, Phaneesh Murthy, for not disclosing a relationship with a subordinate after investigating one of the industry’s best-known executives for sexual harassment. Murthy had led several initiatives to improve the performance of the Fremont,...
By Kate Holton and Paul Sandle LONDON (Reuters) – Vodafone posted the largest ever fall in its main revenue measure on Tuesday, forcing it to keep a dividend from its healthy U.S. arm to compensate for a slump in southern Europe. The world’s second largest mobile operator, at the center of intense speculation as...
By Marc Jones LONDON (Reuters) – The dollar edged up, gold steadied and European shares held near five-year highs on Tuesday as investors look out for U.S. Federal Reserve signals on the future of its stimulus program. Upbeat comments from Chicago policymaker Charles Evans have made Wednesday’s release of minutes of the U.S. central...
WASHINGTON (AP) — The Senate Judiciary Committee hopes to nail down an elusive compromise on high-tech visas and may punt a controversy over gay marriage to the full Senate as it makes final drafting decisions on immigration legislation that grants a shot at citizenship to millions living in the country illegally. The high-tech issue...
NEW YORK (AP) — Actavis is buying Warner Chilcott in an all-stock deal valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the U.S. market. The announcement Monday comes after the companies said earlier this month that they were in talks about a possible pairing of one of the...
WASHINGTON (AP) — The Senate is debating cuts to the federally subsidized crop insurance program as it considers a massive farm bill this week. The Obama administration said Monday it wants to see more cuts to crop insurance and farm subsidies in the legislation, which would cost almost $100 billion a year over five...
LOS ANGELES (AP) — Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt. The rate of credit card payments at least 90 days overdue fell to 0.69 percent in...
BANGKOK (AP) — Asian stock markets fell Tuesday as investors waited for the U.S. Federal Reserve to telegraph what it plans to do next with its economic stimulus program. The Fed is conducting its third round of massive bond purchases known as quantitative easing to help drive down interest rates and spur lending. But...
If you watched the London Olympics last summer, you saw a parade of top athletes touting the nutritional qualities of their favorite eatery: Subway. Watching Apolo Ohno or Robert Griffin III bite into a veggie footlong with avocado or hearing that Subway is “the official training restaurant of athletes everywhere,” you might get the...