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Apple’s Tim Cook will make his debut testifying before Congress on Tuesday, when the chief executive will press lawmakers to simplify corporate taxes as well as defend the company’s tax practices. Cook will appear before the Senate Homeland Security subcommittee on investigations, which is looking into what it calls “the structures and methods employed by multinational corporations to shift profits offshore” and how that affects taxes paid. Read hearing announcement and witness [...] by Liam Halligan, The Telegraph: The then chief executive of the US banking giant Citigroup was admitting that growing concerns about sub-prime loans could ultimately shatter what we now know was “irrational exuberance” on global financial markets. “As long as the music is playing, though, you’ve got to get up and dance,” Prince continued. “And we’re still dancing.” There’s a “we’re still dancing” mood on global markets today, just as there was six years [...] Russian Market‏@russian_market3 h
The largest European bank will cut another 14,000 jobs in a plan to save three billion additional dollars. HSBC expects to cut the number of employees in over 14 000 to about 240 000 in the next three years, today announced Stuart Gulliver, chief executive of British bank in ‘conference call’ with investors. The bank already has an ongoing plan [...] From Mineweb: Hecla Mining Co, the No. 2 U.S. silver miner by output, cut its capital spending plan for the year by 5 percent and said it expects metal prices to extend their decline in the second quarter. The company said first-quarter sales fell 16 percent to $76.5 million, well below analysts’ average estimate of $94.78 million, due mainly to lower silver prices and higher costs. Hecla said its average realized silver prices [...] from MarketWatch: Bonds are “a terrible investment” right now, Berkshire Hathaway BRK.A +1.27% Chairman and Chief Executive Warren Buffett told CNBC Monday. He recommended holding a comfortable amount of cash but otherwise investing in “productive assets”, and called having a set asset-allocation strategy “silly.” Bond prices are artificial right now given the Federal Reserve’s purchases of $85 billion a month, “and when that changes, people could lose a lot of money.” http://www.marketwatch.com/story/buffett-on-cnbc-warns-of-looming-big-bond-losses-2013-05-06?dist=beforebell Telegraph Excerpt and Link, by [...] FBI agents are conducting interviews about the relationship between Virginia Gov. Robert F. McDonnell, his wife, Maureen, and a major campaign donor who paid for the food at the wedding of the governor’s daughter, according to four people familiar with the questioning. The agents have been asking associates of the McDonnells about gifts provided to the family by Star Scientific chief executive Jonnie R. Williams Sr. and actions the Republican governor [...] SHERYL GAY STOLBERG and JODI KANTOR Victims of the massacre in Newtown, Conn., had just been laid to rest when Wayne LaPierre, the chief executive of the National Rifle Association, met with his board of directors in early January. A national tide of grief had prompted new attacks on his group and a White House push for more gun control measures, while Mr. LaPierre — who had called for [...] Cancer clinics across the country have begun turning away thousands of Medicare patients, blaming the sequester budget cuts. Oncologists say the reduced funding, which took effect for Medicare on April 1, makes it impossible to administer expensive chemotherapy drugs while staying afloat financially. Patients at these clinics would need to seek treatment elsewhere, such as at hospitals that might not have the capacity to accommodate them. “If we treated the patients receiving the [...] Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown were sentenced to jail on Friday for fraud which led to a 53 million euro loss, in the first major trial of Icelandic bankers linked to the crisis. All three of the small North Atlantic island’s top banks collapsed in quick succession in October 2008 due to big debts incurred during a rapid overseas expansion. Glitnir was the [...] Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy. The Depository Trust & Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault “are likely damaged,” after its building at 55 Water Street “sustained significant water damage” from the storm that battered New York City’s financial district [...] Ireland is on the verge of securing revenue from oil that could run into billions of pounds. Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. Providence chief executive Tony O’Reilly Jr said this was the beginning of an Irish oil industry. He described it as a huge success story, following decades of exploration around the Irish [...] From FT: Tim Geithner, the US Treasury secretary, acted to shield Citigroup’s bondholders and management from accountability at the height of the financial crisis while taxpayers were left on the hook, a former US bank regulator has alleged. Sheila Bair, who served as chairman of the Federal Deposit Insurance Corp during the crisis and its aftermath, levelled fresh attacks at Mr Geithner, the Obama administration, fellow financial regulators and bankers such as Vikram [...] If Apple continues on its current trajectory, something remarkable might happen on April 9, 2015, at around 11 a.m. That is, statisticians and investors I’ve spoken with say, a conservative estimate of when Apple could become the first company ever to be valued at $1 trillion. (Yes, you read that correctly: the number one, followed by 12 zeros.) Other analysts are making even more aggressive estimates for the company’s value, which, as of Friday, [...] Today Money Mail can reveal how savers are missing out on up to £2?billion interest a year because banks and building societies are failing to pass on cash Isa tax breaks. Some of Britain’s biggest High Street names are routinely denying cash Isa savers the best rates by paying a better rate on ordinary savings accounts, where interest is taxed, than on untaxed Isas. In doing so, they are effectively stealing [...] CHARLOTTE, N.C. — A torrential downpour that struck Charlotte Saturday afternoon damaged the Mount Rushmore-style sand sculpture bust of President Obama — an ominous beginning to what many fear is a plagued convention. Workers were trying Saturday afternoon to reform the base of the sculpture, built from sand brought in from Myrtle Beach, S.C., pounding and smoothing out the sand that had washed off the facade of the waist-up rendering of [...] BERLIN— The German manufacturer of a notorious drug that caused thousands of babies to be born with shortened arms and legs, or no limbs at all, issued its first ever apology Friday — 50 years after pulling the drug off the market. Gruenenthal Group’s chief executive said the company wanted to apologize to mothers who took the drug during the 1950s and 1960s and to their children who suffered congenital birth defects [...] Citigroup’s chief executive has knocked back the idea of big banks being split up after calls from people such as his predecessor Sandy Weill. … “What’s left here is essentially the old Citicorp,” he told the Financial Times. “That’s a tried and proven strategy. Why did it work? Because it was a strategy based upon operating the business and serving clients and not a strategy based on dealmaking. That’s the fundamental difference.” http://www.cnbc.com/id/48733132 PARIS — The call to Vincent Grandil’s Paris law firm began like many others that have rolled in recently. On the line was the well-paid chief executive of one of France’s most profitable companies, and he was feeling nervous. President François Hollande is vowing to impose a 75 percent tax on the portion of anyone’s income above a million euros ($1.24 million) a year. “Should I be preparing to leave the [...] The former boss of a Greek bank has admitted transferring €8m of personal funds to buy London property months before his stricken bank was broken up by the government. Theodoros Pantalakis, former chief executive of Agricultural Bank (ATEbank), exported the funds last year as the bank headed for insolvency. The banker defended his actions saying that he had declared the transfer at the time and had paid tax on it. Mr Pantalakis [...] Stephen Hester, the chief executive of Royal Bank of Scotland, has admitted the reputation of the banking industry is at a new low, as the bailed-out bank was hit by a string of charges caused by computer mistakes and mis-selling financial products – with more to come from the Libor scandal. First-half losses widened to £1.5bn from £794m the same time last year, amid fresh speculation that a full-scale nationalisation of the 83% taxpayer-owned [...] From FT:
The Olympics is creating a “ghost town” effect in central London as visitors who would normally flock to the capital’s shops, hotels and theatres stay away, casting doubt on expectations of a short-term economic boost from the games. The games have attracted as many as 100,000 foreign visitors to London – more than in previous Olympics. But, on its own, that number significantly lags behind the estimated 300,000 foreign tourists who could [...] For the first time, military recruiters made an appearance Thursday at a gay community center on Long Island – and even though the turnout was sparse, organizers hailed the significance of the event. Theresa McCormick, 17, took advantage of the presence of Navy and Marine recruiters at the GLBT center in Garden City to weigh her options. The daughter of Navy veterans, McCormick, a lesbian interning at the center, is considering a military career. The recruiters, she [...] telegraph.co.uk ‘Long-term greedy” was the phrase that Sidney Weinberg, Goldman Sachs’s legendary managing partner from the 1930s to the 1960s, used to describe the American investment bank’s overarching strategy. Such a pious mission statement from a corporate titan would make a modern audience balk. However the phrase neatly encapsulates the way that Goldman Sachs has operated over the past 80 years, a period in which it has risen from [...] Former top officials of federally backed Abound Solar told a House subcommittee Wednesday that subsidies from China caused the company’s collapse, while Republicans pressed a former government loan official about whether he used his personal email account to skirt records laws while discussing clean energy projects. The committee hearing seemed at times to be a re-airing of sessions that took place in Congress nearly a year ago, when California-based Solyndra LLC [...] A quarter of adults in England and Wales have considered suicide, research suggests. Suicidal thoughts are most common in those aged 45 to 54, with just over a third (31%) saying they had contemplated taking their own life, according to the research conducted by the Campaign Against Living Miserably (Calm). While men and women are both likely to feel suicidal, more men actually commit suicide, the campaign group said. Calm chief executive Jane [...] |
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