There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.» Read More
WASHINGTON/ SAN FRANCISCO, May 20- Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a U.S. Senate report on the company's offshore tax structure said on Monday.
WASHINGTON, May 20- The U.S. Senate should cut crop insurance subsidies, the most expensive part of the farm safety net, by $1 billion a year before it passes the new farm bill, the White House said on Monday. The House would make the biggest food stamp cuts in a generation, $20 billion, compared to $4 billion in the Senate.
SAN FRANCISCO, May 20- Apple Inc will argue for a comprehensive corporate tax reform that will levy a "reasonable tax" on foreign earnings and is not dependent on a company's revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices.
In a 40- page memorandum released a day before Apple CEO Tim Cook is scheduled to testify before Congress, the Senate's Permanent Subcommittee on Investigations identified three subsidiaries that have no "tax residency" in Ireland, where they are incorporated, or in the United States, where company executives manage those companies.
DETROIT, May 20- The launch of General Motors Co's redesigned Chevrolet Silverado, the most important since the automaker's bankruptcy and $50 billion taxpayer-funded bailout in 2009, is on track and advertising for its full-size trucks should begin in a few weeks, a top GM executive said on Monday.
LONDON, May 20- Petroleum coke piled up along the banks of the Detroit River has sparked a storm of protest from local residents and environmental campaigners, who claim they are just one more problem associated with the bituminous tar sands being mined in western Canada.
HOUSTON/ NEW YORK, May 20- For the past three years, the boom in the U.S. shale oil industry has outstripped all expectations. News from two of the country's less developed shale plays in Colorado and Ohio last week offer a reality check for the wave of euphoria that has washed across the industry.
There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
DETROIT, May 19- Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda as Detroit's emergency financial manager tries to meet a self-imposed, six-week deadline to decide whether the city can get through its financial crisis without a bankruptcy filing.
CHICAGO-- United States Cellular Corp., the sixth-largest cellphone carrier in the country, on Friday closed on the sale of some of its Midwestern markets to No. 3 Sprint Nextel Corp. and announced that it's handing over the proceeds to shareholders through a special dividend.
WASHINGTON, May 17- Unemployment rates dropped in 43 out of the 50 U.S. states and in the District of Columbia in April from a year before, according to Labor Department data released on Friday. A handful of states, including Illinois, Delaware, Indiana, Wisconsin, Mississippi and New Hampshire saw their jobless rates rise over the year.
As Congress kicked off the first of several investigations into a scandal that has put President Barack Obama on the defensive, acting IRS Commissioner Steven Miller said he could not say who had come up with the idea to single out conservative groups for intense scrutiny when they applied for tax-exempt status.
LANSING, Mich.-- A continuation of a 1 percent tax on health insurance claims passed Michigan's Senate Thursday, but yet to be resolved is how to ensure the levy brings in enough revenue for Medicaid, which serves 1.9 million low-income state residents. Rick Snyder's proposed expansion of Medicaid eligibility to 320,000 more low-income adults.
DETROIT, May 17- General Motors Co shares on Friday topped their 2010 initial public offering price, which will help the automaker's largest shareholder, the U.S. GM shares broke above $33.00, the price in the November 2010 IPO, rising as high as $33.21 in morning trading. It is the first time the stock has surpassed $33 since May 2011.
Jan Brewer's order that denies driver's licenses for young immigrants in Arizona who have gotten work permits and avoided deportation under an Obama administration policy.
WASHINGTON, May 17- A U.S. House of Representatives panel on Friday opens the first in a series of investigative hearings in Congress on the Internal Revenue Service's targeting of conservative groups for extra tax scrutiny, as the political storm over the scandal shifts to Capitol Hill.
May 16- The New York attorney general's office on Thursday said it was investigating allegations that fast-food operators in the state are underpaying workers in violation of labor laws. The announcement came on the heels of a survey of 500 New York City fast-food employees at chains such as McDonald's Corp, Burger King and Domino's Pizza.
"Signs of moderation in farmland value gains emerged," the bank said of its district, which includes most of Iowa, Wisconsin, Michigan and northern Illinois and Indiana. " The land price trends mirror what was reported on Wednesday by the Kansas City and St Louis Federal reserve banks for the first quarter.
May 16- A financial recovery plan released on Monday by a state-appointed emergency manager running Detroit has negative consequences for the city's bondholders, Moody's Investors Service said on Thursday.
LANSING, Mich.-- The average electric customer of Consumers Energy will start paying $1.67 more per month. It's less than a $110 million rate increase the Jackson- based utility self-implemented in March. The Public Service Commission ordered Consumers to refund some money, though it's not expected to affect residential customers.