The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Republican presidential nominee Donald Trump could have avoided paying federal income tax for up to 18 years, The New York Times has reported, based on tax records it obtained.
According to the report, Trump declared a $916 million loss on his 1995 income tax return - a deduction that would have legally allowed him to avoid paying federal tax for up to 18 years.
Tax experts told The New York Times that U.S. tax law would have permitted the real estate and casinos magnate to use the loss to cancel out more than $50 million a year in taxable income over that period.
The newspaper reported that Trump's campaign released a statement that said the "highly skilled businessman" had a responsibility to his businesses, his family and his employers to pay no more tax than legally required.
"That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes,sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions," the statement said.
Separately, a lawyer for Trump threatened legal action against the newspaper for publishing the GOP nominee's tax records without authorization from Trump.
To read the full NYT report, click here.
When contacted by CNBC, the Trump campaign issued the same statement, which also said,"The only news here is that the more than 20 year-old alleged tax document was illegally obtained, a further demonstration that the New York Times, like establishment media in general, is an extension of the Clinton Campaign, the Democratic Party and their global special interests."
The statement did not confirm nor deny that Trump had declared a $916 million loss in 1995.
According to politifact.com, six Trump businesses have declared bankruptcy, including the Trump Taj Mahal casino in 1991, and the Trump Castle casino, the Trump Plaza and Casino, and the Plaza Hotel, all in 1992.
Trump, who claims to be a billionaire, has so far refused to publish his tax returns - the first White House hopeful in more than 40 years to refuse to do so - on the grounds that he is currently being audited by the Internal Revenue Service. Experts have said that such an audit did not prevent Trump releasing his tax records if he wished.
Democratic nominee Hillary Clinton suggested at the first presidential debate on Monday that Trump refused to make public his returns because voters would then know "he's paid nothing in federal taxes."
"That makes me smart," Trump responded at the time to the suggestion he had not paid federal taxes, then added, "It would be squandered, too, believe me." He later reportedly said that the comments were not intended to indicate that he had not paid federal taxes.