×

Law Legislation

  • RICHMOND, Va.— Virginia's General Assembly is in the middle of a contentious fight over electric rates that could impact monthly utility bills for most businesses and residents. It could all result in the biggest impact on Virginians' wallets the General Assembly makes this year. If nothing is passed, customers of Dominion Energy— the state's largest utility—...

  • SAN FRANCISCO— Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. that will be partially financed by an upcoming windfall from the country's new tax law. The pledge announced Wednesday comes less than a month after Congress approved a sweeping overhaul of the U.S....

  • DUBAI, Jan 17- Weeks of talks between UAE energy firm Dana Gas and some local holders of a disputed $700 million sukuk have failed to reach an agreement, sources told Reuters, leaving a potentially protracted legal battle as the only available option for now. Dana proposed in June last year to swap its sukuk, held by international investors such as BlackRock as well...

  • BISMARCK, N.D.— A Denver woman accused of shooting at law officers during protests in North Dakota against the Dakota Access oil pipeline has reached a deal with prosecutors to avoid trial. Attorneys for Red Fawn Fallis said the decision was based on anti-protester sentiment in the area and unsuccessful attempts to have a judge order the prosecution to turn...

  • Jan 17- Bank of America Corp's net profit nearly halved compared with a year earlier as it booked a $2.9 billion charge stemming from the new federal tax law although it beat analysts' estimates when adjusted for the charge. Excluding the tax charge, Bank of America earned $5.3 billion, or 47 cents per share. The company's woes have rippled through Wall Street with...

  • NEW YORK— Goldman Sachs posted a $1.93 billion loss in the fourth quarter as the investment bank had to record more than $4 billion in charges related to the new tax law. Goldman lost $5.51 a share, compared with a profit of $2.35 billion, or $5.08 a share, in the same period a year earlier, the bank reported Wednesday. It had $3.32 billion in charges related to foreign...

  • BANK OF AMERICA CFO ESTIMATES EFFECTIVE TAX RATE WILL FALL 9 POINTS IN 2018 TO 20 PERCENT BECAUSE OF TAX LAW CHANGE.

  • Jan 17- Bank of America Corp's fourth-quarter profit nearly halved as it booked a $2.9 billion charge stemming from the new federal tax law. Excluding the tax charge, Bank of America earned $5.3 billion, or 47 cents per share. According to Thomson Reuters I/B/E/S, excluding the tax charge and another item, the company earned 48 cents per share compared with the...

  • NEW YORK— Bank of America said Wednesday that its fourth-quarter profits fell by nearly half from a year ago, as the bank had to book $2.9 billion in charges related to the new tax law. Like many banks this quarter, Bank of America had to write down the value its stockpile of deferred tax assets on its balance sheet. Because the maximum corporate tax rate was reduced...

  • Jan 17- Bank of America Corp's fourth-quarter profit nearly halved as it booked a $2.9 billion charge stemming from the new federal tax law. The lender's net income fell to $2.37 billion, or 20 cents per share, for the quarter ended Dec. 31 from $4.54 billion, or 39 cents per share, in the year earlier period. Excluding the tax charge, the lender earned $5.3 billion, or 47...

  • BARCELONA, Spain— Catalonia's new parliament on Wednesday elected a pro-secession speaker, virtually guaranteeing that the push for independence for Spain's northeastern region will continue as its lawmakers prepare to elect a new government. But he faces arrest if he returns to Spain and legal hurdles if he wants to be voted in from abroad by the regional...

  • The Dow gained 281 points, or 1.1 percent, to 26,074. The Nasdaq added 74 points, or 1 percent, to 7,298. The Russell 2000 index of smaller-company stocks picked up 13 points, or 0.8 percent, to 1,586.. THE QUOTE: "If you look at earnings growth, and then also as people are trying to digest the impact of corporate tax reform, when you do see a sell-off you do see people coming...

  • WASHINGTON— Hard-line conservatives threatened late Tuesday to scuttle Republican leaders' plans to prevent a weekend government shutdown, saying GOP leaders now lack the votes to push their proposal through the House. If they fail, federal agencies would start shutting their doors over the weekend— an election-year debacle that GOP leaders and many...

  • WASHINGTON— The Latest on Congress' battle over the budget:. Mark Meadows, R- N.C., said there are not enough Republican votes to push the GOP leaders' measure through the House this week with GOP- only support. House GOP leaders are looking to delay implementation of unpopular taxes on medical devices and generous employer-subsidized health care taxes as...

  • DETROIT, Jan 16- Automakers and lawmakers expressed hope on Tuesday that U.S. Congress would soon pass a stalled bill aimed at speeding self-driving cars to market, even as safety advocates argued for more performance requirements. A Senate committee approved similar legislation in October, but did not act before the end of 2017 after some Democrats raised...

  • Since Congress implemented the modern budget process in the mid-1970s, there have been 18 gaps in government funding, according to the Congressional Research Service, but not all resulted in government shutdowns. Nov. 14 to 18, 1995: This was the first of two government shutdowns that occurred after Democratic President Bill Clinton vetoed spending...

  • The rules barred companies like AT&T, Comcast and Verizon from interfering with internet traffic and favoring their own sites and apps. FCC Chairman Ajit Pai's push to undo them inspired both street and online protests in defense of the Obama-era rules. FCC spokesman Brian Hart declined to comment on the litigation.

  • WASHINGTON— A deal between President Donald Trump and Congress to protect young immigrants from deportation remained distant Tuesday, as House Republicans leaders turned their attention to building support for a backup plan: a stopgap funding bill to stave off the threat of an election-year shutdown. The focus on a budget Plan B— another temporary measure...

  • The biggest loser so far has been Citigroup, which reported Tuesday an $18 billion loss largely due to the tax law. It was one of the largest quarterly losses in Citi's history. Citigroup, JPMorgan and other banks had assigned a value to these assets when the top U.S. corporate income tax rate was 35 percent.

  • Congress in late December approved a stop-gap measure to fund the government for an additional month after failing to resolve differences over military versus non-defense spending levels, immigration and other issues. Republicans need some Democratic votes in the Senate to pass a funding bills. Instead, Congress agreed to fund the military through Jan. 19,...