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Apple CEO Cook to Propose Tax Reform for Offshore Cash

Sun, 19 May 2013 00:00:00 -0700

Bloomberg - By Adam Satariano - May. 19 (News) - Apple is facing U.S. government scrutiny after Cook unveiled a plan last month to return $100 billion in cash to shareholders via dividends and buybacks through 2015. Rather than using cash overseas that will be taxed, Apple is borrowing money for the payout, saving as much as $9.2 billion in taxes,

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Cisco Thrives On U.S. Strength And A Steadily Improving Global Economy

Thu, 16 May 2013 00:00:00 -0700

Forbes - By Agustino Fontevecchia, Forbes Staff - May. 16 (News Report) - Cisco posted third quarter earnings after the bell on Wednesday, beating estimates and delivering a ninth consecutive quarter of “record” revenues. Shares in the large networking and communications firm surged more than 5% in post-market trading.

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IT security in India under scrutiny after $45m cash machine heists

Wed, 15 May 2013 00:00:00 -0700

The Guardian - May. 15 (News Report) - Millions stolen after gang broke into two card-processing firms based in India and raised balances and withdrawal limits A breach of security at two payment card-processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the country. Global banks that ship work to be processed in India, either in-house or to large IT services vendors, were already under pressure to step up oversight of back-office functions after a series of scandals last year. Last week, prosecutors in the United States said a global criminal gang stole $45m (£29.5m) from two Middle Eastern banks by breaking into the two card-processing companies based in India and raising balances and withdrawal limits. "India is exposed in two ways: the threat that the same theft could happen in India and the fact that the outsourcing industry will also get affected," said Arpinder Singh, partner and national director for fraud ...

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The Facts Are In and Paul Ryan Is Wrong

Fri, 10 May 2013 00:00:00 -0700

New York Magazine - By Jonathan Chait - May. 10 (News Analysis) - Changes in the way we think about the world are not “news” in the classic sense — they occur gradually, without discrete events to signal them. But they matter. Two such developments have come together recently, both reported in the New York Times. The f

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Deficit Reduction Is Seen by Economists as Impeding Recovery

Thu, 09 May 2013 00:00:00 -0700

New York Times - By Ackie Calmes, Jonathan Weisman - May. 09 (News Report) - After two years of stalemate on how to spur job creation and slash deficits, the consensus is that fiscal tightening has been a drag on economic recovery.

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Shell presses ahead with world's deepest offshore oil well

Thu, 09 May 2013 00:00:00 -0700

The Guardian - By Simon Goodley - May. 09 (News Report) - Company will drill almost two miles underwater in Gulf of Mexico as part of next generation of deep-water developments Royal Dutch Shell is pressing ahead with the world's deepest offshore oil and gas production facility by drilling almost two miles underwater in the politically sensitive Gulf of Mexico. The move is being viewed in the oil industry as a demonstration of Shell's confidence that its technology can deliver returns on expensive and risky offshore projects, despite a recent downturn in oil prices. It comes a day after ExxonMobil said it would start work on a $4bn (£2.6bn) project to develop the Julia oilfield, also in the North American ocean basin, and weeks after BP delayed development of its biggest Gulf of Mexico project – Mad Dog Phase 2 – citing rising costs. John Hollowell, a Shell executive vice-president, said: "This important investment demonstrates our ongoing commitment to usher in the next generation of deepwater developments, which will deliver more production ...

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Brittany villages blazing a trail in energy self-sufficiency

Sun, 05 May 2013 00:00:00 -0700

The Guardian - By Hervé Kempf - May. 05 (News) - Residents of Côtes D'Armor in northern France hope a series of green schemes can also reinvigorate the local economy Jacky Aignel, the leader of Saint Gouéno council in Brittany, looks at the cranes hoisting blades to the top of a wind-mast: "We've been waiting so long for this," he sighs.

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Sequester politics: Claims about the FAA furloughs

Thu, 25 Apr 2013 00:00:00 -0700

Washington Post - By Glenn Kessler - Apr. 25 (Fact Check) - “The FAA is furloughing thousands of air traffic controllers and will purposely delay thousands of flights every day. The FAA’s unnecessary and reckless action will disrupt air travel for millions of Americans, cost jobs and threatens to ground the U.S. economy to a halt. It doesn’t have to be that way. The FAA can make other cost cuts, and deem air traffic controllers ‘essential employees.’” Read full article ...

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Crisis for Europe as trust hits record low

Thu, 25 Apr 2013 00:00:00 -0700

The Guardian - By Ian Traynor - Apr. 25 (News Analysis) - Poll in European Union's six biggest countries finds Euroscepticism is soaring amid bailouts and spending cuts Public confidence in the European Union has fallen to historically low levels in the six biggest EU countries, raising fundamental questions about its democratic legitimacy more than three years into the union's worst ever crisis, new data shows. After financial, currency and debt crises, wrenching budget and spending cuts, rich nations' bailouts of the poor, and surrenders of sovereign powers over policymaking to international technocrats, Euroscepticism is soaring to a degree that is likely to feed populist anti-EU politics and frustrate European leaders' efforts to arrest the collapse in support for their project. Figures from Eurobarometer , the EU's polling organisation, analysed by the European Council on Foreign Relations (ECFR), a thinktank, show a vertiginous decline in trust in the EU in countries such as Spain, Germany and Italy that are historically very pro-European. ...

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As economy recovers, the richest get richer, study shows

Tue, 23 Apr 2013 00:00:00 -0700

Washington Post - By Michael A. Fletcher - Apr. 23 (News) - Wealth inequality widened dramatically during the first two years of the economic recovery, as the upper 7 percent of American households saw their average net worth increase 28 percent while the wealth of the other 93 percent declined, according to a report released ...

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How Much Do Health Impacts From Fossil Fuel Electricity Cost The U.S. Economy?

Mon, 08 Apr 2013 00:00:00 -0700

Forbes - By Justin Gerdes - Apr. 08 (News Analysis) - How much would electricity cost in the United States if the retail price reflected the health impacts of burning fossil fuels? A paper recently published by researchers at the Environmental Protection Agency finds that accounting for such costs would add an average of 14 to 35 cents per kilowatt-hour to the retail cost of electricity. Nationwide, these hidden health costs add up to as much as $886.5 billion annually, or 6% of GDP.

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Obama administration pushes banks to make home loans to people with weaker credit

Wed, 03 Apr 2013 00:00:00 -0700

Washington Post - By Zachary A. Goldfarb - Apr. 03 (News Analysis) - The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

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Study: Iraq, Afghan war costs to top $4 trillion

Fri, 29 Mar 2013 00:00:00 -0700

Washington Post - By Ernesto Londoño - Mar. 29 (Special Report) - The U.S. wars in Afghanistan and Iraq will cost taxpayers between $4 trillion to $6 trillion, taking into account the medical care of wounded veterans and expensive repairs to a force depleted by more than a decade fighting, according to a new study by a Harvard researcher. Read full article >>

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Corporate jets versus nutrition for women and children

Thu, 21 Mar 2013 00:00:00 -0700

Washington Post - By Glenn Kessler - Mar. 21 (Fact Check) - “Are Republicans in Congress really willing to let these cuts fall on our kids’ schools and mental health care just to protect tax loopholes for corporate jet owners?” — President Obama, weekly radio address , Feb. 23, 2013.

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Cyprus: panic as savings levy is imposed

Sun, 17 Mar 2013 00:00:00 -0700

The Guardian - By Paul Gallagher, Helena Smith - Mar. 17 (News Report) - Cypriots rush to ATMs before savings are docked as part of a bailout deal agreed in Brussels Cypriots reacted with shock that turned to panic on Saturday after a 10% one-off levy on savings was forced on them as part of an extraordinary 10bn euro (£8.7bn) bailout agreed in Brussels. People rushed to banks and queued at cash machines that refused to release cash as resentment quickly set in. The savers, half of whom are thought to be non-resident Russians, will raise almost €6bn thanks to a deal reached by European partners and the International Monetary Fund (IMF). It is the first time a bailout has included such a measure and Cyprus is the fifth country after Greece, the Republic of Ireland, Portugal and Spain to turn to the eurozone for financial help during the region's debt crisis. The move in the eurozone's third smallest economy could have repercussions for financially overstretched bigger economies such as Spain and Italy. People with less than 100,000 euros in their accounts will ...

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India strives to become 'drought proof'

Tue, 12 Mar 2013 00:00:00 -0700

The Guardian - Mar. 12 (News Report) - In a country of 1.2 billion people, the threat of drought takes on epic proportions Over a period of two centuries (between 1801 and 2002), India experienced 42 severe droughts, according to the Indian Space Research Organisation. One of these, in 1979, cut food grain production by 20 percent; another, in 1987, damaged 58.6 million hectares of cultivated land, affecting 285 million people. In the last decade (2002-2012) three major droughts hit the country, and in 2012 drought shaved off half a percentage point from the Asian giant's gross domestic product (GDP), according to a 2013 World Bank report. Seventy percent of Indians live in rural areas, while 58 percent rely solely on agriculture for a living. The 355 million people who fall below the 1.25-dollars-a-day poverty line depend primarily on rain-fed agriculture for subsistence. Thus drought has become a national priority for the Indian government, particularly as climate change causes ever more erratic monsoon rains. This ...

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Ecuador: Amazon families split over lure of oil money

Wed, 06 Mar 2013 00:00:00 -0800

The Guardian - By Jonathan Watts - Mar. 06 (News Analysis) - In Sani Isla, one of the most biodiverse corners of the world, the arrival of Ecuador's biggest oil firm has pitted sister against sister While they were growing up in their remote community deep in the Ecuadorean Amazon, Blanca Tapuy and her sister Innes were inseparable. As children, they would play together while their parents hunted monkeys and tapir with blowpipes and spears. After they married, they regularly met to drink chicha and keep up with the latest gossip as western modernity crept ever closer to their indigenous Kichwa community. Today, however, the sisters are at loggerheads, divided by an offer from the country's biggest oil company, Petroamazonas, to start seismic surveys in their homeland of Sani Isla. Blanca declares she is willing to die to stop its advances. Innes passionately counters at community meetings that petrodollars are vital for the future prosperity of the community. "It makes me very sad," says Blanca. "We never fought before. We used to be so close. ...

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Hugo Chávez: poor boy from the plains who became leftwing figurehead

Wed, 06 Mar 2013 00:00:00 -0800

The Guardian - By Rory Carroll - Mar. 06 (Special Report) - No one imagined it would end like this. A ravaged body, a hospital bed, a shroud of silence, invisible. Hugo Chávez's life blazed drama, a command performance, and friend and foe alike always envisaged an operatic finale.

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Dow passes intraday trading record; markets seem undaunted by Washington gridlock

Tue, 05 Mar 2013 00:00:00 -0800

Washington Post - By Jia Lynn Yang - Mar. 05 (News Report) - The benchmark Dow Jones industrial average set a new intraday trading record Tuesday on news that China was pledging to plow more money into its economy, returning the markets to highs not seen since before the 2008 financial crisis. Read full article >>

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Deal to avert government shutdown likely, Boehner says

Mon, 04 Mar 2013 00:00:00 -0800

Washington Post - By Kimberly Kindy, Rosalind S. Helderman - Mar. 04 (News Report) - Congress returns to work this week with no plan to reverse across-the-board spending cuts that took effect late Friday — but with hope on both sides of the aisle to avert an end-of-month showdown that could result in a government shutdown. Read full article >>

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Mortgage bill faces tough road in Congress

Sun, 17 Feb 2013 00:00:00 -0800

Yahoo! News - Feb. 17 (Special Report) - WASHINGTON (AP) — A sharply divided Congress isn't likely to jump at President Barack Obama's challenge for quick passage of a mortgage refinancing bill that supporters say could help millions of homeowners save big each year and boost the economy. ...

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Obama’s 2012 State of the Union proposals: what flopped and what succeeded

Tue, 12 Feb 2013 00:00:00 -0800

Washington Post - By Glenn Kessler - Feb. 12 (Fact Check) - Every president announces a slew of initiatives in his State of the Union address. Here, in order of delivery, is a summary of the key proposals, pledges or priorities announced by President Obama a year ago — and what happened to them. Read full article >>

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Obama to revive populist message in Tuesday speech

Tue, 12 Feb 2013 00:00:00 -0800

American Public Media - By Julie Pace - Feb. 12 (News Analysis) - Reviving his populist re-election message, President Barack Obama will press a politically-divided Congress to approve more tax increases and fewer spending cuts during a State of the Union address focused on stabilizing the middle class and repairing the still-wobbly economy.

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Obama to revive populist economic message in State of the Union, call for more tax revenue

Tue, 12 Feb 2013 00:00:00 -0800

Minneapolis Star Tribune - Feb. 12 (News Analysis) - Reviving his populist re-election message, President Barack Obama will press a politically-divided Congress to approve more tax increases and fewer spending cuts during a State of the Union address focused on stabilizing the middle class and

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China overtakes US in world trade

Mon, 11 Feb 2013 00:00:00 -0800

The Guardian - By Phillip Inman - Feb. 11 (News Report) - Combined total for imports and exports of Chinese goods hits $3.87tn, edging past the US for the first time China has become the world's biggest trading nation in goods, ending ending the post-war dominance of the US, according to official figures. China's customs administration said the combined total for imports and exports in Chinese goods reached $3.87tn (£2.4tn) in 2012, edging past the $3.82tn trade in goods registed by the US commerce department. The landmark total for Chinese trade indicates the extent of Beijing's dependence on the rest of the world to generate jobs and income compared with a US economy that remains twice the size, and more self-contained. The US economy is worth $15tn compared with the $7.3tn Chinese economy. The US not only has a large internal market for goods, but also dominates the trade in services. US total trade amounted to $4.93tn in 2012, according to the US Bureau of Economic Analysis (BEA) with a surplus of $195.3bn. But like most western ...

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