OPEC cuts 2016 oil demand growth forecast, warns of more
LONDON (Reuters) – OPEC on Wednesday cut its forecast for global oil demand growth in 2016 and warned of further reductions citing concern about Latin America and China, pointing to a larger supply surplus this year.
Many U.S. corporations pay little in federal income taxes: report
WASHINGTON (Reuters) – At least two-thirds of all active U.S. corporations paid nothing in federal income taxes during the 2006-12 period, despite an income-dependent statutory tax rate of 15 percent to 35 percent, the Government Accountability Office …
VW management accepts bonus cuts of at least 30 percent: source
HAMBURG/BERLIN (Reuters) – Volkswagen’s top management board has agreed to a cut of at least 30 percent in bonus payments, one person familiar with the matter said, as the carmaker tries to resolve a dispute over executive compensation.
Stocks jump on China trade surprise, buoyant banks
LONDON (Reuters) – Global stocks rose on Wednesday after surprisingly upbeat Chinese trade data offered hope Asia’s biggest economy is finally stabilising, boosting risk appetite.
Wells Fargo energy investment unit sought risky deals, faces losses
NEW YORK (Reuters) – When Cubic Energy Inc’s bankruptcy plan took effect on March 1, shareholders of the Dallas-based oil and gas company were wiped out. Among the losers was Wells Fargo & Co.
Exclusive: Wal-Mart expands online grocery pickup to eight more cities
(Reuters) – Wal-Mart Stores Inc is expanding free curbside pickup of groceries into eight new cities this month including Kansas City and Austin as the retailer gains confidence it can make the strategy work on a larger scale, a senior executive told …
JPMorgan cuts 5 percent of Asia wealth management jobs: source
SINGAPORE/HONG KONG (Reuters) – JPMorgan Chase & Co has cut 30 jobs, or 5 percent of its headcount, at its Asia wealth management business, a source with direct knowledge of the matter said, as the U.S. bank sharpens its focus on tapping wealthier clients.
Panama raids offices of Mossack Fonseca law firm
PANAMA CITY (Reuters) – Panama’s attorney general late on Tuesday raided the offices of the Mossack Fonseca law firm to search for any evidence of illegal activities, authorities said in a statement.
SunEdison financial woes also threaten yieldcos that hold assets
NEW YORK (Reuters) – The prospect of a near-term bankruptcy for solar giant SunEdison Inc also threatens the separate companies it created to hold renewable energy assets – the so-called “yieldcos.”
American Apparel lays off workers, mulls some outsourcing: LA Times
(Reuters) – Teen apparel retailer American Apparel Llc is laying off hundreds of workers as it overhauls its production process, which could include outsourcing part of its production to another U.S. manufacturer, the Los Angeles Times reported on Tues…
