U.S. Senate Democrats propose exit tax for inverting companies
WASHINGTON (Reuters) – Two Senate Democrats want to force U.S. companies to pay an exit tax on any profits held overseas if the companies decide to reincorporate abroad to cut their tax bills, the latest in a slew of proposals to stem such “inversion” …
U.S.: BofA bid to void $1.27 billion fraud verdict defies common sense
NEW YORK (Reuters) – The U.S. government said Bank of America Corp’s bid to throw out a jury verdict finding it liable for the sale of questionable loans to Fannie Mae and Freddie Mac before the financial crisis, which led to a $1.27 billion penalty, d…
‘Hundreds of thousands’ of orders placed for Alibaba in debut: NYSE
NEW YORK (Reuters) – A top New York Stock Exchange executive on Friday said on CNBC that “hundreds of thousands of orders” for shares of Alibaba Group Holdings Ltd. had been placed ahead of the stock’s trading debut, expected later in the morning.
China hands drugmaker GSK record $489 million fine for paying bribes
SHANGHAI/LONDON (Reuters) – China fined GlaxoSmithKline Plc a record 3 billion yuan ($489 million) on Friday for paying bribes to doctors to use its drugs, underlining the risks of doing business there while also ending a damaging chapter for the Briti…
GM’s Cadillac to introduce high-end sedan in late 2015
DETROIT (Reuters) – As it strives to energize its Cadillac brand that once led the U.S. luxury auto market, General Motors Co said on Friday it will begin production of a new “top-end, high-technology car” by the end of 2015.
Fed’s Lacker says exit strategy dissent stemmed from MBS approach
WASHINGTON (Reuters) – Richmond Federal Reserve President Jeffrey Lacker on Friday identified himself as the lone dissenter on the Fed’s so-called exit strategy, and said his opposition stemmed from the central bank’s plan to keep holding mortgage-back…
Exclusive: Asian buyers of U.S. LNG dial back as exuberance dims
MILAN (Reuters) – A looming gas glut worldwide is prompting Japanese and Indian firms to resell to European traders and utilities big chunks of U.S. liquefied natural gas they had committed to buy several years ago, signaling tempered enthusiasm for U….
SAP buys expenses software maker Concur for $7.3 billion
FRANKFURT (Reuters) – Germany’s SAP has agreed to buy U.S. expenses software maker Concur for $7.3 billion in cash, strengthening its position in cloud computing but sending its shares down almost 3 percent on concern over the price.
Opportunists cash in on delayed iPhone launch in China
SINGAPORE/TOKYO (Reuters) – Lured by the promise of profit from smuggling the new iPhones into China, opportunists joined the thousands of Apple Inc fans lining up to buy the devices as they were launched on Friday across Asia.
U.S. Silica sees sand demand piling up as fracking goes super-sized
(Reuters) – Sand miner U.S. Silica Holdings Inc said demand could triple over the next five years as energy companies use increasing amounts of sand in hydraulic fracturing to extract more oil and gas from shale fields.
