Cayman Islands, U.S. reach pact to fight tax evasion
WASHINGTON (Reuters) – The United States has cut a deal with the Cayman Islands that will smooth implementation in the Caribbean island nation of a new U.S. anti-tax evasion law, while pressuring other low-tax and no-tax countries to follow suit.
U.S. charges two ex-JPMorgan bankers over ‘London Whale’ loss
NEW YORK (Reuters) – U.S. prosecutors brought criminal charges on Wednesday against two former JPMorgan Chase & Co employees in the trading scandal that cost the bank $6.2 billion last year, but the trader nicknamed “the London Whale” because of the size of losses was not one of them.
J.C. Penney shares spike on report sales improving in August
(Reuters) – J.C. Penney Co Inc shares rose in late trading on Wednesday after the New York Post said on Twitter that same-store sales are positive so far this month, citing sources.
Little sign inflation rising toward target: Fed’s Bullard
PADUCAH, Kentucky (Reuters) – Low U.S. inflation is worrisome for the country’s economy and there is not much evidence it is heading higher, a senior U.S. Federal Reserve official said on Wednesday, highlighting an issue for the Fed as it weighs taperi…
MGM studio profit falls after asset sale a year earlier
(Reuters) – The MGM movie studio said on Wednesday its second-quarter profit fell 16 percent from the year-before quarter, when its net income was boosted by the sale of Latin American TV stations.
Textbook rental company Chegg files for IPO of up to $150 million
(Reuters) – Textbook rental company Chegg Inc filed with U.S. regulators on Thursday to raise up to $150 million in an initial public offering.
Steinway agrees to Paulson buyout, market expects rival bid
(Reuters) – Steinway Musical Instruments Inc , best known for its grand pianos, agreed on Wednesday to be taken private by Paulson & Co after the hedge fund firm raised its offer to $40 per share, valuing the 160-year old company at about $512 million.
Macy’s sales fall as middle-class shoppers stay cautious
(Reuters) – Macy’s Inc reported an unexpected decline in sales on Wednesday and blamed hesitation by consumers to spend on non-essentials, leading to deeper markdowns and a disappointing profit.
Deere profit jumps; concerns over farm-belt spending
CHICAGO (Reuters) – Deere & Co reported higher-than-expected quarterly profit on Wednesday on strong sales of its tractors and harvesters in the Americas. But concerns that farm-belt spending and commodity prices were poised to weaken sent shares lower.
Alcoa to curtail production in Brazil, close a line in U.S
(Reuters) – Alcoa Inc said on Wednesday it is temporarily cutting production at its aluminum smelters in Brazil, and will permanently shut down part of its operations in Massena, New York.
