Today's Reuters Business News Headlines - Yahoo! News:
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New York probes private equity tax strategy: source
Sat,1 Sep 2012 07:31 PM PDT
Reuters - (Reuters) - At least a dozen U.S. private equity firms have been subpoenaed by the New York state attorney general as part of a probe into whether a widely used tax strategy that saved these firms hundreds of millions of dollars is proper, a source familiar with the situation said on Saturday. Among the firms that were subpoenaed are Bain Capital LLC, KKR & Co LP, TPG Capital LP, Apollo Global Management LLC and Silver Lake Partners LP, the source said. Bain was once headed by Mitt Romney, the Republican candidate who hopes to unseat President Barack Obama in the November 6 election. ... Full Story | Top |
Central banks debate limits of power at Jackson Hole
Sat,1 Sep 2012 04:01 PM PDT
Reuters - JACKSON HOLE, Wyoming (Reuters) - Central bankers who traveled to the wilds of Wyoming to figure out if more policy action was needed to curb stubbornly high unemployment heard powerful arguments on both sides of the debate, and leave with many questions unanswered. Policymakers in Europe and the United States facing weak growth and painfully high unemployment are struggling with the issue of whether additional monetary stimulus could do more harm than good. ... Full Story | Top |
New York probes private equity tax strategy: NY Times
Sat,1 Sep 2012 04:01 PM PDT
Reuters - (Reuters) - New York state Attorney General Eric Schneiderman has subpoenaed more than a dozen U.S. private equity firms as part of an investigation into a widely used tax strategy in the industry, The New York Times reported on its website on Saturday, citing unnamed executives. At issue is the conversion of fees that firms typically charge clients for managing assets into investments in the private equity funds, according to the Times. The management fees would be taxed as ordinary income, which attracts a higher tax rate than capital gains from investments. ... Full Story | Top |
Bernanke says Fed ready to act but short on specifics
Sat,1 Sep 2012 10:44 AM PDT
Reuters -  JACKSON HOLE, Wyoming (Reuters) - Federal Reserve Chairman Ben Bernanke on Friday left the door wide open to a further easing of monetary policy, saying the stagnation in the U.S. labor market was a "grave concern," but he stopped short of providing a clear signal of imminent action. His stark language gave a temporary lift to U.S. stocks, but economists walked away from the Fed chairman's remarks still divided over whether the central bank would launch a fresh round of bond purchases at its upcoming meeting in September. ...
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Alcoa begins shutting Sardinian factory eyed by Glencore
Sat,1 Sep 2012 10:04 AM PDT
Reuters - ROME (Reuters) - Aluminum maker Alcoa Inc. began shutting down its factory on the Italian island of Sardinia on Saturday, laying off hundreds of workers in a region already hard-hit by unemployment and economic crisis. Alcoa said "the economic situation and the burdens imposed by the European regulatory system" forced the decision, and the process of shutting down the smelter and foundry would be complete within a few weeks. ... Full Story | Top |
Eland Oil to list after buying Nigeria block
Sat,1 Sep 2012 09:59 AM PDT
Reuters - ABUJA (Reuters) - West Africa-focused energy firm Eland Oil and Gas will float on London's junior stock market on Monday with a market value of 135 million pounds ($214 million) after completing the purchase of a stake in a Nigerian oil block, it told Reuters on Saturday. Eland Oil Chief Executive Les Blair said the company, in partnership with Nigerian oil firm Starcrest, bought a 45 percent stake in block OML 40 owned jointly by Shell , Total and Eni for $154 million. Blair said the block had 71. ... Full Story | Top |
France to rescue mortgage lender CIF: paper
Sat,1 Sep 2012 09:58 AM PDT
Reuters - PARIS (Reuters) - France's government plans to intervene to rescue Credit Immobilier de France after the struggling mortgage lender was hit by a liquidity crisis following a recent downgrade by credit rating agency Moody's, Le Figaro newspaper reported on Saturday. CIF's board met on Friday night and formally demanded government help, the newspaper said, without naming its sources. The lender, which has about 300 branches throughout France, did not immediately return a phone call seeking comment. The government was not immediately available for comment. ... Full Story | Top |
Dish Network, Big Ten in short-term agreement
Sat,1 Sep 2012 09:21 AM PDT
Reuters - (Reuters) - Dish Network, the second-largest satellite TV company in the United States, and Big Ten Network, a popular cable channel that airs college sports, have agreed to a short-term arrangement that avoided a blackout on Saturday, the first weekend of college football. Without a deal, Dish Network's 14 million subscribers would not have been able to view games on Big Ten Network, a joint venture owned by News Corp and the Big Ten conference that shows college sports, including football. "BTN and DISH have agreed to a short-term arrangement. ... Full Story | Top |
Tax hike piles misery on Spain's shoppers and small firms
Sat,1 Sep 2012 09:18 AM PDT
Reuters - MADRID (Reuters) - Cash-strapped Spanish shoppers and small businesses were resigned to more pain on Saturday, as everyday living costs like heating, phone bills, clothes and haircuts all become more expensive following a hike in value-added tax (VAT). Spain's center-right government has raised its main VAT rate by three percentage points to 21 percent as part of a drive to slash 65 billion euros ($82 billion) from the public deficit by 2014 and save the country from a full international bailout. ... Full Story | Top |
Bayer CEO says Greek euro exit may help: report
Sat,1 Sep 2012 08:10 AM PDT
Reuters - FRANKFURT (Reuters) - Leaving the euro zone could help Greece to recover economically and prevent the region's debt crisis from spreading, the head of German drugmaker Bayer was quoted as saying in a newspaper interview on Saturday. The comments from Bayer CEO Marijn Dekkers add to a growing chorus of influential Germans speculating about the possible exit of Greece from the euro zone, despite Chancellor Angela Merkel's request for compatriots to tone down their rhetoric. "Greece's exit from the euro may be better for all parties involved," Dekkers said, according to the Rheinische Post. ... Full Story | Top |
Lufthansa says strike cost millions, cancels flights
Sat,1 Sep 2012 08:07 AM PDT
Reuters - FRANKFURT (Reuters) - German airline Deutsche Lufthansa said Friday's strike by its cabin crews that brought Frankfurt airport, Germany's largest, close to a standstill cost the company millions and forced it to cancel another 19 flights on Saturday. The UFO union of the flight attendants declined to say when it was planning the next labor action over its demands for a 5 percent pay rise and guarantees that Lufthansa will not outsource jobs and use more temporary workers. ... Full Story | Top |
Former Dow Jones head Larsen to join Time Inc: source
Sat,1 Sep 2012 07:48 AM PDT
Reuters - (Reuters) - Todd Larsen, the former president of Dow Jones & Co, is expected to join Time Warner Inc's Time Inc magazine unit as president of the news and sports group, according to a source familiar with the matter. Larsen, who left Dow Jones in June after more than 10 years, will be in charge of Time's news and sports group that includes titles such as Time, Sports Illustrated and Fortune, the source said. Time Inc declined to comment. Larsen did not immediately respond to a request for comment. Dow Jones was not immediately available for comment. ... Full Story | Top |
Iraqi Kurdistan to keep pumping oil to September 15: sources
Sat,1 Sep 2012 06:59 AM PDT
Reuters - BAGHDAD (Reuters) - Iraq's Kurdistan will keep pumping its share of national oil exports until September 15, extending a deadline for the central government to make disputed payments to companies working in the autonomous region, Kurdish sources said on Saturday. Kurdistan had warned it would stop oil shipments again at the start of September over the payments, but two Kurdish sources said the region had decided to give Baghdad more time for payment paperwork to be sorted out. ... Full Story | Top |
Nigerian firm says to start new refinery end: 2013
Sat,1 Sep 2012 06:09 AM PDT
Reuters - ONITSHA, Nigeria (Reuters) - Nigerian oil and gas firm Orient Petroleum said it would begin operating a new refinery in south-eastern Anambra state by the end of next year which will process an initial 20,000 barrels per day (bpd) of crude oil. Nigeria is among the world's top 10 crude oil exporters but has to import most of its refined product needs due to the dilapidated state of its refineries. Previous efforts to build new refineries have often been delayed or canceled. ... Full Story | Top |
Expert panel wants India tax avoidance rules deferred by 3 years
Sat,1 Sep 2012 04:47 AM PDT
Reuters - NEW DELHI (Reuters) - A controversial set of laws to stop tax avoidance in India should be deferred until 2016, an advisory panel set up by Prime Minister Manmohan Singh to examine the rules said on Saturday, a move likely to cheer investors. The general anti-avoidance rules (GAAR), first proposed in the federal budget in March, target firms and investors routing money through tax havens. Foreign investors, already wary about investing in India where economic growth has slowed to its slowest in almost a decade, have said they are worried the laws might be misused. ... Full Story | Top |
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