Business

CEO Cook To Defend Apple Before Senate Committee Hearing

John Ydstie — Tue, 21 May 2013 08:24:00 +0000

Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.

The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S.

Huge Boost In U.S. Oil Output Set To Transform Global Market

Scott Neuman — Tue, 14 May 2013 20:47:00 +0000

U.S. oil production is rising sharply and increased output from shale will be a "game changer" in global energy markets in the coming years, according to a new report out Tuesday by the International Energy Agency.

"U.S.

What Ever Happened To The Economy?

Alan Greenblatt — Tue, 14 May 2013 16:23:00 +0000

Remember the economy?

The election year was dominated by talk about jobs and the economy, but neither the administration nor Congress seems to have any grand ideas for jump-starting a still sluggish recovery — and they're not even talking about it much.

President Obama sought to turn attention back to economic issues with a speech last week in Texas on manufacturing, but that's already long since been forgotten.

Peers Find Less Pressure Borrowing From Each Other

Wendy Kaufman — Fri, 10 May 2013 07:17:00 +0000

The Internet has managed to disrupt many industries, from publishing to music. So why not lending?

Google is teaming up with the nation's largest peer-to-peer lender. The search and tech giant is investing $125 million in Lending Club, which gets borrowers and lenders together outside the conventional banking system. Google's move and the actions of other big players reflect a growing interest in peer-to-peer lending.

Chanda Lugere works for a bank, but when she wanted a loan to consolidate her credit card debt, which carried a high interest rate, the bank didn't have much to offer.

Furloughs Only The Latest Blow To Federal Worker Morale

Yuki Noguchi — Thu, 09 May 2013 06:45:00 +0000

Federal workers say they don't have much to celebrate these days.

Furloughs began in April, exacerbating already low morale for many government agencies as budgets have tightened. Downsizing has meant more work for those who remain, and talk of further cuts has many worried about job security. This year is also the third that federal workers haven't received a pay increase, contributing to discontent.

Jenny Brown is in her 27th year as an examiner for the Internal Revenue Service, where she answers peoples' tax questions.

Head Of Environmental Crimes Unit Is Leaving Government

Carrie Johnson — Wed, 08 May 2013 11:03:00 +0000

Assistant U.S. Attorney General Ignacia Moreno, the point person at the Justice Department for prosecuting environmental crimes, says she will leave government service next month.

Moreno, the first Latina to lead the department's Environment and Natural Resources Division, was unanimously confirmed by the Senate in November 2009. Her tenure spanned one of the worst disasters in U.S. history, the oil spill in the Gulf of Mexico after the Deepwater Horizon rig exploded in April 2010.

Some Net Retailers Aren't Buying Online Sales Tax Proposal

Yuki Noguchi — Mon, 06 May 2013 22:19:00 +0000

Congress is considering a bill that would allow states to collect sales taxes from online retailers. Proponents say a law is necessary to level the playing field with brick-and-mortar stores and to raise revenue for states.

Simply put, the Marketplace Fairness Act would require any online retailer with more than $1 million in annual sales to collect and remit sales tax. But Joseph Henchman, a vice president at the nonpartisan Tax Foundation, says it's not that simple. He says the bill, at about five pages of text, is unusually brief.

Wal-Mart Reclaims No. 1 Spot On Fortune 500 List

editor — Mon, 06 May 2013 15:28:00 +0000

Wal-Mart has reclaimed the lead spot on the Fortune 500 list released today. For the past few years, the giant retailer has been battling it out with Exxon for top billing.

This year, Exxon Mobil dropped to No. 2.

Fortune writes about Wal-Mart:

"For fiscal year 2012, sales rose 5.9%, to $443.9 billion.

165,000 Jobs Added In April, Jobless Rate Fell To 7.5 Percent

Mark Memmott — Fri, 03 May 2013 12:35:00 +0000

(Most recent update: 10 a.m. ET.)

The nation's jobless rate edged down to 7.5 percent in April from 7.6 percent in March and employers added 165,000 jobs to their payrolls last month, the Bureau of Labor Statistics reported Friday morning.

The news was better than economists were expecting.

After Belt Tightening, Some States Are Back In The Black

Greg Allen — Mon, 29 Apr 2013 09:13:00 +0000

Across the country, state budgets are back in the black after years of belt-tightening and spending cuts. From California to Florida, in nearly every state, the economic recovery has produced a surge in tax revenue.

For governors and state legislators, that's produced a new question: how to spend the money.

The past three years have not been easy ones for elected officials. Nearly every state requires them to produce a balanced budget.

In The Wake Of Brazil's Boom, Prices To Match

Lourdes Garcia-Navarro — Fri, 12 Apr 2013 07:27:00 +0000

In Sao Paulo, Brazil's largest city, a Starbucks coffee shop looks as it would in the United States. It has the same jazzy music; the same items on the menu.

There is one thing that is different, though: the prices.

"Everyone told me it's expensive, but when you see it yourself it's shocking," says one customer, Thierry, who is from Geneva and is in town for a wedding.

The largest-size chai latte costs nearly $6. Over the weekend, a Brazilian magazine posed the question of whether Sao Paulo has the most expensive pizza in the world. The answer? Yes — an average pie will run $30 to $40.

Construction Booming In Texas, But Many Workers Pay Dearly

Wade Goodwyn — Wed, 10 Apr 2013 07:20:00 +0000

Like almost everything in the Texas, the construction industry in the Lone Star State is big. One in every 13 workers here is employed in the state's $54 billion-per-year construction industry.

Homebuilding and commercial construction may be an economic driver for the state, but it's also an industry riddled with hazards. Years of illegal immigration have pushed wages down, and accidents and wage fraud are common. Of the nearly 1 million workers laboring in construction here, approximately half are undocumented.

Many of those workers have been in the U.S. for years, even decades.

EPA's Push For More Ethanol Could Be Too Little, Too Late

Michigan Radio: Tracy Samilton — Mon, 01 Apr 2013 07:23:00 +0000

The U.S. Environmental Protection Agency could soon issue a final ruling that aims to force oil companies to replace E10, gasoline mixed with 10 percent ethanol, with E15.

This move could come just as widespread support for ethanol, which is made from corn, appears to be eroding.

Mike Mitchell was once a true believer in ethanol as a homegrown solution to foreign oil imports.

Planning For Retirement When Savings Falls Short

NPR Staff — Wed, 27 Mar 2013 07:33:00 +0000

For most Americans, the math for a comfortable retirement may never add up.

According to recent census figures, Americans ages 55 to 65 had about $45,000 in savings and assets, not including their homes. In another survey, by the Employee Benefit Research Institute, 57 percent of American workers said they have less than $25,000 in total savings and investments.

Ford Sorry For Mocked-up Ads In India Showing Bound And Gagged Women

Mark Memmott — Mon, 25 Mar 2013 15:00:00 +0000

Illustrations produced by an Indian ad agency showing scantily clad cartoon women bound, gagged and stuffed into the hatch of a Ford Figo have led both the car company and the ad agency's parent to issue apologies.

The images, according to FirstPost.Business, were "scam ads — ads that are created not to sell products and services, but to win awards at awards shows such as the Abby or at Cannes."

The agency, JWT India, does do work for Ford in that country.

Cyprus Bailout To Hit Depositors, Sends Shivers Through Markets

Scott Neuman — Mon, 18 Mar 2013 12:31:00 +0000

A vote in Cyprus on whether to approve a controversial bailout plan has been postponed after the prospect of the deal caused bank customers to rush to withdraw their savings and drew the ire of overseas depositors.

As NPR's Krishnadev Calamur wrote in a post over the weekend: "The money [is] needed because Cyprus' banks lost 4.5 billion euros on their Greek bond holdings, which were written down last year after Greece's second bailout."

The bailout, whi

Financial News From Chornyak & Associates

Chornyak & Associates — Wed, 13 Mar 2013 22:14:51 +0000

The Barron's magazine top financial advisor rankings are out again for this year, and we are proud to be in the national top 1,000, as well as having moved up to number 18 in the Ohio list. We want to thank our clients for keeping us in this elite group.

Fast Fashion's Challenge: Making Money With 'Made In The USA'

Amy Walters — Wed, 13 Mar 2013 21:34:00 +0000

In the world of fast fashion, two U.S.-based companies loom large: Forever 21 and American Apparel. Both are based in Los Angeles, but the two could not be more different.

American Apparel proudly boasts that the clothes it sells are "made in the USA." In contrast, Forever 21 subcontracts with factories all over the world.

Dov Charney, American Apparel's Canadian-American founder and CEO, has a reputation.

Retail Sales Rose In February; Spending Was 'Relatively Robust'

Mark Memmott — Wed, 13 Mar 2013 12:45:00 +0000

Retail sales rose an estimated 1.1 percent in February from January and were up 4.6 percent from February 2012, the Census Bureau says.

Kathy Bostjancic director of macroeconomic analysis at the The Conference Board research group, says in an analysis sent to reporters that the report's a sign that "consumer spending remains relatively robust." And since consumers buy about 70 percent of all goods and services, their willingness to spend is a key economic driver.

the Bureau of Labor Statistics reported Friday.

The news came as a surprise to most economists.