The U.S. Treasury Department is finalizing new tax rules aimed at combating the use of shell companies to evade taxes, U.S. Treasury Secretary Jack Lew said on Saturday amid increased pledges by global finance leaders to cooperate on tax issues. In a statement to the International Monetary Fund’s steering committee, ... Read More »
As earnings season shifts into high gear next week in what is expected to be the weakest U.S. quarterly results reporting period since 2009, the hope among some is that this is as bad as it’s going to get. The U.S. earnings recession that began in the third quarter of ... Read More »
Financial Software & Systems Pvt. Ltd. (FSS), a Chennai-based payments technology and transaction processing company, has inked agreements with six banks to provide UPI (Unified Payment Interface) solution across the country on a hosted platform. UPI facilitates easy and seamless person-to-person (P2P) and person-to-merchant (P2M) transactions for end-customers. Suresh Rajagopalan, ... Read More »
DES MOINES, Iowa, April 15 — An Iowa utility company said it was on pace to have wind energy account for 40 percent of the electricity share in the state with a major stimulus package. Utility MidAmerican Energy filed a request with state regulators to build the $3.6 billion Wind ... Read More »
WASHINGTON, April 15 — With new offshore rules in place, a U.S. energy group said jobs and safety are at risk, though environmentalists said the BP spill in 2010 was still impactful. The Interior Department’s Bureau of Safety and Environmental Enforcement released new rules aimed at preventing loss of life ... Read More »
HOUSTON, April 15 — U.S. energy company Goodrich Petroleum Corp. announced Friday it filed for bankruptcy protection in an effort to erase $400 million in debt. “Through the Chapter 11 restructuring, the company will eliminate approximately $400 million in debt from its balance sheet, substantially deleverage its capital structure and ... Read More »
EDMONTON, Alberta, April 15 — The provincial government of Alberta said it was freezing salaries and dissolving commissions in an effort to address a budget crises sparked by low oil prices. “Faced with a 90 percent drop in non-renewable resource revenue, Albertans are confronted with a choice that will have ... Read More »
U.S. regulators gave a failing grade to five big banks on Wednesday, including JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N), on their plans for a bankruptcy that would not rely on taxpayer money, giving them until Oct. 1 to make amends or risk sanctions. The move ... Read More »
State-backed Royal Bank of Scotland (RBS.L) is axing almost 600 jobs in its UK retail bank, according to sources familiar with the situation, in the latest round of job cuts and branch closures at the lender. All the employees impacted work in the bank’s retail network in England and most ... Read More »
In two small Swiss towns, watchmakers are trying to strike a balance as delicate as the mechanisms in their precision-engineered watches – squeezing suppliers to cope with an industry crisis while preserving the skills that drove past successes. La Chaux-de-Fonds, home to just 39,000 people, and even smaller neighbor Le ... Read More »
Australia’s Macquarie Group Ltd (MQG.AX) shed close to 15 percent of its U.S. investment banking workforce this month to replenish its ranks with star performers in North America, according to people familiar with the matter. The action comes as other international banks reconsider their U.S. investment banking strategy. Earlier this ... Read More »
McDonald’s Corp (MCD.N) is targeting private equity firms, including Bain Capital, MBK Partners, TPG Capital Management and Chinese state-backed conglomerate China Resources (Holdings) for its planned sale of 2,800 restaurants in North Asia, people familiar with the matter told Reuters. The U.S. fast food giant is adopting a new business ... Read More »
