Friday , 19 January 2018

Business News

American Express posts $1.2 billion loss due to new tax law

Credit card company American Express posted a $1.2 billion loss in its latest quarter after booking large one-time charges related to the new tax law. The company also announced it would suspend its share buy-back program for six months to rebuild its capital following the charge. American Express Co. said Thursday it lost $1.41 a share in the three months …

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How major US stock indexes fared on Thursday

Stocks closed slightly lower Thursday, pulling the market below the record highs it set the day before. Losses in industrial and energy stocks contributed the most to the modest declines. Technology companies accounted for the biggest gains. Bond yields climbed to their highest level since March as demand for bonds waned. On Thursday: The Standard & Poor’s 500 index fell …

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Old corporate tax rate 'was never good for the United States,' Apple CEO says

In an interview with ABC News’ Rebecca Jarvis, Apple CEO Tim Cook explained why many U.S. companies, including Apple, have parked billions of dollars in profits overseas for years. The high corporate tax rate in the U.S. encouraged companies to keep that money deployed elsewhere and “we thought this was never good for the United States because it motivates people …

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Sound familiar? Burger King launches quarter pound burger

Burger King is looking to start a beef with McDonald’s by launching its own quarter-pound burger. The fast food company says the Double Quarter Pound King will hit restaurants nationwide Thursday. An online ad shows The Burger King mascot at a funeral for a competitor’s quarter-pound burger, but doesn’t mention McDonald’s by name. It comes as McDonald’s is working to …

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Morgan Stanley's profits fall 59 percent due to tax bill

Morgan Stanley’s earnings fell 59 percent in the fourth quarter, the company said Thursday, as the investment bank had to book $990 million in charges related to the new tax law. Morgan Stanley earned $686 million, or 29 cents a share, down from $1.67 billion, or 81 cents a share, from a year earlier. Excluding the tax charges, the earnings …

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'We want to help America,' Apple CEO Tim Cook says of moving foreign money back to US

Apple CEO Tim Cook opened up to ABC News after the company announced earlier today that it will be investing $350 billion in the U.S. economy over the next five years, creating more than 20,000 jobs. In a news release, the company also said it would make a $38 billion tax payment to the U.S. as required by recent changes …

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