Camp’s Territorial Proposal May Complicate Push for Tax Holiday

House Ways and Means Committee Chairman Dave Camp’s proposed rewrite of the U.S. approach to international taxation will require multinational companies to decide whether to continue a push for a repatriation holiday or wait for a broad overhaul of the tax code.

Samsung pips Apple

The South Korean electronics giant Samsung has overtaken Apple to become the world’s top maker of smartphones.

Tax havens: Is the tide turning?

Around the world, grassroots opposition to tax avoidance is on the rise. But a survey shows that all but two of the UK's biggest 100 companies have subsidiaries in tax havens, from the Cayman Islands to Singapore. So is big business out of step with public opinion?

Global Crises are Spiritual: A Time for Awakening

In modern economic thinking, greed and selfishness are upheld as guiding the ‘invisible hand’ of the market and are therefore exempt from moral consideration. It is time for us to redefine our values and build a just economy for the common good, says Kamran Mofid.

Libya set to get back $37 billion from U.S.

Even before Moammar Gadhafi's death Thursday, the Treasury Department was already starting to thaw some $37 billion worth of frozen Libyan assets to make them available to the new government in Tripoli. The new Libyan government will get all the money. Eventually.
Earlier this year, the United States froze its piece of what some analysts believe to be as much as $150 billion in assets that had been available to the Gadhafi regime around the world.

China 'losing edge' as low-cost manufacturer, says KPMG

China is losing its edge as the world's cheapest place to manufacture goods, a new report suggests.

Small companies weigh in on IFRS move

The transition to IFRS is a hot-button issue once again, as the SEC has floated the idea of "condorsement" as a possible path to adoption in the United States.

Steve Jobs, Capitalist Tool

Maybe this is the least important thing that can be said about Steve Jobs right now. But it’s true. He was a good capitalist, and that means he was a good loser.

Forbes Leadership Highlights of the Week: The World Loses Steve Jobs

One of the all-time great corporate leaders and innovators died this week, much too soon, and at Forbes Leadership we all paused to reflect on and sum up what Steve Jobs had been and done. Within hours of the news, Carmine Gallo gave us “Steve Jobs: He Saw Genius in Our Craziness,” with terrific video on what you can learn from how the Apple chief did it. I followed with “What Steve Jobs Really Gave Us: Joy.” Scott Davis added “Steve Jobs, Inspired and Inspiring.” John Ellett considered “Steve Jobs’ Legacy for Marketers.” William Duggan asked, “Steve Jobs: Visionary or Opportunist?,” and answered opportunist—but in the best possible way. E. D. Kain took a personal view, with “Remembering Steve Jobs: How Apple Helped Shape My Childhood” and also gathered some of the best writings from beyond Forbes Leadership with “10 Must-Reads and Other Tributes to the Life of Steve Jobs.” The day before Jobs’ death, Carmine Gallo responded to the announcement of the new iPhone by filing “Apple’s Tim Cook Does His Best Steve Jobs.” Now Cook will have to keep doing his best Steve, but none of us will soon be forgetting the great man himself and all he did for us and showed us. I expect we’ll continue to draw what wisdom we can from his example at Forbes Leadership.

Apple full-year profits rise 85%

The world's biggest technology company Apple has reported full year results, showing net profit for the year to 25 September at $25.9bn (£16.5bn), up 85% from the previous year.

Even that was not enough to satisfy Wall Street, with the shares falling nearly 5% in after-hours trading.

There was some disappointment with the fourth quarter of the year, when no major new products were released.

Taiwan's HTC loses Apple patent infringement case in US

Taiwanese smartphone maker HTC has been dealt a big blow in its legal battle with Apple involving patent infringement claims.

The US International Trade Commission (ITC) has ruled that Apple did not violate patents as claimed by HTC in a complaint lodged last year.

Citigroup's third quarter earnings beat expectations

Citigroup has reported a 74% increase in its third quarter profit.

The US bank reported net income of $3.8bn (£2.4bn), marking its seventh consecutive quarter of being in profit.

The earnings were helped by the fact that the business set aside less money to cover bad loans.

Apple wins battle to block Samsung tablets in Australia

An Australian court has temporarily banned the sale of Samsung Electronics' tablet computer in Australia, a victory for Apple in its global patent dispute with the South Korean company.

Apple has accused Samsung of copying its touch-screen technology for its Galaxy Tab 10.1.

The two companies are embroiled in legal battles in nine countries.

Rolls-Royce sells its share in IAE to Pratt & Whitney

Rolls-Royce is selling its share in the International Aero Engines (IAE) joint venture to Pratt & Whitney.

Rolls-Royce owns 32.5% of IAE, which makes the V2500 engines for the Airbus A320.

It will be paid $1.5bn (£956m) and receive future payments based on the use of the engines.

Steve Jobs 'died of respiratory arrest'

Apple co-founder Steve Jobs died of respiratory arrest linked to the spread of his pancreatic cancer, his death certificate has revealed.

The certificate, filed in Santa Clara County, California listed his occupation as "high-tech entrepreneur".

The Apple co-founder died on 5 October at the age of 56 at his home in Palo Alto.

Dexia bank gets massive bailout

France, Belgium and Luxembourg are to bail out the troubled bank Dexia, following fears it could go bankrupt.

The Belgian government will buy the bank's division in Belgium for 4bn euros ($5.4bn; £3.4bn).

And Luxembourg's finance minister said a Qatari investment group was ready to buy the bank's Luxembourg unit.

Wayne Says Co-Founding Apple Like ‘Having a Tiger by the Tail’

Oct. 7 (Bloomberg) -- Ron Wayne, who sold his stake in Apple Inc. two weeks after founding it with Steve Jobs and Steve Wozniak in 1976, said he knew the company would be a rollercoaster and also very successful.

“They were absolute whirlwinds aside from the fact they were intellectual giants, which I recognized, and it was like having a tiger by the tail; you can’t hang on and you can’t let go,” said Wayne, 77, in an interview with Bloomberg Television. “If I’d stayed with them, I was going to wind up the richest man in the cemetery, so I figured it was best for me to go off and do other things.”

Apple unveils refreshed iPhone 4S, but no iPhone 5

Apple has unveiled the latest iteration in its iPhone range, but there was no sign of the widely rumoured iPhone 5.

The iPhone 4S, as the model will be known, boasts an improved camera and significantly extended battery life.

It will run the latest iOS5 operating system, which is set for release on 12 October.

Ford strikes 'tentative' pay deal with UAW union

US carmaker, Ford, says it has agreed in principle to a four-year pay deal with the United Auto Workers union.

Ford says the settlement will make it more competitive in its home market.

Exact details are being withheld until the UAW's members have a chance to review the contract.

Financial services firms 'plan job cuts'

Financial services firms are expected to cut jobs in the next three months after recent volatility on the stock markets "darkened the mood" in the sector, a report has said.

The PricewaterhouseCoopers and CBI survey said that in the three months to September growth in the sector was at its slowest pace since June 2010.

A further slowdown is expected in the coming quarter, the study said.