China considers same tax rate for domestic, overseas firms (AFP)
AFP - Chinese lawmakers have mulled a draft law that would impose a 25 percent income tax on both domestic and foreign firms, eliminating the preferential rate for overseas companies, according to state media.
Economic activity weak across U.S.: Fed Beige Book (Reuters)
2008.10.1623 minutes ago
WASHINGTON (Reuters) - Economic activity weakened across the United States in September as businesses revised capital investments, consumers curtailed spending and the general outlook darkened, the Federal Reserve said on Wednesday.
"Economic activity weakened in September across all twelve Federal Reserve Districts," the Fed said in its Beige Book report on the state of the economy through October 6.
The Fed said retailers were seeing consumers pull back while businesses were anxious about the future economic outlook, and that weighed on their capital spending decisions.
"Several districts reported that capital spending decisions were being influenced by economic uncertainty," read the anecdotal report that the Fed uses to help it shape monetary policy.
Markets widely expect the Fed to trim interest rates by a quarter percentage point at the next scheduled meeting of October 28th and 29th in the face of a wrenching credit crunch and broader economic woes.
"Credit conditions were characterized as being tight" across the country, the report stated.
Inflationary pressures moderated a bit in September, the Fed said, while labor market conditions weakened in most areas. The report had a bright spot for agriculture and reported "conditions remained favorable" in most districts. Reports on natural resources were also upbeat, the report said.
(Reporting by Patrick Rucker; Editing by Neil Stempleman)
Top News
More articles on this topic:
China says to continue stable monetary policy (Reuters)
Reuters - China's central bank said on Monday that it would continue to take steps to keep investment and credit growth in check, while pressing ahead with efforts to make the value of its currency more market-driven.
Reuters - China's central bank said on Monday that it would continue to take steps to keep investment and credit growth in check, while pressing ahead with efforts to make the value of its currency more market-driven.
Economic growth concerns drag down indexes (Reuters)
Reuters - U.S. stocks dropped on Friday as concerns about slowing economic growth persisted, causing investors to sell shares of bellwether companies such as plane maker Boeing Co. and leaving all three major indexes in the red for the week.
Reuters - U.S. stocks dropped on Friday as concerns about slowing economic growth persisted, causing investors to sell shares of bellwether companies such as plane maker Boeing Co. and leaving all three major indexes in the red for the week.
Russia tax office files suit vs PWC on YUKOS audit (Reuters)
Reuters - Russian tax authorities have filed a suit against the local branch of PricewaterhouseCoopers (PwC) accusing it of producing a false audit for fallen oil company YUKOS, the auditor said on Monday.
Reuters - Russian tax authorities have filed a suit against the local branch of PricewaterhouseCoopers (PwC) accusing it of producing a false audit for fallen oil company YUKOS, the auditor said on Monday.
Japan keeps view that economy is recovering (Reuters)
Reuters - The Japanese government kept its assessment of the economy unchanged in a monthly report on Monday, after downgrading it for the first time in almost two years last month.
Reuters - The Japanese government kept its assessment of the economy unchanged in a monthly report on Monday, after downgrading it for the first time in almost two years last month.
