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.
Fannie Mae, Freddie Mac worry sinks Wall St (Reuters)
2008.08.187 minutes ago
NEW YORK (Reuters) - Stocks extended losses on Monday as shares of home finance companies Fannie Mae(FNM.N) and Freddie Mac (FRE.N) slid further on concerns about the prospect of more fallout from the U.S. housing slump.
Both stocks contributed to a broad sell-off in financial shares.
The market took a turn for the worse as the U.S. Treasury repeated that it has no plans to use its new authority to backstop the mortgage finance giants by providing them with equity capital or new loans.
The Treasury comments followed a Barron's newspaper report over the weekend that said the U.S. Treasury was increasingly likely to recapitalize the beleaguered companies, a move that will potentially dilute the value of stock holdings.
The Dow Jones industrial average (.DJI) slid 122.05 points, or 1.05 percent, to 11,537.85. The Standard & Poor's 500 Index (.SPX) declined 11.52 points, or 0.89 percent, to 1,286.68. The Nasdaq Composite Index (.IXIC) dropped 21.12 points, or 0.86 percent, to 2,431.40.
(Reporting by Ellis Mnyandu; Editing by Jan Paschal)
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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.
