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.
Futures point to lower Wall Street start (Reuters)
2008.08.1920 minutes ago
LONDON (Reuters) - Stock index futures pointed to a lower opening on Wall Street on Tuesday as investors, rattled by renewed worries over the health of the financial sector, brace for U.S. housing data. By 1009 GMT (6:09 a.m. EDT), S&P 500 futures, Dow Jones futures and Nasdaq 100 futures were all down 0.2 percent.
* U.S. economic indicators due for release on Tuesday include Producer Price Index for July, as well as Housing Starts and Building permits for July, due at 1230 GMT.
* Producer prices probably rose more modestly in July than in June, according to a Reuters poll, helped by moderating oil prices that have helped ease fears about inflation to some degree.
* U.S. housing starts are estimated to have slipped in July as builders try to cut inventory to counter weak demand. Economists polled by Reuters estimated that on a seasonally adjusted, annualized basis, housing starts totaled 960,000 in July, down from 1.066 million in June. Building permits, a leading indicator for housing starts, are also estimated to have fallen -- to 970,000 in July from 1.138 million in June.
* Companies reporting earnings on Tuesday include Hewlett-Packard Co (HPQ.N), Target Corp (TGT.N), and Home Depot (HD.N). The home improvement industry leader, which is expected to post lower earnings, has already said full-year profit could fall as much as 24 percent this year as consumers pull back from big-ticket remodels.
* Banks will again be in the spotlight. Sources told Reuters U.S. investment bank Lehman Brothers Holdings Inc (LEH.N) is considering options, such as selling all or part of its asset management unit, with an aim of reaching a deal by the time it releases third quarter earnings.
* The worst of the global financial crisis is yet to come and a large U.S. bank will fail in the next few months as the world's biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.
* On the commodities front, Tropical Storm Fay moved ashore over southwest Florida on Tuesday without strengthening into a hurricane, bringing heavy rains to the south of the peninsula, the U.S. National Hurricane Center said.
* Oil prices fell to around $112 on Tuesday as the storm avoided oil and gas installations.
* On the M&A side, General Dynamics (GD.N) said it agreed to acquire Zurich-based Jet Aviation, a privately held provider of business aviation services, for about $2.25 billion in cash.
(Reporting by Blaise Robinson)
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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.
