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.
IBM services and software sales up as hardware falls (Reuters)
2008.10.1729 minutes ago
BOSTON (Reuters) - International Business Machines Corp (IBM.N), the world's biggest technology services company, posted a higher quarterly profit on Thursday as an increase in services and software revenue offset a decline in computer hardware sales.
The results confirmed preliminary figures released last week, when it posted a higher-than-expected third-quarter profit and reaffirmed its full-year outlook despite weaker quarterly revenue due to a stronger dollar.
IBM's steady performance has helped its stock hold up better than many tech shares during the global financial crisis. IBM shares have lost 18 percent so far this year, versus a 37 percent drop in the Nasdaq Composite Index (.IXIC).
Revenue from IBM's services business, its largest segment, climbed 8 percent to $14.8 billion. Revenue at its software division, its most profitable, rose 12 percent to $5.2 billion. Hardware sales fell 10 percent to $4.4 billion.
The Armonk, New York company said that third-quarter net income rose to $2.8 billion, or $2.05 per share, from $2.4 billion, or $1.68 per share, a year earlier. Revenue rose 5 percent to $25.3 billion.
(Reporting by Jim Finkle, editing by Richard Chang)
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