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.
Merrill Lynch reports $5.1 billion net loss (Reuters)
2008.10.1623 minutes ago
BANGALORE (Reuters) - Merrill Lynch & Co Inc (MER.N) reported a third quarter net loss from continuing operations of $5.1 billion on Thursday.
* Q3 loss per share $5.56 from continuing operations
* Q3 loss per share $5.58
* Qtrly net write-downs of $5.7 billion
* Qtrly net gains of $2.8 billion due to the impact of the widening of Merrill
lynch's credit spreads
* Says Q3 included $2.5 billion non-tax deductible payment to temasek holdings
related to July common stock offering
* Qtrly net losses of $2.6 billion resulting primarily from completed and
planned asset sales
* Says at end of Q3, total common equity increased to $29.8 billion
* Says no longer pursuing the proposed sale of financial data services, inc
* Says $5.7 billion write-downs resulting from sale of U.S. super senior abs
cdos, hedges with monoline guarantor counterparties
* Says at Q3 end, super senior abs cdo long exposure hedged with aggregate of
$5.3 billion of short exposure
* Qtrly net write-downs of $3.8 billion principally from severe market
dislocations in September from real-estate-related assets, gses
* Says excess liquidity pool ended the quarter at about $77 billion
* Reuters Estimates Q3 earnings per share view $-5.18
* Says full-time employees totaled 60,900 at the end of Q3
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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.
