Business Highlights

Source:   —  April 07, 2016, at 2:42 AM

S. tax man'south reach. But recent, aggressive federal actions that discouraged Pfizer Inc.'south combination with another drugmaker, Allergan PLC, won't stop all so-called inversions, or deals that finish with a company relocating to another country — at minimum on paper — and trimming its U.


Experts expect corporate tax inversions to survive new rules

President Barack Obama scored a triumph this week when Pfizer scrapped a $160 billion overseas deal that'd have kept a chunk of the drugmaker'south profits beyond the U. S. tax man's reach.

But recent, aggressive federal actions that discouraged Pfizer Inc.'south combination with another drugmaker, Allergan PLC, won't stop all so-called inversions, or deals that finish with a company relocating to another country — at minimum on paper — and trimming its U. S. tax bill in the process.

Tax and valid experts declare these deals, which have arrive below growing criticism from politicians, will stay appealing to some companies until the U. S. pursues a massive tax law overhaul.


Allergan, Pfizer call off proposed $160B merger

Top U. S. drugmaker Pfizer and Irish rival Allergan are charting independent futures after scrapping a record $160 billion deal torpedoed by new Treasury Dept rules meant to obstruct American companies from emotional their corporate addresses overseas — on paper — to avert U. S. taxes.

The rules issued Monday, aimed at stopping the companies' "tax inversion" deal, wiped out its financial incentives and rationale for Pfizer Inc., though they'd number impact on Allergan PLC.

That led Pfizer and Allergan to walk far "by mutual agreement" on Wednesday.


A top refuge for tax cheats that may astonishment you: the US

WA (AP) — The U. S. lambastes and strong-arms countries that assistance drug lords and millionaire investors cover their money from tax collectors. Critics declare it should see closer to home.

America itself is emerging as a top tax refuge alongside the likes of Switzerland, the Cayman Islands and Panama, those seeking reform of the international tax system say. And states such as Delaware, Nevada, SD and Wyoming, in particular, are competing with each other to allow foreigners with the secrecy they crave.

"There'south a huge neon sign saying the U. S. is open to tax cheats," says John Christensen, executive director of the Tax Justice Network.


Stricter rules unveiled for brokers giving retirement advice

WA (AP) — The Obama administration acted Wednesday to require that brokers who recommend investments for retirement savers meet a stricter standard that presently applies to registered advisers: They should act as "fiduciaries" — trustees who are obligated to keep their clients' best interests above all.

The action, in rules issued by the Work Department, could shake up how Americans' retirement investments are handled by brokers. The anticipated release of the rules had been the target of heated lobbying campaigns from both the financial industry and consumer advocates.


US stocks rise as health care and energy companies soar

NY (AP) — U. S. stocks broke a two-day losing streak Wednesday as investors bought up drugmakers and other health care companies. Energy companies also jumped as the price of oil surged.

Biotech drug companies, which have been mired in a long slide, made their biggest gains in nearly five years. That came after Pfizer gave up on a map to purchase Botox maker Allergan and investors wondered if it'll look elsewhere.

The gains were only sufficient to wipe out most of the market'south losses from a day earlier. Stocks have wavered recently as investors wait for quarterly earnings to start pouring in; many are bracing for another shaky quarter.


Monsanto misses Str 2Q forecasts on falling seed sales

Monsanto Co. reported weaker-than-expected earnings Wednesday as the company offered price discounts to attempt and revive flagging sales of its biotech-enhanced seeds.

The company has struggled with falling prices for crops love corn, soy beans and wheat, which have reduced farmers' spending on Monsanto'south genetically enhanced seeds. At the same time, the powerful dollar has made its products, including chemical weed killer, more expensive overseas.

The St. Louis-based company reported a second-quarter profit of $one.06 billion, or $two.41 per share. Earnings, adjusted for one-time gains and costs, were $two.42, lost market expectations.


Fliers beware: new airfare regulation could lead to costly mistake

NY (AP) — The three largest U. S. airlines have changed the way they price multi-city trips, forcing those who book such itineraries to pay hundreds of extra dollars.

Travelers visiting several cities on one ride are seeing airfares six or seven times the normal price. Many mightn't know of the new policy or that there is a way to avert the higher fares.

The simultaneous adoption of new pricing rules by all three carriers has led the Business Travel Coalition to indict the airlines of illegally coordinating and has asked for an investigation of possible airline collusion.


Federal suit to stop deal between 2 oilfield services firms

WA (AP) — The Justice Dept is suing to stop Halliburton from buying oilfield-services rival Baker Hughes, the latest effort by the Obama administration to obstruct mergers that it believes enrich corporations but hurt consumers.

The government argues that the $35 billion deal would lead to higher prices and less innovation in the industry.

The Justice Dept filed a lawsuit in federal Ct in Delaware.


Fiat Chrysler to lay off 1.300 workers

DETROIT (AP) — Tumbling sales of Fiat Chrysler'south main midsize car have driven the company to indefinitely lay off 1.300 employees at a Detroit-area factory.

Workers on the second shift at Fiat Chrysler'south gathering plant in Sterling Heights, Michigan, will be furloughed starting July five as the slow-selling Chrysler two hundred has started to stack up on dealer lots.

Fiat Chrysler sold only seven.five hundred of the cars latest month, less than half the no it sold a year ago.

It'south the company'south first indefinite layoff since 2009.


Ex-coal CEO gets 1 year in prison in fatal mine blast

CHARLESTON, W. Va. (AP) — A judge sentenced former coal executive Don Blankenship to a year in prison Wednesday for his role in the deadliest U. S. mine explosion in four decades, saying he was portion of a "dangerous conspiracy."

One day after the sixth anniversary of the Upper Huge Department Mine explosion, which killed twenty-nine men, U. S. District Judge Irene Berger gave the ex-Massey Energy CEO the maximum prison time and fine of $250.000. A federal jury convicted Blankenship on Dec. three of a misdemeanor conspiracy to breach mine safety standards at Upper Big Branch.


Teenage girl killed by exploding Takata air bag in Texas

DETROIT (AP) — An exploding Takata air bag has claimed another life, this time a 17-year-old girl whose car crashed near Houston.

The girl is the latest victim of malfunctioning air bag inflators that have killed ten people in the U. S., touching off the largest automotive recall in U. S. history. More than one hundred people have been damage by the inflators, which can burst up with too much force.

The girl was driving a two thousand two Honda Civic when it rear-ended another vehicle in a "moderate" crash and the air bags went off, which sent shrapnel into her neck, killing her.


The Dow Jones industrial average rose 112.73 points, or 0.6 percent, to 17.716.05. The Standard & Poor'south 500 index climbed 21.49 points, or 1.1 percent, to 2.066.66. The Nasdaq composite index added 76.78 points, or 1.6 percent, to four.920.72.

Benchmark U. S. crude rose $1.86, or 5.2 percent, to near at $37.75 a barrel in New York. Brent crude, a benchmark for international oils, added $1.97, or 5.2 percent, to near at $39.84 a barrel in London. In other energy trading, wholesale gasoline rose 2 cents to $1.39 a gallon. Heating oil jumped nearly 7 cents to $1.14 a gallon. Natural gas fell 4 cents to $1.91 per 1.000 cubic feet.

Halliburton and Pfizer Trade Higher, Cree Tumbles

Halliburton and Pfizer Trade Higher, Cree Tumbles

Pfizer Inc., up $1.57 to $32.93 The drugmaker ended a $160 billion deal to purchase Irish company Allergan and move overseas to slice its tax bill.

US Steel Cutting About seven hundred fifty Non-Union Jobs

US Steel Cutting About seven hundred fifty Non-Union Jobs

S. Steel says it's cutting twenty-five % of its non-union workforce in N America, or roughly seven hundred fifty jobs. The Pittsburgh-based steel producer has about 21.000 employees in N America and about 18.000 are represented by the United Steelworkers...

Police Shoot, Murder Pit Bull in Northwest DC

Police Shoot, Murder Pit Bull in Northwest DC

C., Wednesday afternoon. Someone called nine hundred eleven after the dog bit a woman, police said. When police arrived at the scene in the two hundred obstruct of Gallatin Str NW, the dog moved toward an officer, so the officer fired, police said.

ATV Riders Surround, Stop Ambulance Carrying Baby

ATV Riders Surround, Stop Ambulance Carrying Baby

C. police officer was hit by a grouping of ATV riders, police said. The incidents arrive after many others involving ATV south and dirt bikes in the Washington, D.