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Monthly Archives: May 2011

Obama Administration Considers Making Corporations Pay More Taxes

“WASHINGTON (Reuters) – The Obama administration is considering a plan to force more businesses to pay the corporate income tax, an industry group said, in an overhaul package that could be unveiled as early as this month.

Under the proposal, entities with more than $50 million in gross receipts would pay the corporate income tax, instead of the individual income tax they now pay. Partnerships like law firms and hedge firms would likely be the most affected.

“Treasury Department staff are working on a tax reform proposal that reportedly would include corporate taxation of any pass-through entity with gross receipts of $50 million or more,” said a letter to members of the National Association of Publicly Traded Partnerships from its executive director Mary Lyman sent on Friday, obtained by Reuters.”

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Humana Inc. Earnings: $1.86 vs Consensus of $1.49 on Revenues of $9.11 Bn

“LOUISVILLE, Ky. – Humana Inc. said Monday that its first-quarter profit rose 22 percent as the health insurer posted enrollment gains in its Medicare Advantage and stand-alone Medicare prescription drug plans.

In a sign of its growing diversity, the company also doubled pretax income in its health and well-being services segment in the period.”

Full report

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General Electric Wins a $500 Million Saudi Electric Power Plant Contract

“Saudi Electricity Co., the kingdom’s largest utility, selected General Electric Co. to help expand four power plants in contracts valued at more than $500 million.

GE will supply gas-turbine technology and services for the projects, which will meet half of Saudi Electricity’s targeted increase in annual output, the U.S. company said in an e-mailed statement today.

“These fast-tracked plant expansions are designed to meet peak summer demands,” Saudi Electricity’s Chief Executive Officer Ali al-Barrak said in the statement.”

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European Manufacturing Beats Expectations

“European manufacturing growth accelerated more than estimated in April, driven by higher output in Germany and France, suggesting the region’s economy is weathering surging energy costs.

A gauge of manufacturing in the 17-nation euro area rose to 58 from 57.5 in March, London-based Markit Economics said in an e-mailed report today. That’s above an initial estimate of 57.7 on April 19. A reading above 50 indicates growth.

European manufacturers, led by German companies such as Volkswagen AG, are boosting production and hiring more workers to meet increased export orders. With euro-area capacity utilization at the highest since 2008, oil prices up 23 percent this year and companies trying to pass on higher input costs, the risk is growing that inflation may accelerate and slow the recovery.”

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China’s PMI Falls Suggesting Slower Growth

“A Chinese manufacturing index declined in April from March, indicating that growth may moderate in the world’s second-biggest economy after the government raised interest rates and allowed faster gains in the yuan.

The Purchasing Managers’ Index fell to 52.9 from 53.4, China’s logistics federation and the statistics bureau said in an e-mail yesterday. That was below a median forecast of 53.9 in a Bloomberg News survey of 20 economists.

Premier Wen Jiabao’s government aims to counter the fastest inflation since 2008 and cool a real-estate market that has been at risk of price bubbles. Credit Suisse Group AG says the nation’s fifth increase in benchmark rates since the global financial crisis may come as early as today, a Chinese holiday, less than a month after the previous move.

“This slowdown won’t pose a concern as it indicates that Beijing’s tightening measures are taking effect,” said Liu Li-Gang, an economist at Australia & New Zealand Banking Group in Hong Kong who has worked for the World Bank. “The moderation in economic growth could help to ease inflationary pressure, and inflation should gradually slow in the coming few months.”

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World Markets Trade Higher on Earnings and Osama bin Laden Killing

Asia’s benchmark stock index rose to the highest level in almost four months after U.S. companies reported earnings that topped analysts’ estimates and President Barack Obama said Osama bin Laden has been killed.

Komatsu Ltd., the world’s No. 2 maker of construction equipment, advanced 3 percent after Caterpillar Inc. posted better-than-estimated profit. Seiko Epson Corp., a Japanese printer maker, rose 5.7 percent after forecasting net income will jump 66 percent this fiscal year. Hyundai Development Co. surged 12 percent in Seoul after the government announced measures to aid builders and boost the property market.

The MSCI Asia Pacific Index gained 0.7 percent to 140.42 at 7:38 p.m. in Tokyo, the highest level since Jan. 19. Three stocks rose for each that fell on the gauge. The measure rose 0.5 percent last week after the Federal Reserve renewed its pledge to stimulate growth in the U.S., the world’s biggest economy, with low interest rates.”

Asia


“European stocks advanced for an eighth day, the longest winning streak in 10 months, as President Barack Obama said al-Qaeda leader Osama bin Laden was killed in Pakistan yesterday. U.S. index futures and Asian shares rose.

Danisco A/S climbed to the highest since 1989 as the world’s largest food-ingredients maker received an increased takeover bid from DuPont Co. Demag Cranes AG jumped 22 percent after Terex Industrial Holding AG offered to buy the company.TNT NV lost 1.9 percent after the Dutch mail carrier that’s spinning off its express unit said quarterly profit fell.

The benchmark Stoxx Europe 600 Index gained 0.2 percent to 284.35 at 12:12 p.m. in London, a two-month high. Standard & Poor’s 500 Index futures advanced 0.5 percent and the MSCI Asia Pacific Index rose 0.7 percent. U.K. and Irish equity markets are closed today for a holiday.”

Europe

“Stocks and U.S. equity-index futures gained, the Dollar Index snapped a nine-day slump and oil dropped the most in two weeks after President Barack Obama said Osama bin Laden is dead. Silver sank after CME Group Inc. raised the amount of cash traders need for speculative positions.

Standard & Poor’s 500 Index futures advanced 0.5 percent at 7:16 a.m. in New York. The Stoxx Europe 600 Index rose 0.2 percent, an eighth day of gains. The Dollar Index added 0.1 percent after falling 3.4 percent during its losing streak, South Korea’s won rose against its 16 most-traded peers, and the Swiss franc weakened. Oil lost 1.5 percent in New York. Silver futures plunged as much as 13 percent. The yield on the two-year German note climbed four basis points.”

U.S. Futures

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Man From Abbottabad Might Have Live Tweeted U.S. Assault on Bin Laden

Read his timeline.

ReallyVirtual Sohaib Athar
Helicopter hovering above Abbottabad at 1AM (is a rare event).
ReallyVirtual Sohaib Athar
A huge window shaking bang here in Abbottabad Cantt. I hope its not the start of something nasty :-S
ReallyVirtual Sohaib Athar

@
@raihak Funny, moving to Abbottabad was part of the ‘being safe’ strategy
ReallyVirtual Sohaib Athar
Since taliban (probably) don’t have helicpoters, and since they’re saying it was not “ours”, so must be a complicated situation #abbottabad
ReallyVirtual Sohaib Athar
The abbottabad helicopter/UFO was shot down near the Bilal Town area, and there’s report of a flash. People saying it could be a drone.
ReallyVirtual Sohaib Athar
Here’s the location of the Abbottabad crash according to some people >>> http://on.fb.me/khjf34
ReallyVirtual Sohaib Athar
And now, a plane flying over Abbottabad…
ReallyVirtual Sohaib Athar
Report from a taxi driver: The army has cordoned off the crash area and is conducting door-to-door search in the surrounding
ReallyVirtual Sohaib Athar
RT @ISuckBigTime: Osama Bin Laden killed in Abbottabad, Pakistan.: ISI has confirmed it << Uh oh, there goes the neighborhood :-/
ReallyVirtual Sohaib Athar
I need to sleep, but Osama had to pick this day to die :-/
ReallyVirtual Sohaib Athar
Uh oh, now I’m the guy who liveblogged the Osama raid without knowing it.
ReallyVirtual Sohaib Athar
and here come the mails from the mainstream media… *sigh*
ReallyVirtual Sohaib Athar

@sabahat24 Irony follows me everywhere I go :-/

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