Treasury department looks to end tax benefits of corporate inversions

WASHINGTON, Oct. 14 (UPI) — The U.S. Department of Treasury announced new rules on Thursday aimed at lessening the tax benefit of corporate inversions. New regulations issued by the Treasury Department will make it more difficult for corporations to engage in earnings stripping, a technique used to minimize taxes in the United States after a company moves overseas or is bought by a foreign company, officials say. “For years, this administration consistently has called for comprehensive business tax reform to fix our broken tax system,” Treasury Secretary Jacob Lew said in a statement. “In the absence of congressional action, however, it is Treasury’s responsibility to use our authority to protect the tax base. To that end, we have taken a series of actions to make it harder…

Sensex crashes, closes lower by 699 points, Nifty down by 229 points The Sensex had opened at 27,344.85 points on Friday morning. (Reuters) Indian shares on Friday fell more than 1.5 percent on fears that the next US President Donald Trump’s policies will lead to higher US interest rates and denting the appeal of emerging markets. Global investors could find emerging markets less attractive after the higher US interest rates, which may hit currencies like rupee, which was at 67.0400 per dollar against its previous close of 66.6250. It fell as low as 67.2000. Nifty was 1.75 percent lower at 8, 376.35 and was down 0.68 percent for the week, while Sensex was .65 percent lower at 27,062.58, and was down 0.77 percent for the week. 3:35 PM: Sensex falls 698.96 points or 2.54 points finish the day at at 26,818.82. Nifty down by 229.45 points or 2.69 percent to close at 8,296.30 3:01 PM: Sensex down by 696.64 points ...

Autumn Statement: New 2.2% savings bond on offer next year By Brian Milligan Personal Finance reporter Image copyright Thinkstock A new savings bond offering a "market-leading" rate of 2.2% will go on sale next year, the chancellor, Philip Hammond, has announced.Anyone over 16 will be able to invest up to £3,000 in the three-year bond.For the moment the rate of 2.2% is only "indicative", and will be fixed when the bond is launched some time after April 2017.The chancellor said two million people should benefit. However, critics said the offer was "underwhelming". The bonds, from National Savings and Investments (NSI), will be known as Investment Guaranteed Growth Bonds. Anyone investing the full amount can expect a total return of £202 at the end of three years, subject to tax. What the Autumn Statement means...

Transcontinental says media operations good for society but no longer core By Ross Marowits MONTREAL — Transcontinental says its media operations, which have been squeezed by lower advertising revenues, are no longer core to the future of the commercial printer and packaging firm. “We think that the assets that we own in publishing play an important role in society,” CEO François Olivier told analysts Tuesday during a conference call about its fourth-quarter and 2016 financial results. But, he added, “it is less important than it used to be in terms of size and relevance of importance for Transcontinental’s profitability and long-term growth prospects.” The Montreal-based company gets 10 per cent of its overall revenues and less than 10 per cent of its profits from its weekly newspaper operations. Transcontinental has been active in an industry push...

The Wonderful World of Ticketing for New York Experiences Entertainment Benefits Group is among the largest sellers of live-event tickets in the world. While you may not know them by name, odds are you either clicked on one of their ads in the last decade, or you're in one of their programs. They recently announced their further expansion to reach visitors coming to New York, Las Vegas and Orlando through ShowTickets.com. So I sat down and chatted with Stephanie Baker, Chief Marketing Officer of Entertainment Benefits Group, to discuss her view on the rapidly changing New York City entertainment market. From Broadway to renowned attractions, there is a lot of interest on where the live consumer is heading.Damian Bazadona: As the audience makeup for Broadway has changed with a rise in overall tourism...

Wellington Chamber of Commerce appoints MFAT official to Taipei role Moira Turley, a former diplomat in Turkey and the Philippines, has been appointed to one of the strangest roles in New Zealand diplomacy. Turley, currently the unit manager of the South East Asia division for the Ministry of Foreign Affairs and Trade (MFAT), will lead New Zealand's economic and trade interests in Taipei, the capital of Taiwan, which is New Zealand's eight largest export market. However the relationship with Taiwan is extremely sensitive. At an official level New Zealand does not recognise it as a country because the People's Republic of China will only have diplomatic relations with countries which adhere to the "one China policy". This means accepting Beijing's sovereignty over Taiwan. To resolve the issue, MFAT effectively outsources diplomatic relations to the Wellington Chamber of...

Washington rejects carbon tax, but backers are undeterred SEATTLE (AP) - Washington’s carbon tax initiative was billed as a bipartisan approach to curbing carbon emissions. But voters in this progressive state roundly rejected the measure that drew opposition from the fossil fuel industry and, more surprisingly, many major environmental groups. The proposed tax on carbon emissions from fossil fuels such as coal and gasoline would have been the first in the U.S., and sponsors hoped it would serve as a model for actions across the country. The measure failed by a vote of 59 to 41 percent, but backers said their efforts spurred urgent conversations about climate change in an election year where the issue got little national attention. “Our campaign all along said, ‘We’re going to take a swing at the ball,’ and we did...

Demonetisation: Cash shortage hits goods movement as ATMs remain dry More than half of an estimated 9.3 million trucks under the All India Motor Transport Congress have been affected. (PTI) The crisis sparked by the shortage of cash in India following Prime Minister Narendra Modi’s anti-graft measure to ban high-value currency bills has hit the movement of goods in Asia’s third-largest economy. More than half of an estimated 9.3 million trucks under the All India Motor Transport Congress have been affected as drivers abandon vehicles mid-way into their trip after running out of cash, according to Naveen Gupta, secretary general of the group. India’s roads carry about 65 percent of the country’s freight. That adds to the worries of a government battling to keep cash dispensing machines running after efforts to ease withdrawals failed to keep...