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Post : Business Highlights
URL : http://business.financialpost.com/pmn/pmn-business/business-highlights-119
Posted : January 12, 2018 at 12:30 pm
Author : The Associated Press
Tags : AP
Categories : PMN Business


Bank execs sing praises of new tax law as windfall looms

NEW YORK (AP) -- Two of the nation's biggest banks -- JPMorgan Chase and Wells Fargo -- are indicating they expect to see significant future benefits from the recently enacted GOP tax bill, through both lower taxes and increased business. Banks have regularly paid effective tax rates of 30 per cent or more. JPMorgan said Friday that it now expects its effective corporate tax rate to be roughly 20 per cent, while Wells estimates 19 per cent.


Facebook edits feeds to bring less news, more sharing

NEW YORK (AP) -- Facebook says it is changing what users will see to emphasize personal connections over business pages and videos of celebrities. CEO Mark Zuckerberg said social media should help users to connect with people they care about, not make them feel depressed and isolated. The move is intended to highlight the posts users are most likely to engage with rather than those they just passively consume.


Some utility rates could go down after US corporate tax cuts

OKLAHOMA CITY (AP) -- Public utility regulators nationwide are considering lowering the rates consumers pay for electricity and natural gas after a federal tax overhaul reduced the corporate income tax rate by 14 per cent. The law lowers the highest corporate income tax rate from 35 per cent to 21 per cent. It went into effect Jan. 1. Regulators and consumer groups such as AARP are demanding that the rates be rolled back.


Despite merry holidays, retailers face challenges in 2018

NEW YORK (AP) -- Even with a much better-than-expected holiday season behind them, retailers face plenty of challenges ahead in 2018. Stores trying to hold their own against an expanding Amazon will have to keep sprucing up their locations and investing in the quick delivery that shoppers want. Those kinds of moves may bite into their profits, but they'll save money from tax changes.


Lawmakers to Justice Department: Keep online gambling legal

ATLANTIC CITY, N.J. (AP) -- Federal lawmakers from both parties in New Jersey are asking the U.S. Justice Department to keep internet gambling legal. In a letter Thursday, the lawmakers urged the department not to rescind its 2011 legal opinion that internet gambling is permissible. It was responding to a letter in November from Republican Sen. Lindsey Graham and Democratic Sen. Dianne Feinstein asking the Justice Department to change course and have Congress determine whether to permit online gambling.


Supreme Court to hear sales tax collection case

WASHINGTON (AP) -- The Supreme Court has agreed to wade into the issue of sales tax collection on internet purchases in a case that could force people to pay more for some things and let states recoup what they say is billions in lost revenue. Under previous Supreme Court rulings, when internet retailers don't have a physical presence in a state, they can't be forced to collect taxes on sales into that state.


Investors cheer German deal, but some bemoan lack of vision

FRANKFURT, Germany (AP) -- Hopes for a new government in Germany sent the euro and markets higher Friday on relief that the Europe's biggest economy might soon get stable leadership. But it left some economists and business lobbyists saying it offers too little to support the country's prosperity over the longer term.


Fiat Chrysler recalls minivans for engine stalling problem

DETROIT (AP) -- Fiat Chrysler is recalling more than 160,000 minivans mainly in North America to fix a software problem that can make engines stall. The recall covers certain Chrysler Pacifica vans from the 2017 model year with gasoline engines. The company says under rare conditions, the engine control computer can incorrectly determine the operating status and cause the engine to shut off. Fiat Chrysler says it knows of one potentially related crash but no injuries caused by the problem.


CVS says it will keep Aetna in Connecticut's capital city

HARTFORD, Conn. (AP) -- CVS Health Corp. says it has no plans to move insurer Aetna from Connecticut's capital city of Hartford. Friday's statement reverses a previous announcement by Aetna last year that it was moving its headquarters to another state. CVS bought Aetna in December and says it views Hartford as the future location of a "centre for excellence for the insurance business."


Stocks keep pushing higher in 2018, led by retailers

NEW YORK (AP) --Gains for retailers helped push U.S. stock indexes further into record territory on Friday, as the market's fabulous start to 2018 carried through its second week. Interest rates also climbed, and the two-year Treasury yield touched its highest level since 2008 after a key component of inflation accelerated last month.


Standard & Poor's 500 index rose 18.68 points, or 0.7 per cent, to 2,786.24. The index is already up more than 4 per cent for 2018. The Dow Jones industrial average climbed 228.46, or 0.9 per cent, to 25,803.19, the Nasdaq composite rose 49.28, or 0.7 per cent, to 7,261.06 and the Russell 2000 index of small-cap stocks gained 5.18, or 0.3 per cent, to 1,591.97.

Benchmark U.S. crude rose 50 cents to settle at $64.30 per barrel. Brent crude, the international standard, gained 61 cents to $69.87 per barrel. Natural gas gained 12 cents to $3.20 per 1,000 cubic feet, heating oil added a penny to $2.09 per gallon and wholesale gasoline rose 1 cent to $1.85 per gallon.

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