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AP Business NewsBrief at 8:15 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Apple's Cook to face Senate questions on taxesWASHINGTON (AP) _ A Senate panel says Apple Inc. is avoiding paying billions of dollars in U.S. taxes, but the world's most valuable company says it is complying with the laws and pays "an extraordinary amount" in taxes to the U.S. government. Apple Inc. CEO Tim Cook is scheduled to testify Tuesday on Capitol Hill to explain the company's tax strategy. Housing recovery boosts Home Depot 1Q resultsATLANTA (AP) _ Even though the weather was poor, Home Depot posted an 18 percent increase in its net income for the first quarter thanks to the ongoing housing recovery. Its quarterly results topped Wall Street's view and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday. Best Buy reports 1Q loss on restructuring costsMINNEAPOLIS (AP) _ Best Buy Co. is reporting a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. The electronics retailer says net loss for the three months ended May 4 after paying preferred dividends totaled $81 million, or 24 cents per share. That compares with net income of $158 million, or 46 cents per share, last year. Sprint to listen to Dish offerOVERLAND PARK, Kan. (AP) _ Wireless company Sprint Nextel Corp. says it can now let Dish Network Corp. see its books and talk with Dish to see whether its competing offer to buy Sprint is better than its current deal with Japan's SoftBank. The companies said late Thursday that SoftBank had waived provisions of its deal with Sprint that will allow Sprint to talk with Dish. Futures fall as markets await hints from FedNEW YORK (AP) _ U.S. stock futures are down in light trading ahead of an appearance this week by Fed Chairman Ben Bernanke before Congress. Dow Jones industrial futures slipped 4 points to 15,315. S&P futures have given up 1.1 points to 1,663.50. Nasdaq futures are up 1.75 points to 3,019.25. Markets choppy ahead of Bernanke testimonyLONDON (AP) _ Markets were fairly choppy Tuesday as investors were reluctant to push stock indexes up further ahead of a much-anticipated statement from U.S. Federal Reserve chairman Ben Bernanke. The Fed is conducting its third round of massive bond purchases known as quantitative easing. The aim has been to help drive down interest rates and spur lending. Does France have right plan to revive its economy PARIS (AP) _ The man charged with reviving France's shrinking economy and attracting businesses to invest there is gaining a reputation for doing the opposite. As the country's first-ever minister for industrial renewal, Arnaud Montebourg has told the world's largest steelmaker it is not welcome in France; exchanged angry letters with the head of an American tire company he was supposedly wooing; and scuttled Yahoo's offer to buy the majority of a video-sharing website. How the French economy compares to Germany's, UK'sPARIS (AP) _ Here's how the struggling French economy stacks up compared to Germany's and Britain's. GROSS DOMESTIC PRODUCT (2012) Average credit card debt, late payments fall in 1QLOS ANGELES (AP) _ Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt. The rate of credit card payments at least 90 days overdue fell to 0.69 percent in the first quarter from 0.85 percent a year earlier _ drop of nearly 19 percent, credit reporting agency TransUnion said Tuesday. Vodafone annual profits up 1.9 percentLONDON (AP) _ U.K.-based mobile telecoms company Vodafone has reported a 1.9 increase in annual profits despite a slowdown in much of its European operations. It reported Tuesday net profits of 7.70 billion pounds ($11.665 billion) for the year ending March 2013 compared with 7.55 billion pounds the year before. (c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |