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BUSINESS NEWS APRIL 13TH, 2016


STOCKS RALLY AS OIL SURGES TO A 2016 HIGH

The U.S. stock market cruised to new 2016 highs Wednesday as an earnings beat from JPMorgan propelled bank stocks higher and the Dow to a second straight triple-digit gain. The Dow Jones industrial average jumped 187 points, or 1.1%, to 17,908, managing that on top of a jump of nearly 165 points Tuesday on hopes of a crude oil freeze accord. It was the Dow's highest close of the year, boosted its 2016 gain to 2.8% and left it just 2.2% below its record close last May. The broader Standard & poor's 500 stock index also set a new 2016 high, rising 1.0% for a 1.9% year-to-date gain and closing 2.3% below its record close in May. While the Nasdaq also closed at a new 2016 high with its 1.6% gain, it still is down 1.2% for the year and 5.2% below its record close in July.

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VERIZON WORKERS GO ON STRIKE

In the second largest strike in United States history, 36,000 Verizon workers walked off the job after failing to reach a labor agreement with their employers. The Communication Workers of America have said that the workers have been without a contract since August, and that Verizon have been outsourcing jobs to Mexico, the Dominican Republic and the Philippines. Ken Beckett, a technical telecommunications associate for Verizon, says that the outsourcing takes jobs away from hard-working Americans. The workers’ union alleges that Verizon has been hurting its workers and their families in order to increase its profit.

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RBI TO MAKE MASALA BONDS MORE ATTRACTIVE

The Reserve Bank of India (RBI) has reduced the minimum tenure of such bonds that an Indian company can issue offshore to three years from the previously stated five years. It has been decided to reduce the minimum maturity period for the rupee-denominated bonds issued overseas to three years in order to align with the maturity prescription regarding foreign investment in corporate bonds through the foreign portfolio investment (FPI) route.

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HOW MUCH DO CORPORATIONS PAY IN TAXES?

Zero percent. At least, that’s what a report from the Government Accountability Office, conducted as a result of Senator Bernie Sanders’ persuasions, says. In 2009, 21% of big corporations were found to not owe a single penny in corporate taxes. That number is at 20% today. According to the GAO, these clean tax sheets could be the result of losses from previous years resulting in deductibles for following years. However, Senator Sanders has no sympathy for these corporations. He says that in order for the U.S. to progress as a nation, corporations need to pay their fair share in taxes.

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NBA OWNERS TO APPROVE JERSEY ADS

NBA jerseys have long been free of the advertisements that adorn hockey and soccer jerseys. However, that could all change in the 2017-2018 NBA season. Uniform ads are already in place for the All-Star game. Players are seen to be sporting small Kia logos on the top left corner of their jerseys. A similar design is planned for regular season jerseys. NBA commissioner Adam Silver said that jersey ads would result in extensive promotion for the basketball league by the companies.

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#JPMorgan #Verizon #Taxes #NBA #SP500

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