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Business

At White House, CEOs offer support for higher tax rates

WASHINGTON: Chief executives from corporations such as Goldman Sachs and Deloitte LLP met with President Barack Obama on Wednesday and offered support for resolving U.S. fiscal problems with an approach that included higher tax rates for wealthy Americans.

Business

Boehner sees no progress in fiscal cliff talks

WASHINGTON: House of Representatives Speaker John Boehner said on Thursday that fiscal cliff talks with the White House had made no substantive progress and criticized President Barack Obama and Democrats for failing to get serious about including spending cuts in a final deal.

Business

Little apparent progress in U.S. "fiscal cliff" talks

HATFIELD, Pennsylvania: With barely a month left before the fiscal cliff, Republicans and Democrats remained far apart on Friday in talks to avoid the across-the-board tax hikes and spending cuts that threaten to throw the country back into recession.

Business

Geithner predicts Republicans will accept higher tax rates

WASHINGTON: Treasury Secretary Timothy Geithner pressed Republicans to offer a plan to increase revenues and cut government spending, and predicted they would agree to raise tax rates on the wealthiest to secure a deal by year-end to avoid the fiscal cliff.

Business

"Fiscal cliff" would hit New Yorkers with $43b taxes: NY Comptroller

NEW YORK: Residents of New York would suffer more than $43 billion in tax hikes in 2013 if Congress fails to resolve the so-called fiscal cliff negotiations, according to New York State Comptroller Thomas DiNapoli.

Business

That terrible trillion The current deficit mainly reflects depressed state of the economy

AS you might imagine, I find myself in a lot of discussions about US fiscal policy, and the budget deficit in particular. And there's one thing I can count on in these discussions: At some point someone will announce, in dire tones, that we have a ONE TRILLION DOLLAR deficit.

Business

EU plans broad financial deal tax

BRUSSELS: The European Union (EU) has proposed a far-reaching tax on financial transactions which could be collected worldwide as soon as Jan 1 next year by the 11 nations that have so far signed up to participate.

Business

S&P sees no adjustments in ratings

KUALA LUMPUR: Ratings agency Standard & Poor’s (S&P) does not see as high the risk of a downgrade to Malaysia’s sovereign ratings despite political uncertainties and the level of government debt.

Business

Cadbury accused of evading taxes in India

MUMBAI: Indian tax authorities have accused the local unit of chocolate giant Cadbury of evading $46 million in taxes by pretending to produce sweets at a factory that did not exist, a report said Wednesday.

Business

Cadbury accused of evading taxes in India

MUMBAI: Indian tax authorities have accused the local unit of chocolate giant Cadbury of evading US$46mil in taxes by pretending to produce sweets at a factory that did not exist, a report said.