Giant technology firm Apple is paying billions of dollars less than it should in U.S. taxes each year, according to a report by the Senate Permanent Subcommittee on Investigations. In a hearing Tuesday in Washington, D.C., Apple CEO Tim Cook will defend the company.
The subcommittee's report says Apple avoids the tax payments mainly by shifting profits to three subsidiary companies in Ireland. The investigation found Apple is taking advantage of technicalities in U.S. and Irish tax laws to avoid paying any tax on a huge portion of its profits.
JPMorgan Chase holds its annual shareholder meeting today in Tampa, Florida, and the shareholders will vote on a key measure: a proposal to strip the CEO, Jamie Dimon, of his other title, chairman of the board. A growing number of companies have split the CEO and chairman roles.
Shareholder activists and corporate governance experts say having a balance of power at the top helps to reduce risk. The bank and its supporters disagree. NPR's Yuki Noguchi reports.
On a bright and warm Saturday morning, there's a steady flow of people dropping off donations at Martha's Table, a charity in downtown Washington, D.C. A mountain of plastic and paper bags stuffed with used dresses, scarves, skirts and footwear expands in one corner of the room. Volunteers sort and put clothes on hangers. They'll go on sale next door, and the proceeds will help the needy in the area.
It's a scene played out across the U.S.: people donating their old clothes, whether through collection bins or through large charities, to help others.
Boeing's 787 jetliners are returning to the skies. Four months ago, the entire fleet was grounded following serious battery problems on two jets, but the batteries have now been redesigned. Planes have been retrofitted, and airlines are beginning to put them back into service. Today, United Airlines, the only U.S. carrier flying the 787, put two of them back into service. NPR's Wendy Kaufman reports.
From NPR News, it's ALL THINGS CONSIDERED. I'm Melissa Block.
ROBERT SIEGEL, HOST:
I'm Robert Siegel. Some big numbers are being thrown around in Silicon Valley today. This morning, Yahoo CEO Marissa Mayer announced that Yahoo is buying Tumblr, a social media and blogging startup. The price, $1.1 billion and that for a site which last year earned a tiny fraction of that amount in revenue.
Microsoft hasn't exactly had a great couple of years.
Its new Windows 8 operating system was held responsible for the drop in PC sales last quarter. Sales of its Windows Phones lag far behind both the iPhone and Google's Android phones.
The light in the darkness for Microsoft has been the Xbox 360, which has been the top-selling game console for over two years — beating out both the Nintendo Wii and Sony's PlayStation. On Tuesday, Microsoft is expected to announce a new version of the Xbox.
Yahoo's $1.1 billion purchase of Tumblr could be considered a bargain compared with its other big-dollar bets. The company's history is dotted with pricey purchases of once-hot Web properties that had more promise than eventual purpose. A look back:
William von Schneidau, an intrepid butcher in Seattle, is giving a whole new meaning to "potbelly pig." Lately, he's been feeding marijuana refuse to the pigs he turns into prosciutto for BB Ranch, his butcher shop in the city's famous Pike Place Marke
Yahoo confirmed early Monday morning that it is buying Tumblr in a deal worth about $1.1 billion. "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business," Yahoo added.
In its statement announcing the deal, Yahoo says that: