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By Patrick Temple-West WASHINGTON (Reuters) - Apple Inc's chief executive officer defended the company's tax record at a Tuesday Senate hearing where lawmakers said the maker of iPads, iPods and Mac computers kept billions of dollars in profits in Irish subsidiaries to avoid U.S. taxes. The hearing marked another foray …

By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. The deal, announced on Monday, is a …

By Arshad Mohammed MUSCAT (Reuters) - Secretary of State John Kerry flew to Oman on Tuesday for Raytheon Co's signing of an estimated $2.1 billion arms deal and to consult on Syria and Iran, U.S. officials said. Oman is expected to sign a letter of intent to purchase a ground-based air defence system that would help protect …

CAIRO (Reuters) - The number of tourists visiting Egypt rose in the first four months of 2012, the cabinet said on Tuesday, but analysts say the sector is still suffering from the aftermath of the country's 2011 uprising. The revolt that ousted President Hosni Mubarak sparked more than two years of protests, riots and political …

By Andrea Hopkins TORONTO (Reuters) - Canada's top banking regulator said on Tuesday she is focused on the risk Canada's big banks face from low interest rates and real estate lending, but is happy that the housing market is moving into more balanced territory. Julie Dickson, head of the Office of the Superintendent of …

By Patrick Temple-West and Poornima Gupta WASHINGTON/SAN FRANCISCO (Reuters) - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday. ...

By Angela Moon NEW YORK (Reuters) - Stocks ended little changed on Monday, with indexes hovering near record levels as concerns about a correction cut earlier gains that had been prompted by news about a flurry of acquisitions. The Dow and the S&P 500 briefly hit all-time intraday highs. Early in the session, investors' …

By Andrea Shalal-Esa WASHINGTON (Reuters) - The U.S. Air Force plans to start operational use of Lockheed Martin Corp.-built F-35 fighter jets in mid-2016, a year earlier than planned, using a similar software package as the Marine Corps, two sources familiar with the plans said on Monday. The Air Force's decision to accelerate …

By Poornima Gupta SAN FRANCISCO (Reuters) - Apple Inc will argue for a comprehensive corporate tax reform that will levy a "reasonable tax" on foreign earnings and is not dependent on a company's revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices. In prepared testimony released by …

By David Henry TAMPA, Florida (Reuters) - JPMorgan Chase & Co's Jamie Dimon appears headed for a victory in a shareholder vote on whether he will keep his dual roles as chairman and chief executive of the largest U.S. bank, according to reports on Tuesday. A bitter, months-long shareholder campaign demanding more oversight …

By Leah Schnurr NEW YORK (Reuters) - Stocks gained on Tuesday as a record intraday high for Home Depot helped lift the blue-chip Dow, but investors were cautious a day ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke. Shares of JPMorgan Chase & Co extended gains after a preliminary tally showed …

WASHINGTON (Reuters) - Two executives at auto parts maker Denso Corp have agreed to plead guilty to conspiring to fix prices and have agreed to cooperate with an ongoing criminal investigation, the U.S. Justice Department said on Tuesday. The executives, Yuji Suzuki and Hiroshi Watanabe, both Japanese nationals, agreed …

By Mari Saito TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank …

(Reuters) - Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc and others in exchange for extra fees in an illegal "pay-to-play" scheme. Skin Pathology Associates Inc. filed suit in federal court in Manhattan on May 16, accusing Morgan Stanley of …

By Dhanya Skariachan (Reuters) - Best Buy Co Inc reported lackluster sales in the first quarter and warned that efforts to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected, first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 …

By Anna Driver (Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered a governance crisis and liquidity crunch over the last year. Chesapeake hired Robert Douglas Lawler, senior vice president of international and …

SINGAPORE (Reuters) - Gold fell on Tuesday for the eighth of nine sessions, hurt by a firm dollar and persistent outflows from exchange-traded funds, pointing to more downside pressure on the metal, which has already lost about a fifth of its value this year. Gold has been hit by a shift in investments into higher-yielding …

(Reuters) - U.S. satellite company Dish Network Corp has offered to buy bankrupt broadband company LightSquared Inc's radio frequencies for $2 billion, Bloomberg said, quoting people familiar with the bid. Dish Chairman Charlie Ergen made the offer on May 15 and LightSquared has until May 31 to accept or reject it, the …