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Proton clarifies policy after being called racist for offering discounts to Hokkien Federation members

“Proton has defended its decision to give a special discount to members of the Federation of Hokkien Association of Malaysia, after critics deemed the policy racist” writes Jessica Lin for businessinsider.my. The statement also added that it was common for Proton to offer promotions to corporate customers, associations, organisations, and institutions. “(T)herefore, Hokkien Federation is not the special case,” it said.Ikatan Muslimin Malaysia vice-president Abdul Rahman Mat Dali was quoted by Malaysiakini as saying that the policy was discriminatory.The announcement was soon met with outrage as some groups and social…

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Capitalism is on trial and passing the test: Varney

“Corporate America got a big break, and corporate America is passing it along to employees, shareholders and customers” writes Stuart Varney for foxbusiness.com. Capitalism is on trial: Does capitalism work for everyone?. In short, capitalism is passing the test.Nancy Pelosi represents many Apple employees—$2,500 bonuses, $350 billion invested in America, 20,000 new jobs: “crumbs?” That’s pathetic.But when she said business is only passing along “pathetic crumbs,” comment is required. Source: foxbusiness.com Share This:

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India’s Baroda Turns To FinTech For Supply Chain Finance

“In addition to supply chain finance, the platform provides payable and supplier finance” reports pymnts.com. Indian Bank of Baroda is working with a FinTech player to enhance its supply chain finance offerings.In 2014, Tokyo’s Mizuho Financial Group announced a deal with PrimeRevenue to similarly provide supply chain finance capabilities to the bank’s corporate clients.Baroda’s iGTB partnership means the bank is joining a growing list of traditional players collaborating with FinTechs to enhance supply chain finance and other corporate financial service offerings.Reports in Business Standard on Wednesday (Jan. 17) said iGTB…

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Apple banks on tax break to build 2nd campus, hire 20,000

“Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash held overseas” writes The Associated Press for seattletimes.com. The new law lowers the corporate tax rate to 21 percent on U.S. profits while providing a sharper discount on overseas cash this year.Excluding banks and other financial services companies, Moody’s Investors Service estimates corporate America has an estimated $1.6 trillion in overseas cash.That anticipated tax bill implies Apple intends to bring back about $245 billion of its overseas cash, based on the temporary tax rate…

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Apple to Build Second Campus, Hire 20,000 in $350B Pledge

“Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas” writes Associated Press for billboard.com. The company didn’t say how big the second campus will be, or how many of the additional 20,000 workers that it plans to hire will be based there.About $75 billion of the $350 billion in U.S. investments will be paid from money that had been overseas, Apple estimated.One thing is certain: Cities from across the U.S. will likely be offering Apple tax breaks and other incentives…

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Big Banks Counting On Big Profits From New Tax Rules

“Other large banks will report earnings on Tuesday and are expected to similarly reveal large savings from the tax overhaul” writes Jim Tankersley for nytimes.com. Beginning in 2018, we anticipate an effective tax rate in the low twenties before discrete tax items.” It remains to be seen whether the tax cuts’ benefits create lasting benefits for workers.The payouts to workers reflect a small slice of the windfall that banks large and small are in line to receive.Both of those banks also said they would provide bonuses to some workers as…

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News Stocks 

Which car stock has spiked the most in 2018?

“Car stocks are seeing gains since Jan. 2, the first trading day in 2018” reports foxbusiness.com. U.S. automakers are driving into the New Year with renewed optimism, thanks in part to President Donald Trump’s tax reform bill that drastically cuts the corporate tax rate.With stocks hitting new all-time highs to kick off 2018, other automakers have followed suit.I think tax reform made it unquestionably due now, and so it helped that thinking process,” Fiat Chrysler CEO Sergio Marchionne told FOX Business’ Jeff Flock at the Detroit auto show. Source: foxbusiness.com Share…

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China is heading toward a debt crisis that will throw into question everything we think we know about it’s economy

“The big question is how much bad debt China currently has, and how much more it will be producing in the years ahead.”” writes Pedro Nicolaci Da for businessinsider.com. “In the longer-term, however, lending and investing can’t boost GDP if it results in bad debt that is properly written down.Still, concerns about the country’s debt levels have only deepened.By some estimates, they add, China’s true growth rate, after taking the bad debt into account, is barely half the reported 6.9% clip.Since then, a proactive Chinese government and stronger-than-expected global economic growth…

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Walmart plans to cut more than 1,000 corporate jobs

“The giant retailer, which is based in Bentonville, Ark., and employs more than 1.5 million people in the U.S., plans to cut more than 1,000 corporate jobs, according to people familiar with the matter” reports foxbusiness.com. The job cuts are expected to be broad based, focused on workers primarily at the company’s headquarters, the people said.The cuts are expected to be completed by the end of the company’s fiscal year on Jan. 31, they added. “We’ve been looking at our structure for some time as we explore ways to operate…

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Some utility rates could go down after US corporate tax cuts

“A letter from the coalition calls for an investigation into the “justness and reasonableness” of utility rates following reduction of utilities’ corporate tax rates” reports foxbusiness.com. In Maryland, where three utilities asked that state’s regulators reduce utility rates to reflect tax savings, Baltimore Gas & Electric estimated that it alone will pass $82 million in tax savings on to customers.Public utility regulators from Oklahoma to Massachusetts are considering lowering the rates that homeowners and businesses pay for electricity and natural gas after a federal tax overhaul signed into law by…

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