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Obama presses to close corporate tax loophole 'inversions' LOS ANGELES: US President Barack Obama will call on Thursday for an end to a corporate loophole that allows companies to avoid federal taxes by shifting their tax domiciles overseas in deals known as "inversions," White House officials said.Obama will make the comments during remarks about the economy at Los Angeles Technical College. The president is in California on a three-day fundraising swing for Democrats.So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.Nine inversion deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International Inc to drugmaker AbbVie Inc and more are under consideration. The transactions are setting a record pace since the first inversion was done 32 years ago.Several Democrats have offered bills to curb inversions, which let companies cut their taxes ...

US Republicans seek more say in Iran nuclear deal WASHINGTON: US Republican lawmakers on Wednesday called for greater say in any deal reached between the West and Iran over the Islamic republic's controversial nuclear program.With negotiations to end Iran's years-long nuclear standoff with the United States and other Western powers recently extended for an additional four months, until November, five senators introduced legislation that would compel President Barack Obama to bring any final deal before Congress for its approval.Many lawmakers have been dubious about ...
Mexico's Pemex says blaze halts most work at Madero refinery MEXICO CITY: Mexican state oil company Pemex said on Wednesday that work at most of its Ciudad Madero refinery in northern Mexico had been halted while it tries to contain an ongoing blaze in a storage tank.Pemex said in a statement that the fire would likely be extinguished by midday on Thursday as the company's emergency personnel and firefighters from nearby cities worked together, the company said in a statement. "Most of the refinery plants ...
US Air Force to launch new surveillance satellites WASHINGTON: The US Air Force will launch new satellites Wednesday to track those of other countries and counter possible threats to American spacecraft, officials said.Two satellites are due to be sent into high-altitude orbits for the first time as part of a program that until a few months ago was strictly secret and classified.The satellites will be launched from Delta IV rockets from Cape Canaveral Air Force Station in Florida and head to the geosynchronous ...
US appeals court deals blow to Obama health care law WASHINGTON: A US federal appeals court delivered a stinging and potentially crippling blow to President Barack Obama's health care law Tuesday, ruling that insurance subsidies may not be available to millions of users.In a judgment it said has "major consequences," the DC Circuit Court of Appeals ruled the Obama administration cannot subsidize Americans who purchased their coverage through a government website, and that tax credits established under the 2010 law can only be issued to ...
Obama, Biden highlight job-training in middle-class push WASHINGTON: President Barack Obama and Vice President Joe Biden will put a spotlight on job-training programs on Tuesday as part of a White House push to boost economic opportunities for middle-class Americans, an important voting group in November elections.Obama will sign the "Workforce Innovation and Opportunity Act," which the White House said would help "improve business engagement and accountability across federally funded training programs."Biden, who is a potential 2016 presidential candidate, will unveil a new ...
Texas governor to send 1,000 troops to Mexico border LOS ANGELES: Texas Governor Rick Perry on Monday announced plans to send 1,000 military reservists to the state's border with Mexico, to tackle a surge in immigrant children flooding into the United States.Perry, a Republican seen as a potential candidate for the 2016 presidential race, has taken a hard line against immigrant children seeking to enter the United States from Central America.He warned of a "monumental tragedy" if they are not sent back as soon ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln