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Tim Cook: We Pay ‘Every Single Dollar’ in Taxes Owed – CNBC.com

Levin, a Democrat, urged closing “unjustified tax loopholes” like those he said Apple used to avoid $9 billion in U.S. taxes in 2012.

“Closing these kinds of unjustified loopholes could provide hundreds of billions of dollars to reduce the deficit and avert damaging budget cuts,” he said at the hearing.

“We should close them and dedicate the revenue that generates to these important priorities, whether or not we reform the overall tax code,” he said.

Sen. John McCain praised Apple as a success story but said that its tax strategy “reflects a flawed corporate tax system.”

The former Republican presidential nominee said, “It is a system that allows large multinational corporations to shift profits offshore to low-tax jurisdictions. For years, Apple has opted to forgo fully contributing to the U.S. Treasury and to American society by shifting profits and circumventing U.S. taxes.”

Subcommittee staffers said Monday that Apple was not breaking any law and had cooperated fully with the inquiry.

Apple said in a comment posted online Monday that it does not use “tax gimmicks.” It said the existence of its “Apple Operations International” unit in Ireland does not reduce Apple’s U.S. tax liability and the company will pay more than $7 billion in U.S. taxes in fiscal 2013.

At the hearing, Levin’s subcommittee issued a 40-page memorandum focused on explaining allegations that Apple used three subsidiaries with no “tax residency” in Ireland, where executives manage those companies.

The main subsidiary, a holding company that includes Apple’s retail stores throughout Europe, has not paid any corporate income tax in the last five years, the subcommittee said.

The Work Programme is failing single parents

Single parents face significant barriers to the workplace: a shortage of
childcare and its crippling cost, combined with a lack of family-friendly
jobs, such as those offering part-time work. They need a system that
recognises their needs and offers tailored support. But all too often single
parents are not getting this from the Work Programme.

The first
set of data for the Work Programme
showed few participants ended up
in lasting jobs, but single parents fared even worse, with job outcomes a
third lower than other claimants.

Why so low? Well, far from the Work Programme’s aim of treating people like
individuals, single parents tell us that they are not getting the support
they need and that often their caring responsibilities are not understood.

They report being under
pressure to take any job,
rather than a job that offers the
stability their family needs.

Single parents deserve better. The government must make a commitment to
tackling single parent unemployment, with ambitious targets and a clear
action plan. We need a Work Programme that offers intensive, targeted
support, with advisers who are trained to understand and meet single
parents’ needs and a focus not on ‘job first’ but on securing stable work.

It’s time the Work Programme delivered on its promises.

Fiona Weir is chief executive of Gingerbread,
a charity campaigning for more support for single parents.

Beyoncé Is a “Grown Woman” on New Single

To be a lead single from Beyoncé these days, you need four things: A syncopated, up-tempo beat, some stabs of brass or synths to go over it, a chorus of female shout-along voices (mostly Beyoncé’s), and a message of female empowerment.

It started with “Single Ladies (Put a Ring on It),” off I Am… Sasha Fierce, it continued with “Run the World (Girls),” off 2011’s excellent 4, and now it continues once again, with “Grown Woman,” from her as-yet untitled forthcoming album. As you can hear below, the new song has hit the web, and all Beyoncé forgot was the parenthetical.

Demi Moore’s Latest Love Admits Things Are ‘Complicated!’ Is She Totes Single?

Sooo remember that glimmer of hope we found for this couple when Robert Pattinson and Kristen Stewart broke up but decided to continue living together?

That hope is pretty much dashed at this point, because according to the latest reports: R-Patz has moved out.

And while this is obvi devestating news to Twi-Hards, we suppose it had to happen eventually. There were just too many clues!!

Reportedly, a witness saw Rob do the following:

Read more »

[Image via WENN.]

EU Digital Agenda chief promises single mobile market by 2015

The European Commission’s digital agenda chief has promised to break down the barriers between cellular firms across the 27 EU member states before she leaves office in just under two years.

EU Digital Agenda Commissioner Neelie Kroes told reporters in Brussels, according to a European publication, that the European Commission will soon bring forward proposals to knock down the virtual cellular walls between member states in order to create a single market for all mobile users.

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EU tells member states to open up spectrum for more 4G

EU tells member states to open up spectrum for more 4G

“A telecoms market without borders, without fragmentation, and that is the major priority for the rest of my mandate,” Kroes said. She added that she has “no intention to retire” until she has “knocked down all the barriers to the single market.”

In a nutshell, this would kill any inter-country roaming charges that currently bite customers’ mobile bills. The executive body of Europe also wants to improve spectrum uptake for next-generation broadband services.

Kroes empathized with businesses that find roaming charges a “costly irritant,” and warned that in the upcoming “Internet of things” trend, it will become even more difficult for machine-to-machine (M2M) to succeed.

With your European passport travel freely to any other European member state without security restrictions, thanks to the Schengen Agreement of unrestricted travel across the continent. But the same doesn’t apply for your mobile or cell provider. Roaming charges still bitterly hurt many consumers and businesses alike, particularly those with branch offices around Europe.

Already, thanks to a directive passed by the European Parliament, data roaming charges have begun to fall. Data roaming charges will be fully limited to 70 euro cents per 1MB of data downloaded from last July, which will fall further to 50 euro cents per 1MB downloaded this July.

According to the Commission at the time: “For a typical businessperson travelling in the EU this will mean savings of over €1,000 [$1,285] per year. A family taking an annual holiday in another EU country can expect to save at least €200 [$257].”

The Commission says completing the “internal mobile market” will add an additional 0.8 percent to Europe’s gross domestic product (GDP), or €110 billion ($141.4bn).

The hope is that EU-based firms can gain a competitive edge over their U.S.-based counterparts. Because while the U.S. has six major cellular firms to cover a population of 310 million, the EU has more than 100 cellular firms covering more than 500 citizens.

SBI’s single regulator plan: Banks, HFCs have no regulatory arbitrage, says …

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Banks, HFCs have no regulatory arbitrage, says Keki Mistry, HDFC
Banks, HFCs have no regulatory arbitrage, says Keki Mistry, HDFC

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MUMBAI: The norms for housing finance companies (HFCs) are the same as those governing banks, said KekiMistry, the vice-chairman CEO of India’s biggest mortgage lender HDFC, responding to remarks by SBI Chairman PratipChaudhuri that HFCs enjoyed a regulatory arbitrage over banks.

“Housing finance companies have the same provisioning norms, the same loan-to-value ( LTV) ratio and risk weight like banks,” Mistry told ET on Sunday.

Chaudhuri had suggested on Saturday that all home loan companies should be regulated by a uniform set of rules and governed by a single regulator, preferably the Reserve Bank of India. The SBI chief, who was speaking at a banking summit in Kolkata, said a single regulator would help remove the “regulatory arbitrage” between banks and HFCs.

“I see no justification for having a separate regulator for home loans. Perhaps, the objective would be better served with RBI itself becoming sole regulator for all loans, including home loans. In no other country do we have different regulators for different verticals such as industrial loans, home loans and vehicle loans,” Chaudhuri was quoted as saying.

Banks, HFCs have no regulatory arbitrage, says Keki Mistry, HDFC The removal of prepayment penalty on home loans was first implemented by National Housing Bank (NHB) for housing finance companies, and only later for banks by RBI, Mistry pointed out, refuting the presumption of any benefit due to regulatory arbitrage. “When prepayment charges were removed, NHB did it for HFCs and there was a brief time when banks were levying these charges,” said Mistry.

He said the objective of a separate housing regulator was to meet shortage. “There is shortage of housing even now. NHB was set up in 1988 to promote housing expansion and the purpose still continues,” said Mistry, who supports the idea of a single regulator.

This is not the first time the largest bank and the largest housing finance firm have clashed. During the tenure of Chaudhuri’s predecessor OP Bhat, SBI had introduced what its rivals called a ‘teaser loan’ scheme – in which borrowers paid a low rate for the initial few years and a high rate later. This had prompted HDFC Chairman Deepak Parekh to remark that he would like to see the product ‘die down’.

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Miley Cyrus Reveals Big Single News At Billboard Music Awards

Miley Cyrus is a woman of her word. After teasing fans she’d give them the latest news on her highly anticipated new single at the Billboard Music Awards on Sunday night (May 19), she did just that, confirming that “We Can’t Stop” will arrive June 3.

The Mike Will Made It-produced tune will drop on Ryan Seacrest’s radio show in just a few short weeks, marking the first listen of Miley’s 2013 album.

Back in March, Miley called into Seacrest’s radio show, teasing that her lead single would likely feature her “Ashtrays and Heartaches” collaborator, Snoop, but there’s no word if “We Can’t Stop” includes the iconic rapper — though the “We” certainly implies more than one person is involved.

A release date has yet to be announced for the album, though she’s hit the studio with producers and artists, including Hit-Boy, Pharrell, Mac Miller and Tyler, the Creator. Production team Da Internz told MTV News earlier this month that Cyrus definitely sounds more mature on this album, her first since signing with RCA.

“I can say it’s definitely going to shock a lot of people; definitely grown up,” Ernest “Tuo” Clark said. “It’s natural; it’s not her trying to do like pop, four on the floor. What she did was, I just feel like, was different and needed in the game and, then, for her, a huge ‘wow’ factor.”

Miley Cyrus Spills On Why She’s ‘Commited’ To Liam Hemsworth.

Miley was also on hand in Vegas at the Billboard Awards to present the award to the night’s Top Male Artist, but she kept her business a top priority. “We’ve been talking about it enough,” she said, teasing her single’s release. “That’s the reason why I’m here tonight. And, men, because we can’t stop loving them, but the truth is, we do love some more than others,” she told the room before handing the prize to Justin Bieber.

And speaking of loving men, for gossip lovers out there, yes, she was wearing her engagement ring.

‘Tan Mom’ Patricia Krentcil releases music video for single ‘It’s Tan Mom’

Cooler than “Teen Mom,” hotter than “Octomom,” it’s…”Tan Mom”?

Tabloid sensation Patricia Krentcil, a.k.a. “Tan Mom,” is hoping to go from news fixture to pop superstar.

PHOTOS: TAN MOM PATRICIA KRENTCIL’S BEST MOMENTS

TMZ unveiled the 45-year-old New Jersey mom’s low-budget music video to accompany her novelty rap number “It’s Tan Mom.”


RingyTheBell via Youtube

Krentcil espouses the value of vitamin D in her new video for ‘It’s Tan Mom.’

In it, Krentcil dances in a bikini with *NSYNC look-a-likes and spouts her catch phrase over and over: “It’s Tan Mom…b—h.”

PHOTOS: CELEB BEACH BODS WE NEVER WANTED TO SEE

She throws some shade on fellow “mom” celebrities Nadya Suleman, the “Octomom” and MTV stars “Teen Mom.” As a not-so-subtle reminder about the root of her fame, a close-up of the sun’s surface shimmers in the background as Krentcil boogies in a skin-tight leopard outfit.

Krentcil gained fame in 2012 when she was arrested for supposedly bringing her 6-year-old daughter into a tanning booth.


RingyTheBell via Youtube

Krentcil rose to infamy last year when a school nurse accused her of bringing her young daughter into a tanning bed.

RELATED: TAN MOM PROMOTES NEW RAP SINGLE ‘IT’S TAN MOM’

A school nurse reported Krentcil after her daughter showed up to class with a sunburn on her legs from “tanning with mommy.”

Krentcil denies the claims, telling talk show “The Couch” this month that she believes she was set up.

RELATED: N.J. LAW BANS CHILDREN UNDER 17 FROM USING COMMERCIAL TANNING BEDS


RingyTheBell via Youtube

In the song, Krentcil cliams to be ‘cooler than Teen Mom, hotter than Octomom.’

In February, a New Jersey grand jury refused to indict Krentcil on child endangerment charges.

Music is only Krentcil’s latest venture since her newfound fame. In September, the embattled sunning addict peddled skin care tips online in beauty guru Dana Ramos’ YouTube series.

RELATED: ‘TANNING MOM’ TOASTS HER FREEDOM WITH LOBSTER

Krentcil also told the Daily News in February that she’s considering hopping across the pond where tanning restrictions are laxer.


Andrew H. Walker/Getty Images

Krentcil hopes to cash in on her accidental fame through her novelty pop hit.

No matter what her next move, Krentcil is sure to be hitting the tanning bed. As she explained to “Today” show, it’s a habit she’s loathe to break.

RELATED: SHE LOVES TO FRY AND IT SHOWS

“I like to be tan,” Krentcil confessed. “It just feels good.”

meby@nydailynews.com

MOBILE USERS CLICK HERE TO VIEW VIDEO

Bianchi’s single in 10th lifts Brewers over Cards


A starting rotation that helped the St. Louis Cardinals race out to the best record in baseball is beginning to show some signs of wear and tear.

Jeff Bianchi drove in two runs with a 10th-inning single up the middle and Milwaukee snapped a four-game losing streak by beating the St. Louis Cardinals 6-4 on Saturday night.

Typically steady Lance Lynn had his second non-quality start of the season, lasting just five innings while giving up four earned runs on eight hits and two walks. His ERA rose to 3.27 from 2.88. He struck out three, his fewest since his first start of the season, when he was lifted after four innings at Arizona on April 3.

“I would have liked to pitch better today to help us win the game,” Lynn said.

His performance came just hours after the Cardinals placed left-hander Jaime Garcia on the 15-day disabled list with a left shoulder strain. He joins fellow starter Jake Westbrook on the DL.

Joe Kelly (0-2) took the loss in relief.

He had battled for the team’s fifth-starter position during spring training before settling into the bullpen, which struggled for the first month before the Cardinals called up rookies Seth Maness and Carlos Martinez. Kelly allowed runs for the first time in five appearances. He allowed two hits and a walk in one inning for the Cardinals, who fell to 0-3 in extra-inning games.

“I don’t think our whole team is looking at it like, “Oh, man, we’re not the same team as we were in the beginning of the year,” Kelly said. “It’s just time for the next guy to step up and keeping doing it.”

John Axford (1-3) gave up one hit and two walks in 1 1-3 innings to earn the win. Axford struck out two, including pinch-hitter Daniel Descalso with the bases loaded to end a ninth-inning threat.

Jim Henderson worked a perfect inning for his eighth save in eight chances.

Bianchi made his second start since coming off the disabled list on May 2 after being sidelined by bursitis in his left hip. The winning hit gave him his first two RBIs this season.

Jean Segura, Ryan Braun, Aramis Ramirez all had three hits for the Brewers. Segura and Braun both had two RBIs.

The Cardinals used four consecutive singles with two outs in the sixth inning to tie it 4-4. Matt Carpenter’s hit chased Milwaukee starter Marco Estrada and drove in Pete Kozma, who started the rally. Jon Jay’s single brought in Ty Wigginton.

Braun gave Milwaukee a 4-2 lead in the fifth with his second single of the game.

The Brewers broke through in the third with a two-out rally. Segura’s fourth triple of the season drove in Bianchi and Norichika Aoki to make it 2-2. Braun gave Milwaukee a 3-2 lead with his first single.

St. Louis scored twice in the second but left the bases loaded. Kozma drove in Allen Craig, who walked to start the inning. Carpenter’s single gave the Cardinals a 2-0 lead.

Estrada gave up four runs, seven hits and four walks over 5 2-3 innings. He struck out two.

NOTES: Kozma has a five-game hitting streak (7-of-19, .368). . Jay has 14 RBIs in the past 14 games. . Aoki has multiple hits in five of past six games (13 of 26, .500). . Brewers LHP Chris Naverson threw curveballs Friday for the first time since going on the 15-day disabled list April 7 with a strained left middle finger. Milwaukee manager Ron Roenicke said it was the final test before Naverson was cleared to throw in a rehab game. … Milwaukee LHP Tom Gorzelanny remains on pace to return from the disabled list at the end of the month. He is set to throw a bullpen session Sunday and a simulated game Tuesday. He was sidelined on May 8 because of tendinitis in his left shoulder. … Former Cardinals OF So Taguchi provided color commentary on the game for Japanese broadcaster NHK from its Tokyo studio.

Single ticket scoops $590m jackpot in Florida lottery

The winning ticket was sold at a supermarket in Zephyrhills, Florida, according to Florida Lottery executive Cindy O’Connell.

The winner was not immediately identified publicly and Ms O’Connell did not give any indication if anyone had stepped forward to claim the jackpot for last night’s draw.

The winning numbers were 10, 13, 14, 22 and 52, with a Powerball of 11.

The chances of winning the prize were astronomically low: 1 in 175.2 million. That’s how many different ways you can combine the numbers when you play. But lottery officials estimated that about 80% of
those possible combinations had been purchased recently.

That didn’t deter people across Powerball-playing states – 43 plus Washington, D.C., and the US Virgin Islands – from lining up at petrol stations and stores yesterday for their chance at striking it filthy rich.

The world’s largest jackpot was a 656 million dollars (£432.3m) Mega Millions jackpot in March 2012.

AP