Entrepreneurship and Incubation News

By Patrick Temple-West WASHINGTON (Reuters) – Apple Inc came under fire on Tuesday at a Senate hearing over an investigation that alleged the U.S. high technology icon has kept billions of dollars in profits in Irish subsidiaries and paid little or no taxes to any government. “Apple effectively shifts billions of dollars in profits offshore, profits that under one section of the tax code should nonetheless be subject to U.S. taxes, but through a complex process avoids those taxes,” said Senator Carl Levin. …

Powered by WPeMatico

David Karp, 26, whose mother responded to his high school boredom with a suggestion that he try home-schooling, played a role in several start-ups before founding Tumblr.

Powered by WPeMatico

By Conor Humphries and Padraic Halpin CORK/DUBLIN (Reuters) – Ireland said on Tuesday it was not to blame for Apple Inc’s low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low. …

Powered by WPeMatico

By Jennifer Saba and Alexei Oreskovic (Reuters) – Yahoo Inc said it is buying blogging service Tumblr for $1.1 billion cash, giving the struggling Internet pioneer a much-needed platform in social media to reach a younger generation of users. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. The acquisition, which will use up about a fifth of Yahoo’s $5. …

Powered by WPeMatico

By Angela Moon NEW YORK (Reuters) – With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street’s rally inevitably hitting a ceiling is starting to get old. Concerns about a technical correction have been a hot topic for weeks, especially as the rally accelerated in May – the S&P 500 is up 4.4 percent so far this month and up nearly 17 percent for the year. But as the three major U.S. stock indexes inch higher and higher to set record after record, many analysts are shrugging off the pullback worries. …

Powered by WPeMatico

By Leah Schnurr NEW YORK (Reuters) – Consumer sentiment rebounded in early May to the highest level in nearly six years, an encouraging sign after recent data that has suggested economic growth is cooling. A gauge of future economic activity released on Friday also suggested the expected slowdown would be temporary, with the index rising to a near five-year high in April. Economists expect growth will likely slow in the second quarter from the 2.5 percent pace at the beginning of the year as tighter fiscal policy starts to bite. …

Powered by WPeMatico

The music business partners Jimmy Iovine and Dr. Dre gave $70 million to the University of Southern California to start an academic program for the development of creative entrepreneurs.

Powered by WPeMatico

By Jason Lange WASHINGTON (Reuters) – The U.S. economy showed worrisome signs as jobless claims rose sharply last week while ground-breaking at home construction sites tumbled in April and a gauge of underlying inflation pointed to weak demand. The data could fuel fears over the impact of a government austerity drive that began in January, and could raise pressure on the Federal Reserve to keep its money printing press running on overdrive as the central bank buys bonds to support the economy. …

Powered by WPeMatico

A new generation in the mainly Muslim suburbs that ring Paris is finding business success by relying on personal initiative rather than government programs.

Powered by WPeMatico

By Lucia Mutikani WASHINGTON (Reuters) – U.S. producer prices recorded their largest drop in three years in April as gasoline and food costs tumbled, pointing to weak inflation pressures that should give the Federal Reserve latitude to keep monetary policy very accommodative. Separate reports on Wednesday showed an unexpected drop in U.S. factory output last month and troubling signs of weakness in manufacturing activity in New York state this month. U.S. …

Powered by WPeMatico