Caterpillar

Federal Search Of Caterpillar Facilities May Relate To Tax Evasion Allegations

... The 99-page document was titled 'Caterpillar's Offshore Tax Strategy.' The report alleges Caterpillar used the subsidiary to avoid paying $2.4 billion in taxes over a period of 13 years," the member station reported. Copies of the warrants for the three facilities as obtained by Peoria Public Radio indicate that while evidence pertaining to dealings of Caterpillar subsidiary CSARL in Switzerland was the focus of the search, agents were authorized to collect documents about Caterpillar's sales outside the U. S. and shipments to any other foreign country. Some Caterpillar employees were interviewed by authorities, according to Peoria Public Radio. Caterpillar said it is cooperating with authorities. Sharon Paul of the U. S. Attorney's Office would say only that multiple agencies — including the Internal Revenue Service's Criminal ...

Caterpillar Offices Raided In Probe Related To Swiss Unit

... by shifting profits to the affiliate in Switzerland. The report said Caterpillar paid Pricewaterhouse Coopers $55 million to develop the tax strategy. Under the strategy, Caterpillar transferred the rights to profits from its parts business to a wholly controlled Swiss affiliate called CSARL, even though no employees or business activities were moved to Switzerland, the report said. In exchange, CSARL paid a small royalty, and the income was taxed at a special rate of 4 to 6 percent that Caterpillar negotiated with the Swiss government, the report said. show chapters. 7 Hours Ago | 00:59. Before the arrangement, 85 percent of the profits from the parts business were taxed in the U. S., the report said. Afterward, only 15 percent of the profits were taxed in the U. S. The rest was taxed at the special rate in ...

Dow Retreats From Records Again After Surprise Selloff In Caterpillar Shares

... back from its all-time record high set a day earlier. Construction equipment company Caterpillar tanked more than 4% as news broke that federal agents were searching its buildings near the company's Illinois headquarters. Agents participating in the search included those from the Department of Commerce, the Internal Revenue Service, and the Federal Deposit Insurance Corp. It is still unclear what the Feds were searching for. The S&P 500 was down 0.59% and the Nasdaq slid 0.73%. Losses were broad across a number of sectors, though basic materials and financials stocks performed the worst. Messaging app Snap ( SNAP ) traded sharply higher in its highly anticipated stock debut on Thursday. Shares closed up 44% to $24.51 a share. Snap's initial public offering of 200 million non-voting shares was priced at $17 a share, higher than an expected range of $14 to $16 a share. The Dow resumed its rally with a bang on Wednesday, scoring its best gains of the year as it rocketed above the 21,000 milestone and secured a new record close. The blue-chip index added 302 points to close at 21,114 as investors ...

Caterpillar Offices Raided In Probe Related To Swiss Unit

... the company to preserve relevant documents. SEC spokesmen in Washington declined to comment Thursday. A 2014 report by U. S. Senate Democratic staff said that Caterpillar had avoided paying $2.4 billion in U. S. taxes since 2000 by shifting profits to the affiliate in Switzerland. The report said Caterpillar paid Pricewaterhouse Coopers LLP $55 million to develop the tax strategy. Under the strategy, Caterpillar transferred the rights to profits from its parts business to a wholly controlled Swiss affiliate called CSARL, even though no employees or business activities were moved to Switzerland, the report said. In exchange, CSARL paid a small royalty, and the income was taxed at a special rate of 4 to 6 percent that Caterpillar negotiated with the Swiss government, the report said. ...

U.s. Stocks On The Move-caterpillar, Snap, Aci Worldwide, Greif

... expects 2017 revenue to grow to $18 million, from $13 million in 2016. * PTC THERAPEUTICS INC, $11.23, -14.80 pct. The drug developer said it would stop developing its cystic fibrosis drug after it failed to meet the main goal of a late-stage study. * STAGE STORES INC, $2.13, -8.19 pct. The apparel and accessories retailer reported a lower-than-expected adjusted profit for the fourth quarter, hurt by weak consumer traffic. * CHESAPEAKE ENERGY CORP, $5.36, -3.77 pct. The U. S. natural gas producer delayed filing its annual report as it expects to report a material weakness in internal control over financial reporting. * AXT INC, $6.80, -9.33 pct. The semiconductor parts maker offered 4.62 million shares at $6.50, a 13.3 percent discount to the stock's close on Wednesday. * BARRICK GOLD CORP, $17.99, -4.87 pct. * HARMONY GOLD MINING CO LTD, $2.45, -4.49 pct. * KINROSS GOLD CORP, $3.36, -3.72 pct. * ANGLOGOLD ASHANTI LTD, $10.59, -4.42 pct. * ALAMOS GOLD INC, $6.92, -5.59 pct. * GOLD FIELDS LTD, $3.10, -2.21 pct. * YAMANA GOLD INC, $2.63, -4.36 pct. * GOLDCORP INC, $15.12, -3.26 pct. * SIBANYE GOLD LTD, $7.73, -4.33 pct. Prices of gold fell, hurt by the U. S. dollar's ...

Wall Street Retreats After Surge; Caterpillar, Financials Fall

... The S&P financial index. SPSY fell 1.5 percent in its biggest daily drop since mid-January. Bank stocks had surged on Wednesday on increased expectations that the Federal Reserve will hike interest rates this month. The S&P 500 and the Nasdaq had their best day since the November election after U. S. President Donald Trump's measured tone in his first speech to Congress lifted optimism. "It was an awfully strong rally yesterday without necessarily a lot of real news to justify it, so I think you're just getting some profit taking today," said Rick Meckler, president of investment firm Liberty View Capital Management in Jersey City, New Jersey. He said investors also appeared to be rotating into sectors that have not done as well in the post-election rally, including S&P utilities. SPLRCU, up 0.7 percent. Meckler said that since the election, though, any selling has soon been met by greater buying. "It's going to take a more material selloff to break people's view that they don't have much to lose by buying stocks.". Shares of Snap Inc (SNAP. N), the parent company of messaging app Snapchat, rose 44 percent to $24.48 on their first day of trading. The stock opened at $24, ...

Peoria Candidates' Topics Include Caterpillar, Water, Riverfront Park

... to bed — that Caterpillar was staying in Peoria. But there was a change in leadership. After five years of declining sales, the company decided it wasn't going to spend a billion dollars on a new headquarters. The Caterpillar board made that decision for us," said Ardis, who took questions along with his opponent, Couri Thomas. Caterpillar wasn't the only issue raised at a meeting attended by some 30 people. Public ownership of the water company, the city's combined sewers overflow problem, Riverfront Park, pensions and the Peoria Public Schools were also subjects for discussion. Candidates for the two at-large seats on the Peoria City Council included Zach Oyler, the top vote-getter in Tuesday's primary, John Kelly and the two candidates still waiting to see who gets the fourth spot on the ballot in the April 4 election. Amr Elsamny and Rob Hanauer finished ...

Federal Agents Raid Caterpillar Offices In Central Illinois

... Star via AP). By Don Babwin, The Associated Press. # Comments. CHICAGO > > Federal law enforcement officials raided three central Illinois facilities of manufacturer Caterpillar on Thursday as part of an investigation the company said may be related to business with its Swiss subsidiary CSARL. Officials from three federal agencies, some wearing jackets that said “police, federal agent”, searched the Peoria, Illinois, headquarters of Caterpillar, one of the world’s largest makers of construction and other heavy equipment. Facilities in East Peoria and Morton, Illinois, also were raided under a federal warrant, U. S. Attorney’s office spokeswoman Sharon Paul said. “We believe the execution of this search warrant is regarding, among other things, export filings that relate to the CSARL matter,” Caterpillar said in a statement later on Thursday, referring to its Swiss subsidiary. Caterpillar spokeswoman Corrie Heck Scott said in an email that the company was cooperating with law ...