The U.S. Senate sharply questioned the CEO of Apple Inc., the world's most valuable company, over allegations that its Irish subsidiaries help it avoid billions in taxes, and Tim Cook declared, “We pay all the taxes we owe _ every single dollar.”The Senate Permanent Subcommittee on Investigations released a report Monday that held up Apple as an example of the legal tax avoidance made possible for companies by the U.S. tax code. It estimates that Apple avoided at least $3.5 billion in U.S. feder

The Treasury Department announced further steps to keep funding the government without going over the nation’s debt limit, amid a stalemate between Congress and the Obama administration on approving an increase in the ceiling. The U.S. declared a “debt-issuance suspension period” under the statute governing the Civil Service Retirement and Disability Fund. That allows the U.S. to redeem existing Treasury securities held by the fund as investments, and suspend new investment. Each month a debt-is

Royal Bank of Scotland says it is cutting 1,400 jobs from its retail banking operations over the next two years.The bank says the latest round of cuts affects support staff. Around half of those affected are based in Edinburgh, and most of the rest are in London. The bank has already slashed thousands of jobs since it was rescued by the British government in 2008 during the financial crisis.RBS, which is 81 percent owned by the British taxpayer, said the cuts are part of an ongoing effort to res

Fitch Ratings agency has downgraded Slovenia’s credit grade by one notch, citing a weak economic outlook and a frail banking system.It cut the government bond rating to “BBB+” from “A-,” which is still investment grade. It left a negative outlook, suggesting there’s a risk of another downgrade.Fitch said the prospects for Slovenia’s economy and its public finances have deteriorated in recent months as international investors worry the country might struggle to overhaul its banks. It predicts Slo

The European Central Bank is exploring ways to directly help small and medium-sized companies as a way to boost the recession-hit eurozone economy directly, said Benoit Coeure, A member of the bank’s executive board.Coeure, speaking at a conference south of Paris, did not say how exactly the policy would work and stressed that the ECB would not intervene to replace “other actors” including struggling banks burdened by non-profitable assets.Coeure said the ECB “can only act within its mandate” an

Cyprus should return to growth in 2015 after three years of deep recession, the International Monetary Fund said on Friday, but will need to ensure that its sweeping austerity program does not slip off the tracks.The IMF agreed in March to provide Cyprus with some 1 billion euros in aid, along with another 9 billion euros from the European Union, to stave off a meltdown of the cash-strapped economy.A staff report issued on Friday backed that decision, praising the government for the steps it has

Japan’s earnings season has drawn to a close with the sharply weaker yen helping inflate profits at some of the nation’s top exporters, but, warn some commentators, the drop is not all good news.Sony booked its first annual profit in five years, Toyota more than tripled its earnings in the fiscal year to March and the head of rival automaker Nissan hailed the taming of the currency.“I have been talking about the unbelievable strength of the yen for many years,” Carlos Ghosn said after the firm r

European car sales rose for the first time in 19 months, on gains in the U.K. and a rebound in Germany, amid signs that governments may take measures to stem a contraction in the economy of the countries using the euro.Registrations in April increased 1.8 percent to 1.08 million vehicles from 1.06 million cars a year earlier, the Brussels-based European Automobile Manufacturers Association, or ACEA, said today in a statement. Four-month sales fell 7 percent to 4.18 million vehicles.European poli

Japanese car manufacturer Honda is returning to Formula One in 2015 as an engine supplier to the automaker's former partner McLaren of Britain.Honda president Takanobu Ito announced the decision at a press conference in Tokyo on Thursday.Honda was an entrant, constructor and engine supplier between 1964 and 2008 but pulled out of F1 after the global financial crises.Honda Motor's sales have risen amid improving economic conditions in Japan and overseas. The company has also benefited from a weak