Business briefs

2013-05-22T00:00:00Z Business briefsFrom Wire Reports From Wire Reports Arizona Daily Star
May 22, 2013 12:00 am  • 

JPMorgan's Dimon survives ouster vote

TAMPA, Fla. - Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote Tuesday that would have called on him to give up his role as chairman of the nation's largest bank. But shareholders sent a message that the bank needed better oversight, giving only narrow approval to three of the bank's board members.

It was a mixed verdict in a closely watched test of corporate governance at U.S. companies. Dimon emerged in a stronger position after the proposal to split his roles won just 32 percent of the shareholder vote, less than the 40 percent a similar proposal got last year.

But the tepid support for the three directors came as a rebuke of the bank following a surprise $6 billion trading loss JPMorgan had suffered last year. Prominent shareholder advisory firms had urged JPMorgan shareholders to withhold their support for those directors, who served on the bank's risk policy committee.

Apple's Cook faces Senate questions

WASHINGTON - The Senate dragged Apple Inc., the world's most valuable company, into the debate over the U.S. tax code Tuesday, grilling CEO Tim Cook over allegations that its Irish subsidiaries help the company avoid billions in U.S. taxes.

Cook said the subsidiaries have nothing to do with reducing its U.S. taxes, a message he struggled to convey to the Senate Permanent Subcommittee on Investigations.

Microsoft launches Xbox One console

REDMOND, Wash. - Microsoft thinks it has the one.

The company unveiled the Xbox One, an entertainment console that promises to be the one system households will need for games, television, movies and other entertainment. It will go on sale later this year, for an undisclosed price.

For the past two years, Microsoft has led the gaming industry in console sales with the Xbox 360. But it's been eight years since that machine came out, and Microsoft is the last of the three major console makers to unveil a new system.

Crop conditions get worse for winter wheat

CHICAGO - Deteriorating crop conditions for U.S. winter wheat probably will worsen over the next 10 days as hot, dry weather compounds damage from last year's drought and freezes over the past six weeks, forecasters said. Growing conditions are worsening in the United States, the world's largest exporter.

Associated Press; Bloomberg News

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