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Business News at 5:40 p.m.
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NEW THIS DIGEST:
Adds: IMMIGRANT WORKERS; CORN PLANTING; JPMORGAN DIRECTORS-GLANCE
Updates: APPLE-UNTAXED PROFITS; FARM BILL; WALL STREET; OIL PRICES
WASHINGTON â¿¿The Senate drags massively profitable Apple Inc. into the debate over the U.S. tax code, grilling CEO Tim Cook over Irish subsidiaries that he said have nothing to do with reducing the company's U.S. taxes. The spotlight on Apple's tax strategy comes at a time of fevered debate in Washington over whether and how to raise revenues to help reduce the federal deficit. Many Democrats complain that the government is missing out on billions of dollars because companies are stashing profits abroad and avoiding taxes. Republicans want to cut the corporate tax rate of 35 percent to encourage companies to bring back overseas profits to invest at home. By Marcy Gordon and Peter Svensson.
TAMPA, Fla. â¿¿ Shareholders at JPMorgan Chase vote to let Jamie Dimon, the chairman and CEO, keep both his jobs. At the bank's annual meeting, just 32 percent of shareholders voted for a non-binding measure that would have advised the bank to split the roles. That's less than the 40 percent vote that a similar proposal received last year. Shareholder groups lobbying for the split gained momentum from a surprise $6 billion trading loss last year, which tarnished the reputation of both JPMorgan and Dimon. By Christina Rexrode.