The World Bank cut its global growth forecast for this year from 3.2% to 2.8%, citing the rough winter in the U.S., the crisis in the Ukraine and the economic slowdown in China. The prediction is better than last year's growth of 2.4%.
Target (TGT) hosts its annual shareholder meeting today in Dallas. The company is facing many challenge. After being hit with a massive data breach last year, it fired its CEO and has been struggling to get profits back on track. Yesterday, Target said it hired Brad Maiorino as the company’s new chief information security officer to help beef up its data security to better protect its customers.
BP (BP) received the first U.S. commercial drone license for use over land from the Federal Aviation Administration. The first flight already took place on Sunday. The drones will, among other things, make 3D maps of the roads, pipelines and well pads over Prudhoe Bay oil field in Alaska. The five-year contract is with California drone maker AeroVironment (AVAV). Commercial drone flights are currently banned in the U.S., but the FAA is set to release regulations on the issue next year.
European regulators are investigating whether the tax deals Apple (AAPL) made in Ireland, Starbucks (SBUX) made with the Netherlands and a division of Fiat has in Luxembourg violated competition law. Regulators are concerned that the deals may be considered illegal state aid and that they give the companies unfair competitive advantages. Multinational companies have come under criticism for making arrangements with countries to avoid paying taxes.
This brings us to today's poll question. Do you think corporations are taking unfair advantage of tax codes in other countries? Vote in our poll, leave a comment below or on Twitter.