Apple profits hidden by phantom taxes raise questions
Apple faces scrutiny as analysts expect a strong second quarter, but critics say its offshore accounting shifts reduce U.S. tax payments. The practice could inflate reported earnings by billions, with $10.5 billion in potential adjustments over three years, prompting debate over policy changes and ethical considerations.
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McDonald's Faces Slower Growth Amid Global Economic Strain
McDonald's, Oak Brook based, reports a 4 percent drop in net income in the second quarter as a strong dollar and euro weakness curb overseas results. The company, writing down commodity costs to 3.5 to 4.5 percent for the year, notes global same store sales rose only 3.7 percent for the quarter, the slowest growth since late 2009.
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