Spain has announced it is expelling the North Korean envoy in response to the reclusive nation`s missile launches over Japan, and nuclear program.
The Spanish Foreign Ministry said that Ambassador Kim Hyok Chol was summoned and told that he would have to leave by the end of the month.
Spain`s Foreign Minister Alfonso Dastis told reporters Monday in New York, where he is attending the U.
General Assembly, that Spain had warned Kim Hyok Chol that there would be consequences if the country continued with the tests.
North Korea launched an intermediate-range ballistic missile over Japan on Friday in protest against tough new sanctions imposed last week by the U.
 Security Council after Pyongyang conducted its sixth, and most powerful, nuclear test on Sept.
Friday`s missile launch was the second over Japan in less than a month.
  North Korea will be among the top issues discussed at the U.
Japan on Tuesday moved a mobile missile-defense system on the northern island of Hokkaido to a base near the recent North Korean missile flyover routes in preparation for a possible emergency.
Defense Minister Itsunori Onodera said a Patriot Advanced Capability-3 interceptor unit was deployed at the Hakodate base on southern Hokkaido “as a precaution.
shows military might, flies stealth jets and bombers over the Korean Peninsula More: Ahead of U.
meetings, Trump aides call for more pressure on North Korea More: Japan residents advised to take cover as North Korea launches missile Contributing: The Associated Press Read or Share this story: https://usat.
lost $510 billion in business assets that were acquired by foreign companies from 2004 to 2016 in part because its corporate income tax rate exceeds other countries’, according to a study released Tuesday by a group of top U.
Cutting the U.
corporate rate to 20 percent from the current 35 percent would have meant a net gain of $1.
2 trillion in such assets and would have kept 4,700 companies in America over that period, said the study from the Business Roundtable, a group of chief executive officers from dozens of corporations.
The group includes the heads of Apple Inc.
, JPMorgan Chase & Co.
, Exxon Mobil Corp.
The study, which was conducted for the group by accounting firm EY, comes as the Washington-based lobbying group is pushing for Congress to overhaul the U.
tax code -- with a focus on reducing the corporate tax rate.
Congressional leaders and officials in President Donald Trump’s administration say they’ll be releasing more details of proposed legislation next week.
“The United States is losing business headquarters along with good-paying jobs, assets and innovation because of its outdated, anti-competitive tax code,” said EY CEO Mark Weinberger, a BRT board member, in a prepared statement.
“This study is more compelling evidence that Congress and the administration must enact tax reform to keep and attract companies, jobs and investment.
” The study examined 97,500 cross-border mergers and acquisitions among 68 countries and found that U.
-headquartered companies were at a competitive disadvantage in the global market for mergers and acquisitions because of the tax code.
‘Limitations and Caveats’ While it contains attention-getting numbers, the study also acknowledges several “limitations and caveats” on its findings.
For example, the study says it looked only at the effect of reducing the corporate income tax rate -- “without any other changes.
” But Congress will consider balancing a major corporate rate reduction by eliminating many breaks in the tax code that companies already use to keep their effective tax rates well below 35 percent -- a strategy known as broadening the base.
“The estimated impacts could vary depending” on how base-broadening applies to the companies in the study, the business group’s report says.
That effect could be significant.
More than 250 of the largest U.
companies paid an effective rate of 21.
2 percent from 2008 to 2015, according to a recent report by the Institute on Taxation and Economic Policy.
In response to mergers and acquisitions that sent U.
companies’ tax addresses or business operations overseas, the administration and congressional leadership have urged a tax overhaul that would cut the corporate rate to a level competitive with other countries’.
The average rate among countries in the Organisation for Economic Co-operation and Development is about 24 percent.
Global Approach At the same time, Trump and GOP congressional leaders have urged repeal of the U.
’s global approach to corporate taxation -- which the report also cites as a competitive disadvantage.
Under that worldwide system, companies can defer paying U.
taxes until they bring their foreign earnings home.
At that point, they’re subject to U.
income tax -- after credits for the foreign taxes the companies have already paid.
To avoid triggering that tax on their foreign income, U.
companies have stockpiled an estimated $2.
6 trillion in earnings offshore.
The business group’s study focused on M&A transactions and found that foreign acquisitions of U.
companies have accelerated since 2014.
Such acquisitions made up 31 percent of international mergers and acquisitions by value from 2014 to 2016, up from 20 percent in the decade after 2004, according to the study.
companies were the acquirers in 18 percent of cases from 2004 to 2013, and 16 percent from 2014 to 2016.
Trump has called for a 15 percent corporate rate, although administration officials have begun saying there’s room for compromise on that number.
Others, including House Speaker Paul Ryan, have discussed moving the rate to the mid-20s.
Like several business-oriented groups, the Business Roundtable has made tax legislation a top priority.
JPMorgan Chase Chairman and CEO Jamie Dimon, who also chairs the group’s board, spent much of the first half of the year urging lawmakers forward and corralling other CEOs to support the effort.
The group spent $5.
5 million lobbying on federal issues, including tax matters, during the first half of the year, according to disclosures.
SAN FRANCISCO – Once about as newsworthy as water meters, the voting machines and computers used to record and tally the nation`s ballots are suddenly a hot button issue due to mounting evidence Russia tried to interfere in the 2016 U.
According to the FBI, as many as 39 states had their election systems scanned or targeted by Russia.
There`s no evidence of votes changed.
But given the stakes, some state agencies that run elections are trying to curb any further interference prior to mid-term elections in November.
Their tool of choice: Ensuring systems can`t be hacked, and if they are, making those breaches immediately obvious.
To do this, some are taking the unusual move of rewinding the technological dial, debating measures that would add paper ballots — similar to how many Americans voted before electronic voting started to become widespread in the 1980s.
  A week ago Virginia announced it would no longer use touch-screen-only voting machines after a hack-a-thon in Las Vegas showed how easily they could be breached.
  States with electronic-only voting machines want to add a paper back-up that would mandate, for every electronic ballot cast, creation of a paper version that could be counted, and presumably, not easily altered.
  Rhode Island is set to vote on a measureTuesday that would require an audit of voters` paper ballots after each election.
Georgia is fighting a suit by voters that, among other claims, alleges the state needs to switch to a paper-ballots-based voting system because it now uses touch-screen voting machines that do not meet the requirements of state law due to their age and vulnerability to hacking.
More: Hackers at DefCon conference exploit vulnerabilities in voting machines More: Facebook finds Russian ads that sought to sow division during U.
election More: Election hacking suit over Georgia race could be sign of what`s to come More: `U.
spies slept` while Russia elected Trump, Russian politician says The U.
voting machine industry is dominated by three privately-held companies, Election Systems & Software in Omaha, Neb.
, Dominion Voting Systems in Toronto and HartInterCivic in Austin, Texas.
A wholesale refitting of the nation`s voting machine infrastructure would represent a sizable sales opportunity for them.
But there`s little money in the system to make that happen, say experts.
Too often voting officials lack the resources necessary to protect and upgrade election infrastructures, said Lawrence Norden, at the Brennan Center for Justice at the New York University School of Law and author of a report in June called Securing Elections from Foreign Interference.
 “The federal government says it’s up to the states to fund it, the states often put it down to the counties and the counties say they have no money.
So we need some shared responsibility for funding elections and making sure they’re free and fair," he said.
Virginia dumps touch-screen-only voting machines Even so, some states are moving to overhaul their voting apparatus to be more secure.
 Last week, Virginia’s Board of Elections voted to replace touch-screen-only voting machines used in 22 localities in the state to those that have paper back-ups.
They did this after hackers at DefCon, a computer security conference, demonstrated in July that they could easily break into them.
More: Hackers at DefCon conference exploit vulnerabilities in voting machines Touch-screen voting machines are considered insecure because they don’t produce a paper copy of the vote and therefore can’t be rigorously audited.
Voting integrity activists aren`t advocating returning to a totally paper-based voting system, but instead requiring that voting machines produce a paper record that can be used to check the reported electronic totals.
“The step we took today to decertify paperless voting systems is necessary to ensure the integrity of Virginia’s elections,” said James Alcorn, chair of the State Board of Elections, in a statement.
Dean Logan, head of the California Association of Clerks and Election Officials and also the registrar-recorder for Los Angeles County, said some of his workers attended DefCon.
Hackers` ability to break into voting machines was a fresh reminder that agencies needed to make the process more secure.
  “My staff came back with pretty eye-popping stories about when people have physical access to the voting equipment, that they can do things and they can do them pretty quickly,” he said.
Read or Share this story: https://usat.
Several petrol stations in Auckland have been hit by fuel shortages as problems caused by damage to a pipeline in New Zealand`s largest city spread.
Z Energy confirmed to the BBC that 13 service stations had run out of 95 octane petrol by Tuesday.
The firm said fuel was being trucked into the city and it did not expect the problem to worsen.
Fuel supplies to cars and planes in Auckland have been disrupted after the pipeline burst last week.
It is believed to have been damaged by a diggeron a rural property and its operator, Refinery NZ, said on Monday repairs could take at least a week.
It all comes in the final days of a tightly contested general election campaign.
The government had said on Monday it was unlikely drivers would face fuel shortages.
Fuel rationed Z Energy, the country`s largest fuel supplier, moved to reassure motorists in a statement on Monday that further disruption to 95 octane petrol supplies would be limited.
"All grades of fuel are being trucked into the city and there is no cause for concern," the company said.
Initially only four petrol stations were affected by the shortage of 95 octane - a premium unleaded fuel - but that had risen to 13 by Tuesday.
Other grades of fuel were available.
Thousands of air passengers have also been stranded as the damaged pipeline is the only source of fuel to Auckland airport.
Supplies have been rationed and airlines forced to make stops at airports in Australia and the Pacific to refuel.
Air New Zealand said on Monday fuel supplies at the airport were down to 30% of normal capacity.
Qantas, Cathay Pacific and Emirates are among the other carriers affected.
The New Zealand Herald reported on Tuesday that government staff had been directed to cancel all non-essential air travel to help relieve the pressure on fuel supplies.
Pipe repairs The military has been trucking fuel supplies around New Zealand in an attempt to ease the shortage, as repairs to the burst pipe continue.
Refining NZ said in a statement late Monday that it was on track to repair the pipe and resume supply services between 24 September and 26 September.
Damage to the pipeline may have occurred months ago, near Ruakaka and the Marsden Point refinery, about 130km (80 miles) north of the city.
But it burst on Thursday, possibly due to an exploratory search for a valuable swamp log according to the New Zealand Herald.
The building of a new section of pipe has been complicated by heavy rains and safety concerns.
The Green Party and environmental advocacy group Greenpeace were among those that expressed concern about potential contamination of the surrounding land.
Refining NZ said water testing undertaken "indicates that there has been no contamination of surrounding waterways.
Vince Cable arrives with Jo Swinson ahead of his keynote speech at the party`s annual conference in Bournemouth, U.
Vince Cable, the leader of the most pro-European of British parties, had several choice words to describe Donald Trump: volatile, dangerous and an apologist for racial hatred.
Cable, 74, is addressing his Liberal Democrats in Bournemouth, on England’s southern coast on the same day Trump, 71, will give his speech to world leaders at the United Nations.
At the helm of a party whose fortunes have waned, Cable has embraced the cause to reverse Brexit and that of stopping the U.
president from coming to Britain to draw supporters.
“It is both extraordinary and unforgivable that the government is entrusting the future of this country, its trade policy, its security, its standing in the world to a special relationship with a president who is volatile, dangerous and an apologist for religious and racial hatred,” Cable will say on the closing day of his party’s annual conference on Tuesday.
While his speech will attract a limited audience -- with all eyes on Trump and the drama unfolding around Prime Minister Theresa May -- Cable is a known figure in British politics from his time in a coalition government led by David Cameron, who went on to call the 2016 Brexit referendum.
Read our profile of Vince Cable when he took over as leader of LibDems Cable is determined to try and reverse Brexit and loves taking cracks at Trump, whose planned state visit to Britain is deeply unpopular and keeps getting postponed.
Cable mocked Trump as an inhabitant of “infantile fairy tales,” joking to delegates: “I’m sure you know the one about the ‘Giant Tweeter’ who lives in a White House far away and who flies across the ocean to rescue us from the wicked gnomes of Europe.
Tesla`s market-crushing performance this year will not last, according to one Wall Street firm.
Jefferies told its client to avoid the electric car maker`s shares, saying the company`s financial performance will be weak in the coming years.
"It is with a bit of a heavy heart that we initiate coverage of Tesla at underperform," analyst Philippe Houchois wrote in a note to clients Tuesday.
"Achievements to-date and vision are impressive, but we don`t think Tesla`s vertically integrated business model can be scaled up as profitably and quickly as consensus thinks and valuation multiples imply.
" The analyst set a 12-month price target for Tesla shares at $280, representing 27 percent downside from Monday`s close.
Houchois predicts Tesla will continue to lose money on an annual basis through 2019.
He has "doubts about Tesla`s ability to generate 30+% gross [profit] margin required to support its vertically integrated business model in distribution/supercharging.
" The electric car maker`s shares are outperforming the market this year, up 80 percent year to date through Monday compared with the S&P 500`s 12 percent return.
"Given capital intensity, we don`t think DCF [discounted cash flow] can justify the current valuation, let alone upside," he wrote.
"We appreciate the growth upside from a brand whose reach goes well beyond auto markets and that valuing Tesla today assumes some form of `steady-state` that is unlikely to happen anytime soon.
" Tesla did not immediately respond to a request for comment.
Its shares are down 2 percent in the Tuesday premarket session after the call.
— CNBC`s Michael Bloom contributed to this story.
Britain`s decision to leave the Europe Union is likely to lead to a net fiscal loss for the U.
government`s public finances, according to the head of an independent research institute.
"The forecast health of the public finances was downgraded by £15 billion ($20.
25 billion) per year — or almost £300 million per week — as a direct result of the Brexit vote," said Carl Emmerson, deputy director of the Institute for Fiscal Studies in a letter to The Times of London newspaper published Tuesday.
"We are likely to make a net fiscal loss from it.
Those are the numbers and forecasts which the government has adopted.
" Emmerson`s letter was in response to an article written by U.
Foreign Secretary Boris Johnson at the weekend, which repeated the widely discredited and false claim that leaving the EU would free £350 million of spending per week.
The £350 million claim was used extensively by the leave campaign during the 2016 referendum on membership of the European Union.
However, the figure does not take into account the rebate the U.
receives, which instantly discounts the U.
`s membership fee to around £250 million per week.
This £250 million is further reduced by payments from the EU to U.
agriculture and poorer regions such as Wales and Cornwall, according to the independent fact checking charity Full Fact.
The EU also makes further payments to the U.
public sector, such as research grants.
"In 2014, these were worth an estimated £1 billion, so including them could reduce our net contribution further still," the Full Fact team says on its website.
"The money we get back will be spent on things the government may or may not choose to fund if we left the EU.
It`s not enough to look at the net contribution in isolation because what we get back isn`t fully under our control.