FAIRFIELD, Connecticut (Reuters) – If you want to know why tax from surging corporate profits isn’t making much of a dent in the United States’ crippling budget deficit, a glance at Microsoft Corp’s recent results provides some clues.

Things were rosy in the giant software company’s just-ended fiscal fourth quarter, which produced record sales of nearly $17.4 billion, a 30 percent increase in after-tax profit, and a 35 percent gain in earnings per share.

But for the U.S. Internal Revenue Service and foreign tax authorities, things weren’t so rosy. Microsoft reported only $445 million in taxes in the U.S. Read full article…

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ANZ customers are seeking an average refund of about $1,500 per account holder as part of the huge $50 million class action currently being pursued against the bank for “fee gouging”.

According to the AAP, the claims of the 27,000 customers who are participating in the lawsuit range from hundreds of dollars to over $35,000.

The claims are for fees that customers allege were charged unfairly by ANZ from 2004 such as dishonour fees on bank accounts and over-limit fees and late payment fees on credit cards.

News of the average claim amount came as it was reported that the federal court has called on international accounting firm Deloitte to help it find the easiest way through the class action, which is now due to reconvene on March 7th.

It was also confirmed that another 11 banks, including the Commonwealth Bank, Westpac and National Australia Bank, are expected to face similar actions against them.

Such unprecedented legal action against the banks could lead to improved rights for consumers, thereby encouraging more people to compare credit cards and other products in search of the best deals.

The case against ANZ is being funded on a no-win no-fee basis by IMF Australia.

The market for initial public offerings in the U.K. has been limited at best, but the reason could have as much to do with new reporting requirements as it does the economy, according to The Wall Street Journal.

Overall this year, the London Stock Exchange has seen 25 IPOs. By comparison, the U.S. market saw 42 just in the last quarter with another 140 in planning. Even London has seen substantially more activity in previous years, with 44 IPOs in 2010 and 86 five years before that, but a recent survey from Merrill Corp. suggests that deals could slow even further.

The volatility in the market has been a big cause of concern for many companies considering an IPO this year, but another key feature could be new laws governing information provided before an offering. Read full article…

Several companies have made known their interest in the popular TV streaming service Hulu. Now another major contender enters the ring as reports indicate Apple could be interested in bidding for the company, according to Bloomberg.

Apple has made a point of not spending large amounts on mergers and acquisitions, with the $400 million purchase of NeXT Software in 1996 still its largest outright acquisition.

Nevertheless, Bloomberg notes that the company currently has $76.2 billion in cash and securities on hand and has recently shown an increased willingness to spend, with its $2.6 billion investment in Nortel Networks patents and a proposed $3.37 billion bid for InterDigital. Read full article…