Brussels, May 23 (EFE). The European Commission said Thursday that it is working on a proposal to require corporate giants with operations in the European Union to publicly report profits, taxes paid and subsidies received on a country-by-country basis. Representatives of the 27 member-states agreed to seek ways to prevent multinationals from avoiding their obligations by channeling profits through subsidiaries in low-tax jurisdictions such as Ireland and Luxembourg.

NEW YORK (Reuters) - Lawyers for SAC Capital Advisors called a meeting with U.S. prosecutors and agents from the Federal Bureau of Investigation in April to argue that there should be no insider trading charges filed against the $15 billion hedge fund or its founder Steven A. Cohen, according to sources familiar with the matter. Lawyers for the firm made an "aggressive presentation," according to the sources, reviewing the government's investigation trade-by-trade to support their claim that the government did not have enough evidence to charge Cohen.

By Lauren Tara LaCapra SALT LAKE City (Reuters) - After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs Group Inc <GS.N> CEO Lloyd Blankfein claimed success in putting his bank and his legacy back on track.

OTTAWA - A Japanese-based forestry company has won a long-running tax battle with Ottawa over how reforestation obligations should be handled when harvest rights are sold. The Supreme Court of Canada ruled 9-0 on Thursday that passing on future liabilities for land reclamation cannot be considered taxable at the time of the sale. Revenue Canada had argued the cost of such liabilities should be treated like a mortgage and thus the value should be added to the sale price for tax purposes.