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The deal to acquire investment firm Carlyle's (CG.O) 28% holding in the burger chain's China business, which also includes its stores in Hong Kong and Macau, will see McDonald's stake rise to 48%. Since 2017, the number of McDonald's stores in China has doubled to 5,500 and the country has become its second-largest market. McDonald's made an unsolicited offer for Carlyle's stake in the China operations in recent weeks and the deal was struck quickly, said the sources. Reuters reported in August that Trustar Capital was planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China. In contrast to McDonald's, U.S. meat and processed food maker Tyson Foods (TSN.N) plans to sell its China poultry business, sources have said.

Persons: Benoit Tessier, Chris Kempczinski, McDonald's, Carlyle, Trustar, Jim Sanderson, Reckitt, Kane Wu, Granth, Deborah Sophia, Roxanne Liu, Edwina Gibbs Organizations: REUTERS, HK, CITIC, Trustar, Northcoast Research, Reuters, Tyson Foods, Primavera Capital, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, CITIC, U.S, McDonald's China, British, Bengaluru, Beijing

☆ Small business owners gear up for the biggest shopping weekend of the holiday season
▼ + stars: | 2023-11-21 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

According to a new American Express survey of small business owners, “55% anticipate Small Business Saturday will make a significant contribution to their overall holiday sales this year.” In a consumer survey conducted by the company in October, half of respondents said they plan to participate in the upcoming Small Business Saturday, and 85% said they anticipated shopping small this holiday season. Over the past 13 years, the company says consumers have reported spending nearly $184 billion during Small Business Saturday. American Express estimated that Small Business Saturday drove nearly $18 billion in consumer spending last year. Donnell Johns, who runs Veterans Growing America, an organization that supports veteran- and military-spouse-owned small businesses, said that Small Business Saturday is valuable because it creates an awareness for shopping small. For Ken Moorman, founder of Jirani Coffeehouse in Manassas, Virginia, Small Business Saturday means an average 10% uptick in sales than a typical Saturday.

Persons: Donnell Johns, We’ve, ”, Ken Moorman, “, Covid, ” Moorman, it’s, ” Elizabeth Rutledge, Isabel Casillas Guzman, “ The, Harris, Bidenomics, Biden Organizations: New, New York CNN, Amazon, Walmart, American Express, ”, Small, Express, Business Administration, American Express ’, SBA, “ The Biden, Harris Administration, American, Pacific Islanders Locations: New York, Manassas , Virginia, ”

☆ McDonald’s is investing more in China to tap ‘tremendous opportunity’
▼ + stars: | 2023-11-21 | by ( ) edition.cnn.com time to read: +2 min

McDonald’s has struck a deal to ramp up its stake in its China business to just under 50% and expressed confidence in its growth prospects in the world’s second-largest economy. The deal to acquire investment firm Carlyle’s 28% holding in the burger chain’s China business, which also includes stores in Hong Kong and Macau, will see McDonald’s stake rise to 48%. Since 2017, the number of McDonald’s stores in China has doubled to 5,500 and the country has become its second-largest market. In contrast to McDonald’s, US meat and processed food maker Tyson Foods plans to sell its China poultry business, sources have said. British consumer goods maker Reckitt Benckiser in 2021 sold its China infant formula and child nutrition business to investment firm Primavera Capital.

Persons: McDonald’s, “, ”, Chris Kempczinski, Carlyle, Trustar, Jim Sanderson, Benckiser Organizations: Northcoast Research, Tyson Foods, Primavera Capital Locations: China, Hong Kong, Macau, CITIC, British

The two leaders, who will meet on the sidelines of a summit of Asian-Pacific leaders, last spoke a year ago. Both men are seeking to show the world that while the U.S. and China are economic competitors, they are not locked in a winner-take-all faceoff with global implications. Their relationship has been increasingly defined by differences over export controls, Taiwan and the conflicts in the Middle East and Europe. Xi, meanwhile, is looking for assurances from Biden that the U.S. will not support Taiwan independence, start a new cold war or suppress China’s economic growth. “It is reported he’s very worried about the negative opinion of China in the United States,” Schumer said.

Persons: Joe Biden, Xi, Biden, John Kirby, “, We’re, ” Kirby, He's, Chuck Schumer, ” Schumer, Sagar Meghani Organizations: FRANCISCO, U.S, Economic Cooperation, White, Tuesday, National, State Department, APEC, Monetary Fund, Labor Department, Biden, Associated Press Locations: China, U.S, Iran, Taiwan, California, Asia, San Francisco, East, Europe, Tehran, Israel, Washington, Beijing, “, United States

☆ I traveled around Luxembourg, one of the world's wealthiest and most sustainable countries. I found 2 ways I can make my next visit more eco-friendly.
▼ + stars: | 2023-11-14 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +7 min

It is known for its sustainable practices, including free public transport. I was especially looking forward to free travel by train as it's more sustainable than flying or driving. Met a representative from Visit Luxembourg for a walking tour and lunch at a local restaurant. In comparison, my flight from Edinburgh took about five hours, not including travel time to the airport. Meanwhile, the Visit Luxembourg spokesperson suggested seeking accommodation within or close to Benu Village, an ecovillage in Esch-sur-Alzette (about a 20-minute drive to Luxembourg City), which is being built using recycled materials.

Persons: —, Mikhaila Friel, Nina Karnikowski, Chateau d'Urspelt, Chateau, Le Royal, Karnikowski, Sloow Organizations: Service, Visit, Le Royal, Met, Visit Luxembourg, Eurostar, Luxembourg City, Edinburgh, Le, d'Urspelt, Luxembourg's, Tourism Locations: Luxembourg, Vianden, Visit Luxembourg, Australian, Edinburgh, Scotland, London, Chateau, Ettelbruck, Chateau d'Urspelt, Brussels, Belgium, Luxembourg City, Domenico Palace, Sicily, Esch

"The revenue service is already organizing the implementation of this minimum taxation on multinationals," she said in an interview on Wednesday. The revenue service did not immediately respond to a request for comment. It advocates that this mechanism will ensure that large multinational companies pay a minimum 15% tax on their profits in all jurisdictions where they operate to deter profit-shifting to tax-favorable locations. The OECD estimates that the global minimum tax, already under way in countries including South Korea and Japan, could generate up to $200 billion in additional annual revenue. She also said Brazil aims to go further in the global tax discussion to reduce differences between advanced and emerging economies and to promote the green agenda.

Persons: India Narendra Modi, Luiz Inacio Lula da Silva, Joe Biden, Rishi Sunak, Kenny Holston, Tatiana Rosito, Maria Carolina Sampaio, GVM, Rosito, Marcela Ayres, Bernardo Caram, Matthew Lewis Organizations: U.S, UK, Rights, Finance, Reuters, Organization, Economic Cooperation, Development, OECD, International Monetary Fund, Thomson Locations: India, Brazil, New Delhi, Rights BRASILIA, South Korea, Japan, United States, Rosito, Brasilia

☆ Microsoft exec says Israel's tech sector could suffer from war with Hamas
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +3 min

Israeli national flags flutter near office towers at a business park also housing high tech companies, at Ofer Park in Petah Tikva, Israel August 27, 2020. REUTERS/Ronen Zvulun/File Photo Acquire Licensing RightsJERUSALEM, Nov 1 (Reuters) - A senior Microsoft Israel official expressed concern for the future of Israel's high tech sector due to the country's war with Islamist group Hamas, warning multinational companies may close research and development activities. Tomer Simon, chief scientist at Microsoft Israel's R&D Center, said he expressed his concerns in a letter to Tzachi Hanegbi, Israel's head of the National Security Council, but never received a reply. "The country must create a positive horizon so that multinational companies continue to grow," Simon said, noting that for every tech job, there were five more created that drive Israel's economy. Simon did not cite figures but the government has estimated as much as 15% of tech workers were called to military service.

Persons: Ronen, Tomer Simon, Tzachi, Simon, Israel, Steven Scheer, Alison Williams Organizations: REUTERS, Rights, Microsoft Israel, Hamas, Microsoft, D Center, National Security Council, Thomson Locations: Petah Tikva, Israel

Instead, because the plan has been weakened, it says the minimum tax will generate only half that — less than 5% of corporate tax revenue. The watchdog group estimates that a 15% minimum tax could have raised roughly $270 billion in 2023. That carveout, the EU Tax Observatory warned, could “give firms incentives to move production to countries with tax rates below 15%." Despite its criticisms of what has happened to the minimum tax, the EU Tax Observatory praised a separate effort to stop the wealthy from dodging taxes. The EU TAX Observatory is calling for a 2% global tax on billionaires' wealth, a proposal it says would raise $250 billion annually from fewer than 3,000 people.

Persons: Janet Yellen, wouldn't, ″, Gabriel Zucman, ’ ’ Organizations: WASHINGTON, European Union, Organization for Economic Cooperation, Development, Apple, Nike, OECD, EU, Observatory, EU Tax Observatory, Companies, Treasury, Paris School of Economics, University of California Locations: Bermuda, Cayman Islands, United States, Berkeley

☆ It’s official: The era of China’s global dominance is over
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +19 min

We've reached the end of an era for the Chinese economy. Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Jinping, Zhang, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City, United States

☆ The Great China Boom is going bust
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. AdvertisementAdvertisementChinese President Xi Jinping has shifted the country's priorities from economic growth to a "technology and national-security race with the US." A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Zhang, Beijing's largess, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, WSJ, China, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

ABUJA, Nigeria (AP) — If you listen to the African leaders addressing the U.N. General Assembly this year, the message is emphatic and unanimous: The continent is done being a victim of a post-World War II order. It is a global power in itself and must be partnered with — not sidelined. There’s also a new boldness that comes with the African Union’s G20 seat. With the largest bloc of countries at the United Nations, it is understandable that African leaders increasingly demand a bigger voice in multilateral institutions, said Murithi Mutiga, program director for Africa at the Crisis Group. As African leaders spoke glowingly about the continent as a force on the global stage, some at home said the leaders must begin by delivering the dividends of democracy to their people.

Persons: —, There’s, William Ruto, Nana Akufo, Addo, Africa’s, Cyril Ramaphosa of, ”, Bola Tinubu, Tinubu, Murithi Mutiga, Rashid Abdi, Horn of, ” Abdi, Felix, Antoine Tshisekedi, Filipe Nyusi, Nyusi, Ibrahim Mayaki, Mayaki, Grace Agbu, Mamadi Doumbouya Organizations: General Assembly, Kenyan, United Nations, Crisis, African Development Bank, Gulf, Slave Trade, SEAT, Economic Cooperation, Development, Democratic, Africa Center, ” Locations: ABUJA, Nigeria, Africa, Russia, Ukraine, Cyril Ramaphosa of South Africa, Horn of Africa, Nairobi, Europe, United States, Paris, Democratic Republic of, Congo, New York, Nigeria’s, Abuja, “, ”

Such disruptions were a major “push factor” that companies cited in expanding their operations outside China, the survey showed. Foreign companies are on edge following unexplained raids on two consulting firms and a due diligence firm. Foreign investment into China fell 2.7% from a year earlier in the first half of 2023, according to official data. A survey by the British Chamber of Commerce in China found 70% of foreign companies want “greater clarity” before making new investments. Despite the relatively gloomy perspective evinced by the survey, some things have improved, American Chamber of Commerce members said.

Persons: ”, Sean Stein, AmCham, ” Stein Organizations: American Chamber of Commerce, U.S ., Companies, Washington, U.S, “, British Chamber of Commerce, European Union Chamber of Commerce Locations: China, Washington, Shanghai, U.S, Southeast Asia, Mexico

They threatened to stay until the subsidies are lifted, and to come back every day if the police remove them. The action is part of a series of protests led by Extinction Rebellion targeting the Dutch parliament. Political Cartoons View All 1148 ImagesA report published Monday said the Dutch government spends around 37.5 billion euros ($40.5 billion) per year in subsidies to industries that use fossil fuels — notably the powerful shipping industry. Minister for Climate and Energy Rob Jetten acknowledged that the country has to end the subsidies, but has offered no timeline. The report calls on lawmakers to begin phasing out the subsidies even before the country’s Nov. 22 general election.

Persons: —, Energy Rob Jetten Organizations: Greenpeace, Extinction, The Centre, Research, Multinational Corporations, Change International, Minister, Climate, Energy Locations: HAGUE, Netherlands, The Hague

Participants march with a banner with rainbow colours during the annual pride parade in Hong Kong, China, November 7, 2015. "Hong Kong has a real opportunity to take the lead here and give a clear message," said Gigi Chao, the vice chair of listed Hong Kong property firm Cheuk Nang Holdings and a prominent gay rights advocate in Asia. "WAKE UP"Business groups in Hong Kong, Singapore and Japan have become increasingly vocal in making the case that Asia's leading economies must do more to encourage diversity. A poll this year by Kyodo news agency of just over 1,500 people showed that nearly 70 percent supported same-sex marriage. While corporates rarely lobby Asian governments directly on LGBTQ rights, activists say they show their support through sponsorship of LGBTQ events and Pride-themed marketing.

Persons: Bobby Yip, Janet Ledger, Jimmy Sham, Asia's, Gigi Chao, Chao, Kida, Kiyong Shim, Dyson, Nomura, Kathy Teo, Singapore's, they're, Teo, Revolut, Jessie Pang, Justin Fung, Xinghui, Hyonhee Shin, Hyunsu Yim, Miral Organizations: REUTERS, Kong's, Community Business, Gay Games, Nang Holdings, Reuters, American Chamber of Commerce, Fortune, Kyodo, Liberal Democratic Party, EY, FINANCE, Rights Watch, Gallup, WeWork, Standard Chartered Bank ., Google, IBM, Thomson Locations: Hong Kong, China, HONG KONG, TOKYO, Tokyo, Singapore, Asia, Taiwan, Nepal, India, South Korea, York, Japan, EY Japan, Korea, Seoul, Standard Chartered Bank . Singapore, Xinghui Kok

☆ China is doing everything it can to conceal the true extent of its economic turmoil
▼ + stars: | 2023-08-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

China's economy is turning into a big black blob. This is happening because Xi's China is one that puts ideology before economic growth. Not because the reforms weren't working, but because the China they were creating is not the one Xi wants to see. Even as the main drivers of China's economy stumble, there will be no direct support to help households power through this fragile period. Known unknownsTransparency in China's economic data has always moved the same cycles as its politics.

Persons: —, Xi Jinping, it's, Charlene Chu, Xi, who've, It's, Chu, Fan Zhang, Zhang, Xie Huanchi, thegovernment, Victor Shih, Ministry of State Security —, isn't, Shih, Linette Lopez Organizations: Communist, Autonomous Research, Nike, Starbucks, CCP, National Bureau of Statistics, Custom, J Capital Research, Study Times, Getty, World Trade Organization, Century China Center, University of California, Communist Party, Ministry of State Security, Beijing Locations: China, COVID, Xinhua, University of California San Diego, Beijing

A currency trader counts Pakistani Rupee notes as he prepares an exchange of U.S dollars in Islamabad, Pakistan December 11, 2017. REUTERS/Caren Firouz/File Photo Acquire Licensing RightsKARACHI, Pakistan, Aug 22 (Reuters) - Pakistan's rupee closed at a record low of 299 rupees against the dollar in the interbank market on Tuesday following an easing in import restrictions that has lifted demand for the dollar, central bank data showed. Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. Traders said the rupee fell 0.6% to an intraday low of 299 against the dollar. "The declining trend is mainly attributable to the ease off in the import restrictions coupled with clearance of backlog for goods and services," he said.

Persons: Caren, Imran Khan, Tahir Abbas, Arif Habib, Ariba Shahid, Edwina Gibbs, Conor Humphries Organizations: REUTERS, Rights, Monetary Fund, Traders, Thomson Locations: Islamabad, Pakistan, Rights KARACHI, Karachi

☆ Global tax loss: Countries could lose trillions in revenue to tax havens in next decade
▼ + stars: | 2023-07-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. All in, the report’s authors estimate that $4.7 trillion is roughly equivalent to a year’s worth of public health spending worldwide. The outlook for systemic global tax reformWhile the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts have hit multiple roadblocks and implementation delays. Now, TJN backs proposals to move authority for global tax rulemaking from the OECD to the United Nations. “The key to ending cross-border tax abuse is to deliver on a UN tax convention and to create a global tax body under UN auspices,” the report’s authors contend.

Persons: TJN, ”, Alex Cobham, Cobham, “ Organizations: New, New York CNN, Tax Justice Network, of Tax, Organization for Economic Cooperation, Development, OECD, Apple, Senate Finance, Democratic, Tax, Network, United Nations, UN Locations: New York, United Kingdom, Singapore, Netherlands, Hong Kong, Luxembourg, Ireland, United States

☆ Australia upbeat on global tax talks at G20 in India
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Workers work to install a hoarding board near the venue of G20 Finance Ministers and Central Bank Governors meeting at Gandhinagar in Gujarat, India July 13, 2023. REUTERS/Amit DaveSYDNEY, July 15 (Reuters) - Australian Treasurer Jim Chalmers expressed optimism on Saturday about progress on a long-awaited overhaul of global corporate taxation at a meeting of Group of 20 (G20) nations in India. More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinational corporations. The rules are widely considered outdated as digital giants like Apple or Amazon can book profits in low-tax countries. The second pillar calls on governments to end competition on tax rates between governments to attract investment, by setting a global minimum corporate tax rate of 15% from next year.

Persons: Amit Dave SYDNEY, Jim Chalmers, Chalmers, Philip Lowe, Sam McKeith, William Mallard Organizations: Ministers, Central Bank Governors, REUTERS, ABC, Reserve Bank of Australia, Thomson Locations: Gandhinagar, Gujarat, India, Sydney

Reuters GraphicsIndia is among the world's top exporters of services, doubling its share in global services trade to over 4% from 2% in 2005, according to WTO estimates. Sunil Talati, president of government-aided Services Export Promotion Council, said total services exports could overtake goods exports in the next five years to $750 billion. A report by Knight Frank consultancy last week said demand for office space has risen sharply in smaller cities, driven by expanding operations of global accounting and multinationals, pushing up rents by up to 10%. Domestic accounting firms are also moving to smaller towns and raising wages. "With the Big Four and other global firms coming to our cities, we are going even deeper to open offices in smaller cities."

Persons: Ernst & Young, Diksha Mehta, Debasish Mishra, PwC, Padmaja Alaganandan, Narendra Modi, Sunil Talati, Swagatika Parmanik, Knight Frank, Kshitij Patel, Shah, Manoj Kumar, Kripa Jayaram, Sam Holmes Organizations: Business, Diksha, Reuters Graphics India, Deloitte, KPMG, Export Promotion Council, Reuters, PwC, IBM, Manubhai, Shah LLP, Thomson Locations: BHUBANESWAR, India, Mumbai, Delhi, Bengaluru, Jaipur, Vadodara, Kochi, Chandigarh, Patiala, Australian, Europe, New Delhi, Asia, Odisha, Bhubaneswar, Gujarat, Ahmedabad

☆ Heineken, Sbarro Pizza, TGI Fridays, and WeWork said they would leave Russia in response to its brutal war against Ukraine. Investigators say it's still business as usual.
▼ + stars: | 2023-07-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Heineken, Sbarro Pizza, TGI Fridays, WeWork, and other companies are still doing business in Russia, investigators found. Investigators downgraded a list of companies, including WeWork, Shell, Heineken, tobacco giant Philip Morris, Mondelez — the maker of Oreos —, Carl's Jr., TGI Fridays, and Sbarro Pizza. Huntsman Corporation, a chemical giant founded by the father of Ambassador Jon Huntsman, said it has working hard to leave the Russian market. The entire list of companies that have left the Russian market can be seen here. A condensed list of the companies that have been downgraded after promising to leave Russia can be read here.

Persons: Jeffrey Sonnenfeld, expeditiously, Philip Morris, Mondelez, Oreos, Carl's Jr, Carl's, Shell, Jon Huntsman, Gary Chapman, Sonnenfeld, Vladimir Putin Organizations: Yale, Heineken, Service, CNN, Investigators, Shell, Huntsman Corporation, Huntsman Locations: Russia, Wall, Silicon, Ukraine, Shell, Heineken, Russian, South Africa

SYDNEY, May 30 (Reuters) - Australian senators will use parliamentary hearings this week to demand accounting firm PricewaterhouseCoopers (PwC) name staff and clients who were in on the "big four" firm's misuse of confidential government tax plans. No confidential information was used to help clients pay less tax, it said in the statement on Monday. The cache of emails between 2014 and 2017 discuss how confidential drafts of new rules were used to seek work with U.S. technology companies, among others. The parliamentary committee will hear from the Australian Tax Office and the Tax Practitioners Board and Treasury, which last week referred the matter to police for a possible criminal investigation. Reporting by Lewis Jackson in Sydney; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen Sells Its Russia Operations, Including an Assembly Plant
▼ + stars: | 2023-05-19 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

Volkswagen has sold its assembly plant and other operations in Russia to a local auto dealership, more than a year after the German carmaker ceased production in the country following the invasion of Ukraine, the company said on Friday. Under the deal, which required approval from the Russian government, a Moscow-based dealership called Avilon acquired the assets of Volkswagen Group Rus, the carmaker said. Neither company specified a sales price, but Russia media citing local records said Avilon paid about 125 million euros ($135 million). But outrage over Moscow’s brutal war in Ukraine, combined with the difficulties coping with tough economic sanctions aimed at punishing Russia, have made the Russian market less attractive. Mercedes-Benz announced last month that it had sold its Russia division, including an assembly plant, to Avtodom, a Russian investor, roughly a year after it had suspended local manufacturing and the export of passenger cars and vans to Russia.

☆ The clock is ticking for companies to speak clearly like Musk about China's Taiwan policy
▼ + stars: | 2023-05-18 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

Elon Musk spoke this week on a topic few CEOs want to weigh in on publicly: China's intentions to ultimately integrate Taiwan as part of the People's Republic of China. "The official policy of China is that Taiwan should be integrated. And he added, "the situation is actually a lot worse for a lot of other companies than Tesla. "I don't think it's imminent but I do think companies should heed what he [Musk] says." The U.S. government policy remains to not take an official position on Taiwan as an independent and sovereign state.

☆ McDonald’s new battle over the way the Big Mac and fries are packaged
▼ + stars: | 2023-05-13 | by ( Carolyn Chun | ) www.cnbc.com time to read: +8 min

Reusable packaging may be next. McDonald's biggest reusable packaging changes are outside US McDonald's has made several big packaging changes in recent years, mostly coming from outside the U.S. and following governmental action. And at the end of last year, McDonald's France launched a reusable plastic food container in its signature red color – though not without initiating a new controversy over the decision to not use all glass or metal. There are many challenges that come with reusable packaging, and McDonald's has looked to highlight that as it agrees to conduct more research on the reusables economy. The economics case for reusable packagingAdvocates for reusable packaging argue that the economics will work.

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