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☆ Big Pharma Is Avoiding Taxes, and Trump’s Tax Reforms Made It Worse - The New York Times
▼ + stars: | 2023-05-12 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

On Thursday, Brad Setser of the Council of Foreign Relations — esteemed by cognoscenti for his forensic analyses of balance of payments data — testified to a Senate committee about global tax avoidance by pharmaceutical companies. This issue may not have loomed large on many people’s radar screens, and with everything else going on you may wonder why you should care. About pharma: The U.S. health care system, unlike health systems in other countries, isn’t set up to bargain with drug companies for lower prices. In fact, until the Biden administration passed the Inflation Reduction Act, even Medicare was specifically prohibited from negotiating over drug prices. As a result, the U.S. market has long been pharma’s cash cow: On average, prescription drugs cost 2.56 times — 2.56 times — as much here as they do in other countries.

☆ GOP law cut Big Pharma tax rates by 40%, Senate report says
▼ + stars: | 2023-05-11 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

A Republican law has slashed the average tax rates of big pharmaceutical companies by more than 40% since it was enacted in 2017, Senate Finance Committee Democrats said in a report Thursday. That provision allowed U.S.-based pharmaceutical companies to access lower tax rates on their foreign income, the report said. Pharmaceutical companies report 75% of their taxable income overseas, the report said. The report said the average rate fell to 11.6% in 2019 and 2020, which resulted in billions of dollars in tax savings for pharmaceutical companies. Wyden also obtained similar information about other U.S. pharmaceutical companies, including Abbott Laboratories , Amgen , Bristol Myers Squibb and Merck .

☆ Bank of America opens Luxembourg branch in Europe funds push
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 10 (Reuters) - Bank of America (BAC.N) has hired former BNP Paribas banker Benoit Nevouet to be the manager of a newly created Luxembourg branch as the U.S. lender seeks to grow its business in Europe, a senior executive at Bank of America told Reuters. The opening of a branch in the small but wealthy country will mean Bank of America can help clients such as investment funds with local bank accounts and other services, said Matthew Davies, head of the U.S. lender's global transaction services unit for Europe, Middle East and Africa. Bank of America is first focused on bringing across existing clients which it served from a partner bank in Luxembourg to its new branch, Davies told Reuters. The U.S. bank is also hiring a dedicated money laundering reporting officer, as well as an initial handful of other support staff in functions such as compliance, risk and legal, to support the Luxembourg branch, Davies said. Bank of America's transaction services business accounts for some 10% of the lender's overall revenues, helping large multinational corporations with routine but vital products such as making payments and managing their cash.

☆ Amazon gave 'small business' and 'Black-owned business' badges to companies that were neither, report says
▼ + stars: | 2023-04-04 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Amazon reportedly gave some sellers "Small Business" badges even though they were large companies, The Information reports. "Black-Owned Small Business" badges were also reportedly given to companies that aren't Black-owned. Amazon gave "Small Business" badges to sellers that are "multinational corporations with thousands of employees," The Information reported. Likewise, Amazon reportedly also gave "Black-Owned Small Business" badges to companies that were not actually Black-owned, The Information reported. And products from grass-fed beef jerky firm Chomps were given the Black-owned business badge even though its founders Pete Maldonado and Rashid Ali are not Black.

☆ This Sequoia-backed startup bringing a form of buy now, pay later to B2B payments just raised $19.3 million. Check out the 10-slide pitch deck Two used to land the funds.
▼ + stars: | 2023-03-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Sequoia-backed payments startup Two just raised $19.3 million in a Series A round. The Oslo-based company plans to bring a version of buy now, pay later to B2B transactions. Check out the 10-slide pitch deck Two used to land the fresh cash below. A Sequoia-backed startup that wants to bring a version of the buy now, pay later model to B2B transactions just raised $19.3 million in fresh funds. Two's solution is to effectively offer a form of buy now, pay later for B2B payments to both small and medium-sized businesses and multinational corporations.

☆ HSBC takes $300 mln hit on Russia business sale, says deal on track for 2023
▼ + stars: | 2023-02-21 | by ( Lawrence White | ) www.reuters.com time to read: +1 min

Europe's biggest bank has taken a $300 million loss on the expected sale of the business, HSBC said as it reported its annual results for 2022. HSBC said in July last year the deal was pending approval from Russia's government and regulators, shortly before Deputy Finance Minister Alexei Moiseev said Russia would block the sale of foreign banks' Russian businesses. Credit Suisse last July was banned from disposing of shares in its Russian unit by a Moscow court which also ordered the seizure of 10 million euros ($10.7 million) from the Swiss bank. HSBC's operations in Russia consisted of a corporate banking business which offered a range of lending and investment banking services to domestic and multinational customers. It employed around 200 people on the eve of Russia's invasion, HSBC Chief Financial Officer Ewen Stevenson said at the time.

☆ Bernie Sanders says he agrees with Bill Gates that the government should 'tax the robots' replacing workers
▼ + stars: | 2023-02-21 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +2 min

Bernie Sanders says government should "tax the robots" that replace workers. In his new book, Sanders references Microsoft's Bill Gates' ideas on this issue. "We're going to need to adapt tax and regulatory policies" to address robots, Sanders write. He also wants to tax robots. His book references policy ideas from other proponents, including Microsoft's Bill Gates, a billionaire who Sanders notes is "not someone I regularly agree with."

☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

☆ China's economy will grow 5% this year, Fitch Ratings says in upgraded forecast
▼ + stars: | 2023-02-08 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

China's economy will expand by 5% in 2023, Fitch Ratings said in a revised forecast on Wednesday – an improved outlook from its previous 4.1% growth prediction made in December. Fitch also pointed to China's latest purchasing managers' index (PMI) for manufacturing and services, a measure of business activity, that indicated further growth. China's official manufacturing PMI reading rose to 50.1 in January from a previous reading of 47, and its services PMI rose to 54.4, the highest level since June 2022. A value above 50 indicates expansion of economic activity; a reading below 50 points to a contraction. The economists also noted China's gross domestic product reading in December was better than Fitch had expected.

☆ How the dollar's sharp reversal could be an unexpected positive for these companies
▼ + stars: | 2023-01-25 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

But with the dollar's stunning reversal since then, some companies should conversely start to catch a currency break and potentially see upside surprises. In the fourth quarter, because of the sophisticated hedging strategies from companies, they may not get the full benefit of the dollar's decline. Johnson & Johnson, for instance, said fourth quarter sales fell, in part because of the negative impact from currency translation. 3M said fourth quarter sales were 5% lower than they would have been were it not for the stronger dollar. Sacconaghi said the market has typically rewarded tech companies' "currency beats."

REUTERS/Kamil Krzaczynski/File PhotoJan 18 (Reuters) - New York excavation contractor Brian Dietz does not view higher air fares as a deal-breaker for flying and airlines are seeing more small and medium size companies like his feeding a 2023 rebound in business travel. Although business travelers often book economy seats, corporate travel is critical for airlines because it means more frequent flyers and appetite for higher-margin premium fares. SME executives were some of the first business travelers back on planes after the pandemic-induced slump. They have since emerged as the fastest-growing segment within corporate travel according to Amex GBT. Spending on business travel globally is expected to recover to 80% of 2019 levels in 2023, up from 65% in 2022, according to the Global Business Travel Association (GBTA).

☆ No, the GOP isn't going to abolish income tax — or the IRS
▼ + stars: | 2023-01-12 | by ( Juliana Kaplan | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

The House is planning to vote on a Republican bill that would abolish the national income tax. It would implement a national sales tax in its place and eliminate the IRS. The House of Representatives is planning to vote on a Republican bill that would abolish the national income tax, payroll tax, and estate tax and replace it with a single national consumption — or sales — tax on the purchase of goods and services. "Go home and tell your moms, they're going to be really excited about that," Biden said of the national sales tax proposal in Thursday remarks. Critics say replacing the national income tax with a consumption tax would be highly regressive and shift the country's tax burden from higher-income Americans to middle- and working-class taxpayers.

☆ A Quiet Refutation of ‘Net Zero’ Carbon Emissions
▼ + stars: | 2023-01-09 | by ( Steve Milloy | ) www.wsj.com time to read: 1 min

‘Net zero by 2050” is more than a slogan of climate activism. It has become a chief organizational principle for multinational corporations and the BlackRock-led cartel pushing environmental, social and corporate governance investing. “Net zero” was mentioned in more than 6,000 filings with the Securities and Exchange Commission in 2022 and countless other times by publicly traded corporations and investor groups in statements and on their websites. The SEC says its proposed climate disclosure rule will help investors “evaluate the progress in meeting net-zero commitments and assessing any associated risks.”

☆ Intel’s New Compliance Chief Navigates Geopolitics, Supply-Chain Shift
▼ + stars: | 2022-12-23 | by ( Dylan Tokar | ) www.wsj.com time to read: +6 min

Carol Tate is the chief compliance officer at Intel. “It’s an exciting time to lead a global team with a company that’s at the center of those things.”Ms. Tate spoke with Risk & Compliance Journal about the supply-chain shift, layoffs and other topics. WSJ: What role does compliance play when it comes to these massive geopolitical pressures around the chip industry? Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. We refer to it as CRIS [compliance risk intelligence system].

☆ Kyrsten Sinema was doing the GOP a favor by blocking Democrats' taxes on the wealthy. Now a Republican-controlled House will have to fight that battle.
▼ + stars: | 2022-12-10 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Sen. Kyrsten Sinema repeatedly threw cold water on Democrats' plans to raise taxes on the wealthy. Now that Sinema is officially becoming an independent, Democrats still likely won't be able to pass anything. However, the House — which has to pass any legislation that would include hikes — will soon be controlled by Republicans. Raphael Warnock's reelection in the Georgia runoff also gave Democrats an opening to work around Sinema. Republicans are very tax averse, already mounting opposition to a 15% minimum tax on big multinational corporations like Amazon and Facebook.

☆ Asia-Pacific shares poised to rise ahead of China inflation data
▼ + stars: | 2022-12-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The Chinese flag floats before the skyscrapers of multinational corporations on February 23, 2018 in Shanghai, China. Shares in the Asia-Pacific are set to rise ahead of China inflation data for November. In Australia, the S&P/ASX 200 inched up 0.32%. The Nikkei futures contract in Chicago was 27,695 while its counterpart in Osaka was at 27,680. That's higher than the Nikkei 225's last close at 27,574.43

☆ I visited the flagship stores of Nike and Adidas in NYC to compare the shopping experiences and it was clear which store was more popular
▼ + stars: | 2022-12-04 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +2 min

I visited the flagship stores of two of the world's largest athletic brands, Nike and Adidas, to see which shopping experience was better. Adidas' flagship store was soccer heaven and paid homage to the FIFA World Cup. Nike's store took me to an otherworldly space and wowed me with its Sneakerlab collection. Loading Something is loading. With that in mind I felt it was worth visiting both flagship locations to compare the shopping experience.

☆ China decoupling takes one step forward, one back
▼ + stars: | 2022-11-29 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +7 min

It has pushed for reshoring production of electric vehicles and silicon chips, and legislated to delist Chinese companies from New York. Europe, Japan, Australia and India have implemented their own measures ranging from restrictions on Chinese investment, excluding equipment from telecoms networks, and banning consumer apps. The impact the pandemic has had on Chinese supply chains has retroactively validated the push to separate. For politicians who hope to replicate the Chinese supply chain via tax tweaks, subsidies and sanctions, it’s worth remembering China started building out the requisite logistical infrastructure in the 1980s. Non-financial outbound direct investment in the same 10-month period rose 10.3% year-on-year to 627.4 billion yuan, Shu said.

☆ Dow gains 1,200 points and Nasdaq surges 7% in blistering rally following October CPI report
▼ + stars: | 2022-11-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The 10-year US Treasury yield plunged 31 basis points and the US dollar Index fell more than 2%. The Nasdaq closed an eye-popping 7.35% higher, and the Dow Jones Industrial Average spiked nearly 1,200 points. Meanwhile, core monthly inflation, which excludes food and energy, increased 0.3%, below estimates for a rise of 0.5%. The move in assets was immediate following the CPI release, with the 10-year US Treasury yield plunging an immediate 20 basis points, eventually falling 31 basis points. Meanwhile, the US Dollar Index plunged more than 2%, it's weakest day in more than 10 years.

☆ Telenor to provide support for customers of former Myanmar unit
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

OSLO, Oct 28 (Reuters) - Norway's Telenor (TEL.OL) said on Friday it is exploring ways to provide support to Myanmar telecom users facing digital security risks after its exit from the Southeast Asian nation this year. Following a military coup in Myanmar in 2021, Telenor announced the sale of its business there to avoid European Union sanctions after pressure from the junta to activate intercept surveillance technology. Telenor completed the exit despite criticism from employees in Myanmar as well as from activists who said the handover could put the data of 18 million people within reach of the ruling military. "Following the completion of the independent digital risk study, Telenor has committed to support the implementation of the follow up actions recommended by it," the company said in a statement. Reporting by Terje Solsvik and Gwladys Fouche; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's attack on Ukraine shows that the US and Europe have to relearn how to fight an industrial war
▼ + stars: | 2022-10-18 | by ( Alexander Clarkson | World Politics Review | ) www.businessinsider.com time to read: +11 min

The military effort to support Ukraine shows how US and European defense priorities have been distorted. The war is a reminder that the US and Europe must fundamentally reassess how they prepare for war. The military responses Western states formulated toward these perceived threats were shaped by wider neoliberal policy approaches shaped by the impact of globalization. This greater reliance on private-sector actors to develop and administer key military functions also reflected a period of tightening defense budgets. An airman secures a GBU-38 Joint Direct Attack Munition on an aircraft at Barksdale Air Force Base in August 2014.

☆ Here's the outlook for corporate financial results as the worsening global economy is poised to lift the US dollar higher
▼ + stars: | 2022-10-12 | by ( Jason Ma | ) www.businessinsider.com time to read: +6 min

Good morning, this is Jason Ma and today's edition highlights the outlook for corporate financial results as the US dollar rises. Here's what a strong dollar means for stocks as earnings season heats up. If the reading tops 8.3%, then expect the stock market to sell off by 5%, the bank's trading desk said. But readings below 8.1% could spark some big gains for the stock market. How has the strong dollar affected your portfolio?

☆ Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress
▼ + stars: | 2022-09-21 | by ( Hanna Kang | Kayla Gallagher | ) www.businessinsider.com time to read: +24 min

Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.

☆ Rail unions have reached a tentative deal to avert economy-rattling strike
▼ + stars: | 2022-09-15 | by ( Stephen Jones | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Unions and rail companies have struck a deal, averting crippling rail strikes, the White House said. President Biden praised railway representatives for reaching a "tentative agreement" on Thursday. "For the American people, the hard work done to reach this tentative agreement means that our economy can avert the significant damage any shutdown would have brought," Biden said. One key provision in the new tentative agreement: Workers can take off unpaid sick days without fear of repercussions, according to the Associated Press. Workers in one union had already voted down the prior tentative agreement and were prepared to strike.

☆ Bernie Sanders blocks Republican proposal to override workers and stop a railroad strike: 'It is time for Congress to stand on the side of workers for a change'
▼ + stars: | 2022-09-14 | by ( Juliana Kaplan | Joseph Zeballos-Roig | ) www.businessinsider.com time to read: +4 min

Senator Bernie Sanders blocked a Republican resolution to avert a rail strike and override workers. Sanders said that workers deserve paid sick leave, which is the demand holding up agreements. John Drake, VP of transportation, infrastructure and supply chain policy at the Chamber of Commerce, told Insider in a statement that he "welcomes" the Republican resolution. Sanders, Wicker, and Burr sparred over the workers' demands, with Sanders emphasizing that workers should get paid for time out sick — and a say in their contract. Sanders noted that rail workers would be entitled to no sick days, either paid or unpaid, under the current set of recommendations from the presidential panel.

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