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Economy & Finances

Facebook caves under pressure from governments to change tax structure

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It currently re-routes revenue through its international headquarters in Dublin and attracted criticism in the UK after it was shown to have paid just over £4,000 in tax in 2014. Corporate taxation has become a hot-button topic in the wake of revelations of tax avoidance schemes by multinationals which have led to calls for companies to pay more tax. The company is expected to start paying tax on its local operations across roughly 30 jurisdictions outside the United States including France, Germany and eight other EU countries where Faceboo... Read More »

Spain agrees 4 percent rise in minimum wage for 2018

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pain’s economy emerged from recession in 2013 and become one of the fastest growing economies in the euro zone. However, many of the jobs created during the recovery have been temporary or part-time, leading to low wages and rising inequality. Unions have long asked for wages to rise to reflect Spain’s strong economic growth. The government’s end-of-year growth forecast is 3.1 percent. On Tuesday, they said they were pleased with the wage increase. “It is a boost to rebuild the salaries of people who lost most in the economic crisis,” sai... Read More »

European Medicines agency will bring jobs, generate millions of euros

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The 890 workers will have an estimated €45m in net salaries to spend and much of that will benefit local shops, service providers, bars and restaurants, ING says. In addition, housing the EMA workers will bring in €10m to €15m while the 30,000 overnight stays which EMA visitors will book will generate €4m for the hotel sector. The Financieele Dagblad says experts suggest the EU agency will provide work for 1,500 people working in catering, cleaning, security, childcare and teaching. In addition, some 200 of the agency’s 890 staff are not exp... Read More »

Gucci under investigation for tax evasion by Italian authorities

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Gucci, Italy’s greatest fashion success story and a brand whose renaissance has become a model the whole industry wants to emulate, is being investigated as perhaps among the country’s biggest tax evaders. The Italian tax police searched the Gucci Hub, the 377,000-square-foot campus in Milan that is home to more than 250 employees, last week, as well as Gucci’s offices in Florence. The search was part of a criminal investigation into the brand by the prosecutor’s office in Milan. The Italian newspaper La Stampa reported that officials wer... Read More »

Bitcoin crosses $10,000 milestone

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The virtual currency reached the benchmark for the first time, just days after it passed $9,000. It caps a remarkable rise in value for the crypto-currency, which was trading below $1,000 at the start of the year. Some experts believe the asset still has far to soar, but others say it represents a speculative bubble with nothing tangible at its core that could burst any time. The total value of all the bitcoins in existence has now surpassed $167bn. Bitcoin first reached $1,000 in late-2013 and then dipped significantly before starting a vol... Read More »

Burton Mills: Germany to Post Budget Surplus

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Burton Mills: Projected budget surplus would be a win for Angela Merkel’s administration and the parties it hopes to form a coalition with. According to recent reports, Germany could announce a budget surplus of 14 billion euros this year. A budget surplus of this size would give Chancellor Angela Merkel’s conservative party significantly more room to negotiate as it attempts to form a new coalition with the Greens and Free Democrats. Taipei, Taiwan- based investment house Burton Mills’ economists stated that the new budget projections we... Read More »

Burton Mills: China Economy Continues to Slow

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Burton Mills: China’s economy slows as authorities crack down on pollution and speculative financing. With fixed asset investment, industrial activity and retail sales falling short of expectations last month, China’s economy slowed further as the government implemented a hard approach to factory pollution and debt risks. Beijing is now in its second year of a program to decrease elevated levels of debt as the government is concerned that unsafe lending practices could endanger the economy. Data recently released by Burton Mills indica... Read More »

Clifford Beaumont: Japanese Economic Growth Rises For 7th Consecutive Quarter

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Japan's economy has posted seven consecutive quarters of growth in what has been the longest run of growth in over a decade. Latest statistics showed gross domestic product (GDP) increased at an annualized rate of 1.4% in the 3rd quarter of 2017. The latest quarterly numbers come after nearly 5 years of controversial economic stimulus by the Bank of Japan at the behest of Prime Minister Shinzo Abe. The expansion has been driven largely by a robust export sector buoyed by stronger global demand for Japanese products and has helped offset weak... Read More »

Burton Mills: Britain’s Economic Growth to Remain Weak

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Burton Mills: Economists expect the UK’s economy to grow at a rate well behind its peers in the coming years. Burton Mills: British economic expansion will continue to be slow over the next several years, falling far behind the country’s peers, and could end up being even further behind than economists currently predict with most reporting that risks to their forecasts are to the downside. These recent findings by Taiwan-based Burton Mills are in stark contrast to a survey published earlier this year which indicated that economists were a... Read More »

P&G Perspective on U.S. Corporate Tax Reform

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Tax Reform Supports American Jobs and Economic Growth  P&G has long supported U.S. corporate tax reform to help stimulate economic growth. While the details of the proposed tax reform framework being worked out by Congress over the coming weeks will matter very much, I applaud their efforts toward modernizing the United States’ outdated tax code. The proposed competitive corporate rate and shift toward a territorial system will help put American firms on a more level playing field with global competitors — creating value for P&G shar... Read More »

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