Google continues to expand its use of legal-but-questionable tax shenanigans as a way to minimize its overseas tax burden.
According to Irish media reports Friday, in 2013 Google Ireland Limited paid an effective tax rate of just 0.16 percent on €17 billion ($22.8 billion) revenue, which came to a mere €27.7 million ($37.2 million). Google paid €11.7 billion in “administrative expenses,” which The Irish Times reports “largely refers to royalties paid to other Google entities, some of which are ultimately controlled from tax havens such as Bermuda.”
David Wilson, a London-based Google spokesman, confirmed the Irish figures to Ars.
Google and many other tech firms have recently come under increased scrutiny for using a quirky Irish tax law arrangement that allows organizations to incorporate in Ireland but legally route money through other jurisdictions, such as the Netherlands. It’s all done in the name of drastically reducing tax burdens. The general term is called “transfer pricing,” although specific tactics involve colorful names like the “Double Irish” and the “Dutch Sandwich.”
Ted Nugent Show Canceled After Native-American Tribe Hears About Rocker’s ‘Racist and Hate-Filled Remarks’
Still, you have to wonder WTH they were thinking of to book him in the first place. Hasn’t Nugent made it perfectly clear that he’s a racist, gun obsessed lunatic who had a hit song 40 years ago?
WORLEY, Idaho (AP) — A Native American tribe has canceled an Aug. 4 concert by Ted Nugent at its casino.
The Coeur d’Alene Tribe on Monday said that the cancellation of the concert at the casino in the northwest Idaho city of Worley was because of what it called the rocker’s “racist and hate-filled remarks.”
The tribe says it booked Nugent without realizing he espoused “racist attitudes and views.” The tribe did not detail which of Nugent’s specific views it opposes.
Early last week, the drug firm Mylan stomped on the Stars and Stripes as it ditched America for the Netherlands. Then, on Friday, the drug company AbbVie similarly renounced America. For 30 pieces of silver, it will become Irish.
Medical device maker Medtronic deserted America for Ireland last month. The pharmacy chain Walgreens recently announced it may be next. It plans to dump the land of the free for the bows and scrapes of royal subjects.
Walgreens is willing to prostrate itself before Queen Elizabeth because the British corporate tax rate is lower. Anything for money, right AbbVie? These firms will still park their assets and staff and sales in America. They just won’t pay taxes on foreign income to the country that nurtured them, protected them from patent violators and unfair competitors, and provided them with educated workers, federally-sponsored research and development, and myriad other public services. Now, they can freeload instead. As a result, their U.S. competitors, as well as hardworking Americans, will pay more to cover the shirkers’ share.
“If content is still king in a media business challenged by new technologies and nimble upstarts, Rupert Murdoch hungers to wear the crown,” Andrew Ross Sorkin and Michael J. de la Merced write in DealBook. On Wednesday, Mr. Murdoch’s boldest bid yet emerged: an $80 billion takeover offer for Time Warner Inc., which would be the biggest media deal in more than a decade. Time Warner has rebuffed his offer and no talks are underway. But Mr. Murdoch is known for getting what he wants ‒ even when companies have first said no ‒ and people briefed on the matter said he is unlikely to walk away anytime soon.
Mr. Murdoch’s pursuit is likely to set off a wave of takeover battles elsewhere in the industry as others race to keep up with the media mogul. “Mr. Murdoch’s 21st Century Fox is seeking to create a colossus in the television and film industries at a time when both face pressure from the growing power of cable companies like Comcast and online video giants like Google,” Mr. Sorkin and Mr. de la Merced write. Combining the two companies would bring under one roof some of the leading sources of content, including HBO and Fox Broadcasting. Notably, the deal would not include CNN, which 21st Century Fox plans to sell in any deal to assuage concerns from antitrust regulators.
Republican, of course.
US Rep. Marsha Blackburn (R-TN) wants to make sure the Federal Communications Commission never interferes with “states’ rights” to protect private Internet service providers from having to compete against municipal broadband networks.
Twenty states have passed laws making it difficult for cities and towns to offer their own broadband Internet services, and FCC Chairman Tom Wheeler has pledged to use his agency’s authority to “preempt state laws that ban competition from community broadband.”
He may get a chance to make good on that promise soon. EPB, a community-owned electric utility in Chattanooga, Tennessee said it is “considering filing a petition to the FCC” to overturn a state law that prevents it from offering Internet and video service outside its electric service area.
“There are vast areas of Tennessee, surrounding EPB’s electric service territory, where citizens and businesses have little or no broadband Internet connectivity,” EPB’s announcement this month said. “For several years EPB has received regular requests to help some of these communities obtain critical broadband Internet infrastructure. However, since 1999, while state law has allowed EPB to provide phone services outside its electric service territory, it has prohibited EPB from offering Internet and video services to any areas outside its electric service area.”
That’s exactly what Blackburn wants to prevent. Yesterday, she proposed an amendment to a general government appropriations bill that would prohibit taxpayer funds from being used by the FCC to preempt state laws governing municipal broadband.
Bad news for chocolate lovers — your favorite indulgence is about to get more expensive.
Hershey Co., the nation’s leading candy producer, said Tuesday it is raising prices of chocolates such as Kisses, Reese’s, Mounds bars and other candies by 8% to combat increasing food, utility and transportation costs.
The costs for cocoa, dairy and nuts have “increased meaningfully since the beginning of the year,” said Michele Buck, president of Hershey’s North America, explaining that prices of these commodities “have been volatile and remain at levels that are above historical averages.”
Cocoa futures jumped to almost a three-year high this month because of increased demand and weather issues in major cocoa-producing countries.
I’ll eat it anyway!!!!
America’s largest shotgun manufacturer, O.F. Mossberg & Sons, Inc., decided not to expand in Connecticut. Sure it was founded there 1919 and still has its corporate headquarters in North Haven. But in 2013 Connecticut rushed through legislation to ban some of Mossberg’s popular products. As a result, Mossberg CEO, Iver Mossberg, says, “Investing in Texas was an easy decision. It’s a state that is not only committed to economic growth but also honors and respects the Second Amendment and the firearm freedoms it guarantees for our customers.”
Mossberg has instead expanded its Maverick Arms, Inc. facility in Eagle Pass, Texas, with 116,000 new square-feet of factory space. Mossberg is not a small gun manufacturer. According to records kept by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Mossberg made 475,364 guns in America in 2011. Of those guns, a total of 423,570 were shotguns made for sportsmen, for shotgun sports enthusiasts, for law-enforcement and for people who want a shotgun to protect their homes and families.
More than 90 percent of Mossberg’s guns are now made in Texas. Some of its Connecticut jobs are going there, too. Tom Taylor, O.F. Mossberg & Sons’ senior vice president, sales & marketing, tells me, “We’re moving all wood gun stock production to our Texas facility. More of our product lines—like our modern sporting rifles—might move to Texas in the future. Texas has been very good to us. Also, our gun sales have been so dynamic over the last number of years. We’ve outgrown our facilities. This major expansion will help us keep up with demand.”
Mossberg is America’s oldest family owned and operated firearms manufacturer. It’s also the largest pump-action shotgun manufacturer in the world. Texas Governor Rick Perry (R) has been aggressively coaxing them to bring even more jobs to Texas—Mossberg has been making guns there since 1989. Perry has been seducing them with the Texas Enterprise Fund (TEF), the state’s low taxes, simpler regulations and a skilled workforce.
Perry neglected to mention the biggest selling points: A “union free” environment, low wage rates, and a pro-management regulatory culture in state government.
Btw, “modern sporting rifle” is the industry’s euphemism for military style guns like the civilian AR-15. Mossberg is not a big player in that market but they are making an aggressive effort to move into it. With the hoarding hysteria (now mostly passed) there was room for all.
An attempt to escape World Bank and IMF restraints for development projects, the bulk of the funding comes from China.
The “New Development Bank” (NDB) is intended to compete with the World Bank and its private lending arm, the International Finance Corporation (IFC), by making it easier and quicker for developing countries to gain access to large-scale financing for infrastructure projects.
The BRICS will also set up a $100 billion (73.5 billion euros) joint US dollar currency reserve pool called the Contingent Reserve Arrangement (CRA), in order to provide emergency cash to BRICS countries faced with short-term currency crises or balance-of-payments problems, Russian Finance Minister Anton Siluanov has told reporters in Moscow.
Competition for World Bank and IMF
The two new BRICS institutions are intended to provide developing countries with alternatives to the World Bank and International Monetary Fund (IMF), which are headquartered politically as well as physically in the US capital.
The Swiss maker of Lindt chocolate is closing in on a deal to acquire Kansas City-based Russell Stover Candies, the storied U.S. boxed-chocolate maker, according to a person briefed on the matter.
Russell Stover was expected to sell for about $1.5 billion, according to a Wall Street Journal report. The closely held company has about 4,500 employees.
A spokesman for Russell Stover declined to comment to The Kansas City Star on Sunday.
Chocoladefabriken Lindt & Sprüngli AG, the Swiss company, was among several confectioners that placed bids for the privately held Russell Stover in recent months.
Amazon has formally petitioned the FAA for permission to test its delivery drones near Seattle as part of its highly publicized push to airlift goods to people’s homes in 30 minutes or less.
The controversial program called “Prime Air” is the brainchild of Chief Executive Officer Jeff Bezos and would use small, unmanned aircraft to zoom purchases to doorsteps. But the drive has generated bitter debate over safety and privacy issues.
The retail giant is currently conducting indoor drone tests. It wants to conduct outdoor runs in the Seattle area, where its research and development labs are located. The company is headquartered in Washington.