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Bayer’s Proposed $56 Billion Monsanto Acquisition No Done Deal


The global agribusiness industry has recently seen a feeding frenzy of merger and acquisition activity. The announcement this week of Bayer’s proposed purchase of Monsanto after months of difficult negotiation is only one among other such industry consolidation deals. Dow Chemical and DuPont agreed last year to merge their crop science businesses, a deal currently under Justice Department review. Canadian fertilizer companies Potash Corp. and Agrium also agreed to merge this week. Finally, Swiss pesticide giant Syngenta AG agreed to a $43 billion takeover by China National Chemical Corp., a state-owned conglomerate that already sells generic agricultural chemicals. The bigger picture suggests severely reduced competition, higher prices for farmers and consumers, and increased global corporate control of crop seeds, particularly GMO’s. So what is going on here?

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Apple €13 Billion Tax Bill Really A Fight Over Who Gets the Money: EU or US?


Today’s long-expected announcement that the European Union has assessed that Apple owes €13 Billion ($14.5 Billion) in back taxes to Ireland and the EU, is only one part of a much larger story of multinational corporations global tax jurisdiction and tax avoidance, and a looming fight between the EU and US over which one gets the €13 Billion. There is not much disagreement whether Apple actually owes the money. It also reopens the as yet unresolved matter of multinational corporate taxation, most recently exposed by Pfizer’s announcement that it would move its HQ to Ireland to avoid U.S. taxation, which was later blocked by the U.S. government.

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Canada Glaringly Absent From World’s 10 Most Innovative Countries


The following infographic provides an excellent overview of the World’s Most Innovative Countries and the weighted criteria used to rank the top 10. Glaringly, Canada is completely absent from this list. It is worth noting that eight of the ten countries listed have much smaller populations than Canada. That said, I have little essential disagreement with this list. Investment in research & development, leading to commercial technology innovation is crucial to a country’s economic growth and competitiveness in productivity. Canada lags in every category.

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Joseph Stiglitz Resigns As Panamanian Government Advisor on Panama Papers Scandal


Nobel Prize-winning economist Joseph Stiglitz has quit an advisory panel to Panama’s government set up after the Panama Papers scandal. Some 11.5m documents, leaked from Panama law firm Mossack Fonseca, revealed huge offshore tax evasion.The government appointed a panel to look at Panama’s financial practices. But Mr Stiglitz and and Swiss anti-corruption expert Mark Pieth, who also quit, said government interference in their work amounted to “censorship”. The seven-person panel also included Panamanian experts. “I thought the government was more committed, but obviously they’re not,” Mr Stiglitz told Reuters news agency. “It’s amazing how they tried to undermine us.”

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Apocalypse now: has the next giant financial crash already begun?


This is one of the better mainstream media analyses on the growing concern regarding Global Financial Contagion. Reblogged from The Guardian (UK) The author, Paul Mason is economics editor of Channel 4 News. @paulmasonnews.
‘The biggest risk is not deflation of a bubble. It is the risk of that becoming intertwined with geopolitics.’

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Risk of Global Financial Contagion Is Growing


Global Financial Contagion, is a well-understood phenomenon among economists, but less so among the general public. Financial contagion refers to “the spread of market disturbances — mostly on the downside — from one country to the other, a process observed through co-movements in exchange rates, stock prices, sovereign spreads, and capital flows.” Financial contagion can be a potential risk for countries who are trying to integrate their financial system with international financial markets and institutions. It helps explain an economic crisis extending across neighboring countries, regions, or in the worst case, the entire global economy.

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Four KPMG Senior Execs Arrested on Tax Evasion Charges


Four senior executives from the Belfast office of international accountancy firm KPMG have been arrested on tax evasion charges. KPMG acknowledged in a press release that four of its top executives in Northern Ireland were arrested Wednesday.

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Uber’s Distortion of the Sharing Economy


I found this important editorial opinion piece in The Guardian, the UK journal. The point of this is, IMHO, a critically important moral issue. Many of these new corporate entities, Uber in particular, when viewed without their sheep’s clothing, are doing nothing more than joining the global corporate drive to eliminate the middle class, local […]

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OECD Slashes Canadian Economic Forecast Yet Again


One day after federal Finance Minister Joe Oliver deflected concerns over Canada’s poor economic showing to start 2015, the OECD announced that it now projects Canadian growth this year at about 1.5 percent, down sharply from 2.2 percent during its previous temperature reading in March and a full percentage point below its forecast last November. Oliver on Tuesday told a Parliamentary Committee that he does not anticipate a recession.

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More Too Big To Fail Or Jail: 5 Banks Guilty In “Foreign Exchange Fix”


For most people, pleading guilty to a felony means they will very likely land in prison, lose their job and forfeit their right to vote.

But when five of the world’s biggest banks plead guilty to an array of antitrust and fraud charges as soon as next week, life will go on, probably without much of a hiccup.

The Justice Department is preparing to announce that Barclays, JPMorgan Chase, Citigroup and the Royal Bank of Scotland will collectively pay several billion dollars and plead guilty to criminal antitrust violations for rigging the price of foreign currencies, according to people briefed on the matter who spoke on the condition of anonymity. Most if not all of the pleas are expected to come from the banks’ holding companies, the people said — a first for Wall Street giants that until now have had only subsidiaries or their biggest banking units plead guilty.

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