Sunday, 8th November 2009

 

6 May 2009 - Press Briefing

Low-tax nations slam US crackdown proposals

The Obama administration's proposed crackdown on corporate tax avoidance has triggered a furious reaction from low-tax nations used heavily by the multinationals that are the target of the US reforms, according to a report in the Financial Times.

Jan Kees de Jager, the Netherlands' finance secretary, expressed unhappiness over his country being highlighted by the US authorities along with the Cayman Islands, Bermuda and Ireland on Monday.

The planned amendments could have “unintended negative consequences”, Alden McLaughlin, a minister of the Cayman Islands, warned, as cited in the FT report.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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