Business

Society relies on a social compact. Time for tax-avoiding multinationals to sign up

Jaa 1a

Pat Leahy: The political centre needs to force big business to pay its way The Irish Times Pat Leahy Western countries are by and large the most civilised, comfortable and desirable places to live in the history of mankind. If, in a version the “veil of ignorance” thought experiment, you could choose any time or place to live, not knowing your race, abilities, talents or gender, you’d be mad not to choose to be born into a modern western country, ... Read More »

Fight for Your Right to Proxy

Spas 1a

Are shareholders finally on equal footing with corporate executives — or have investors become drunk on power? Alicia McElhaney When Institutional Investor published a report on proxy reform in its April 1991 issue, corporate governance was on the precipice of change. The California Public Employees’ Retirement System and College Retirement Equities Fund were lobbying the Securities and Exchange Commission to give institutions a say in corporate governance, as Stephen Clark reported in “Push Comes to Shove on Proxy Reform.” The raft of ... Read More »

Will the Easy-Money Era Lead to a Recession?

Money 1a US notes rolled REUTERS LLLL

The Fed has already achieved its objective of escaping 0 percent Now the goal is to avoid recession. Samuel Rines As Janet Yellen readies for her departure from the Federal Reserve, a sentiment creeping into markets that the era of “easy money” is over—as if somehow the Yellen Fed was the root of all easiness. The National Interest Yellen’s Fed was the first in recent history to oversee only rate increases—and not encounter a recession. That is quite the accomplishment: ... Read More »

Coal-fired plant shifted $1bn offshore while pocketing $117m from Australian taxpayers

Tsem 3c

Payment to owner of Loy Yang B – one of country’s dirtiest plants – was compensation for short-lived carbon tax Christopher Knaus and Nick Evershed  The Guardian The owner of one of Australia’s dirtiest coal-fired power plants quietly moved $1bn offshore within days of pocketing $117m from taxpayers in compensation for Labor’s now-defunct carbon tax. The revelation, contained in the Paradise Papers, has prompted renewed criticism of the “chronic failure” of Australian climate policy and warnings against future cash handouts ... Read More »

Endowments Boom as Colleges Bury Earnings Overseas

Slep 1a

American universities are using offshore strategies to swell their coffers, skirt taxes and obscure investments that could spark campus protests. STEPHANIE SAUL The New York Times In 2006, the endowments of Indiana University and Texas Christian University invested millions of dollars in a partnership, hoping to mint riches from oil, gas and coal. The partnership was formed by the Houston-based Quintana Capital Group, whose principals include Donald L. Evans, an influential Texan and longtime supporter of former President George W. ... Read More »

Employee volunteerism? Only if you think your boss is ethical

Korp 1a

Study: Willingness to support corporate social responsibility initiatives contingent on ethical profile of your boss EurekAlert! A new study shows that people who perceive their employer as committed to environmental and community-based causes will, in turn, engage in green behavior and local volunteerism, with one caveat: their boss must display similarly ethical behavior. The forthcoming study in the Journal of Business Ethics by Kenneth De Roeck, assistant professor at the University of Vermont, and Omer Farooq of UAE University, shows ... Read More »

The GOP Tax Plan Tells Us Everything About Who Matters In American Democracy

WASHINGTON, DC - NOVEMBER 02: Flanked by Speaker of the House Paul Ryan and House Ways and Means Committee chairman Rep. Kevin Brady (R-TX), President Donald Trump speaks about tax reform legislation during a meeting with members of the House Ways and Means Committee in the Cabinet Room at the White House, November 2, 2017 in Washington, DC. On Thursday, Republican lawmakers unveiled their plans for a massive rewrite of the U.S. tax code. (Drew Angerer/Getty Images)

Your boss, not you. The United States is the richest country in the history of the world. Last year, the genius and muscle of the American people generated more than $18.6 trillion in wealth. Zach Carter  HuffPost This year, our brains and brawn will combine to create well over $19 trillion. Despite all the debt theatrics of the Republican Party during the Obama presidency, we owe just $6.2 trillion to other countries ― less than four months of our collective ... Read More »

Will exodus of firms from Catalonia economically influence voters?

Josek 1a

Damage to Catalan economy’s credibility and investor confidence may persist for years The secessionist process initiated by Catalonia’s regional government has prompted companies to relocate in other Spanish regions to ensure continued free-market access to the rest of Spain and the European Union. José Guimón The Irish Times Over 1,300 companies have now moved their headquarters outside Cataloniain the three weeks following Catalonia’s illegal referendum for independence of October 1st. The traditional concern that multinational affiliates are “footloose” applies equally to local companies. ... Read More »

Why Australia’s small businesses are hiring migrants

Xur 9i

About 42 cents of every dollar on average spent at a small business is reinvested back into the local community, new research shows. Rashida Yosufzai SBS A new survey has found almost half of every dollar spent at a small business is reinvested back into the local community. The survey also shows more than a quarter of small business owners say foreign workers drive innovation within their business. Twenty six per cent of small business owners polled in the independent ... Read More »

Three charts on: job prospects for refugees in Australia

Skyl 2b

Hola gracias el gracis While refugees will always face major challenges in making the transition to employment, new research indicates their job prospects improve the longer they are in Australia. Pilar Rioseco  John De Maio But for those who do find work, it’s not always in their chosen profession. Most are in low-skilled occupations. The Conversation The Building a New Life in Australia study is longitudinal, following the journey of almost 2,400 humanitarian migrants, including refugees and asylum seekers, from ... Read More »

Australian Corporate Accountability Network Launches

Aravox 1a

A group of civil society organisations, academics and individuals working to promote accountability and respect for human rights by Australian businesses, has launched the Australian Corporate Accountability Network. PBA – Lina Caneva The ACAN network, funded by an RMIT University grant as part of the university’s commitment to fostering responsible business, had its official launch in Melbourne last week. Keren Adams, director of legal advocacy at the Human Rights Law Centre, which is supporting the network’s establishment, told Pro Bono News the ... Read More »

Slavery is a bigger problem now than when it was ‘abolished’ — and it’s happening here

Zio 7g

Slavery. The word conjures images of people in leg irons. Edward Santow We think of the abolitionists who toiled centuries ago in lands far away to abolish this horrific practice. ABC Yet two things should shock us. First, slavery is more common today than when it was “abolished”. In fact, there are more slaves now than at any time in human history. Secondly, our region — the Asia Pacific — is home to about half of the world’s 45.8 million ... Read More »

Andy Pollak: Vacuous Brexit talk could yield to creative solution

Resp 1a

Regulatory line of Irish Sea far easier and less disruptive than land border The challenge of preventing a “hard” border between the two parts of Ireland is among the obstacles preventing the UK and the EU moving on to the second phase of Brexit talks, the future trading relationship that the former is so desperate to find agreement on. Andy Pollak The Irish Times When they think about Ireland at all, the British side is still talking vacuously about a ... Read More »

Oxfam urges Australian fashion brands to end worker exploitation

Leven 2b

The Bangladeshi factory worker who may well have made your t-shirt could be earning as little as 39 cents an hour Sarah Farnsworth  That is the sobering message coming from non-for-profit organisation Oxfam Australia’s “What She Makes” report released today. ABC Deloitte Access Economics was engaged by Oxfam to analyse Australia’s garment supply chain and work out what proportion of the cost of a garment ends up in the pocket of the person who made it. It found in the ... Read More »

Scottish economy ‘fundamentally strong and ready to face Brexit’

Del 2b

Scotland’s economy is “fundamentally strong” and ready to meet the challenges of Brexit, the Economy Secretary has said Lucinda Cameron Keith Brown told the Unite conference on Saturday that the economy is growing while the number of people in employment has risen and unemployment has fallen. The Scotsman However he said withdrawal from the EU posed some “serious headwinds” and warned that a no-deal Brexit would be “catastrophic”. He said Scotland would lose an estimated £11 billion a year by ... Read More »

How Islamic Finance Can Save the Global Economy

Faul 1a

You can’t make money from money forever: The case for the Islamic financification of global markets. Ashby Monk Institutional Investor The market for financial derivatives is valued at a quadrillion dollars, give or take a few hundred trillion. I can’t contemplate how big that is or what it even means. Where is that money? I know you can’t physically touch it — just as you can’t touch a company’s market capitalization or an index. But is it real? The financial ... Read More »