Pharmaceutical companies accused of profit shifting not being taken to court

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None of the pharmaceutical companies that are accused of profit shifting have been taken to court, the Australian Taxation Office has said in written responses to the Senate inquiry into corporate tax avoidance. The Age - Nassim Khadem, Deputy Editor BusinessDay Earlier in July executives from the largest global pharmaceutical companies operating in Australia were hauled before the inquiry. The ATO needs to make ... Read More »

China losing control as stocks crash despite emergency measures

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Margin debt on the Chinese stock market has reached is $1.2 trillion. ‘We suspect that it’s a matter of time before banks may have to face the music,’ Bank of America says The Telegraph - By Ambrose Evans-Pritchard Chinese equities have suffered the sharpest one-day crash in eight years, sending powerful tremors through global commodity markets and smashing currencies across ... Read More »

Greece, the Sacrificial Lamb

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ATHENS — AS the Greek crisis proceeds to its next stage, Germany, Greece and the triumvirate of the International Monetary Fund, the European Central Bank and the European Commission (now better known as the troika) have all faced serious criticism. The New York Times - By JOSEPH E. STIGLITZ * While there is plenty of blame to share, we shouldn’t ... Read More »

IMF: Japanese debt to increase threefold

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The International Monetary Fund has warned Japan of its debt increasing threefold by 2030. In its annual assessment, the IMF experts noted that the third biggest economy of the world may face stagflation and turmoil in financial markets. They also called on the government to cut spending and limit extra budgets. The Japanese public debt may reach 250% of GDP ... Read More »

Iran secured as much as $20b. from Turkey breaking sanctions

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Turkish President Recep Tayyip Erdogan and a family member were allegedly involved in the complex graft operation. JPost - By BENJAMIN WEINTHAL The Turkish government bought oil and natural gas from Iran in exchange for as much as $20 billion in gold, in a scheme designed to evade international sanctions, a courier who worked for an Iranian businessman revealed this ... Read More »

The key lesson from Syriza’s defeat? A different Europe requires both ideology and competence

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To achieve anything in politics, including changing the rules, you have to master ‘the art of the possible,’ as conservative German statesman Otto von Bismarck famously said, rather than merely trumpet ‘the truth.’ OpenDemocracy - Cas Mudde * As Greek Prime Minister Alexis Tsipras is still trying to steer the almost universally disliked aGreekment through the parliament without destroying his ... Read More »

Third Memorandum and Democracy in Greece

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The Third Memorandum will not only lead to the continuation of the economic and social catastrophe in Greece (the “death spiral ahead” as pointed out by SYRIZA’s favorite economist James K. Galbraith, in his latest article – POLITICO 17/7/15). It will most likely be the starting point of a period of severe, increasingly manifest, deviation from constitutional order. By Dimitris ... Read More »

How Hedge and Vulture Funds Have Exploited Puerto Rico’s Debt Crisis

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For this island teetering on bankruptcy, debt renegotiation is imminent—but on whose terms? The Nation – By Ed Morales New York–born Puerto Rican activist David Galarza spent a recent sultry summer Monday picketing a meeting of bondholders by day and meeting with professionals, students, and working people in the evening concerned about the increasingly scary crisis over the island’s $72 billion ... Read More »

No, Puerto Rico is not our Greece

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We’re told that Puerto Rico is our Greece, and sometimes it seems so. The U.S. territory (its residents have been American citizens since 1917) has a heap of economic problems. The Washington Post – By Robert J. Samuelson Gov. Alejandro Garcia Padilla recently told the New York Times that its $72 billion debt is “not payable.” To buttress the point, ... Read More »