France has just introduced a 3% tax on major tech companies. Those hit hardest will be Facebook, Google and Amazon. These American companies brought their ingenious products to Europe, gaining strong followings. Now, the overly indebted governments of Europe, led by France, are itching to get their hands on tech cash. This isn't the first attempt at taxing tech companies in Europe, and it won't be the last. Elizabeth Schulze reports for CNBC: An EU-backed effort to pass a 3 percent tax on the revenues of big internet companies failed last year amid concerns from countries including Ireland … [Read more...]
Unions are a Hotel California: You can Check Out, but You can Never Leave
After the Supreme Court's decision in Janus v. AFSCME, union members were supposed to be allowed to leave if they wanted. That's not how it worked out though. In The Wall Street Journal, Charles Mitchell reports that unions have ways of making members stay. It's very much a Hotel California, you can check out, but you can never leave. Mitchell writes: William Neely, a state hospital psychiatric aide in Berks County, Pa., had long been frustrated with his union. He felt the leaders of his local American Federation of State, County and Municipal Employees affiliate were looking out for their … [Read more...]
Your Retirement Life: Don’t Pay Too Much for Your Big Macs
Since 1986, The Economist has published its Big Mac Index. The index is a lighthearted way of viewing purchasing power across national borders. The theory is that a McDonald's Big Mac uses the same ingredients and labor from one country to another, so when prices are compared in dollar terms, the differences in the purchasing power of money between locations is easy to see. In the latest reading, Russia has the cheapest Big Mac, at only $1.65. Fluctuating currency valuations can have a big impact on the index when dealing with different countries. When comparing the U.S. states, however, … [Read more...]
Inflation is Destroying Venezuela’s Economy: Shield Your Portfolio Against It
Socialist president Nicolas Maduro has run out of other people's money, and so his government is using inflation of its currency to pay its bills. The country's inflation has gotten out of hand, and hyperinflation has ensued. Now, the dropping value of the country's bolivars has decimated its manufacturing industry. The Wall Street Journal reports: Manufacturing’s fall reflects broader economic devastation. Venezuela’s economy has halved during President Nicolás Maduro’s six years in office, and is expected to decline another 30% this year as new U.S. sanctions on oil hit. The country’s GDP, … [Read more...]
Dear Amazon: National Right to Work President’s Open Letter
When politicians play games to lure companies to their state, it is oftentimes with tax breaks using money they don’t have, as was the case with New York’s tax breaks to Amazon. Amazon was going to pay much more in taxes than they received in tax breaks—by a lot—it was basically New York Prime. The topic came up at a recent lunch with clients. I told them I was torn. I have a real problem when politicians use other people’s money to do their bidding. But I’m certainly not sad to see the backlash Congresswoman Alexandria Ocasio-Cortez will face in 2020. My beef with politicians is, they … [Read more...]
Amazon, Groceries and What it Means for Wal-Mart
Delivering non-perishable goods is one thing. Making sure you’re happy with the apples and oranges they picked for you and delivered to your door is another thing all together. Americans are picky about their fruits and vegetables. And it’s why the grocery deliver business hasn’t been able to scale. It’s a major endeavor. Amazon announced last week it is opening a handful of grocery stores separate from its Whole Foods operation. The key to groceries is execution. It’s not good business to bet against Bezos, but when you look at Wal-Mart’s footprint, it’s hard not to believe there will be … [Read more...]
Wisdom from one of the Greats: Steve Jobs
When I think of great business leaders, Steve Jobs comes to mind. If you read Steve Jobs by Walter Isaacson, you come away thinking there’s Apple with Jobs and there’s Apple without Jobs. There’s no replacing an Apple with Jobs. But what’s incredible is that Steve Jobs was never a big business guy. He wasn’t a Wall Street guy, or a corporate titan from the 80s. Strikingly, he was more of an artist than CEO. He was good at both because you have to be a great CEO to lead a business. But he was more of an innovator. It was his ability to put a stake in the ground and rally the troops in a way … [Read more...]
Government’s Fidelity Probe Looks to be a Non-Starter: Part II
Yesterday I wrote to you about the government probe into Fidelity. My view continues to be that this looks to be a non-starter. But unfortunately, when you’re in the headlines, questions are always going to be asked. The thrust of the probe is related to an infrastructure fee Fidelity negotiates with other mutual fund companies for the privilege of listing their funds for sale on Fidelity’s FundsNetwork. The infrastructure rate is agreed upon between the two parties and is listed in the fund prospectus or plan document. A plan document is used by retirement plans such as 401(k)s to make … [Read more...]
Government’s Fidelity Probe Looks to be a Non-Starter
There is an article in today’s Wall Street Journal about a government probe into Fidelity regarding a fee charged to some mutual funds. It’s called an “infrastructure fee,” and is charged by Fidelity Investments to certain mutual fund companies (not Vanguard) to list their funds on Fidelity’s FundsNetwork. Most funds on Fidelity’s FundsNetwork are accessed through retirement accounts such as 401(k)s and/or 403(b)s. As such, they are governed by ERISA laws which are overseen by the Department of Labor. The article references a fee of 0.15%, which is misleading because not all companies … [Read more...]
Trump Pick to Oversee Fannie Mae and Freddie Mac
Congratulations to Mark Calabria on his advance by the Senate Banking Committee yesterday to become the next director of the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac. I know Mr. Calabria from his work with the Cato Institute, and I like his free market principles. If confirmed this Spring, Mark will move to the FHFA directorship from his current role as chief economist and senior aide to Vice President Mike Pence. You can listen to the hearing, and read Calabria's prepared testimony below. … [Read more...]
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