‘Irresponsible’: Dutch Legal Advisor Criticises Plan for Unilever ‘Exit Tax’ | Investing News

AMSTERDAM (Reuters) – A top Dutch legal body said on Friday that it was probably not “legally sustainable” to levy a one-time tax on Unilever over its plan to unify management in a single London headquarters.

The bill by the opposition Green Left party for an “exit tax” is one of the few remaining hurdles for Unilever as it simplifies its Anglo-Dutch structure. British shareholders are due to vote on the move on Monday.

Unilever has said the tax would cost it 11 billion euros ($13 billion) if enacted, enough to derail unification.

The Dutch Council of State, which advises parliament on the legality of bills, said on Friday the proposed tax would violate basic principles of the rule of law.

If enacted, “the chance that this proposal will turn out to be not legally sustainable is so great that (we) consider introducing it irresponsible,” the Council said in its

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Exclusive: Thyssenkrupp Opens Books in Sale of Plant-Building Unit | Investing News

By Christoph Steitz and Tom Käckenhoff

ESSEN, Germany (Reuters) – Thyssenkrupp has begun due diligence with potential bidders for its plant division as the German conglomerate accelerates a radical overhaul to sell or turn around ailing business units in the next two years, a top executive told Reuters.

In his first interview, Volkmar Dinstuhl, who oversees the divestment of non-core assets, said the company has opened the books to buyers of its plant-building units and received expressions of interest for its stainless steel division.

Thyssenkrupp

is also open to considering offers for its automotive and remaining industrial assets, said Dinstuhl, who heads up the group’s Multi-Tracks division, which houses businesses Thyssenkrupp no longer wants to own.

“Our goal is to find a solution for all our businesses within the next two years,” said Dinstuhl, the first time Thyssenkrupp has outlined a timeline for restructuring.

The Essen, Germany-based company, which makes

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OECD’s Corporate Tax Reform Proposal Gaining Broad Support: Scholz | Investing News

BERLIN (Reuters) – More than 130 countries have agreed on a blueprint to introduce global rules on corporate taxation to be discussed by G20 finance ministers next week, German Finance Minister Olaf Scholz said on Friday.

“With a unanimous agreement on a blueprint for reforming the global corporate tax code we have taken a major step forward,” Scholz said in a statement. “This is a positive signal and I’m sure that by the summer of next year we will be able to reach a final agreement on this reform plan.”

The Organisation for Economic Cooperation and Development (OECD) has been developing rules to make digital companies pay tax where they do business, rather than where they register subsidiaries. This could boost national tax revenues by a total of $100 billion a year, the OECD estimates.

But a recession sparked by the coronavirus in many industrialised nations have cast doubt on

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Penny stocks are cheap and often see massive gains, but they’re also very risky. Here’s what you should know before investing.



On the plus side, penny stocks offer a cheap chance to buy a winner; on down side, they can be hard to research and trade. Bill Oxford/Getty Images


© Bill Oxford/Getty Images
On the plus side, penny stocks offer a cheap chance to buy a winner; on down side, they can be hard to research and trade. Bill Oxford/Getty Images

  • Penny stocks are securities that trade at less than $5 per share, often in unsupervised over-the-counter markets.
  • Penny stocks are considered lucrative but high-risk investments: volatile, illiquid, and often subject to scams.
  • Investors interested in penny stocks should deal with those listed on larger exchanges and sold by established brokers.
  • Visit Insider’s Investing Reference library for more stories.

Penny stocks have become more popular than ever, tempting investors with a low cost of entry and the prospect of significant financial gains. Stories of shares making gains of over 4,000% in just months add to their appeal, and new trading technology makes it easier than ever to enter the market.

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But while they can be lucrative,

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Business, Labor Groups Urge G20 to Close ‘Stimulus Gap’ in COVID-19 Crisis | Investing News

WASHINGTON (Reuters) – The Group of 20 nations must offer poorer countries a longer freeze in debt payments and other help to protect the global economy from long-term scarring inflicted by the COVID-19 pandemic, leading business and labor groups said.

Warning of job losses, increasing poverty, rising child mortality and high business failure rates in poorer countries, the groups urged G20 finance ministers, who will meet by teleconference next week, to take immediate action.

“The required contribution from the world’s leading economies is minute compared to the social and economic costs of inaction,” the International Chamber of Commerce, the International Trade Union Confederation, and Global Citizen, a group pushing to end extreme poverty by 2030, said in an open letter.

The G20’s freeze in official bilateral debt payments for the poorest countries should be extended through to end-April 2022 and broadened to include lower-middle and middle-income countries, based on their

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Honeywell Cuts Business Jet Deliveries Outlook as Pandemic Hits Aviation | Investing News

MONTREAL (Reuters) – Honeywell Aerospace

on Tuesday cut its outlook for business jet deliveries, but held out hope that most future orders would escape the punishing effect of the COVID-19 crisis that has battered the aviation sector.

Honeywell’s 2020 business aviation outlook forecasts up to 7,300 new business jet deliveries worth $235 billion from 2021 to 2030, down 4% from the same 10-year forecast a year ago.

Yet 80% of business jet operators surveyed in the outlook say their aircraft purchase plans have not been affected by COVID-19, it said.

Corporate planemakers like Canada’s Bombardier Inc

, U.S.-based General Dynamics Corp’s

Gulfstream Aerospace, and France’s Dassault Aviation SA

are closely watching to see if a summer rebound in corporate flights will last and generate demand for new aircraft.

“We are seeing corporate customers expressing interest in growing their fleets so they can fly more executives and others privately, to safeguard

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Unemployment Is World’s Biggest Risk, Business Leaders Say | Investing News

LONDON (Reuters) – Unemployment is seen as the biggest worry over the next 10 years for business executives around the world, closely followed by concern about the spread of infectious diseases, according to a survey by the World Economic Forum.

Unemployment rates have rocketed due to lockdowns and other restrictions to combat the coronavirus pandemic, with fears of worse to come in countries which have furloughed workers.

“The employment disruptions caused by the pandemic, rising automation and the transition to greener economies are fundamentally changing labour markets,” said Saadia Zahidi, Managing Director at the World Economic Forum (WEF).

“As we emerge from the crisis, leaders have a remarkable opportunity to create new jobs, support living wages, and reimagine social safety nets to adequately meet the challenges in the labour markets of tomorrow.”

The Regional Risks for Doing Business survey, which surveyed 12,012 business leaders from 127 countries, makes up part

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Mexico Unveils Private-Backed $14 Billion Investment Plan to Lift Ailing Economy | Investing News

MEXICO CITY (Reuters) – Mexico’s government presented an almost $14 billion infrastructure investment plan on Monday as President Andres Manuel Lopez Obrador seeks to repair rocky relations with business leaders and lift the struggling economy.

The package, mostly privately financed, is the first clear sign of corporate bosses’ readiness to invest under Lopez Obrador since the coronavirus pandemic plunged Latin America’s no. 2 economy into its biggest slump since the Great Depression.

Ranging from a concession to revive a planned train link between Mexico City and the central city of Queretaro, to investments for state oil firm Petroleos Mexicanos (Pemex), the raft comprises some 39 projects, the government said.

Unveiling the plan, worth over 297 billion pesos ($13.83 billion), at a news conference, Lopez Obrador extended a hand to corporate bosses with conciliatory language.

“We have no problem with business leaders. On the contrary, they deserve our utmost respect and

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Why it might be time to meld your investing strategy with your disaster preparedness plan

Calls from clients usually start pouring in whenever stocks take a surprise tumble.

But lately, financial advisers have been getting more calls from worried clients about devastating West Coast wildfires, which this year come amid the worst public-health crisis in a century.

“We always get a lot of calls after a bear market hits,” said Deron McCoy, chief investment officer at Signature Estate & Investment Advisors, in Los Angeles. “Clients always ask what they should do.”

His advice? Plan ahead before calamity strikes, particularly if you live in spots vulnerable to climate change, which now threatens to make California’s wildfires even worse.

“You need to fix your roof when it’s sunny,” he said.

Well over 4 million acres have burned in California since the beginning of the year, more than double the land burned in any prior year, according to the California Department of Forestry and Fire Protection.

For McCoy,

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Hedge Funds Make Pandemic Bet on Insurance | Investing News

By Maiya Keidan and Carolyn Cohn

LONDON (Reuters) – Five years after London-based hedge fund Toscafund ditched the shares it held in insurance companies, the $3.5 billion firm and its peers are flocking back, drawn by sharp premium increases which are lifting the sector’s post-coronavirus prospects.

Insurers faced a surge in claims spanning trade credit to event cancellations as a result of the pandemic. Some have pulled out of unprofitable lines of business but for those who remain, the crisis has led to a steep rise in premiums, or a so-called “hardening” of the market, typical after a period of heavy losses.

Commercial insurance rates https://tmsnrt.rs/3nuB046 rose 19% year-on-year in the April-June quarter, says Marsh, the world’s largest insurance broker, the most since the firm started compiling data in 2012.

(Graphic: Global commercial insurance premiums (% change) – https://graphics.reuters.com/HEALTH-CORONVIRUS/INSURANCE/xegpbjdeypq/chart.png)

Insurance was a successful part of Toscafund’s portfolios after 2012 as

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