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A compliance headache?
In recent years, a number of transfer pricing-related disputes between multinational corporations and tax authorities have made the headlines. Of particular note is the $3.4bn settlement between GlaxoSmithKline and the Internal Revenue Service in the United States and AstraZeneca’s approximately £500m settlement in the United Kingdom. These eye catching numbers are just the tip of the pyramid. There are a number of other transfer pricing disputes in which tax authorities are proposing tax adjustments and penalties in the hundreds of millions of US dollars. Transfer pricing at its simplest is about what prices should be charged for t... -
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The euro’s need for long-term reform
The first eight years of the euro were notable for their lack of economic instability, which from a political perspective served to dull the urgency to secure greater economic coordination and integration. Whether member states like it or not, this will have to change if the euro is to survive the next decade intact. Should monetary union also mean greater economic integration? In the 80s, central bankers were fairly unanimous in their view that a single currency could not be considered without political and hence economic union. Helmut Schlesinger (Bundesbank President 1991-93) was clear on this back in 1994. “The final goal is a pol... -
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FX platform best for innovation
It’s been several years since eToro started making serious waves in the financial trading industry, and this year World Finance has recognised its achievements. eToro came into the industry with a clear vision – to open the field of personal financial trading up for the millions of people who never thought they would be able to get involved in it. The platform uses ground breaking software and has an ever expanding community of traders. World Finance sat down with eToro CEO, Johnathan Assia. Your business is unique in allowing people who are perhaps amateurs in the industry to trade. What made you set up eToro?The idea for eToro first cam... -
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Making pensions the future
Given an economically active workforce of around 21 million, of whom just eight million are signed up to the independent savings regime, the pensions industry in Colombia has huge potential for future growth. No wonder one of the leading players calls itself Porvenir – the Spanish word for future – and has a sunrise as its logo. The company is part of Grupo Aval, the most important financial institution in the country, and is a shareholder in the Bogotà, Occidente and AV Villas banks, as well as having a big stake in Leasing Occidente. In the 15 years since it was founded, Porvenir has consolidated itself as the fund with the largest cap... -
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Towards banking automation
A company can only be competitive if it has a well-designed global strategy. That was the cornerstone of Itautec’s international operations. What is more, this competitiveness has enabled the company to achieve an outstanding position that has been kept over the past thirty years of existence. The efficient implementation of this strategy has allowed us to expand our presence to eleven countries in the Americas, Europe and Africa. In addition, this strategy has provided the company with the magnitude and intelligence to maintain its best potential competitiveness in automation and technology. On the other hand, meeting the demands of each d... -
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Financing solutions
Banco Inbursa is a subsidiary of Grupo Financiero Inbursa which was established in Mexico 44 years ago, and since its foundation the same controlling shareholders have been managing the group. The bank has a strong balance with a 21.1 percent tier 1 capital ratio and loan loss reserves that cover 3.6 times its non performing loans, which represent 2.6 percent of the total loan portfolio. This strength is reflected in the BBB rating that Standard & Poors has recently given Inbursa; BBB being the country ceiling. Low operating costs are key principles for Inbursa, which translates into higher profitability, as well as into a strong capabili... -
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Trading global markets
For more than 25 years, active traders have been finding their competitive edge in the world’s markets with the award-winning charting and market analysis in eSignal. Especially now, as exchanges around the globe point to economic recovery, subscribers to eSignal’s charting and market data can find profitable opportunities using time-tested technical analysis methodologies. A comprehensive toolset for market success starts with information. eSignal provides reliable, fast, streaming, real-time stock, futures, forex and options prices from the world’s markets. Also available are market-changing, real-time news and commentary from respect... -
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Difficulties on the horizon
Under the current economic environment many countries are confronted with the need for rigorous budget measures to meet deficit-cutting targets. The enormous government debts, resulting from the accumulated government deficits over several years, or in some cases even decades, is causing severe problems. The common denominator in the budget measures that are currently being introduced in many countries, in particular in the European Union, is the combination of serious spending cuts with tax-boosting measures. In addition to increasing tax rates and changes in the tax regulatory frameworks, an increased and more stringent focus on transfer pr... -
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Rebuilding Wall Street
Easily the most significant of a mountain of laws now being drawn up in the backrooms of Congress and the Senate with the vigorous intervention of the White House is one that decrees no bank will be so big that it will not be allowed to fail. In short, no more bail-outs. The so-called “resolution authority” described in the banking reforms working their way through the Senate will see to that. As the US Treasury’s trouble-shooter on banking reform, deputy secretary Neal S Wolin, said late April, this authority means: “No firm will be insulated from the consequences of its action, no firm will be protected from failure, and taxpayers w... -
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Multinationals target developing countries
The economic crisis slashed global FDI flows by around 40 percent in 2009, affecting, albeit to a varying extent, all countries, all sectors, and all forms of investment. Mergers and acquisitions in high-income countries were the quickest to contract soon after the sub-prime mortgage crisis in 2007. Gradually the contagion spread and affected new, greenfield investment, and expanded geographically from the Western industrial countries to the emerging markets and developing economies. Still, developing countries faired marginally better during the crisis. According to UNCTAD, a UN agency, FDI flows to developing countries in 2009 declined by...
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