Amazon, Apple Face More International Taxes In Europe
It helps that there is still a valuation discount here versus in the U.S. and Asian markets. The last quarter should see about 10 to 15 more IPOs with an average deal size up to $500 million, he said. Italian clothing maker Moncler plans to list shares as early as November in a sale that could raise about 1 billion euros ($1.35 billion), people familiar with the matter have said. French cable-TV operator Numericable SAS also plans an IPO in the third quarter and could be valued at as much as 5.5 billion euros in the sale. Moncler, Numericable Gross domestic product in the 17-nation euro area rose in the second quarter, bringing to a close six straight quarters of contraction, the longest slump since the euros debut in 1999. The euro meanwhile had gained 5.5 percent against a basket of nine major peers in 2013 before today, the biggest jump in the group and poised for its first annual gain in five years, Bloomberg Correlation-Weighted Currency Indexes show. Still, risks remain. While the European Central Bank raised its 2013 euro-zone economic projection this month, it still sees a 0.4 percent contraction and expects only a gradual pickup in activity. A possible resurgence of political tensions, upcoming bank balance sheet assessment and deleveraging all could constrain the regions recovery next year, according to Philippe Gudin, chief European economist at Barclays in London. These headwinds pose some risk to our macroeconomic scenario and reinforce the view that the recovery will be very subdued, Gudin said. Sprouts IPO While U.S. IPO volume lagged behind Europe in the third quarter, it still tripled to more than $11 billion from a year earlier. Sprouts Farmers Market Inc., the grocer partly owned by Apollo Global Management LLC, and Benefitfocus Inc., a benefits-software company, more than doubled in their trading debuts during the quarter as the stock-market rally stoked investors confidence and appetite for risk. That pace of IPO activity may set the stage for sustained momentum through the end of the year as long as the U.S. government doesnt begin to taper stimulus spending more quickly than investors are comfortable with, according to Ashley Delp, co-head of equity capital markets for the Americas at Jefferies Group LLC.
What Africa can learn from medieval Europe
Similar patterns can be seen in pre-modern economic history, when falling per capita GDP figures in the fifteenth and seventeenth centuries wiped out earlier gains. The question that Mr Broadberry and Ms Gardner then ask is how did Europe escape from these growth reversals. They see institutional factorsmost notably the introduction of democracy and the development of state capacity for growth as the threshold conditions met in Europe, but that have generally not been in Africa. For instance, as Douglass North and Barry Weingast have argued, constitutional reforms after the Glorious Revolution of 1689 enabled these conditions to be met in Britain, producing growth in the eighteenth century that was never reversed. Increased parliamentary control over the executive and a credible commitment to pay back the public debt encouraged public and private investment which, they say, produced sustainable growth. Europes wider economic take-off in the nineteenth century can be seen in a similar light. The creation of strong and stable states in nineteenth-century Europe enabled investment in canals and railways, which increased growth rates there. The development of professional civil services and judiciaries, where promotion was based on merit rather than corruption, also helped too. These types of reforms contributed towards creating open access societies where all groups of the population have equal opportunity to access state services, such as the courts system to enforce property rights. Mr Broadberry and Ms Gardner argue that failure to fulfill these threshold conditions in most African countries have resulted in them being trapped in the cyclical pattern of growth reversals seen over the last 60 years. They argue policy makers should encourage the growth of “civil society” in order to escape from the threat growth reversals still pose to Africa’s current phase of growth. But perhaps other lessons could be learned from this sort of economic history as well, aside from the importance of good institutions for growth. Social conditions could also be important in explaining development.
Europe’s hail storms hit insurers with $4.7 bln bill
Join the Nation’s Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs This story is part of Microsoft Amazon, Apple face more international taxes in Europe Carol Kopp, Minyanville 12:33 p.m. EDT September 27, 2013 A picture shows an Ipad with an “Amazon” logo. (Photo: Lionel Bonaventure, AFP/Getty Images) SHARE 12 CONNECT 25 TWEET COMMENTEMAILMORE It’s no day at the plage operating a giant, successful, multinational American company, once you’ve run up against some very un-American notions about tax policy from abroad. Such as the “data tax” on Amazon, Apple, Facebook and Google, about to be proposed by France for adoption by the European Union. Apparently, France would like to impose a data transmission tax on those companies — and only those companies — because they are the dominant platforms for Internet usage in Europe just as they are in the US, but they are “non-European,” that is, American. Their dominance therefore prevents European competitors from emerging from obscurity. (How taxing the most popular sites will make other sites more popular with consumers is not clear.) A French member of the European Parliament tells the Wall Street Journal that a data tax should be imposed because the European nations have become “just the puppets of financiers and multinationals.” Or, as Forbes puts it in a now-classic headline: “Gibbering Nonsense From France About Apple, Google, Facebook and Amazon.” The tax plan is just one piece of a proposal that would establish a new Internet regulatory agency within the European Union. In part, the agency would be empowered to impose other rules aimed at leveling the playing field for European competitors, such as forcing the American companies to enable portability among devices for digital purchases. French Technology Minister Fleur Pellerin told the Wall Street Journal that the absence of such regulations is effectively “blocking innovation from all of the other actors,” and making it difficult for European companies to emerge. The call for regulation gets real impetus from another issue that has entangled US technology companies in Europe: data privacy. The issue gained a great deal of heat after revelations of the US government’s continuing collection of private data on a massive scale, and with the cooperation of some of its biggest technology companies. The proposals are expected to be presented in late October at a summit of European leaders.
Many of the affected areas were battered by hailstones measuring more than 7 cm in diameter. On August 6 a hail stone measuring 11.9 cm was recovered near Stuttgart, Germany, the largest ever to be preserved in Europe, Willis said. Dirk Spenner, managing director at Willis Re said the size of the insured loss reflects both the extreme size of the hail stones and the affluence of the areas affected. “The hail storms hit a number of affluent areas, and so the property that they damaged – such as cars and housing – was worth a considerable amount of money,” he said. @yahoofinance on Twitter, become a fan on Facebook Related Content Chart Your most recently viewed tickers will automatically show up here if you type a ticker in the “Enter symbol/company” at the bottom of this module. You need to enable your browser cookies to view your most recent quotes. Search for share prices Terms Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges . Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page . Quotes are updated automatically, but will be turned off after 25 minutes of inactivity.