EU: ECB plots Amazon-style market to prevent Wall Street COVID debt swoop

Europe is working on an Amazon-style website to sell hundreds of
billions of euros of bank loans which have been soured by the
coronavirus crisis, in a bid to shore up the economy and challenge the
dominance of big Wall Street debt investors. Read more at: 

ECB plots Amazon-style market to prevent Wall Street COVID debt swoop | Hellenic Shipping News Worldwide

INDIA: Amazon launches online pharmacy in India

According to a report by EY, pharmaceutical players in the e-commercespace in India are expected to reach a combined market size of $2.7billion by 2023. The report cited rising internet penetration, smartphone ownership, and increased healthcare spending as some of the reasons for the expansion.

The US online retailer's entry in e-pharmacy comes at a time when demand for buying medicines online has increased in India owing to the lockdown to contain the coronavirus pandemic.

Read more at
Amazon launches online pharmacy in India | News | DW | 14.08.2020

USA: Super Stores Competition: Walmart and Instacart Partner for Same-Day US Delivery in Fight Against Amazon’s Whole Foods

• Walmart is partnering with Instacart to offer same-day delivery starting in a few U.S. markets, making it the latest major grocery chain to team up with Instacart in its fight against Amazon and Whole Foods.

The partnership is currently in a pilot phase in four markets across California and Oklahoma.

Read more at: Walmart and Instacart Partner for Same-Day US Delivery in Fight Against Amazon’s Whole Foods – NBC 6 South Florida

Amazon Inc. : Jeff Bezos lost about $7 billion on Thursday

Amazon reported third-quarter earnings Thursday that disappointed investors and sent Amazon stock spiraling down. For Bezos, that means an on-paper loss of around $7 billion, putting his status as richest person in the world at risk.

Read more at: Jeff Bezos lost about $7 billion on Thursday

USA - Corporate America: Amazon: biggest company in the world, paid no US Federal tax in 2018

Amazon paid no federal tax for 2018 – but how much profit did it earn?

Note EU-Digest: "Amazon made $ 11.2 billion in 2018 "

Read more at: 

https://www.theguardian.com/news/datablog/2019/feb/22/amazon-taxes-federal-benefits?CMP=Share_AndroidApp_Blogger

US Economy: Dow closes down 450 points as Trump's ire rocks Amazon

Stocks fell sharply on the first trading day of the month and the quarter as a decline in Amazon shares put pressure on the broader tech sector Monday.

The Dow ended nearly 458 points lower after sinking more than 700 points, with Intel as the worst-performing stock in the index. The S&P 500 pulled back 2.2 percent and entered correction territory, with tech falling more than 3 percent. The index also dropped below its 200-day moving average, a key technical level. The Nasdaq dropped 2.7 percent, also entering a correction, as Amazon declined 5.2 percent.

"The market leaders are under pressure," said Marc Chaikin, the CEO of Chaikin Analytics. "It's a situation where the proven winners for the past few years are faltering." When that happens, "there is a negative psychological sense in the market."

Read more: Dow closes down 450 points as Trump's ire rocks Amazon

Tariffs War: EU ready to hit big US tech firms with 3% turnover tax

Large digital companies with significant revenues in the European Union such as Google and Facebook could face a 3% tax on their turnover under a draft proposal by the European Commission.

The proposal, expected to be adopted next week and still subject to changes, updates an earlier draft which envisaged a tax rate of between 1 and 5%.

The tax, if backed by EU states and lawmakers, would only apply to large firms with annual worldwide revenues above €750 million ($924 million) and annual “taxable” revenues above €50 million in the EU.

The threshold for EU revenues has been raised from €10 million initially foreseen to exempt smaller companies and emerging start-ups from the tax.

Large US firms such as Uber, Airbnb and Amazon could also be hit by the new levy, which would apply across the 28 EU countries.

Read more: EU ready to hit big US tech firms with 3% turnover tax – EURACTIV.com

USA: SHOP TILL YOUR TABLET RUNS OUT OF JUICE: Cyber Monday was largest online shopping day in US history - by Lauren Thomas

Digital transactions on Monday reached a record $6.59 billion, Adobe Insights unveiled Tuesday in its final update on the holiday weekend.

That marks a 16.8 percent increase from a year ago, and makes Monday the largest online shopping day in U.S. history.

Mobile also had a record day, Adobe found, saying smartphones have become the "de facto device" for on-the-go shopping. Mobile sales on Cyber Monday reached $2 billion for the first time.

"This year, mobile shopping was dominant both in the morning and afternoon, and desktop only staged a comeback in the evening when people were home," Taylor Schreiner, director of Adobe's Digital Insights division, said.

Adobe measures 80 percent of online transactions from 100 major U.S. retailers.

EU Taxation Policies: US warns EU over Apple’s tax case

Is Apple cutting corners when paying taxes?

The US government has threatened the European Commission (EC) with retaliation if the body decides to proceed with its plan to demand millions of dollars in unpaid taxes from technology giant Apple.

The US Treasury Department issued a rare warning on Wednesday, August 24, accusing the Brussels-based body of becoming a “supranational tax authority” that poses a threat to international agreements concerning tax reform.

“The US Treasury Department continues to consider potential responses should the Commission continue its present course,” the Treasury said in its strongest language to date.

“A strongly preferred and mutually beneficial outcome would be a return to the system and practice of international tax cooperation that has long fostered cross-border investment between the United States and EU member states,” the warning added.

The European Union (EU) has been investigating a series of tax deals between Apple and Ireland which allow the iPhone maker to pay little or no tax on income earned across Europe.

The EC is expected to rule on the case next month. This is the biggest corporate tax avoidance investigation ever undertaken by the commission.

The EC is the executive body of the EU, responsible for implementing decisions, proposing legislation, upholding the EU treaties and managing the day-to-day business of the bloc.

According to investment bank JP Morgan, if Apple is forced to retroactively pay the Irish corporate tax rate of 12.5 percent on its pre-tax profits, the company might need to cash out as much as $19 billion.

A 2013 report by US Senate confirmed that Apple has paid little to no taxes on at least $74 billion of the profit it earned by exploiting Irish and American tax laws.

Tim Cook, who became Apple’s CEO after the death of its founder Steve Jobs five years ago, has denounced the case as “political crap.”

“There is no truth behind it,” he said. “Apple pays every tax dollar we owe.”

The EU estimates that tax avoidance by multinational corporations costs member states anywhere between $50 million to $78 billion a year in lost taxes.

In addition to Apple, other American companies like Amazon and Starbucks are also suspected of tax evasion.

Note EU-Digest: Hopefully the EU Commission does not cave-in for these US misguided threats and intimidations and tells the US Treasury Department where to shove this warning, which is protective of US corporate tax evaders.   

Read more: PressTV-US warns EU over Apple’s tax case