In the UK the recent boycott of Starbucks by consumers has helped elicit a pledge from the coffee giant to pay £20 million in taxes over the next two years. In Australia, consumers would be appalled to…
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Last week, with a certain depressing predictability, the Australian Tax Office applied to wind up the Newcastle Knights rugby league and Jets football teams over unpaid tax liabilities approaching $3 million…
Last week was one of mixed fortunes for the Eurozone. The week began badly with news that Italy’s Prime Minister Mario Monti was resigning due to Silvio Berlusconi’s withdrawal of parliamentary support…
It seems that ASIC’s Christmas present to investors is to get them to undertake an exam to see if they really know what is in the product disclosure statements that they agree to. Well, not exactly, but…
This week, two different approaches to embedding restraint began to take shape as London-headquartered banks reflected on the exceptional power of the United States Department of Justice to shift cultural…
Australia’s robust economy makes it the “Iron Man” of the developed world but the government should hike the GST rate and apply it more broadly, according to a new OECD report released today. “Tax reforms…
“Every year I’d tell myself it’s going to get better… and, sure enough, it didn’t get better.” – John Hantz Once held up as the epicentre of industrialised mass production, Detroit has for decades been…
It’s hard to get too excited over Prime Minister Julia Gillard’s recent announcement of a radical overhaul of Australia’s Anti-Dumping administration with the proposed creation of a new Dumping Commission…
The announcement by the US Federal Reserve Bank that it would link its monetary policy to the achievement of specific economic targets beyond inflation is a new development in its approach to policy. In…
In an attempt to bolster the economy, the Federal Reserve announced a fresh round of bond purchases to replace Operation Twist, the stimulus program that is set to expire this month. It will spend $US45…
For a little longer than a year, the “technical” government of Mario Monti was supported by a vast and heterogeneous coalition: the centre-right People of Freedom Party of Silvio Berlusconi (PDL), the…
Welcome to the third and final part of Back to the Future. AS HSBC is fined US$1.9 billion for “egregious” money laundering and the first arrests are made in the Libor scandal, the need for the public…
The $1.92 billion deferred prosecution entered into by HSBC with US regulators is one of the most significant financial penalties imposed on a global bank. On Tuesday in a Federal Court in Brooklyn, HSBC…
The optics of this week’s official celebration to mark the 40th anniversary of diplomatic relations with China could not be more pertinent. Culminating in tonight’s banquet hosted by Julia Gillard at the…
As noted by the Prime Minister’s White Paper on Australia in the Asian Century, managing the opportunities presented by the profound changes underway in the Asia‑Pacific is a major challenge for all regional…
Last week, the UN held its first-ever business and human rights forum in Geneva. It’s part of a growing awareness that multinationals have a big impact on human rights. Opening the forum, the UN’s human…
If Finance Minister Penny Wong is serious about delivering budget savings to Australians, perhaps she should rethink the government’s commitment to its contentious income management program. By cutting…
Late on Friday 30 November, the day after the last parliamentary sitting day for the year, the government released its first official response to the Convergence Review. Seven months after the Review’s…
Governments and the energy sector are faced with the competing demands of increasing energy requirements of an increasingly wealthy population and the environmental need to mitigate carbon emissions. Anne…
Middle-income tax increases, corporate tax cuts and below-inflation increases in maternity leave and housing allowances form the centrepiece of British Chancellor of the Exchequer George Osborne’s Autumn…
When it comes to innovation, China is not renowned for being cutting-edge; it is better known for adapting existing technology rather than creating its own. Yet, as Xi Jinping stated in his first speech…
Welcome to part two of Back to the Future. Through the Securities and Exchange Commission, James M. Landis helped legitimise the authority of the state to intervene in capital markets, despite a judiciary…
As Prime Minister Julia Gillard prepares to meet with state premiers at Friday’s COAG meeting, the elephant in the room will be the Independent GST Review, released by Treasurer Wayne Swan last week. The…
Welcome to the first of a three part series, Back to the Future, which explores the complicated reasons behind the continuing regulatory and judicial failure to regulate global financial markets. Professor…
Fiscal cliff. Grand bargain. Shared sacrifice. The buzzwords on Capitol Hill this December tell a dramatic story. The United States, hurtling toward an unavoidable economic disaster, can be saved only…