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  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 745.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/modules/node/ on line 14.
  • strict warning: Declaration of date_api_filter_handler::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/date/includes/ on line 578.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of uc_product_handler_field_price::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/ on line 94.
  • strict warning: Declaration of uc_product_handler_field_weight::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/ on line 61.
  • strict warning: Declaration of views_handler_field_user::init() should be compatible with views_handler_field::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/modules/user/ on line 48.
  • strict warning: Declaration of semanticviews_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/semanticviews/ on line 232.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • warning: Creating default object from empty value in /home1/finfacts/public_html/sites/all/modules/views/includes/ on line 653.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 25.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
Weekly Summary

Weekly Summary

The Eurozone economy has been in recession since the third quarter of last year, following the shortest recovery from a previous recession since records began in 1970, the Centre for Economic Policy Research (CEPR) said Thursday. Fitch Ratings on Friday said its improved outlook on Ireland doesn’t automatically apply to the way it views other troubled Eurozone countries, such as Portugal, Greece and Spain. Earlier in the week, the ratings agency removed its threat to further downgrade Ireland’s ratings outlook, a development that analysts believe promises to boost the Irish government’s efforts to emerge from its international bailout on schedule at the end of next year.
The Eurozone's economy shrank in the fourth quarter of 2012, at the fastest pace since the height of the world recession in early 2009, as a worsening slump in Italy and other southern European countries impacted the region's core economies of Germany and France. Meanwhile, the OECD, which is a think-tank for 34 mainly developed country governments, said global solutions are needed to ensure that tax systems do not unduly favour multinational enterprises, leaving citizens and small businesses with bigger tax bills. G-20 (Group of Twenty) finance ministers and central bank governors on Saturday at a meeting in Moscow backed plans to tackle massive tax avoidance by multinational firms. "We are determined to develop measures to address base erosion and profit shifting, take the necessary collective action and look forward to the comprehensive action plan the OECD will present to us in July," the final communiqué said.
Jacob Lew, US Treasury secretary, asked Congress to enact a bill that would tighten the rules on “inversion” takeovers, where an American company buys a foreign firm partly in order to move its tax domicile to a country with lower corporate rates.
President Barack Obama on Thursday attacked “corporate deserters” that leave the US to establish tax residency in countries such as Ireland to cut their tax bills and he called on Congress to take action on so-called tax inversions. In an interview on CNBC, the US president cited Ireland as a country where US companies relocate their headquarters. The Irish Government said that it doesn't encourage such moves - - until it became an issue of controversy in the US it was not a concern to Irish insiders.
(June 2014) Drug maker Shire, a British company that became "Irish" for tax purposes in recent years on Friday rejected a $46bn takeover bid from US rival AbbVie Inc., in the latest American company to try purchases a foreign address and gain from low tax rates. The French government agreed a deal with General Electric on a proposed purchase of most of Alstom the French engineering giant. Meanwhile in Beijing, China’s antitrust regulators deep-sixed plans by the world’s three biggest container-shipping firms to form a huge alliance aimed at sharing space on board their vessels.
(January 2014) Moody's Investors Service on Friday restored an investment grade rating to Ireland after it had cut Irish sovereign debt to junk status in 2011. The agency upgraded Ireland's government debt ratings to Baa3/P-3 from Ba1/NP and the outlook on the ratings is now positive. Meanwhile, the World Bank said that “the world economy is showing signs of bouncing back this year,” and forecast global growth of 3.2%. In developed countries, where the drag “from fiscal consolidation and policy uncertainty will continue to ease”, growth is expected to average 2.2%. The bank urged emerging markets to encourage “a virtuous cycle” of investment and output.
(July 2013) The European Commission announced a proposed “single resolution mechanism” that would give it the authority to wind down failing banks in the Eurozone with the support of a new cross-border fund. Germany is opposed, arguing that such an expansion of the commission’s powers would require a treaty change. France, Italy and Spain are supportive. Meanwhile, The IMF cut its forecast of growth for the world economy from a previous estimate in April. It lowered its projections for this year in the US, the Eurozone, China, Brazil, Russia and India, though Britain, Canada and Japan all had their GDP growth figures revised up. The fund now expects the global economy to grow about 3.1% in 2013, the same rate as in 2012 and down from growth of 3.9% in 2011. That is 0.2 percentage points lower than the Washington-based fund forecast in April.
(June 2013) Total credit in the Chinese economy grew 22% in May, year on year, and “is on course to hit 200% of GDP at the end of Q2, up from 130% in 2008,” according to London-based Capital Economics economist Mark Williams in a June 20 note. The People's Bank of China (PBoC) signalled to banks how serious it is about reining in credit growth by allowing interbank rates hit double digit levels. Ben Bernanke, Federal Reserve chairman, said on Wednesday in Washington after a meeting of the policy-making Federal Open Market Committee (FOMC) that the central bank may begin winding down its $85bn-a-month bond-buying program later this year and end it altogether by mid-2014, a process known as "tapering" that has some market participants quaking. On Thursday, the Dow Jones Industrial Average shed 353.87 points, or 2.3%, to 14758.32, the biggest percentage drop since November 2012 for the blue chips and the largest point drop since November 2011.