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Microsoft to cut about 2,850 more jobs

MicrosoftMicrosoft's costly bet on Nokia will mean more job losses than previously expected.

The software giant will layoff about 2,850 people over the next year as it continues to unwind its smartphone hardware business. Microsoft (MSFT, Tech30) disclosed the news in a regulatory filing on Thursday.

The new cuts come on the heels of 1,850 layoffs announced two months ago, and about 7,800 losses a year ago.



US corporations have $1.4tn hidden in tax havens, claims Oxfam report

US corporations hide 1.4t in tax havensUS corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.

The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam.


U.S. watchdog to probe Fed's lax oversight of Wall Street

Janet YellinA U.S. watchdog agency is preparing to investigate whether the Federal Reserve and other regulators are too soft on the banks they are meant to police, after a written request from Democratic lawmakers that marks the latest sign of distrust between Congress and the central bank.

Ranking representatives Maxine Waters of the House Financial Services Committee and Al Green of the Subcommittee on Oversight and Investigations asked the Government Accountability Office on Oct. 8 to launch a probe of "regulatory capture" and to focus on the New York Fed, according to a letter obtained by Reuters.


Macy's announces closure of 36 stores, layoffs after slow holiday sales

Macy'sRetailer Macy's Inc. announced the elimination of more than 4,500 jobs and the closure of 36 stores after disappointing sales during the holiday season.

It said Wednesday it would initiate "a series of cost-efficiency and process-improvement measures" by reducing the workforce at each of about 770 Macy's and Bloomingdale's stores, closing other stores, and offering a "voluntary separation opportunity" to some senior executives. The downsizing actions are set to begin early this year.


Accounting industry and SEC defang America’s audit watchdog

auditing industryJames Schnurr, just two months into his job as chief accountant at the U.S. Securities and Exchange Commission, stood before a packed ballroom in Washington last December and upbraided a little-known regulator.

The Public Company Accounting Oversight Board, or PCAOB, oversees the big firms that sign off on the books of America’s listed companies. And the board was “moving too slowly,” Schnurr said, to address auditing failures that in recent years had shaken public confidence in those firms.


Federal Reserve ends 'too big to fail' lending policy

YellenThe Federal Reserve Board approved a rule Monday prohibiting the government from extending emergency loans to "too big to fail" companies.

The practice of intervening with loans was essential during the global financial crisis of 2008 and 2009, but was formally abandoned Monday to keep within the confines of the Dodd-Frank Act, passed in 2010.


Another big corporation is flagrantly dodging tax. This must be outlawed

Another corporation evades taxesNo invention of modern capitalism so enrages the public as does the tax haven. When giant corporations and very rich people choose not to pay their taxes, and government turns a blind eye, faith in the state crumbles.

The decision of the American drugs giant, Pfizer, to merge with Dublin-based Allergan, thereby “relocating” its headquarters to Ireland is not because some wizard potion has been discovered in the hills of Connemara. It is to dodge tax. The same has applied to Starbucks, Amazon, Google and countless other global companies.


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