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Cash is king for multinationals. The FT’s Alphaville blog digs into a National Bureau of Economic Research report showing that U.S. multinationals’ cash holdings have risen 433% since 1998, while their assets increased 205%. In contrast, cash holdings of domestic firms only increased by 66%, while their assets increased by 40%. The report “can’t seem to find an explanation as to why this might be the case. It dismisses explanations of fear, regulatory uncertainty, and tax complications of repatriation, though it does suggest that high amounts of R&D activity have something to do with it.”
Schulze wants Best Buy to lower prices. Best Buy founder Richard Schulze with battery like Fujitsu Lifebook S6200 Battery , Fujitsu FPCBP80 Battery , Fujitsu Lifebook S6220 Battery , Fujitsu Lifebook S2020 Battery , Fujitsu FPCBP64 Battery , Fujitsu Lifebook S6120 Battery , Fujitsu N5485 Battery , Fujitsu Lifebook T4000 Battery , Fujitsu Lifebook T4020 Battery , Fujitsu FPCBP121 Battery wants to cut prices and improve the in-store customer-service experience – borrowing from Amazon and Apple’s retail playbooks. But Schulze also wants to avoid cost-cutting, so the turnaround plan would likely mean a huge run up in costs in the first couple of years – and that would be difficult for a public company to justify, the WSJ says. It would also be a big turnaround for Schulze, who oversaw a lot of the retailer’s cost-cutting efforts before stepping down as chairman in June.
ECB rescue could do more harm than good. ECB President Mario Draghi’s bid to bring down Spanish and Italian yields may spur the nations to sell more short-dated notes, swelling the debt pile that needs refinancing in the coming years, Bloomberg says.
‘Les riches’ make plans to flee France as tax hike looms. French President François Hollande wants to impose a 75% tax on the portion of anyone’s income above one million euros – and the wealthy are making contingency plans. Many companies are considering moving high-paid executives outside of France, consultants, lawyers, accountants and real estate agents tell the NYT. “They also know of companies — start-ups and multinationals alike — that are delaying plans to invest in France or to move employees or new hires here.” The proposed tax probably wouldn’t bring in that much revenue, but “a tax hit on the rich would provide political cover for painful cuts Mr. Hollande may need to make next year in social and welfare programs that are likely to be far less popular with the rank and file.”