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US debt hits record under Trump, Republicans mum…

“But despite faster growth, the budget deficit climbed 17 percent to $779 billion last year, the worst since 2012” writes Virginie Montet for yahoo.com. “If we don’t have a strong military, you don’t have to worry about debt, you have bigger problems,” Trump told reporters last week.The massive corporate tax cuts that Trump pushed for at the end of 2017, and the surge in spending, especially in defense, have increased the fiscal deficit for the world’s largest economy.The National Debt Clock shows the bad news about US federal borrowing, swelled…

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Two of the top five most active corporate VCs last year were Chinese

“Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights” writes Str Afp for cnbc.com. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary.Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. Chinese internet giant Baidu’s investment unit, Baidu Ventures, and Legend Capital, a subsidiary of Chinese conglomerate Legend Holdings, ranked in the…

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Cyberattacks On Track To Lead Corporate Insurance Claims: Study

“That means fire and explosions accounted for nearly one-quarter of all corporate insurance claims filed between 2013 and 2018” reports pymnts.com. Fourteen percent of the value of corporate insurance claims were linked to aviation collisions and crashes.Despite the focus on cyber protection, however, a new report from insurance firm Allianz Global Corporate & Specialty said an unexpected category makes up the most popular type of claim filed by corporate customers of insurance products today.In analyzing 470,000 corporate insurance claims across 206 countries, totaling $66.5 billion in payouts, Allianz found in…

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DNC delays decision on banning corporate PAC money

“A governing committee of the Democratic Party decided Friday to not ban donations from corporate political action committees, instead choosing to delay a decision until 2020” reports washingtonexaminer.com. Advocates sought the ban on corporate PAC money — rather than on corporate donations as a whole — to communicate independence from business interests, even though the Democratic National Committee took just $144,000 in corporate PAC donations last year, or about .08 percent of the party’s $175 million 2018 windfall, according to Vox.Although the DNC took little money from corporate PACs last…

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Amazon ‘couldn’t handle the heat,’ NYC’s de Blasio says

“Executives at Amazon.com Inc. caved in to public scrutiny in their surprise decision last week to abandon plan to build a headquarters in New York City, Mayor Bill de Blasio said Sunday” writes Patrick Temple-west for politico.com. In an interview on NBC’s “Meet the Press,“ de Blasio repeated the Amazon attack he’s been making in the days since the e-commerce giant said on Feb. 14 that it won’t build a new corporate headquarters in Queens. Source: politico.com

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Amazon paid no federal taxes on $11.2 billion in profits last year, according to group’s analysis

“That would place the company’s effective federal tax rate below the rate paid by the poorest 20 percent of American households, which had an effective federal tax rate of 1.5 percent in 2015, according to the Tax Policy Center” writes Christopher Ingraham for sun-sentinel.com. Like many other large companies, Amazon reduces its effective tax rate each year using a variety of credits, rebates and loopholes.That would represent nearly half of the total federal tax bill levied on the company’s profit of $11.2 billion, he said.It is the second year in…

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Amazon Pullout Shows What Anti-Capitalist Organizing and Leftist Politicians Can Do

“So when Amazon announced on Thursday that it was canceling plans for the New York corporate campus, the news was met with delight and surprise” reports theintercept.com. Andrew Cuomo promised the company that he’d change his name to “Amazon Cuomo” were the deal to go through.Yet while resistance to Amazon’s HQ2 was swift and formidable, the task of stopping the deal appeared Sisyphean. Source: theintercept.com

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The Technology 202: Amazon HQ2 debacle could increase scrutiny of corporate incentives

“Previously, the largest penalty that the FTC levied against a technology company for a privacy violation was a $22.5 million fine aginst Google” writes Cat Zakrzewski for washingtonpost.com. It was unlike any competition for corporate development, but of course, so was the initial contest prize — 50,000 jobs at a massive technology company.The blowback on Amazon could more broadly ramp up scrutiny of how cities and states incentivize corporate expansions.Facebook and the FTC have yet to agree on the amount of the fine, but it would be by far the largest…

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