Google France Faces Fine Of $1.3 Billion For Tax Noncompliance. Google Denies The Accusation.

TechCrunch

Google France could be ordered to pay $1.3 billion to France’s equivalent of the IRS (Direction générale des finances) due to tax noncompliance in 2011. The agency has been investigating Google’s revenue in France for months. With only 138 million euros of revenue in France in 2011, the company has used tax-optimization strategies, but has always stated that they comply with the law. It denies the accusation.

The French weekly Le Canard enchaîné (which has an excellent track record for investigations) first obtained a letter that the Direction générale des finances sent to Google France asking it to pay $1.3 billion (€1 billion) in tax penalties. Most of Google France’s revenue could go directly to Google’s European headquarters in Ireland where the corporate tax is only 12.5 percent. French news website Owni obtained Google Ireland’s 125-page financial statements for 2011, certified by Ernst & Young, in order to corroborate Le Canard enchaîné’s…

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Would the French Employment Plan Work in the U.S.?

24/7 Wall St.

Francois Hollande, the president of France, wants his government to spend roughly $2.5 billion to create 150,000 jobs in 2012 and 2013. The details of the program are complex. The central government would subsidize the hiring of young people. Many of those targeted would lack advanced educations. Hollande understands it is more difficult for people in this demographic segment to find jobs. American policy makers should ask if a similar plan might work in the United States.

The youth unemployment rate in most developed nations is as much as double what it is for people who are over 25. The numbers are worse for young people who do not have college educations. To address the job prospects of these people would be to attack one of the single most difficult problems in the labor market. Employers in developed nations continue to use weak jobs markets to hire highly qualified and highly educated workers, even for jobs that would often…

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Stunning pictures arise from New York storm

This Just In

The warnings of severe thunderstorms in the New York area started coming in Thursday afternoon. But anyone outside who looked up didn’t need to hear it from the National Weather Service — the sky told them.

Finding beauty in violent storms.

Dark clouds — and then lighting — provided awe-inspiring images around the region.

Photos: Storms hits Northeast

“The brunt of the storm itself was intense but short,” iReporter Matthew Burke of New York City said. “There was very strong rain and wind for about 15 minutes, at which point the rain cleared and the lightning show began.”

Gawker and the New York Daily News posted photos of the heavy clouds that appeared to blanket the sky and barrel down to the ground all at once.

The storms that hit central New York were severe, and wind gusts that may exceed 80 mph were forecast for metropolitan New York City…

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Morning Market Roundup (7/26/2012)

24/7 Wall St.

Subject: Ten Ways You’ll Know The Recession Is Over

When Gallup asked people about the state of the economy this spring, as a recovery appeared to have taken hold, the polling company found “nearly half of Americans, 46%, still say the economy is in either a recession or a depression.” Only 40% said they thought a recovery was underway. By the strictest measurements of economic data, economists said the Great Recession had ended. For a very large number of Main Street Americans, that opinion means nothing. Here are ten ways you will know the recession is over.

As always, here are the top major media headline summaries from WSJ, FT, Bloomberg, and more. Today’s top analyst upgrades and downgrades were in shares of MO, AVP, CAT, GMO, IGT, LO, MRVL, TFM, TSCO, WFT, WLP and ZNGA.  The most important financial news affecting the markets today.

Don’t forget. No matter…

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24/7 Wall St.

Shares of United Continental Holdings Inc. (NYSE: UAL) fell Thursday morning after the company’s second-quarter financials missed analyst estimates.

The stock is down 5.54% to $19.28. The 52-week low is $15.51.

United’s net income was $339 million for the quarter, or $0.89 share, compared with $538 million, or $1.39 a share in 2011. Analysts were expecting earnings of $1.70 a share, according to averages compiled by Thomson Reuters. The drop in net income was partially due to integration costs involving the merger between United Airlines and Continental Airlines. Yet operating income for the quarter, at $575 million, was still down 28.8% compared to a year ago.

Aircraft fuel, the largest expense for the airline, rose 5.6% compared to last year’s period to $3.4 billion. Meanwhile, salaries and related costs also rose 5.6% to $2.0 billion

Revenue for the airline was $9.9 billion, up from $9.8 billion in the year-ago period. Analysts were expecting revenue of just over $10…

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