Indonesia plans to pursue Alphabet Inc’s Google for five years of back taxes, and the search giant could face a bill of more than $400 million for 2015 alone if it is found to have avoided payments, a senior tax official said.

Muhammad Haniv, head of the tax office’s special cases branch, told Reuters its investigators went to Google’s local office in Indonesia on Monday.

Read the Full Article: Source – Reuters
Time For Truth: (Reuters) – Google may face over $400 million Indonesia tax bill for 2015: government official

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It appears Russia is close to taking the next big step towards de-dollarization and killing the petro-dollar as Vladimir Putin’s “dream” of ruble-based pricing of its domestically-produced oil is on the verge of realization. SPIMEX (The St. Petersburg International Mercantile Exchange) is actively courting international oil traders to join its emerging futures market, which as Bloomberg reports, is designed “to create a system where Russian oil is priced and traded in a fair and straightforward way.”

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Greeks need to make some “some tough political choices” over the coming weeks, Barack Obama said on Monday in a clear warning to Athens that its team of negotiators must compromise further to secure a debt deal with the creditors.

The US president said there was a “sense of urgency” to resolve the situation, despite officials on both sides saying the two sides remain far apart on pension reforms and the projected size of the Greek budget deficit.

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Plans by the Conservatives and Labour for a fresh round of deficit reduction after the general election are being strongly attacked by one of the world’s leading economists who warns that renewed austerity will hold back a still-incomplete recovery.

Paul Krugman, a Nobel prize-winning US economist, challenges David Cameron’s claim to have rescued the economy by stressing that growth only resumed halfway through the 2010-15 parliament once the coalition abandoned its plan to repair the public finances within five years.

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The U.S.’s AA+ credit rating was affirmed by Standard & Poor’s, which cited the resiliency and diversity of the economy, almost three years after downgrading the nation for the first time amid political wrangling.

There is a less than one-in-three probability that the ranking will change in the next two years, the New York-based company said in a statement today. The outlook on the rating is stable. 

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