The webinar highlighted some of the recent developments that have fundamentally altered the business environment in India and discussed the ways and means through which businesses in India and the U.S.» Read More
VLM Food Trading International, Inc. (“VLM”), a Montreal-based supplier of foods, sold frozen potatoes from time to time to Illinois Trading Company (“IT”), a United States company located in Illinois. After nine successful transactions, IT encountered financial difficulty and failed to pay for the next nine shipments. Invoices sent by VLM after delivery included a provision purporting to make IT liable for collection-related attorney’s fees if it breached the contracts. » Read More
This week, in the REWIND of international business news, we look at a social media shutdown in Brazil, plunging currency in Argentina, a U.S. business’s effort to sell taser guns in Europe, ivory smuggling uncovered in Singapore, and concerns over a Chinese website peddling counterfeit goods
A nationwide shutdown of WhatsApp put Brazil’s voracious social media users into a tailspin. WhatsApp was unable to comply with a judicial order to put a wiretap on certain accounts, which it could not do because it does not store messages sent on its service, and its message are encrypted so that no one, including WhatsApp personnel, can intercept or read them.
Fed Chair Janet Yellen announced this afternoon the much anticipated increase in its benchmark interest rate from zero to 0.25%. While many of the US economic sectors have improved, the Fed has been concerned about the low inflation rate. Notwithstanding that concern, the Fed unanimously agreed to the rate hike, noting in its policy statement that “the Committee judges that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise over the medium term to its 2 percent objective.”
The increase in the Fed’s benchmark rate ends its quantitative easing program that has been going on for the better part of a decade.» Read More
2016 will require CFOs to address changes in accounting standards both in the US and for companies engaged in international commerce. The rules regarding Revenue Recognition, Lease Accounting, Insurance Contracts and Corporate Tax are on tap for CFOs to address in 2016 and 2017.
With respect to Revenue Recognition, the Wall Street Journal reported on Tuesday, December 7 that “CFOs received some breathing room when the Financial Accounting Standards Board disclosed it would allow companies to wait until 2018—instead of 2017—to adopt rules governing how they account for deferred revenue from everything from cellphone contracts to car sales to software.» Read More