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morality rides high with peoples shopping decisions these days
R.A.K. appeal to the vast (and ever-growing) number of consumers who make up GENERATION G (that’s G for Generosity not Greed). Disgusted with big, arrogant, sloppy and out of touch institutions, fed-up consumers around the world increasingly expect businesses to be socially, ethically and environmentally responsible:
71% of people “make it a point to buy brands from companies whose values are similar to my own.” (Source: Young & Rubicam, August 2010.)
In 2006, ‘strong financial performance’ was the third most important factor for US consumers in determining corporate reputation. By 2010, financial returns had fallen to the bottom of Edelman’s rankings, while ‘transparent and honest practices’ and ‘company I can trust’ were the two most important. (Source: Edelman Trust Barometer, 2010.)
87% of UK consumers expect companies to consider societal interests equal to business interests, while 78% of Indian, 77% of Chinese and 80% of Brazilian consumers prefer brands that support good causes. (Source: Edelman, November 2010.)
The link with R.A.K.? Members of GENERATION G are also left cold by old-school business priorities and formalities. With sharing, creating, discussing and collaborating for many becoming a way of life (both on and offline), people want and expect interactions to be genuine and enjoyable. And yes, that includes interactions with brands.
Meaning R.A.K. reach out to those consumers craving ‘human’ brands who show not generosity, but acts of compassion, humanity, or even just some personality.
I read an article this morning about how BoA is now "too big to indict."
HSBC to pay $1.9 billion to settle US money-laundering case
Los Angeles Times [latimes.com]
British bank HSBC agrees to pay $1.9 billion to settle a U.S. money-laundering case. The settlement allows HSBC to avoid criminal penalties
by routing its business though Luxemburg where it does very little business and has a very low rate of tax it avoids paying corporation tax in the UK, Germany, France and all other EU countries.
If corporation tax in the UK isn't effective because it's being 'priced out' by other EU countries... then change it.
Amazon's Luxembourg arrangements have helped it pay an average tax rate of 5.3 percent on overseas income over the past five years, less than a quarter of the average rate across its major foreign markets.
Had Amazon remitted all that to the United States and then paid the headline U.S. corporate income tax rate on it, the firm would have incurred taxes of more than $700 million. But it has not and the deal has allowed Amazon's Luxembourg unit to accrue tax-free cash worth more than $2 billion.
As the cash built up in Amazon Europe Holding Technologies, the firm started to lend to Amazon EU SARL. Besides funding international expansion, this has generated up to 45 million euros a year in interest since 2005 - all untaxed.
Amazon disclosed in October 2011 that the IRS wanted $1.5 billion in unpaid taxes. It has declined to say exactly what transactions the charge relates to but said it was linked to "transfer pricing with our foreign subsidiaries" over a seven-year period from 2005.