O. E. C. D. Would address the problem of corporations exploiting official locations of licenses or patents to lower or totally evade taxes followers of big tech reporting noted the inclusion among the proposals of some from u. S. Delegates as well as targeting companies outside the u. S. Dominant tech sector those 2 developments were taken to signs that the proposal may be likely to receive an official green light from the new from the United States the u. S. And the European Union have been clashing recently over whether and how to rein in the big names from the u. S. Amazon facebook and google among others. Joining us now to give us a handle on the economic events of the day is professor Richard Wolfe Professor Emeritus of economics at the university of massachusetts amherst and the author of democracy at work a cure for capitalism welcome back professor wolfe and 1st on this tax avoidance tax avoidance push by the o. E. C. D. Does it go far enough in your view is it likely to have.
Does it go far enough in your view is it likely to happen and how does this push compared to u. S. Action on reining in big tax in terms of taxes. But let me go in there the reverse order the europeans have consistently been ahead of the United States and trying to do something about the monopolies as they see it operated by the High Tech Companies in the world who work very hard to corner particular technologies that they can then sell out of inflated price because theyre the only producer who develop their technology precisely to produce things that others wont have for a while so theyll be the only seller and can therefore get but not believe price and the reason is not far to look in europe you have a much more powerful Labor Movement and in this country you have strong socialist communist and other left wing parties who put enormous pressure in their. Armaments and so on to target monopolies that are basically ripping everybody off so thats why they have to have more of a movement
And more importantly what you should be doing or not doing around it. We begin with big breaking headline shares of Johnson Johnson are higher after an oklahoma judge ordered the company to pay 572 million for its role in the National Opioid crisis however, that number, 572 million, far less than some expected meg tirrell is live outside the oklahoma courthouse where that decision was handed down less than one hour ago. Meg . It may not sound like a positive headline but j j stock is not reacting that way the judge found Johnson Johnson accountable for creating the states opioid epidemic, saying it created a public nuisance but they were ordered to pay 572 million. Now, the state had asked for 17 billion over 30 years. Now, that 572 million accounts for one year of what they call an abatement plan to try to fix the Opioid Crisis here in the state. Theyre saying here in the 42page decision that the state didnt provide sufficient evidence of the amount of time and cost necessary beyond y
By this when i am on tuesday here in moscow where if you choose again welcome to the International Break with the world news this hour 1st off then the french president has opened up about an era of tension and conflict heading into the g. 7 summit which is now wrapped up emmanuelle mccrone earlier held a joint News Conference with donald trump in southwest france where the leaders play down any apparent rift. He the model of 1st of all i would like to thank President Trump and all the heads of state and government present here for the extremely Productive Work and very productive discussions that weve had since saturday evening together i want to thank you very much mr president for the incredible job you did this is a truly successful g 7 there was tremendous unity it was great unity. President mccrum stated that the leaders only managed to agree on a one page declaration from the summit charter to bensky takes a closer look at what might have been in the document. Present trump and
A so called landmark ruling in the us Opioid Crisis has been handed down to drugs giantJohnson Johnson by a judge in oklahoma. The company was ordered to pay 572 million for its role in the crisis which is more than double what other firms have already shelled out. Oxycontin maker Purdue Pharma settled with the state for 270 million. And there was an 85 million settlement with israeli owned Teva Pharmaceutical industries announced earlier this year. Around 2,000 other lawsuits related to the Opioid Crisis are awaiting trial on a federal level thats due to head to court in october. Now shares inJohnson Johnson rose about 5 following the verdict. Thats because the fine is fraction of the multi billion Dollar Settlement the prosecution was seeking. The company says it will appeal the ruling. Samira hussain in new york has more. Thejudge in the judge in oklahoma thejudge in oklahoma says the judge in oklahoma says that Johnson Johnson was responsible for fuelling the Johnson Johnson was re