For decades some wealthy people and businesses have avoided paying taxes in their home countries by setting up “shell companies” in tropical locales like the Cayman Islands or the Bahamas. The lax tax rates of these nations allow individuals and organizations to quietly keep their money out of government coffers. In today’s digital age, however, it’s a lot harder to keep a secret than it used to be. Just ask the clients of the Panamanian law firm Mossack Fonseca, the Continue reading
Throughout the U.S., food delivery apps like GrubHub and Postmates have totally transformed takeout. These services offer eaters a variety of cuisines and restaurants to choose from, a far cry from the days when many American homes could only order pizza for delivery. And unlike other tech startups, food delivery companies have developed solid profit models based on the service fees they charge. This dependable system translates into markets throughout the world. The Berlin-based delivery service Foodpanda, for instance, operates Continue reading
For decades China’s industrial economy grew at a breakneck pace thanks to heavy investment from the state. This expansive age may be at an end, however. Over the last few years, demand for Chinese goods has dropped and its stock market has become increasingly unpredictable. Analysts say that China built up far too much manufacturing infrastructure that has now become an excessive drain on resources. As a result, last week the Chinese government announced the drastic measures it would take Continue reading
Last week, a judge ordered Apple to help the FBI unlock an iPhone used by one of the perpetrators in the San Bernardino mass shooting. Despite the gravity of the case, the tech giant refused the government’s request on the grounds that such an act would compromise the security of all its customers. “We feel we must speak up in the face of what we see as an overreach by the U.S. government,” said Apple CEO Tim Cook in a Continue reading
For many inventors, creating a machine that’s functional as well as popular can feel like striking gold, even if the actual material reward for their work isn’t exactly golden. That’s the situation Shane Chen found himself in since inventing the “hoverboard,” a two-wheeled, Segway-like vehicle that doesn’t quite float but has nevertheless been flying off the shelves. Unfortunately for Chen, many consumers are buying hoverboards from companies that have not paid him for his patented design. Instead, consumers are taking Continue reading
For years, skilled workers from around the world have used H-1B visas as their tickets into the U.S. These visas are intended to provide companies with a pool of specialized foreign labor in case they can’t find any qualified domestic candidates. According to a recent lawsuit, however, one of the world’s biggest brands may have been abusing the H-1B system in order to boost their own bottom line. Rather than filling open positions with outsourced labor, The Walt Disney Company Continue reading
Last year we featured a post about the unfortunate case of Texas plumber Mark Oberholtzer. In need of a better truck for his business, he took his old Ford F-250 to a local dealership and traded it in for a newer model. The plumber didn’t give the transaction a second thought until about a year later when the complaints started rolling in. Due to the extraordinarily complicated nature of the global auto resale market, Oberholtzer’s truck somehow ended up in Continue reading
What do the United States of America, the Federated States of Micronesia and the Kingdom of Tonga all have in common? Aside from being decidedly long-named nations, none of these three countries requires employers to provide their staff with time off for holidays or vacation. In fact, the U.S. is the only advanced economy in the entire world without such a requirement. As a result, American workers have seen their vacation time shrink from an annual average of 20.3 days Continue reading
In the 1960s Northeast Italy’s artisans banded together to form small family-owned businesses that depended closely on one other. Each company manufactured a single part of a finished product that held the entire town’s attention. For instance, the tiny burg of Montebelluna specialized in making ski boots, with dozens of companies contributing parts like buckles and foam linings. The town eventually became famous for its high quality footwear, producing about three-quarters of the world’s ski boots at its height. One Continue reading