They tell you not to fix a meeting before 11am at the Lions advertising festival in Cannes because the guests will either have been up so late toasting their own creativity, or are so jet-lagged after flying in from Los Angeles, that they will not show up. I should have listened.

Welcome to the World Cup in Brazil, brought to you by Fifa, a corporate governance disaster that is also one of the most successful multinational enterprises on earth.

When China’s Communist leaders under Deng Xiaoping launched their assault on the Tiananmen Square protesters in 25 years ago, they were supposedly following the socialist road and Marxist principles of proletarian rule. “Workers of all lands, unite!” declared Karl Marx and Friedrich Engels in the 1848 Communist Manifesto.

Inefficiency is not a quality usually associated with Amazon but Jeff Bezos’s company is behaving as if it is a small, disorganised bookstore that cannot quite control its stock. “You want that book, do you? Very sorry but we have run out. We can order you another copy but they are taking a long time to arrive at the moment. How about buying another title instead?”

John Gapper

Stephen Immelt, brother of Jeff Immelt, chairman and chief executive of General Electric, has become the second Immelt to lead a multinational organisation – in his case the law firm Hogan Lovells.

Jeff Immelt has given his brother some advice on how to do so. In an interview with The Lawyer magazine, Steve says Jeff has a rule of three-to-five for managing GE: Read more

John Gapper

The Chinese backlash against the US decision to charge five Chinese military officers with cyber-espionage has started. Of the US companies likely to be affected, Cisco is the most obvious.

The New York Times, quoting Caixin magazine and the Xinhua news agency, says China plans to make security assessments of foreign equipment entering the country to ensure that it cannot be used for espionage: Read more

Presumably, although he denies it, Brady Dougan considered resigning as chief executive of Credit Suisse this week when it became the first global financial institution since Crédit Lyonnais in 2003 to plead guilty to criminal felony in the US. In any case, he stayed.

Perhaps the European Court of Justice wants to equal the US Supreme Court in a display of poor judgment. That might explain why it ruled this week that a 19-year-old directive means Google must remove some search results that people do not like.

John Gapper

The collapse of the proposed Omnicom-Publicis merger, a bravado effort to override cultural differences, executive egos and national tax law, does not come as a surprise. The venture had been displaying signs of distress for some time, with both sides admitting to difficulties.

The challenge of getting various tax authorities to agree to a complex and artificial structure – a Franco-US company incorporated in the Netherlands but tax resident in the UK – was one barrier. John Wren, Omnicom’s chief executive, warned investors last month of delays due to tax issues. Read more

On Tuesday in New York, modern art collectors will get the chance to spend tens of millions dollars on paintings such as Gerhard Richter’s “Abstraktes Bild (712)”, which is on sale with an estimated value of between $22m and $28m. Will the painting, which was sold 18 months ago at Sotheby’s for only $17.5m, set a new record for the German artist? It may be difficult to tell.

For students of perverse incentives created by tax, it is a bonanza week. Apple has raised $12bn in bonds to buy back shares, despite having $130bn sitting in cash overseas, and Pfizer wants to turn itself into a UK-domiciled company by acquiring AstraZeneca for £60bn.

John Gapper

Pfizer has finally made a public announcement of its interest in AstraZeneca. One of the main points of the deal, it turns out, is tax inversion – turning Pfizer into a UK-domiciled company.

Pfizer is making tax inversion a point of the proposed deal Photo: Bloomberg

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John Gapper

We have been presented this week with two visions for the future of innovation in the pharmaceuticals industry. One is encouraging, the other is not.

To the news that General Electric’s board of directors has been meeting in solemn conclave to debate whether its chief executives should serve a 20-year term, the natural response is: which egomaniac came up with that idea?

Suddenly, after a prolonged drought, fresh money is pouring into US digital news. The strange thing is where it is going.