US

John Gapper

My first reaction to the $73bn bid from 21st Century Fox for Time Warner, which this week settled in for a prolonged fight as Time Warner blocked Fox from mounting a rapid assault on its board of directors, was to ask: what problem is Rupert Murdoch trying to solve?

John Gapper

Rupert Murdoch is not exactly putting his money where his mouth is with 21st Century Fox’s unsolicited $80bn offer for Time Warner. By offering non-voting Fox shares as part of the cash-and-stock bid he has made clear that he will not risk his voting grip on his family-controlled company. Read more

The other day, a business in New York mailed a dollar cheque to me across the Atlantic. It was a pretty thing – multicoloured, with an anti-fraud foil hologram – and I admired it for a while before putting it into another envelope and posting it back to a friend in New York to walk up the block and deposit. After a round trip of 7,000 miles, it reached my account three weeks late.

John Gapper

The global system for taxing multinational companies is broken, but no country wants to alter it too radically for fear of making it worse. That was my impression after hearing international tax experts gathered in Oxford this week to discuss reform.

Reform of corporate taxation has been thrust onto the political agenda in Europe and by controversy over the tax policies of companies such as Google and Starbucks. The ease with which they can shift intellectual property and royalty payments to low tax regimes has outraged politicians on both sides of the Atlantic.

The attempt by Pfizer to turn itself into a UK company for tax purposes by acquiring AstraZeneca has also drawn attention to the use of “tax inversion” by US companies. They want to use the cash piles held overseas to make acquisitions that allow them to change corporate nationality and reduce their taxes.

But while most countries agree that the system of global taxation in place since the 1920s is flawed, there was no consensus at the conference held by the Oxford University Centre for Business Taxation on how to fix it. Instead, most prefer to play defence. Read more

Adam Jones

Is it worth uprooting family to move to a new city for a job? Peter Cappelli, a management professor at Wharton school at the University of Pennsylvania, is not convinced.

Assessing the broad decline in internal migration that the US has suffered in recent years, Prof Cappelli argues that the trend for people to stay put may well reflect the fact that so many jobs are transient these days. Read more

It’s the Woodstock of Capitalism, the investors’ Super Bowl, the Lollapalooza of lolly…

Tens of thousands of Berkshire Hathaway shareholders converged on Omaha, Nebraska, for the $300bn conglomerate’s annual meeting and the chance to hear in person from its legendary founder, Warren Buffett (and his droll sidekick Charlie Munger).

Stephen Foley, the FT’s US investment correspondent was there, too, to capture the wit, wisdom and sometimes wackiness on display. Read more

Adam Jones

Oral haptics – more simply known as “mouthfeel” – is one of the food industry’s subtler (or murkier) arts. New research gives an intriguing glimpse into how snackmakers can use it to manipulate grazing customers: for better or for worse.

A group of people were offered either a hard or soft version of the same chocolate and asked to estimate how many calories it contained. They erroneously assumed that the hard version had fewer calories, when the energy content in each of the treats was actually the same. Read more

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