Facebook logo is seen displayed on a phone screen in photo taken in Poland on November 29, 2020.
Jakub Porzycki/NurPhoto via Getty Images
- Facebook is shutting down its Irish subsidiary following mounting pressure from regulators over the way it pays taxes in the EU.
- The firm’s Irish holding company brought in around $30 billion of revenue in 2018 – more than half of the firm’s total annual turnover of $56 billion.
- A Facebook spokesperson said the move was ‘consistent with recent and upcoming tax law changes’ advocated by policymakers around the world.
- Visit Business Insider’s homepage for more stories.
Facebook is winding down its Irish holding company in light of wider disputes over the way it pays taxes in the the European Union.
In 2018, the social networking giant’s Irish subsidiary paid just $101 million in tax, while recording profits of more than $15 billion.
The subsidiary, Facebook International Holdings I Unlimited Company, also brought in around $30 billion of revenue, accounting for more than half of the firm’s total annual turnover of $56 billion.
In a statement to The Times in London, a Facebook spokesperson said the Irish entity “was wound up as part of a change that best aligns with our operating structure.” They added: “We believe it is consistent with recent and upcoming tax law changes that policymakers are advocating for around the world.”
Big Tech companies face mounting pressure on the continent, where regulators are reevaluating the responsibilities large platforms should have on everything from data-sharing to misinformation.
At the end of last year, Google moved its own intellectual property holdings from Ireland back to the US, after regulators moved to phase out a loophole allowing US companies to delay paying taxes.
The tax strategy was legal and allowed Google to avoid triggering US income taxes, or European withholding taxes on the funds, which represent the bulk of its overseas profits.
Facebook’s decision comes just months after the firm launched legal action against Ireland’s data regulator, which is also trying to prevent EU user data being sent across to the US.
The firm’s lawyer Paul Sreenan told Ireland’s High Court the decision could have “devastating consequences” and mean Facebook’s core app and Instagram being kicked out of the EU all together.
Business Insider approached Facebook for further comment.
Spark Networks Announces Conference Call to Discuss First Quarter 2021 Results
BERLIN, May 5, 2021 /PRNewswire/ — Spark Networks SE (NYSE: LOV), one of the world’s leading online dating companies, announced today that the co…
BERLIN, May 5, 2021 /PRNewswire/ — Spark Networks SE (NYSE: LOV), one of the world’s leading online dating companies, announced today that the company will hold a conference call to discuss First Quarter 2021 financial results on Monday, May 17, 2021 at 10:00 am ET.
Call Title: Spark Networks SE First Quarter 2021 Earnings Conference Call
Toll Free: 1-877-705-6003
Germany Toll-Free: 0 800-182-0040
In addition, the Company will host a webcast of the call which will be accessible in the Investor Relations section of the Company’s website at https://investor.spark.net/investor-relations/home. A replay will begin approximately three hours after completion of the call and run until May 31, 2021.
Toll Free: 1-844-512-2921
Replay Pin Number: 13719604
About Spark Networks SE:
Spark Networks SE is America’s second largest dating company, listed on the New York Stock Exchange American under the ticker symbol “LOV,” with headquarters in Berlin, Germany, and offices in New York and Utah. The Company’s widening portfolio of premium and freemium dating apps include Zoosk, EliteSingles, Christian Mingle, Jdate, JSwipe, SilverSingles and eDarling, among others. Spark Networks SE in its current form is the result of the merger between Affinitas GmbH and Spark Networks, Inc. in 2017 and the addition of Zoosk, Inc. in 2019. Spark Networks has approximately one million monthly paying subscribers globally.
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, statements involving known and unknown risks, uncertainties, and other factors that may cause Spark Networks’ performance or achievements to be materially different from those of any expected future results, performance, or achievements. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Written words, such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates,” and variations thereof, or the use of future tense, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially, including, but not limited to, the risk that the benefits from the acquisition of Zoosk, Inc. may not be fully realized or may take longer to realize than expected; risks related to the degree of competition in the markets in which Spark Networks operates; risks related to the ability of Spark Networks to retain and hire key personnel; the timing and market acceptance of new products introduced by Spark Networks’ competitors; Spark Networks’ ability to identify potential acquisitions; Spark Networks’ ability to comply with new and evolving regulations relating to data protection and data privacy; general competition and price measures in the market place; risks related to the duration and severity of Covid-19 and its impact on Spark Networks’ business; and general economic conditions. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” in Spark Networks’ Annual Report on Form 20-F for the year ended December 31, 2019 and in other sections of Spark Networks’ filings with the Securities and Exchange Commission (“SEC”), and in Spark Networks’ other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to Spark Networks as of the date hereof, and Spark Networks assumes no obligation to update any forward-looking statement except as required by law.
Vice President of Investor Relations
View original content to download multimedia:https://www.prnewswire.com/news-releases/spark-networks-announces-conference-call-to-discuss-first-quarter-2021-results-301284505.html
SOURCE Spark Networks SE
Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
One of the US’s leading résumé experts shares 3 tips to improve your résumé’s performance after the pandemic
Keep your résumé short. Recruiters may still be suffering from burnout too. SDI Productions/Getty Images Marc Cenedella is the founder of Leet…
Keep your résumé short. Recruiters may still be suffering from burnout too.
SDI Productions/Getty Images
- Marc Cenedella is the founder of Leet Resumes, a free technical résumé-writing service.
- The COVID-19 pandemic has left many people with gaps in their employment history.
- Re-adjusting your résumé will help you capitalize on the dramatic jobs recovery we’re experiencing.
- See more stories on Insider’s business page.
Hiring is picking up strength, with almost 1 million new jobs added in March and companies beginning to report that hiring is getting difficult again.
With that in your mind, your résumé may need a post-pandemic tuneup.
2020 upended all of our expectations, and that may have impacted your employment history, work accomplishments, or career ambitions in the recent past.
To improve your résumé’s performance in this newly resurgent 2021, here are three post-pandemic résumé tips from Leet Resumes.
1. Address gaps
Unlike past recessions, the COVID downturn happened very fast and without the usual warning signs. As a result, typical white-collar professionals didn’t have a chance to get ahead of the bad news and find a new employer before their company laid them off.
This was reflected in the unemployment rate among college-educated professionals. During the Great Recession, it had never risen above 5.0%. In May 2020, with the sudden onslaught of the coronavirus epidemic, and the rapid impact to the economy, it reached 8.4%
If you’ve had gaps in your employment history due to COVID, consider changing how you handle dates on your résumé. Instead of spelling out the months, summarize using the year only. For example, use 2016 – 2020 instead of July 2016 – March 2020. That way, the gap between the job that ended in March 2020 and the new one that began in September 2020 will be something you can explain during an interview rather than before it.
2. Highlight numbers
After a year of cutbacks, the economy is expected to grow 7% this year due to stimulus and the bounceback from the lockdowns.
As a result, post-pandemic employers are prioritizing roles that can produce the biggest improvements in their business this year. Hiring managers want to hire employees with a proven ability to deliver better numbers, whether that’s an increase in revenue, decrease in costs, improvement in efficiency, or reduction in budget.
Make it easy for employers to understand the specific problems you’ve solved in the past by quantifying your success. Don’t just list your duties and responsibilities, provide numerical proof that you excelled at delivering on them.
Instead of writing ‘tasked with growing sales’, write ‘Increased sales 17% by aggressive prospecting.’ Don’t just say ‘duties included marketing efficiency’, when you could say ‘Improved marketing efficiency by reducing budget $134,000 while keeping lead volume consistent.’
Whatever your numbers are, make sure you share them in clear, concise language that allows your future boss to understand exactly how effective you are in contributing to your team’s and your company’s goals.
3. Keep it short
While ubiquitous WFH arrangements once seemed like a utopia, this past year has taught us all about some of the downsides. Rather than being an oasis of calm in a hectic world, where your daily tasks can be handled in quiet repose, WFH has become a round-the-clock marathon of Zoom, Slack, email, and conference calls. It never stops.
Well, the readers of your résumé are experiencing the same shock to their system. After cutbacks in HR last year, recruiters and hiring managers are expected to do more with less, and do it all over Zoom. As a result, they have even less time to spend reading your résumé.
Recruiters spend just six seconds doing a first scan of your résumé, and that’s barely enough time to get your name and professional headline correct. They certainly don’t have time to rifle through four, six, or nine page résumés. My company Leet Resumes re-writes résumés for professionals for free and recommends sticking with two pages at most for almost all professionals.
If you have 10+ years experience, two pages is most often the right choice. And if you have less than 10 years of experience, keep it to just one page – your professional headline, your professional summary, your work experience, education, and a keywords section that includes the technologies that you’re most familiar with.
Don’t try your future boss’ patience with long-winded descriptions of internships or college class projects. They simply aren’t relevant to your future performance in a professional job and aren’t considering once you are a few years out of school.
So with the economy coming back strong, and the hiring market suddenly as strong as it’s ever been, post-pandemic professionals are encountering a favorable hiring environment in 2021. Using these tips to re-adjust your résumé strategies will help you capitalize on the dramatic recovery we’re experiencing after our topsy-turvy year. Good luck!
Jefferies shares 4 market sectors that are set to soar as prices and interest rates rise – and explains why each one is worth being exposed to
Reuters / Brendan McDermid The FOMC is meeting for two days this week to discuss interest rates and monetary policy. Low interest rates and p…
Reuters / Brendan McDermid
- The FOMC is meeting for two days this week to discuss interest rates and monetary policy.
- Low interest rates and price hikes in some areas of the market have triggered inflation concerns.
- Jefferies sees inflation reaching at least 2%, and shares 4 sectors that stand to benefit.
- See more stories on Insider’s business page.
This week is going to be an eventful one for investors as more earnings results and key economic data continue to roll in alongside a Fed monetary policy decision and press conference.
The Federal Open Market Committee (FOMC) of the Federal Reserve will meet for two days on Tuesday and Wednesday to discuss interest rates and monetary policy. While many expect the Fed to maintain its accommodative policy, investors will be closely monitoring comments on inflation and the central bank’s economic outlook during a press conference on Wednesday.
Inflation concerns have been growing on Wall Street as the Fed continues to keep interest rates low even though pent-up demand has faced low supply in some pockets of the economy. Prices for some end products have been rising, which is important to note given that the Fed can respond to fast-rising prices by tightening its policy.
However, rising interest rates and inflation, which erodes the value of cash, aren’t bad news for some industries, according to Steven G. DeSanctis, an equity strategist at Jefferies.
In a recent note to clients, he said some sectors could perform well in an environment with rising prices and rates, adding that the bank forecasts inflation to reach between 2% and 4% levels.
4 sectors that can benefit from higher inflation and rising rates
DeSanctis said the healthcare sector performs better than most of the other sectors when inflation is above the median, accelerating, and in between 2% to 4%.
“We also find it interesting that the group performs well when rates are rising. One would think that this is a long-duration sector and when rates rise, performance would head south but not the case based on its correlation. Inside of Health Care, Equipment & Supplies along with Providers & Services thrives,” he added.
Other tailwinds for the group include a pickup in overall M&A activity within the sector and its 12-month difference in performance, he said.
Following a stellar performance last year, healthcare is now trailing the market on a year-to-date basis, making the 12-month difference in performance the fifth-worst on record, according to DeSanctis.
But in the past, when performance was this bad, relative returns usually bounced back over the next three, six, and 12 months; and when deal activity accelerates, the group “performs very well at 18% annually,” he added.
Additionally, Jefferies’ US economist Aneta Markowska says the yield curve has steepened and interest rates could reach 2%, and that is favorable for materials.
Commodity prices have also surged over the past month, which should benefit the sector as it houses companies that are engaged in the discovery, development, and processing of raw materials, DeSanctis said.
Commodity prices usually rise when inflation is accelerating, and therefore some choose to invest in this asset class to hedge against inflation.
Plus, Biden’s infrastructure bill, which aims in part to upgrade old infrastructures such as buildings, highways, and bridges could also “really help this sector,” according to DeSanctis.
For those choosing to act on the recommendation, Vanguard Materials ETF is an example of an exchange-traded fund that offers exposure to this sector.
Another group that was already poised to win even before an infrastructure package was finalized includes industrials, DeSanctis said.
It’s usually a pro-cyclical sector, meaning that it tends to perform well when the economy is flourishing and can benefit from rising rates that suggest stronger economic growth.
Meantime, the PMI and ISM are improving, and that “gets reflected in stronger earnings and sales revision ratios that are better than the universe,’ he said.
That’s because those are leading indicators of economic activity given that they measure the prevailing direction of economic trends in manufacturing and the change in production levels across the U.S. on a monthly basis.
The Fidelity MSCI Industrials Index ETF is an option for investors who want to gain exposure to this market area.
Another sector that could benefit from higher inflation includes real estate.
Some investors choose to jump into real estate when inflation climbs because rising prices usually increase the value of a property over time as well as the amount that tenants pay in rent.
Additionally, DeSanctis says the sector is as cheap as it was in 2009, and has a low level of debt alongside higher cash levels.
Those looking to gain exposure to the real estate industry within the US equity market might want to consider the Schwab US REIT ETF.
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