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AMSTERDAM (Reuters) - Dutch Prime Minister Mark Rutte said his government would reconsider plans to scrap its dividend tax in a major political climbdown only hours after Unilever (ULVR.L) dropped plans to move its headquarters to the Netherlands. Rutte, who had argued that getting rid of the 15 percent withholding tax on dividends was vital for the country’s business climate, said his government must reconsider its entire package of tax reforms. “We didn’t decide to scrap the dividend tax for just one company, but the fact that such a large company that had decided to come to the Netherlands has withdrawn its plan is very relevant,” he told reporters in The Hague.
“That’s why we will reconsider our proposed measures,” added Rutte, Rutte’s coalition holds a single-vote majority in both parliament and personalised cufflinks india the senate, Despite some equivocation, no lawmaker has broken ranks over the issue, Rutte, who leads the liberal VVD party, is heading his third government since coming to power in 2010, Unilever, which along with fellow Anglo-Dutch company Royal Dutch Shell (RDSa.AS) has long lobbied against the tax, said earlier Friday it had suspended plans to consolidate a single headquarters in Rotterdam, Europe’s largest port..
The company said it was bowing to pressure from shareholders at its British arm, who were worried about leaving the FTSE index, weaker Dutch rules on shareholder rights, and about the future tax treatment of Dutch dividends. Rutte, who worked for Unilever from 1992-2002 before entering politics, had defended getting rid of the tax multiple times in front of a skeptical parliament. He survived a no-confidence vote in April after lobbying memos of which he said he had no memory emerged. One memo said Unilever considered the tax issue “decisive” in headquarter deliberations.
But political opponents successfully branded the personalised cufflinks india dividend plan as a costly tax break for foreigners, A poll published early last month said just 11 percent of Dutch voters supported getting rid of the tax, In a debate last month, Rutte warned keeping the tax could lead to Shell and Unilever abandoning their Dutch headquarters — and a loss of jobs, “You could still opt to hold on to the tax, but there’s a large risk that these companies would then decide to leave,” he said, Unilever CEO Paul Polman, a Dutchman, said the unexpectedly strong Dutch opposition to Rutte’s plan had indeed been “a factor” as it withdrew its plan to move to Rotterdam..
(Reuters) - U.S. stocks dropped for a second straight day on Friday, weighed down by another rise in Treasury yields in the wake of a solid jobs report that capped off a week of robust data. The losses were led by heavyweight stocks in the technology and communication services sectors including all members of the so-called FAANG group – Facebook (FB.O), Amazon (AMZN.O), Apple (AAPL.O), Netflix (NFLX.O) and Alphabet (GOOGL.O). Online retailer Amazon, part of the consumer discretionary sector, lost 1 percent.
Nonfarm payrolls increased less than expected in September, likely due to the effect of Hurricane Florence, though data for July and personalised cufflinks india August was revised higher, and the unemployment rate fell to 3.7 percent, a Labor Department report showed, “There’s no question the job market in the United States is possibly at its best in a generation - there’s no question or debate about that,” said Russell Price, senior economist at Ameriprise Financial Services Inc in Troy, Michigan, “The jobs report has become an inflation report.”..
The report pushed longer-dated U.S. Treasury yields higher, with the 10-year US10YT=RR note touching 3.248 percent. That piled more pressure on U.S. stocks, which are trading near record-high levels, raising concerns about valuations in the pricier names with the corporate earnings reporting season on tap. After the data, interest rate futures traders were still largely expecting a Fed rate hike in December while the bond market’s gauges on investors’ inflation outlook rose. “Equities will have no choice because if they don’t remain competitive with the risk-free rate of return people will stop buying them anyway and they will start going into bonds,” said Walter Zimmerman, chief technical analyst at ICAP in Jersey City, New Jersey.
“How does the stock market adjust for that? By lowering the price and therefore increasing the personalised cufflinks india rate of return.”, The Dow Jones Industrial Average .DJI fell 180.43 points, or 0.68 percent, to 26,447.05, the S&P 500 .SPX lost 16.04 points, or 0.55 percent, to 2,885.57 and the Nasdaq Composite .IXIC dropped 91.06 points, or 1.16 percent, to 7,788.45, For the week, the S&P fell 0.98 percent, the Dow slipped 0.04 percent and the Nasdaq dropped 3.2 percent, It was the biggest weekly decline for the Nasdaq since March..