Tim Hortons soon will be officially domiciled in Canada. For tax purposes!
No, not Luxembourg, Grand Cay or Delaware.
Tim Hortons Inc. is relocating its incorporation from the U.S. to Canada to exploit the Great White North's lower corporate tax burden.
Let me repeat that. Canada's corporate tax burden is lower than America's.
(This follows by a few years the sale of Hortons by Ohio-based Wendy's International.)
Remember that the next time the whiners of the Globe and Post op-ed pages and BNN scold policymakers about this high-tax, business-hostile regime of ours.
* GM gets cold feet about Magna-Opel, cozies up to initially spurned bidder RHJ International. Background on Belgian private-equity firm RHJ here.
* Gregg Easterbrook, NYT: Yes Virginia, there is a way to reduce coal-fired power-plant CO2 emissions by two-thirds - if purist environmentalists will get out of the way. Which would be good, since coal isn't going away: the U.S. is the Saudi Arabia of coal (Alberta's not far behind), and America derives half its electric power from coal-fired plants that are a leading culprit in global warming.
* David Segal, NYT: How a luxe innkeeper copes with hard times. Detailed profile of Four Seasons Hotels. In confronting irate hotel owners who want the Toronto hotel-management firm to trim expenses during the downturn, much is revealed about how a defiant Issy Sharp's all-weather adherence to high standards made FS the world's leading luxury hotelier. (How globally renowned is FS, among well-heeled business travelers and best-practices management gurus? This story remained one of the NYT's top five most e-mailed articles two days after publication.)
For the purposes of this blog, the inception of the Great Recession in the U.S., the epicentre of the crisis, is taken as the start date for the global slump. The U.S. has been in recession since December 2007.