Moving across the pond. Another multi-billion dollar merger, another company moving its headquarters overseas to evade U.S. taxes. The deal is called an “inversion,” and the Washington Post reports data company IHS is the latest of a number of companies to enter into inversion deals. IHS will merge with London-based Markit in a $13 billion deal. Moving IHS’s headquarters to London will reduce its corporate taxes from the standard 35 percent rate in the U.S. to the mid-20s in London, according to the Post.
More bad news for Gawker. A Florida jury added an additional $25 million in punitive damages on top of an already-large judgment against the media company Gawker. The lawsuit came about after Gawker posted a sex tape of Hulk Hogan on its site. Hogan sued and won, initially to the tune of $115 million. Reuters reports the additional punitive damages announced yesterday brings the total judgment to $140 million.
Housing headaches. The number of houses for sale in the United States has dropped 39 percent in the past four years, according to Bloomberg. The drop in available homes for sale adds one more reason why people struggle to buy a house, years after the housing crash. Bloomberg reports it’s even worse for first-time home buyers, because it’s the lower end of the market that’s seen the largest decline in availability.
A business boom for Cuba? Yesterday, President Obama became the first U.S. President to set foot on Cuban soil in nearly a century. NPR reports on hopes that the improving relationship between the two countries will lead to a growing private sector in the communist nation.
“Suburban Cornrows” by flickr user “jansgate” Creative commons license cc by-NC-ND-2.0.