Cash Flow Management During a Crisis & Economic Uncertainty – June 23, 2021


Topic: American Express – Cash Flow Management During a Crisis & Economic Uncertainty – June 23, 2021

Hosts: American Express and Financial Executives International Canada (FEI Canada)

Cost: Free with promo code


PETER BARNETT, Director, Large Market Sales at American Express

DR. SEAN WISE, Professor of Entrepreneurship, Ryerson University

MOHAMAD FAKIH, CEO/President of Paramount Fine Foods

Date: June 23, 2021

Time: 12:00 PM (EST)

Use promo code: AMEXGUEST to waive registration fees.

Given the difficulty faced by many businesses in technology during the pandemic, particularly those that relied on in-person meetings and brick and mortar establishments – managing cash flow is key to surviving a pandemic or economic downturn. We highly recommend this webinar because of the topic and the excellent panel of speakers.

In particular, Mohammed Fakih is a local legend in the Greater Toronto Area. He came to Toronto from humble beginnings with nothing much to restart his life. Today he is the CEO/President of Paramount Foods (a popular middle Eastern food franchise) and a well known local philanthropist.

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Anonymous sends a strongly worded message to Elon Musk

CYBERSPACE – The decentralized hacktivist community group, Anonymous, has posted a strongly worded message addressing Elon Musk and threatening him with retribution for his ‘careless’ tweets that they claim has ‘destroyed lives’. The video also called him ‘just another narcissistic rich dude’.

The message was delivered by an eerie figure wearing a Guy Fawkes mask, which is typical of the group’s video messages.

We are Anonymous

The group gained notoriety starting in 2008 following their take down or harassment of groups such as the Church of scientology, Westboro Baptist church, and ISIS, as well as corporations such as PayPal, Mastercard, Visa and Sony.

The group slowly dwindled and disappeared from public spotlight by 2018, but recently resurfaced in 2020 to publicly support the George Floyd protests.

Emperor of Mars

The video message, which reads a long list of allegations, is only 3 minutes and 47 seconds long.

It highlights various media coverages of the Billionaire CEO of Tesla, including allegations of mistreatment of workers at Tesla factories, the use of batteries sourced from mines exploiting child labour and destroying the local environment, as well as his narcissistic behaviour online – such as calling himself the ‘Emperor of Mars’.

The group further claimed that Musk has garnered a cult like following, causing many to overlook Tesla’s lack of actual profitability and reliance on Government subsidies.

Musk, who posts regularly on Twitter, has also been reprimanded by regulators such as the SEC for his disclosure of key company information and allegations of market manipulation. More recently, his tweets on cryptocurrencies have caused the price of bitcoins and other cryptocurrencies to fluctuate dramatically and created havoc in the crypto market.

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Rich nations to start taxing global technology giants

The heads of several rich countries are discussing new proposals to tax global tech companies that generate high levels of revenue. Many of these companies have generated unprecedented income despite the COVID 19 global pandemic yet manage to pay proportionally very little in taxes.

France’s Bruno le Maire told the BBC the G7 club of rich nations were “just one millimetre away from a historic agreement” on a global minimum rate.

The German finance minister, Olaf Scholz, joined his French counterpart by saying that a 15% rate would help pay back Covid debt. He reinstated his position on the importance of discouraging the world’s biggest companies from dodging taxes.

Tax dodging has been one of the major points of contention amongst wealthy nations such as the US and fellow G7 countries including the UK.

Less wealthy, and low tax states like Ireland are also being urged to increase their tax rates to a globally suitable level.

A major sticking point is the decision to tax at a rate of ‘at least 15% or more’ and getting countries like China and Russia to agree to get on board

Mr Le Maire and Mr Scholz along with their counterparts in Italy and Spain co-signed a letter urging an agreement on an international tax system “fit for the 21st Century”, ahead of the G7 talks which start in London on Friday,

Tech giants including Amazon, Apple, Google, Microsoft, Facebook, and Netflix; together known as the Silicon Six, have avoided paying around $100 billion in taxes due to legal loopholes, according to report published by non-profit Fair Tax Mark in December 2019.

Taxes paid, booked, and expected, according to a report by non-profit Fair Tax Mark in 2019

UK Chancelor, Rishi Sunak stated his confidence in reaching a global agreement on digital taxation by the end of the summit. The US, for its part, has asked countries that have levied a digital tax – France, Italy, and the UK, to withdraw them quickly as part of the deal.

A global agreement on taxes will have wider tax implications – not just for technology companies, but for multinational companies such as Starbucks, McDonalds, Visa, Johnson & Johnsons and others.

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