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Starbucks (NASDAQ:SBUX): Current Price $55.93
Coffee chain Starbucks (NASDAQ:SBUX) is feeling aggrieved at being in the limelight over alleged tax evasion by foreign companies operating in the UK. Managing Director for the country met officials on Downing Street after the remark by British Prime Minister David Cameron that companies avoiding tax in the UK should “wake up and smell the coffee.” Smarting from the pot shot, Starbucks reportedly warned British officialdom that it could withhold £100 million in new investments in the country that could help create new jobs. Later, however, Starbucks denied the threat, saying, “We do not discuss the details of of government meetings, but can say that we do not recognise how it has been reported.” It further said it was on track to open 300 new stores and create 5000 new jobs by 2016 in Britain.
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