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They can do this by falsifying import orders or keeping export earnings out of China.
"As a scale player, Pfizer can generate dramatically more earnings out of Wyeth than Wyeth can alone".
The "diverted profits tax" is designed to discourage large companies from taking earnings out of the UK to avoid tax.
"I basically have $80,000 to $100,000 in my trading account every day," he says, "and take my earnings out of that account to live".
As domestic deflation sucked the earnings out of most Japanese firms, car makers and a few others with overseas exposure were spared.
The earnings out of freight are 74 percent and the revenue from fares is 26 percent, so it was heavily cross-subsidized.
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Nokia earnings are out, and the contrast with Apple's blow-out quarter results is astonishing.
Its earnings worked out to 74 cents a share, up from 40 cents a share a year earlier.
When earnings turn out better than expected, analysts overreact by bidding the shares to unwarranted heights.
The day after their respective earnings came out, Dell shares fell about 6 percent, and H.P. shares fell 7 percent.
Their numbers will rise as the more generous benefits, based on previous earnings, run out after two years.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com