Legislative, Regulatory & Legal

Washington -- The National Retail Federation on Monday issued the following statement from President and CEO Matthew Shay regarding the strike that has shut down most terminals at the Ports of Los Angeles and Long Beach. NRF last week sent President Obama a letter asking that he intervene in the strike.

ALEXANDRIA, Va. — The National Association of Convenience Stores has named Paige Anderson as its director of government relations.

Anderson has extensive experience on Capitol Hill, and has particular expertise in energy policy and cyber-security. She most recently served as deputy chief of staff and legislative director for Congresswoman Mary Bono Mack, the outgoing U.S. Representative for California's 45th congressional district.

New York -- Starbucks Coffee Co. is considering changes to its tax practices in the U.K. in the wake of criticism from lawmakers, tax campaigners and the media, according to Reuters.

A Reuters examination of Starbucks accounts that was made public in October showed that the chain had reported 13 years of losses at its U.K. unit, even as it told investors the operation was profitable and among the best performing of its overseas markets, the report said.

The U.S. Consumer Product Safety Commission name Stephanie Tsacoumis as its new general counsel effective December 10.

Tsacoumis joins CPSC after serving as vp and general counsel at Georgetown University in Washington, D.C., from 2009 through 2012, where she was responsible for all legal affairs and compliance matters at the university, including health and safety regulations, litigation, federal contracts and grants, and intellectual property.

Walmart moved its quarterly dividend payment up a few days so it would fall in 2012, but Costco took tax avoidance to a new level this week.

In anticipation that tax rates on dividends will rise next year as the federal government flounders for ways to raise revenue rather cut spending, a flurry of companies are paying one time dividends or adjusting payment dates. Walmart falls into the latter camp and said its 39.75 cent per share payment scheduled for January 2 would instead be paid on December 27.

By Brendan W. Walsh, [email protected]

Issaquah, Wash. -- Costco Wholesale Corp. on Wednesday said it will pay a special dividend worth some $3.0 billion to investors, sending cash to its shareholders ahead of a likely increase in the dividend tax. The chain also posted monthly same-store sales that beat analysts' expectations.

“Our strong balance sheet and favorable access to the credit markets allow us to provide shareholders with this dividend,” Costco CFO Richard Galanti said in a statement.

Costco will pay a $7 a share special dividend before year end as it looks to return cash to shareholders in advance of what is expected to be a 2013 tax increase on dividend payments.

The total payout will amount to about $3 billion and is extraordinarily generous. Especially considering Costco’s net cash provided by operating activities for its fiscal year ended September 2, was only slightly more than $3 billion and cash, cash equivalents and short term investments totaled $4.854 billion.