Obama touts investment influx; faces outflow, too

Staff Writer
Columbus CEO

WASHINGTON (AP) — President Barack Obama is drawing attention to foreign investments in the United States, convening business leaders at the White House this week to advertise success stories in the face of continuing public anxieties over the economy.

Yet as he promotes the influx of overseas cash, his administration and key members of Congress are also fretting over dozens of U.S. companies heading in the other direction.

These businesses are merging with or acquiring overseas companies to change their address and gain tax advantages that can cost the federal government billions in tax revenues. The most prominent example is Pfizer (FY'-zur) Inc.'s proposed takeover bid of a British drugmaker.

At the same time, executives at multinational companies are showing an increased desire to start or reopen operations in the U.S.