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Bridging The Gap
Amazon and Starbucks pay less tax than sausage stall, says Austr Amazon and Starbucks pay less tax than sausage stall, says Austr
Amazon and Starbucks pay less tax in Austria than a local sausage stall, the country's Chancellor Christian Kern has said in a newspaper interview. "Every Viennese cafe, every sausage stand pays more tax in Austria than a multinational corporation," Mr Kern told Der Standard. "That goes for Starbucks, Amazon and other companies," he said. He added that EU countries with low corporate taxe...
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Big bank whistleblower turns down reward worth millions Big bank whistleblower turns down reward worth millions
A former Deutsche Bank employee has turned down his share of a $16.5 million whistleblower award to protest a lack of punishment for the bank's top executives. Eric Ben-Artzi, a former risk officer, is in line for the major payout after warning the U.S. Securities and Exchange Commission that Deutsche Bank (DB) had inflated the value of its portfolio of exotic credit derivatives during the fina...
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Congrats you won a gold medal. Now here's your tax bill Congrats you won a gold medal. Now here's your tax bill
Michael Phelps may be untouchable in the water, but even he can't out-swim the Tax Man. America's Olympic medalists must pay state and federal taxes on the prize money they get for winning. The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze. That's not all. Olympians also have to pay tax on the value of the medals themselves. Gold and silv...
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HSBC profits slide amid 'turbulent period' HSBC profits slide amid 'turbulent period'
HSBC has reported a 29% fall in profits in the first half of the year amid a "turbulent period" for the banking giant. It posted a pre-tax profit of $9.7bn (£7.2bn) for the first six months, down by $3.9bn. HSBC also announced a share buyback of up to $2.5bn in the second half of this year. In a statement, HSBC described the weak numbers as a "reasonable performance in the face of conside...
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Top HSBC manager charged in forex probe Top HSBC manager charged in forex probe
A top HSBC executive has been charged with fraud in the US. Mark Johnson, the company's global head of foreign exchange trading was arrested on Tuesday night and is due to appear in court later. A former colleague, Stuart Scott, has also been charged. The two traders are accused by the US government of using inside information to profit from a $3.5bn (£2.6bn) currency deal. HSBC has so fa...
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Japan cuts growth forecast to 0.9% as economy falters Japan cuts growth forecast to 0.9% as economy falters
Japan's government has cut its growth forecast sharply amid speculation it may soon unveil a new stimulus package to support the ailing economy. Gross domestic product is expected to grow by 0.9% this fiscal year, down from a January estimate of 1.7%. The inflation forecast was also downgraded to a rise of 0.4%, versus an earlier projection for 1.2%. Prime Minister Shinzo Abe is said to b...
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Brexit lesson for investors: After shock, buy stock Brexit lesson for investors: After shock, buy stock
“Buy the shock” is emerging as a new buzzword — and investment strategy — on Wall Street. The market reaction to the Brexit bombshell was pretty much textbook. The knee-jerk response after the U.K.'s surprise vote to leave the European Union was panic and a sell-first mentality. Then cooler heads prevailed, worst-case scenarios were analyzed and debunked, and stocks rebounded sharply in a matte...
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UK car industry needs 'swift EU deal to curb high tariffs' UK car industry needs 'swift EU deal to curb high tariffs'
Britain must strike a trade deal with Europe as soon as possible to protect the country's multi-billion pound car industry and avoid high tariffs. David Bailey, professor of industry at Aston University, warned of a "big uncertainty" for the sector following the UK's vote to leave the EU. Without a deal, he fears a return to the days when the industry faced a 10% tariff on exports. The UK...
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Those big changes at Costco Those big changes at Costco
Big changes are coming to Costco next week. Starting Monday, wholesale-store giant Costco is switching credit card providers to Citi Visa, ending its 16-year relationship with American Express. For those among the Costco's 81.3 million members who use credit cards for their purchases, it's a big deal. If you're one of them, here's what you need to know. When does this happen? The last da...
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Microsoft to buy LinkedIn for $26bn Microsoft to buy LinkedIn for $26bn
Microsoft is buying the professional networking website LinkedIn for just over $26bn (£18bn) in cash. The software giant will pay $196 a share - a premium of almost 50% to Friday's closing share price. The deal will help Microsoft boost sales of its business and email software. Microsoft said that LinkedIn would retain its "distinct brand, culture and independence". Ben Wood, head of r...
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