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Bridging The Gap
Hammond urges calm over pound flash crash Hammond urges calm over pound flash crash
Chancellor Philip Hammond has responded to the flash crash in sterling saying that market turbulence is to be expected, but the UK economy is fundamentally strong. The pound was pummelled in the currency markets in Friday Asian trading, with traders blaming concerns over Brexit and a flash crash that hit the market. The pound briefly fell 6% to $1.1841, the biggest move since the Brexit vote. S...
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Nissan boss warns on UK investment Nissan boss warns on UK investment
The boss of Nissan has warned that Brexit uncertainty and possible tariffs could damage investment in the UK's biggest car factory. Chief executive Carlos Ghosn said the firm would need "compensation" for tax barriers that might result from Britain leaving the European Union. Nissan's plant in Sunderland produces about a third of the UK's car output. The comments come amid warnings from t...
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George Osborne was 'hapless' George Osborne was 'hapless'
Another view of George Osborne. Former Greek finance minister Yanis Varoufakis has labelled the ex-Chancellor "hapless". The economist told the Press Association that Prime Minister Theresa May and Philip Hammond must abandon austerity and ramp up investment if they hope to get the economy back on track following the Brexit vote. "George Osborne was caught in a trap of his own making, he k...
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Merkel hopes no state help needed for Deutsche Merkel hopes no state help needed for Deutsche
German Chancellor Angela Merkel hopes Deutsche Bank's woes could be solved after the lender said it needed no state aid with the $14bn demanded by the US. The bank is under fire to settle claims it missold mortgage-backed securities. Merkel said: "Deutsche Bank is a part of the German banking and financial sector. And of course we hope that all companies, also if they face temporary problem...
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Johnson hopes for 'jumbo' Turkey trade deal Johnson hopes for 'jumbo' Turkey trade deal
Foreign Secretary Boris Johnson says he wants a "jumbo" trade deal with Turkey, once the UK has officially quit the European Union. Mr Johnson was speaking at a news conference with his Turkish counterpart Mevlet Cavusoglu in Ankara. "We maybe disentangling ourselves from the treaties of the European Union, but we are not leaving Europe." he said....
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Ford moving all production of small cars from U.S. to Mexico Ford moving all production of small cars from U.S. to Mexico
DETROIT Ford Motor said Wednesday it is shifting all of its U.S. small car production to Mexico, a development that drew fresh criticism from Republican presidential nominee Donald Trump. Ford's declaration came as CEO Mark Fields sought to appeal to investors. "Over the next two to three years, we will have migrated all of our small car production to Mexico and out of the United States," ...
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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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