Levy free: How billions of pounds have been siphoned off to tax havens

Royalties and interest on debts, set against profits, are allowing companies to bypass the UK taxmanMost of the cash that bypasses the UK tax authorities en route to a tax haven leaves the country via a royalty payment or as interest payments on a debt.It is legal for Google to charge a royalty to all […]
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BBC: new child sex abuse allegations emerge against staff other than Savile

Twenty BBC current or former employees have faced total of 36 allegations since October, FOI request revealsTwenty BBC employees have faced 36 allegations of sexually abusing children and teenage victims since the Jimmy Savile scandal rocked the corporation last year.The complaints about an unknown number of victims under the age of 18 have come to […]
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Nasdaq to pay $10m government fine over disruption to Facebook’s IPO

SEC levies biggest penalty ever against exchange after computer glitches delay start of heavily anticipated trading dayNasdaq has agreed to pay a $10m penalty to settle federal civil charges after regulators said its systems and decisions disrupted Facebook’s public stock offering last year.The Securities and Exchange Commission said Wednesday that the penalty is the largest […]
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Welfare reform: council safeguards against negative health impacts

To improve health and wellbeing amid changes to benefits, Kingston council is holding workshops to give residents adviceThe economic downturn and changes to the benefit system will leave some families under a great deal of stress, and affect people’s general wellbeing and health in a number of ways. Local government must ask how it can […]
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News story: Woolwich attack victim confirmed as serving soldier

The Metropolitan Police believe they know his identity but said he has yet to be formally identified. His next of kin have been informed. In line with the wishes of his family his identity will not be released at this stage. Chief of the Defence Staff General Sir David Richards said: I was appalled to […]
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Nationwide results scarred by commercial property

The good part was the 56% rise in underlying profits to £475m – but a decent chunk of property-related losses from the retail sector and elsewhere are washing up at Nationwide’s doorNationwide is entitled to a boast or two. The building society had a decent crisis, maintaining capital strength and even helping up to mop […]
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Royal Mail workers balloted on privatisation plans

Union sends ballot papers to 112,000 postal workers calling on them to back stance against selloff and consider industrial actionMore than a 100,000 Royal Mail workers have been asked to vote for or against the government’s plans to sell off the “beloved British institution”.The Communication Workers Union (CWU) sent out ballot papers on Wednesday to […]
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Pru avoids pay revolt but 11% vote against remuneration report

Prudential bosses escaped a full-scale pay revolt despite shareholder complaints about payPrudential bosses escaped a full-scale pay revolt at the insurer’s annual meeting on Thursday but shareholders accused them of greed just weeks after the company was fined £30m by the City regulator.One shareholder told the board that combined pay of £33.4m for its seven […]
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Economic malpractice: time for a moral crusade against tax scams | Observer editorial

Tax is a collective obligation to build a decent society. Too many companies are avoiding their civic responsibilitiesAfrica is on the crest of a global commodities boom. Mozambique and Tanzania are emerging as major exporters of natural gas; Guinea and Sierra Leone have iron ore; while in the Democratic Republic of the Congo, cobalt mining […]
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David Simon: ‘I don’t want anybody in jail for using drugs’

The creator of TV’s The Wire will take part in an Observer debate on the war on drugs later this monthHow did you get involved in The House I Live In [Eugene Jarecki’s prize-winning documentary on US drugs policy]?He just called and asked if I’d talk about the drug war. At that time I didn’t […]
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