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Analysis: G7 global tax plan may hit corporate titans unevenly
  + stars: | 2021-06-10 | by ( Tom Bergin | ) www.reuters.com + 0.00   time to read: +7 min
Four tax specialists concurred with Reuters’ methodology but noted that there is still uncertainty about how the measures would be applied, including which tax breaks are included in the 15% minimum overseas tax. Applying the same methodology to J&J, and its 2020 global profits of $16.5 billion, the healthcare company would see its global tax bill rise by about $270 million as a result of the first measure. Also at issue is which country the profit is moved from and to - and therefore what the increase in tax rate is. Excluding the impact of the first proposed measure, increasing the tax rate on overseas income to 15% would mean $45 million of additional tax. Applying a 15% tax rate to that overseas income figure would result in $990 million in additional taxes, according to Reuters’ calculations.
Persons: Rishi Sunak, Stefan Rousseau, Johnson, José Castañeda, , Organizations: Lancaster House, Reuters, Google, Inc, UK Treasury, Organization for Economic Cooperation, Thomson Locations: London, Britain, U.S, United States, Canada, France, Germany, Italy, Japan, United Kingdom, Paris, Bermuda
Greensill insurance mystery turns up the heat on Credit Suisse
  + stars: | 2021-04-01 | by ( Tom Bergin | ) www.reuters.com + 0.00   time to read: +7 min
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. The debt Credit Suisse bought was issued by Greensill and backed by loans the supply chain finance firm made to companies. To manage its risk, Greensill took out credit insurance with a subsidiary of Insurance Australia Group (IAG). Credit Suisse declined to answer questions about what information it had sought about the insurance from Tokio Marine, Marsh, Greensill or others. Tokio Marine, Greensill and Credit Suisse declined to comment.
Persons: Arnd, Tokio, Greensill, Marsh, Greg Brereton, Brereton, , Scott Levy Organizations: Credit Suisse, Swiss, REUTERS, Greensill Capital, Suisse, Insurance Australia Group, Tokio, Marsh & McLennan, Reuters, Bedford, Credit, receivables Locations: Zurich, Switzerland, Greensill, U.S, Swiss, Marsh, Australia, Tokio, Bedford Row
LONDON (Reuters) - Two senior British parliamentarians called on Friday for an investigation into a British-registered company possibly linked to last year’s devastating explosion in Beirut, after Reuters found that the firm had not disclosed its beneficial owners. Reuters TV/via REUTERS/File PhotoThe company, Savaro Ltd, is registered at a London address, and like all British firms is required to list who owns it with Britain’s companies register, known as Companies House. “The person who was and has always been the UBO (ultimate beneficial owner) of the company was always the same. Margaret Hodge, a British lawmaker and former cabinet minister who headed parliament’s public affairs committee from 2010-2015, called the apparent failure to list Savaro’s ultimate beneficiary at Companies House “outrageous”. Under legal changes in 2016 -- introduced as part of an anti-corruption campaign by Prime Minister David Cameron -- that should be a straightforward matter of looking the information up with Companies House, Cowdock added.
Persons: Marina Psyllou, , Margaret Hodge, ” John Mann, Psyllou, legislations, Savaro, Ben Cowdock, David Cameron, Cowdock, Interstatus, Cameron, Lawmakers Hodge, Mann Organizations: Reuters, Savaro, Companies, Companies House, Global, Britain’s, Transparency International Locations: British, Beirut, Lebanon, London, United Kingdom, Cyprus, Mozambique
BEIRUT/LONDON/MOSCOW (Reuters) - The company that bought the ammonium nitrate which exploded in Beirut last August had possible links to two Syrian businessmen under U.S. sanctions for ties to President Bashar al-Assad, according to a report by a Lebanese journalist and London company filings. Haswani, Khoury and his brother Mudalal Khoury have all been sanctioned by Washington for supporting Assad’s war effort. The U.S. Treasury accused Mudalal Khoury in 2015 of “an attempted procurement of ammonium nitrate in late 2013”. That address was also the registered office for IK Petroleum Industrial Company Ltd, in which Imad Khoury was a director, the filings show. The ammonium nitrate was loaded onto a ship called the Rhosus in Georgia, shipping records show, before making an unscheduled stop in Lebanon in late 2013.
Persons: Bashar al, Assad, Mohamed Azakir, George Haswani, Imad Khoury, Firas, Haswani, Khoury, Mudalal Khoury, , Imad, Savaro, , ” Mudalal Khoury, ” Youssef Lahoud, Marie Claude Najm, Marina Psyllou, Psyllou Organizations: REUTERS, Washington, Treasury, Islamic State militants, Companies House, Reuters, Hesco Engineering, Construction Company, IK Petroleum Industrial Company Ltd, Lebanese, Cypriot, Savaro Ltd Locations: BEIRUT, LONDON, MOSCOW, Beirut, Lebanese, London, Lebanon, Syrian, Russian, U.S, Moscow, Savaro, Syria, Georgia, Mozambican
The big oil firms’ captive insurers are far more profitable than a typical insurance company. The oil companies have also transferred capital to tax havens to establish banking units that lend money to sister companies. Nigeria is another country that relies heavily on oil tax revenues. Waziri Adio - executive secretary of the Nigeria Extractive Industries Transparency Initiative, which advocates for stronger governance of oil revenues - said the practices of oil companies may be legal but aren’t fair. In 2018, the companies derived 96% of their revenues from other Shell companies.
Persons: Doce, , Raymond Baker, Waziri Adio, ” Adio, Bryan Kelly, Withers, Shell, Richard Murphy, ” Murphy, Margaret Cooper, ” Cooper, Jupiter, David Nicholas, ” Jupiter’s, Albert House, St Peter Port, Willis Towers, Richard Parris Smith, Willis, Eni Organizations: Reuters, Royal, Shell, REUTERS, BP Plc, Chevron, Islands, Co, Jupiter Insurance, BP, Organization for Economic Cooperation, Development, Global, Washington D.C, Industries, Initiative, City University of London, , Shell Western Supply, Trading Ltd, Trafigura Group PTE Ltd, Shell Western, Mercuria Energy, Henley Business School, Peters Port, Insurance Information Institute, BP International Ltd, University of London, Willis Towers Management, Willis Towers, Chevron Corp, Heddington Insurance, France’s Total SA, Swiss, Company S.A, Eni SpA, Insurance DAC, Eni, Eni Captive Locations: Bermuda, Bahamas, Sao Paulo, Brazil, Netherlands, Switzerland, Ireland, Guernsey, Washington, Angola, Trinidad, Nigeria, Los Angeles, Shell, West Africa, Guyana, London, Peters, Gulf of Mexico, British, St Peter, Willis Towers Management Guernsey, BERMUDA, California, Omnium, Algeria, Dublin
These devices, which are unlikely to save the lives of critically-ill COVID-19 patients, cost on average about $7,900 each. Combat Medical, the maker of one of the models, said its device could help less acute COVID-19 patients. According to its specifications and experts familiar with the device, the pNeuton is not suitable for intubating severe COVID-19 patients with ARDS over a long period of time. But California, according to the state’s department of public health, needed more full-featured ventilators, prompting it to go back to the national stockpile. Ford referred questions about the machine’s capabilities to General Electric, which declined to comment on whether it was suitable for treating COVID-19 patients with ARDS.
Persons: ” Sajid Manzoor, , ventilators, Michael Christian, Alex Azar, Donald Trump, , Ford, Richard Branson, Branson Organizations: U.S . Strategic, Reuters, ARDS, American College of Chest Physicians, World Health Organization, Johns Hopkins Hospital, Department of Health, Human Services, HHS, Strategic, WHO, Combat, Manufacturers, Rom Holdings, ResMed Inc, General Electric Co, Ford Motor Co, General Electric, University of Cincinnati Locations: U.S, ARDS, Baltimore, United States, London, China, Europe, ICUs, , California, But California
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