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☆ Overseas UK territories are the ‘biggest enablers of corporate tax abuse,’ tax advocacy group says
▼ + stars: | 2024-10-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Advocacy group Tax Justice Network has ranked the British Virgin Islands, followed by the Cayman Islands and Bermuda as "most complicit" in helping corporations underpay corporate income tax. Traffic_analyzer | Digitalvision Vectors | Getty ImagesBritish overseas territories are the world's top enablers of corporate tax abuse, according to a ranking by tax advocacy group Tax Justice Network. The British Virgin Islands is the territory "most complicit" in helping multinational corporations underpay corporate income tax, followed by the Cayman Islands and Bermuda, according to the latest update to TJN's Corporate Tax Haven Index earlier this month. TJN estimates that the UK and its British tax havens cost other countries an estimated $84 billion in corporate taxes annually. Defending themselves against the charges made by the advocacy group, spokespersons from some of the governments said they were in full compliance with international tax standards set by the Organisation for Economic Co-operation and Development.

Persons: FCDO, Broad, TJN, pushback Organizations: Tax, Network, Getty Images, Tax Justice Network, Corporate, TJN, CNBC, Switzerland, Organisation for Economic Co, Development, British, Foreign, Commonwealth, Development Office, OECD, CRS, Crown Dependencies, Overseas, BVI Finance, British Virgin Islands, UK Government, United Nations, UN Locations: British Virgin Islands, Cayman Islands, Bermuda, British, Singapore , Hong Kong, Netherlands, United Kingdom, Jersey, Overseas Territories, British Virgin, U.S, Australia, Canada, Israel, Japan, New Zealand, South Korea

☆ Goldman Sachs recommends a specific trading strategy, naming 2 global 'conviction list' stocks
▼ + stars: | 2024-06-03 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Goldman Sachs recommended that investors consider a specific strategy when trading European markets right now given the "scope for near-term volatility in equities." Here are two such stock ideas, which are also on the Wall Street bank's conviction list. Goldman gives the stock around 23.6% upside from a 12-month price target of 223 euros ($242.10). Bureau Veritas Another stock on Goldman's list is French company Bureau Veritas , known for its laboratory testing, inspection and certification services. Goldman gives the stock nearly 20% upside from a 12-month price target of 37 euros.

Persons: Goldman Sachs, Liquide Goldman, Georgina Fraser, Fraser, Goldman, Suhasini, — CNBC's Michael Bloom Organizations: Air Liquide, Euronext Paris Exchange, Veritas, Bureau Veritas, First Locations: Paris, Suhasini Varanasi

☆ Shareholders ask China's Hollysys to set special meeting amid takeover frustration
▼ + stars: | 2023-08-30 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 30(Reuters) - Shareholders in China's Hollysys Automation Technologies owning a total 32.2% of the automation control system maker's shares asked the board of directors to set a special shareholder meeting, according to a letter seen by Reuters. Asking for a special meeting is a highly unusual step and signals shareholders' mounting frustration with management of the U.S.-listed company, which has received takeover bids but which has not started a sales process, people familiar with the matter said. A year ago Hollysys management was ready to take the company private at a $1.8 billion valuation, Reuters reported, but nothing has happened since then. Registered shareholders have a statutory right under section 82 of the BVI Business Companies Act (British Virgin Islands) to require the Hollysys board to convene a shareholder meeting. Any shareholder also has a statutory right to apply to the court for an order requiring a shareholder meeting to be held on the basis that it is in the interest of the shareholders that such a meeting be held.

Persons: Conyers, Pearman, Hollysys, Svea Herbst, Bayliss, Louise Heavens Organizations: Automation Technologies, Reuters, Oasis Management, Maso, Company, Technology, . Ltd, Dazheng Group Investment Holdings Company, Act, Svea, Thomson Locations: U.S, United States, Cayman Islands, China, Virgin

☆ China Evergrande NEV shares jump on $3.2 bln plan to lower debt
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunBEIJING/HONG KONG, Aug 15 (Reuters) - China Evergrande New Energy Vehicle Group (NEV) (0708.HK) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande Group (3333.HK) announced a $3.2 billion plan to repay debt and stay afloat. The overall package also includes a debt-for-equity swap of HK$20.89 billion ($2.67 billion) involving China Evergrande, its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among others converting loans to shares, NEV said. After the deal is completed, China Evergrande's stake in the unit will be diluted to 46.86%. Shares in NEV jumped as much as 47% before paring down its gain to 16%.

Persons: Hui Ka Yan, Xin Xin, NEV, Roxanne Liu, Clare Jim, Miyoung Kim, Jamie Freed Organizations: Energy Vehicle Group, REUTERS, Sun, HK, China Evergrande, Thomson Locations: China, Tianjin, Sun BEIJING, HONG KONG, Dubai, NEV, Hong Kong, Beijing

Prime Trust made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show. The Binance global exchange, Binance CEO Zhao and Prime Trust did not respond to detailed questions about the transfers. Among the dealers on Binance.US was Merit Peak, according to company messages, the trading firm managed by CEO Zhao. From January to March 2021, the account records show that Merit Peak received 89 transfers from the Binance.US SEN account totalling $404 million. These transfers often immediately followed a deposit into the Binance.US account by Prime Trust, the crypto custodian firm for Binance.US client funds.

☆ A former Salesforce exec and startup COO describes her downward spiral into workaholism: 'I had to learn work boundaries the hard way'
▼ + stars: | 2022-12-23 | by ( Julie Bort | ) www.businessinsider.com time to read: +6 min

I thought I was going to work at Salesforce my entire life; I was there for almost 12 years. But a turning point happened in my career — and really, my life — after my husband and I had a jarring conversation. On the drive home, my husband said, "You are really hard to be around right now." At Ironclad, I still worked hard — that's just who I am — but this time I worked smarter. Creating these boundaries and learning how to stick to them has helped me understand that I set the limits of my work life — not the company I work for.

☆ Curtea de Apel din SUA s-a pronunțat în favoarea companiei energetice SA „Moldovagaz” și a Guvernului R. Moldova în dosarul cererii de chemare în judecată din partea „Gater Assets Limited”
▼ + stars: | 2021-06-24 | by ( Milena Onisim | ) www.zdg.md time to read: +3 min

Curtea de Apel din SUA a celei de a doua circumscripții a casat hotărârea Tribunalului Districtual din New York din 1 noiembrie 2019 privind restabilirea prescripției pentru recunoașterea și executarea hotărârii arbitrale pe baza cererii de chemare în judecată din partea „Gater Assets Limited” împotriva SA „Moldovagaz” și a R. Moldova. „Potrivit textului deciziei Curții de Apel, Guvernul R. Moldova nu exercită un control extins asupra SA „Moldovagaz” și nici nu abuzează de structura corporativă a întreprinderii. Astfel, SA „Moldovagaz” și-a confirmat „statutul de independență juridică””, se arată într-o notă informativă a companiei energetice. „La rândul sau, interesele Guvernului R. Moldova au fost reprezentate de compania juridică „Steptoe & Johnson LLP” și de avocatul moldovean Andrei Bivol. Din numele SA „Moldovagaz”, coordonarea procedurilor legale a fost efectuată de către consilierul președintelui consiliului de administrație al companiei, Dumitru Melnic”, susțin reprezentanții companiei.

Persons: ., Serghei Covali, Andrei Bivol, Dumitru Organizations: Apel, SA, Moldova, Panama Papers Locations: SUA, New York, SA, . Moldova, Moldova, Insulele Virgine Britanice

☆ Republica Moldova, inclusă în lista offshorurilor alături de paradisuri fiscale „consacrate” precum Bahamas, Cipru și Belize
▼ + stars: | 2021-01-04 | by ( ) www.jurnal.md time to read: +1 min

Potrivit deciziei Autorității independente a veniturilor publice (AADE), stabilirea listei statelor care au un regim fiscal privilegiat a fost elaborată pentru anul fiscal 2019. Autoritatea fiscală elenă defineşte ca state ce au un regim fiscal privilegiat, jurisdicţiile „în care persoana juridică este supusă impozitului pe profit sau venit, sau capital al cărui rată este egală sau mai mică de șaizeci la sută (60%) din rata impozitului pe profit al persoanelor juridice în conformitate cu prevederile legislației fiscale grecești, dacă ar fi fost rezident fiscal sau ar fi menținut un sediu permanent în sensul în Grecia”, scrie Mold-street.com. În baza acestui criteriu în listă au fost incluse 40 de state şi jurisdicţii: de la Albania, Bahamas, Belize, BVI, Cipru, Guernsey, Cayman sau Jersey, la Republica Moldova, Bulgaria, Ungaria sau Vatican. Lista este utilizată de autoritatea fiscală din Grecia pentru limitarea deducerii cheltuielilor și o serie de alte scopuri fiscale. Lista integrală a statelor şi jurisdicţiilor:mold-street.com

Locations: Grecia, Albania, Bahamas, Belize, BVI, Cipru, Guernsey, Cayman, Jersey, Republica Moldova, Bulgaria, Ungaria, Vatican

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