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Donald Trump, Theresa May, North Korea: Your Thursday Briefing

#briefing-market-module.interactive-embedded .interactive-caption { display: none; } Market Snapshot View Full Overview In the News Photo Credit Agence France-Presse — Getty Images • Carrie Grace, the former China editor of the BBC who resigned over unequal pay, told a panel of the British Parliament that the news agency had offered her £100,000 in back pay instead of explaining why she was earning less than male colleagues. [Evening Standard] • The U.S. authorities fined Australia’s Labor Party more than $14,000 for allegedly financing flights and travel expenses for party delegates who volunteered on the Bernie Sanders presidential campaign — a breach of U.S. election rules. [The Guardian] Continue reading the main story • Prime Minister Teresa May’s efforts to promote trade on her visit to China are shadowed by uncertainties about her hold on power and Britain’s withdrawal from the European Union […]

Europe Edition: Jerusalem, Russia, Volkswagen: Your Thursday Briefing

#briefing-market-module.interactive-embedded .interactive-caption { display: none; } Market Snapshot View Full Overview In the News Photo Credit Noah Berger/Associated Press • Los Angeles commuters drove through showers of ash and flames rose on the horizon as the latest of California’s devastating wildfires began to infringe on the heart of the city. [The New York Times] • Leo Varadkar, the Irish prime minister, said that his British counterpart, Theresa May, promised a new proposal on the future of the Irish border by Thursday to break an impasse in Brexit negotiations […]

U.K. Outcry at Trump’s Tweets Reopens Fight Over State Visit

Opposition politicians demanded that the idea of a state visit should be dropped, with some critics arguing that it would place Queen Elizabeth II, as host, in an invidious position.One opposition Labour lawmaker, Stephen Doughty, argued that by sharing the videos, Mr. Trump showed himself to be “racist, incompetent or unthinking — or all three,” while another, Dennis Skinner, referred to “this fascist president.”The mayor of London, Sadiq Khan — who was involved in a separate dispute with President Trump after a terrorist attack in London — suggested on Twitter that the president should not be invited on any official visit to Britain, not just one with full pomp and ceremony.Nor was the anger confined to opposition lawmakers. Sajid Javid, a Muslim member of Mrs. May’s Conservative cabinet, tweeted a strong condemnation on Wednesday of Mr. […]

Paradise Papers Shine Light on Where the Elite Keep Their Money

The Times’s Coverage So FarPhotoYuri Milner, a Russian billionaire whose holdings have included major stakes in Facebook and Twitter.Credit Patrick T. Fallon/Bloomberg, via Getty Images• Behind one of Silicon Valley’s most prominent investors, Yuri Milner, was hundreds of millions of dollars in Kremlin funding. […]

The Paradise Papers: After a Tax Crackdown, Apple Found a New Shelter for Its Profits

Seeking ‘the Holy Grail’Since the mid-1990s, multinationals based in the United States have increasingly shifted profits into offshore tax havens. Indeed, a tiny handful of jurisdictions — mostly Bermuda, Ireland, Luxembourg and the Netherlands — now account for 63 percent of all profits that American multinational companies claim to earn overseas, according to an analysis by Gabriel Zucman, an assistant professor of economics at the University of California, Berkeley. Those destinations hold far less than 1 percent of the world’s population.Continue reading the main storyCriticism of such profit shifting was largely ignored until government finances around the globe came under pressure in the years following the 2008 financial crisis, when the practice led to government inquiries, tax inspector raids, media scrutiny and promises of reform.In May 2013, the Senate’s investigative subcommittee released a 142-page report on Apple’s tax avoidance, finding that the company was attributing billions of dollars in profits each year to three Irish subsidiaries that declared “tax residency” nowhere in the world.Under Irish law, if a company can convince Irish tax authorities that it is “managed and controlled” abroad, it can largely escape Irish income tax. By seeming to run its Irish subsidiaries from its world headquarters in California, Apple ensured that Irish tax residency was avoided.At the same time, American law dictated that the subsidiaries were only tax residents in the United States if incorporated there. The federal government permits taxes on any income generated by foreign units to be deferred indefinitely, as long as the company says those profits stay offshore.U.S. Profits Made in Offshore Tax Havens IncreaseThe share of U.S. companies’ foreign profits attributed to a handful of tax havens has more than doubled in past 20 years.%604020063%2000200520102015“Apple has sought the holy grail of tax avoidance: offshore corporations that it argues are not, for tax purposes, resident anywhere in any nation,” then-Senator Carl Levin, Democrat of Michigan, who was the subcommittee chairman, said at the 2013 hearing.Ireland’s finance minister at the time, Michael Noonan, at first defended his country’s policies: “I do not want to be the whipping boy for some misunderstanding in a hearing in the U.S. Congress.” Ireland had long pursued business-friendly tax policies, which helped lure jobs to the country, primarily for technology and pharmaceutical companies. Apple now has about 6,000 employees in Ireland, including customer service and administrative jobs.But by October 2013, in response to growing international pressure, Mr […]

The Paradise Papers: How Business Titans, Pop Stars and Royals Hide Their Wealth

Serving a Growing EliteFounded in 1898 by a British officer, Maj. Reginald Appleby — an avowed opponent of taxation — Appleby now has offices in nearly all the world’s tax havens: Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Jersey, Mauritius, the Seychelles and Shanghai.Such locations offer low or zero tax rates, companies consisting only of a postbox, and accountants and lawyers skilled at hiding money.In a statement, Appleby said the firm had done nothing wrong. “We are an offshore law firm who advises clients on legitimate and lawful ways to conduct their business,” the statement said […]

Europe Edition: Catalonia, Donald Trump, Kevin Spacey: Your Friday Briefing

#briefing-market-module.interactive-embedded .interactive-caption { display: none; } Market Snapshot View Full Overview In the News Photo Credit Ivor Prickett for The New York Times • Islamic State fighters executed at least 741 Iraqi civilians in Mosul, including women and children who had tried to flee, during the nine-month battle by government forces to retake the Iraqi city from the militant group, the United Nations said. [The New York Times] • Conditions are deteriorating for more than 600 men barricaded in Australia’s now-closed Manus Island detention center in Papua New Guinea. [The New York Times] • A purported hit list of Russian hacking targets included not only U.S. critics of the Kremlin, but also the pope’s representative in Ukraine and the punk band Pussy Riot. [Associated Press] Continue reading the main story • The centenary of the Balfour Declaration, the British note promising support for a Jewish state, was marked with tributes in London and Jerusalem, and tear gas in Bethlehem. [The New York Times] • The U.S. passports of those convicted of sex offenses against a child will soon bear a mark of their crimes. [The New York Times] • A con man pleaded guilty to fraud for having tried to collect financial assistance by falsely claiming that his family had died in the Grenfell Tower fire in London. [The New York Times] • For 11 long minutes, @realDonaldTrump disappeared from Twitter. A rogue customer support worker had briefly deactivated the account on his or her last day on the job […]