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Trump lashes out at ‘unfair’ Japan trade

Image copyrightAFP US President Donald Trump has lashed out at Japan over trade and said he would push for a fairer economic relationship between the two countries. Speaking to business leaders in Tokyo on Monday he said Japan “has been winning” on trade in recent decades. He also called on …

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Saudi billionaire arrest spooks investors

Image copyrightGetty ImagesImage caption Investors are worried about firms associated with Prince Alwaleed bin Talal Investors are reacting badly to the arrest of Saudi billionaire Prince Alwaleed bin Talal, one of the world’s wealthiest men. Shares of Kingdom Holding, Prince Alwaleed’s investment vehicle, sank for a second day after the …

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US ‘fair and open’ over Bombardier dispute

Image copyrightReutersImage caption Parts of Bombardier’s C-Series planes are made in Belfast The US has said it has been “fair and open” in its handling of a trade row that threatens jobs at Bombardier in Belfast. Wilbur Ross, the US Commerce Secretary, also said import tariffs on the C-Series jet …

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Fox boosted by reports of Disney talks

Image copyrightGetty Images Walt Disney and Rupert Murdoch’s 21st Century Fox shares surged on Monday after reports that Fox has discussed selling “most” of its business, including its Sky stake, to Disney. Fox leaders want to focus on sports and news, according to CNBC, which first reported the story. The …

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Toshiba sells chip unit for $18bn

Image copyrightGetty ImagesImage caption Toshiba is selling its memory chip unit to cover losses from its nuclear division Toshiba has sold its prized semiconductor business to a group led by US private equity firm Bain Capital in a bid to keep its struggling business afloat. The $18bn (£13.3bn) deal is …

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Chinese firm buys UK chip designer

Image copyrightReutersImage caption Apple uses Imagination’s technology in its iPhones UK technology firm Imagination, which designs graphics chips for smartphones, is being bought for £550m by a Chinese-backed investment firm. Imagination put itself up for sale in June after Apple, its largest customer, said it would stop using its products. …

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Lewis Hamilton ‘dodged’ VAT on private jet

Media playback is unsupported on your device Media captionParadise Papers: How Lewis Hamilton got a £3.3m VAT refund Formula 1 champion Lewis Hamilton avoided tax on his £16.5m luxury jet, according to Paradise Papers documents. They show a £3.3m VAT refund was given after the Bombardier Challenger 605 was imported …

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Are we taming offshore finance?

Image caption Like the Cheshire Cat, it’s hard to tame something that keeps disappearing and reappearing The offshore finance industry puts trillions of dollars worldwide beyond the taxman’s reach. Bringing it to heel is like taming a cat; not just a normal moggy – a thankless task in itself – …

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PGL firm cut tax bill after rule change

Image copyrightAlamy The UK company which owns the PGL children’s holidays brand exploited an anti-tax avoidance law to actually save itself tax, the Paradise Papers show. An amendment to rules introduced by the government in 2013 allowed Holidaybreak to legally avoid corporation tax by artificially shifting German profits to the …

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Mrs Brown’s Boys stars ‘put £2m offshore’

Three stars of hit BBC sitcom Mrs Brown’s Boys diverted more than £2m into an offshore tax-avoidance scheme, Paradise Papers documents show. Patrick Houlihan and Martin and Fiona Delany transferred their fees into companies in Mauritius and sent money back as loans. Similar tax avoidance schemes have been subject to …

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