Archive | September, 2004

Havens that have become a tax on the world’s poor

By Duncan Campbell – Billions of pounds, enough to pay for the entire primary health and education needs of the world’s developing countries, are being siphoned off through offshore companies and tax havens, according to a body formed to expose the offenders. Aid organisations are alarmed that money which should be used for building the […]

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HSBC Delighted at purchase of Nedcor’s Offshore Arm

South African banking group Nedcor has sold off its offshore fund administration and management business in the Isle of Man to HSBC-owned Bank of Bermuda (IoM) for £2,55 million. It will also receive a pre-sale dividend of £1,375 million, resulting in a net profit of about £1 million after costs. Nedcor said the sale was […]

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Offshore Company Offers $400M to Trump

By John Curran – ATLANTIC CITY, N.J. – An Internet casino operator said it is offering Donald Trump $400 million for a stake in his ailing casino company. Casino Fortune, a Trinidad-based company, said Tuesday it has approached Trump about replacing DLJ Merchant Banking Partners, whose plans for a bailout of Trump Hotels & Casino […]

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Dozens of Top US Firms Have Avoided Tax Under Bush, Says Study

By Leroy Baker – According to the findings of a study conducted by pressure group Citizens for Tax Justice, 82 of America’s largest corporations avoided paying federal income tax for at least one year during the first three years of President George W. Bush’s presidency. The CTJ’s report, undertaken in conjunction with the Institute on […]

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US Virgin Islands Tax Haven Under Scrutiny

The Justice Department is putting residents of the U.S. Virgin Islands on notice: if you are only pretending to live there to take advantage of a special tax rate, the gravy train may be over. The special tax rate that basically amounts to just 3.5 percent of income has been a lure to those looking […]

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The Expatriot Factor

By Sarah Left – Once every four years, America offers its expats the chance to be loved, even to be heroes. Usually no one cares about those of us who live abroad. The US state department isn’t even sure how many of us are scattered around the world: somewhere around 6 or 7 million, including […]

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Project of the Year: Barclays Bank

By Daniel Thomas – Internet banking is one of the most successful applications on the web, with customers routinely using it to manage their personal finances. But for large businesses, online banking has often failed to provide all the applications major corporates need, including integration with enterprise software and foreign exchange trading. Security has also […]

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Nick Leeson: ‘How I Pulled Off $1.3B Fraud’

MIAMI, Sept. 21 /PRNewswire/ — A trader who was responsible for one of the most notorious crimes in the history of global finance will make his United States speaking debut next month. British national Nick Leeson made international headlines in 1995 after he ran up $1.3 billion in losses from unauthorized trading in Singapore. His […]

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U.S. seeking extradition of insurance fraud suspect

by Douglas McLeod – SACRAMENTO, Calif.—The alleged architect of a long-running offshore insurance fraud is awaiting extradition from Canada after his arrest in Toronto on a U.S. warrant leveling conspiracy, mail fraud and money laundering charges. Canadian authorities earlier this month apprehended a man who has used the alias Robert Lewis Brown for a decade […]

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First, Heal Thyself

By Jonathan Fahey – Among the many things that surprised Michael Jordan when he arrived at troubled tech giant EDS last year was a deep and puzzling irony: EDS invented the business of outsourcing, overhauling other firms’ computer systems and running them far more efficiently, yet its own internal network was a haphazard and disjointed […]

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