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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Dutch probe baby milk shortage

Category : Business, World News

The Dutch government is investigating a shortage of certain brands of baby formula, as well as potentially illegal exports to China.

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Shell profits up in first quarter

Category : Business

Oil giant Royal Dutch Shell reports a rise in first quarter profits and says chief executive Peter Voser will retire next year.

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Shell secures huge UAE gas deal

Category : Business

Royal Dutch Shell beats France’s Total to a multi-billion-pound deal to develop a gas field with the Abu Dhabi National Oil Company.

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Bid for Douwe Egberts coffee company

Category : Business, World News

The Dutch maker of Douwe Egberts coffee, DE Master Blenders, agrees a 7.5bn-euro takeover offer from a German private consortium.

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Dutch uncover large-scale meat fraud

Category : Business, World News

Dutch authorities say some 50,000 tonnes of meat sold as beef across Europe since January 2011 may have contained horsemeat.

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Philips to exit hi-fis and video

Category : Business, World News

Dutch consumer electronics giant Philips is to sell off its home entertainment business, including hi-fis and DVD players, to Japan’s Funai Electric.

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Dutchman to be new Eurogroup head

Category : World News

The Dutch Finance Minister Jeroen Dijsselbloem is elected the new head of the Eurogroup, replacing the outgoing Jean-Claude Juncker.

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UPS drops 5.2bn-euro bid for TNT

Category : Business, World News

Package delivery firm UPS pulls out of its 5.2bn-euro bid for Dutch rival TNT Express after discovering EU competition authorities would probably block it.

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GoldSands Development Company Appoints new CEO and makes board changes

Category : Stocks, World News

LIMA, PERU–(Marketwire – Dec 3, 2012) – (GoldSands Development Company: GSDC) announces
that on November 26th, 2012 Mr. Christian Gomez was appointed as CEO and
director of the Company. Also on that date Board members Alois Wiget, Peter
Wiget, Dutch Van Tassel and Michael Stocker resigned from the board. The
company
is now reviewing its options to determine next steps and possibly seek new
partners to develop the company’s mining concessions in Peru.

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Starbucks to review UK tax arrangements

Category : Business

Coffee chain’s move comes on eve of report by MPs expected to condemn use of overseas subsidiaries to reduce tax burden

Starbucks has agreed to review its UK tax arrangements following months of criticism over its use of overseas subsidiaries which led to it paying no corporation tax in the last three years.

The decision comes a day before the public accounts committee issues a report that is expected to be highly critical of the coffee chain, and as George Osborne prepares to announce anti-tax avoidance measures in Wednesday’s autumn statement.

The company admitted its reputation had been damaged by the revelations that it paid £8.5m in taxes on its profits since arriving in the UK in 1998, and is in negotiations with HM Revenue & Customs.

It said: “We have listened to feedback from our customers and employees, and understand that to maintain and further build public trust we need to do more. As part of this we are looking at our tax approach in the UK. The company has been in discussions with HMRC for some time and is also in talks with the Treasury.”

On Wednesday the chancellor is likely to announce plans to tackle tax avoidance. Starbucks, Google, Amazon, Ikea and eBay, among others, have been accused of not paying their fair share of taxes in the UK.

Osborne told the BBC’s Andrew Marr show on Sunday: “I think you can do two things. One is you can enforce the taxes we have got and I am going to be announcing tomorrow extra investment in the part of the Inland Revenue that tackles tax avoidance by multinational companies. Second, you make sure internationally we have the right rules.”

Starbucks insists it pays the correct amount of tax, but MPs were highly critical of the company’s use of European subsidiaries which led to the company making near-continuous losses in the UK despite sales of £3bn since 1998.

Questions were also raised after board members of the US parent company told analysts and investors in the past that the UK business had been profitable.

It added: “Starbucks is committed to the UK for the long term and we have invested more than £200m in our UK business over the past 12 years. Starbucks has complied with all the tax laws in this country but has regretfully not been as profitable as we would have liked.”

The company continues to make losses by purchasing the coffee beans from its Swiss subsidiary at a 20% premium. It then pays a 4.7% levy to its Dutch offices for the coffee roasting process, the recipes and the use of the Starbucks brand. The firm can then pay lower rates of corporation tax on its profits, including 12% in Switzerland.

But Starbucks is thought to be changing its payment structure to the Dutch and Swiss bases, meaning it could make a profit. A 6% premium had previously been charged by the business in the Netherlands. But this was negotiated down to 4.7% by Starbucks and the Dutch authorities. A similar negotiation could take place with HMRC. High rents in the UK have also helped to erode profitability.

Along with bosses from Amazon and Google, Starbucks’ chief financial officer, Troy Alstead, faced hostile questioning from the public accounts committee last month. Members of the committee accused the companies of avoiding taxes and said they did not believe that Starbucks had not made a profit in the UK.

The politicians were equally disapproving of HMRC and said tax inspectors had given multinationals an easy ride when it came to paying corporation tax.