Lloyds Banking Group, which is 39%-owned by the UK taxpayer, says its chairman, Sir Win Bischoff, will retire before May 2014.
Three private companies win the right to manage Brazil’s most famous football stadium, which was revamped by the government at a high cost.
Go here to read the rest: Rio’s Maracana stadium ‘privatised’
Two major sports management firms team up to win more commercial endorsements in India and the Middle East for UK tennis player Andy Murray.
Here is the original post: Murray targets India and Middle East
It’s sad, sombre, sobering and soulless, when one reads that the aid budgets in most of the wealthy countries are falling, yet so many of the really rich hide their money offshore for personal gain (Secrets of the rich who hide cash offshore, 4 April). Yet the privatising and profiteering 1980s and 1990s seem to have imbued the public with a “me-only” mentality. The really wealthy have fed at our expense, and instead of giving back to their countries, have gouged more private wealth instead of realising their obligations – and how much joy they could get from setting up foundations to aid the poor.
Unless governments set the standards and change their legislation to encourage opinion leaders to value those who give over those who are incredibly rich, we appear doomed to this selfish culture. We need more people like the Australian businessman Dick Smith, who believes that financial magazines should be publishing lists of the top 100 tax payers rather than the top 100 wealthy. In other words, we need to see tax paying as a positive, rather than a negative, and ensure that those who reap untold benefits (often from public licences and permits) contribute their fair share. Sadly, I don’t see this happening.
Pretty Beach, Australia
• Your investigation into offshore account holders reveals the corrosive effects of financial secrecy. But the impacts are neither restricted to a few high-profile cases, nor to rich countries. Developing countries lost an estimated $859bn in 2010 to illicit financial outflows – more than they received in aid, and more than the Food and Agriculture Organisation of the UN estimates would be required to end hunger globally. This year, the G8 should act to end financial secrecy by agreeing to publish a registry of who owns companies, foundations and trusts, automatically share tax information with other countries, and push tax havens to do the same. This would help governments north and south to recover billions of dollars which could transform the lives of millions of people living in poverty.
Kathleen Spencer Chapman
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Category : World News
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