Rich people dodge far more tax than previously thought, economists find
Businessam Staff
June 2, 2017
Wealthy people are dodging even more tax than previously thought, according to new research. The wealthiest 0.01 per cent evaded 30 per cent of their personal taxes on average, compared to just 3 per cent in the population as a whole, economists Annette Alstadsæter, Niels Johannesen, and Gabriel Zucman found. They studied data from the […]
Super-rich evade on average nearly third of their due tax
Businessam StaffJune 2, 2017
The richest 0.01% of households, involving those with more than £31m assets, evade paying 30% of their taxes on average, according to an academic study of tax evasion based on data revealed in the Panama Papers and the leaks concerning the HSBC Swiss private bank. Economists, who matched people named in the leaks with public […]
Billionaire Leviev adds Zambia emeralds to diamond portfolio
Businessam StaffJune 1, 2017
Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines. Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga, managing director Leviev’s Namibian unit, said by phone. The operation has been renamed […]
Carlyle’s $700 million Africa fund is eyeing two deals in Egypt
Businessam StaffJune 1, 2017
Carlyle Group LP, one of the world’s largest private equity firms, sees two buying opportunities in Egypt this year after a commodity rout depressed prices in the region. The Washington, D.C.-based investor’s $700 million sub-Saharan Africa Fund will spend between $30 million and $100 million on each, making the fund about 80 percent invested, managing director Eric […]
Barclays reaches target on Africa stake as it boosts sale
Businessam StaffJune 1, 2017
Barclays Plc reached a long-term target for shrinking its stake in its African unit earlier than expected as the bank boosted the size of a share sale by more than 50 percent. The London-based lender is selling 285.7 million shares of Barclays Africa Group Ltd., equal to a 33.7 percent stake, at 132 rand each, it said […]
Barclays gets approval to sell shares in African arm
Businessam StaffMay 31, 2017
Barclays has received regulatory approval for the sale of its remaining stake in its Barclays Africa Group, a unit of the business said on Wednesday, Reuters report. South Africa’s minister of finance has approved the deal, ABSA Bank said, paving the way for Barclays to begin selling its remaining 50 percent stake in Barclays Africa […]
Wall Street flat as oil offsets gains in tech, healthcare
Businessam StaffMay 31, 2017
U.S. stocks were little changed on Wednesday, with the three major indexes on track to end the month higher, as gains in healthcare and technology were outweighed by a drop in energy shares due to a steep fall in oil prices, Reuters reports. The S&P 500 and the Nasdaq Composite looked set to post their […]
UK: FTSE 100 climbs as pound slides on election jitters
Businessam StaffMay 31, 2017
UK stocks advanced on Wednesday, boosted by a slump in the pound after a new polling estimate showed Theresa May’s Conservative Party may lose its majority in the general election next week, MarketWatch reports. The FTSE 100 index added 0.2% to 7,542.94, partly recovering from its 0.3% loss on Tuesday. The index was closed Monday […]
Sir Stelios Haji-Ioannou pledges to give half of £2bn fortune to charity
Businessam StaffMay 31, 2017
The easyJet founder, Sir Stelios Haji-Ioannou, has promised to give more than half of his £2bn fortune to charity after he was “inspired” by the world’s richest man, Microsoft billionaire and philanthropist Bill Gates. Haji-Ioannou said he had signed up to the Giving Pledge, an organisation founded by Gates and fellow billionaire Warren Buffett, that […]
European stocks head for fourth consecutive loss
Businessam StaffMay 31, 2017
European stocks dropped almost across the board on Tuesday, with banks leading the charge lower after a broker downgrade and concerns over a potential early election in Italy, MarketWatch reports. Renewed concerns that Greece may not make its next debt repayment also hit investor sentiment in Europe. The Stoxx Europe 600 index lost 0.4% to […]