Nordea Bank of Sweden and DNB ASA of Norway, largest lenders of the respective countries, have been accused of aiding in tax dodging by the leaked ‘Panama Papers’. DSAs of the respective countries have summoned them to explain their roles over the allegations. However, both the banks have denied any wrongdoing while reiterating commitments for upholding laws.
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Home loans turn cheaper as India's RBI cuts rate to 5-year low
The Reserve Bank of India (RBI), India's central bank, has reduced repo rate by 25 basis points to 6.50 percent, indicating an over five-year low. After the rate cut, home loans will be cheaper by half a percentage.
Alaska Air Group Wil Acquire Virgin America for $2.6 billion
Alaska Air announced to acquire Virgin America on Monday. The acquisition will be another consolidation in American airline industry.
Panama Papers: Ukrainian President Poroshenko Denied Accusations of Tax Evasion
The Panama Papers documents leak suggest that Ukrainian President Petro Poroshenko might be using an offshore company to evade tax. However, the president has denied such accusations, saying that he has not been managing the assets since he became president in 2014.
Ford’s Tricky Move For Another $1.6 Billion Production Plant in Mexico Irks Deceived UAW
Following a deal with UAW, the union members are enjoying jobs in Ford’s Wayne plant sacrificing small-car plant in Mexico. Applying the loophole in negotiation terms, Ford announces another $1.6 billion production plant in Mexico in addition to previously declared $2.5 billion plant. Ford’s tricky stance has irked the UAW and the union members have demonstrated protest against the automaker’s decision.
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The US Justice Department considers any credible allegation for violation of Federal Laws under its geographical territory very seriously. The department has been conducting its war against corruption through seizing assets related to illicit activities. Following leak of ‘Panama Papers’, it has been reviewing documents related to tax dodging through offshore accounts.
Following the leak of documents related to tax dodging by a Panamanian Firm, governments around the globe has initiated probe in this regard. Tax payers are righteous to know the state actions in unearthing the probable tax abating which has prompted the authorities to investigate. However, the leaked documents have provided an opportunity to earn penalty from the probable tax dodgers.
The $160-billion merger plan of Pfizer Inc and Allergan Plc is heading towards termination owing to new measures announced by the US Treasury Department which has been taking measures to curb malpractices by US companies in tax evasion by merging with foreign firms.
Oslo-based pension and insurance provider KLP beat benchmark in 5 of 7 years. The portfolio strategy to bet on stocks with low volatility is proven to be successful.
Panama Papers documents leak ties Argentinian President Mauricio Macri to an offshore company. In a statement in response to many accusations, President Macri revealed that he was never a stakeholder in the company, and that he was not involved in any wrongdoings in regard to that.
Cyprus-based lender RCB has denied reports of extending unsecured loans. Latest British media reports turned spotlight on alleged role of RCB in providing unsecured loans to people close to Vladimir Putin, President of Russia. Cyprus Central Bank said it was probing into the issue.
Zodian and B/E Aerospace are the two leading global aircraft interior developer, but are in a practice for making delay in delivery. Annoyed Boeing has dealt with a new aircraft interior developer, Lift. Boeing expects that the Lift’s seats will offer its customers stability and reliability desired from the 737.
Mitr Phol Group of Thailand has been recognized as the largest sugar and bio-power producer in Thailand and the fifth-largest sugar producer across the globe. The group intends to get recognized as the world’s leading sugar and bio-power producer. Upholding the view, MPG has announced its ฿50.4 billion investment plan inn some select areas.
In response to a letter from the Greek Prime Minister Alexis Tsipras, Christine Lagarde, the IMF chief, has binned the Wikileaks’ transcript. Since IMF doesn’t act on leaks, she decided to allow the IMF team to resume the postponed bailout review. She has stressed the need for a speedy conclusion of the bailout review just for the sake of the Greek people.
