Treasury issues rules cracking down on offshore tax deals

The Treasury Department on Thursday announced final regulations aimed at curbing offshore tax deals. The final rules, which would treat certain interparty debt as equity, come after business groups and lawmakers from both sides of the aisle expressed concerns about the rules initially proposed in April. The rules take aim at a tax-avoidance strategy known as “earnings stripping.” This is a technique that multinational companies often use after they engage in “inversions,” in which U.S. companies reincorporate overseas after merging with foreign companies.  “Earnings stripping can reduce a company’s tax bill by generating large interest deductions when that company simply increases its debt to an affiliated foreign firm, without financing new investment in the United States,” Treasury Secretary Jack LewJack LewTreasury issues…

KBC Bank Ireland report increased profits of €19.8 for third quarter of the 2016 KBC Bank Ireland has reported a net profit of €44.4m for the third quarter of the year. That compares to a profit after tax and impairments of €24.6m for the same period in 2015. One third of new current accounts were opened through digital channels while mobile and online usage has increased by 109% on the same quarter last year. Commenting on the financial results, Wim Verbraeken, Chief Executive of KBC Bank Ireland said: “I am pleased to report strong profitability across all areas of the business with the continued support and investment of our shareholder.” “We remain firmly focused on developing products and services that are truly innovative, offer value for money and stand out in today’s market. The enduring popularity of our combined ...

Minister to investigate energy firms after profit claim By Brian Milligan Personal Finance reporter A claim that energy suppliers are making larger profits than they have admitted is to be investigated by the Business Secretary, Greg Clark.Gas and electricity firms may be making six times more than they state, according to the Sun newspaper.However, trade body Energy UK rejected the Sun's claims, saying they were "a misrepresentation of the facts".The allegations were based on a report commissioned by Energy UK from accountancy firm PwC.According to the regulator, Ofgem, UK energy firms make a 4% profit margin on the price of a typical dual fuel bill. But using figures in the PwC report, the Sun said that suppliers could actually be making a 24% profit margin.In the report, PwC said the...

Is Donald Trump going to burst Australia's housing bubble? The caveat has go up front: given his propensity for lying, exaggerating and generally raving, nobody can know what Donald Trump will actually do as president. He probably doesn't know himself.  But according to the bond market reaction, he will burst Australia's east coast housing bubble by causing interest rates to rise.  More Business Videos Previous slide Next slide Trump to burst Oz housing bubble? The rise of President Trump could spell the end of the Australian east coast housing bubble. Michael Pascoe comments. That would be the relatively nice way to prick the bubble. The more common fear is that he could start a trade war with China that would cause a global recession – one we wouldn't escape. That definitely would not be a nice ...

Tata Motors Shares Plunge On Weak Earnings At Jaguar Land Rover Mumbai: Tata Motors shares skidded on Tuesday after second-quarter profit missed estimates by a wide margin due to a weak performance at its Jaguar Land Rover unit, although analysts said they expect earnings to improve in the months ahead. The results, out late on Monday, come amid a power struggle between Tata group holding company Tata Sons and its former chairman Cyrus Mistry, who was ousted last month but remains the chairman of Tata Motors. Traders said, however, that with no clear outcome on the tussle expected for a while, that Tuesday's 8 percent share decline was entirely earnings-driven. 

BGU, Paypal announce R&D partnership in big data and cybersecurity Ben-Gurion University of the Negev and global giant PayPal announced a partnership on Wednesday to conduct joint research and development in the fields of big data, machine learning and cybersecurity.It is the first such collaboration between PayPal and an Israeli university.“This partnership will allow PayPal to leverage BGU’s top-notch researchers and years of groundbreaking research,” said Matan Parnes, PayPal’s general manager in Israel. “The collaboration with BGU will further strengthen PayPal’s global leadership in the use of machine learning and big data for cybersecurity, fraud detection and risk management, allowing us to continue to offer the most cutting-edge technologies that enable safe payments to more than 192 million customers worldwide,” he said.PayPal’s involvement in big data and machine learning technology...

Long Pond to diversify into energy Andrew Hussey, CEO of Everglades Farms Limited. Everglades Farms Limited wants to transform the Long Pond sugar operation from one that strictly processes sugar cane to incorporate electricity generation under partnership with American firm, Arrakis Development. The project is expected to cost US$42 million. If approved, it would allow the failing sugar producer to develop a new revenue stream. CEO of Everglades, Andrew Hussey, says the partners presented the technology and development plans this summer to the Ministry of Industry, Commerce, Agriculture Fisheries (MICAF) as well as the Ministry of Energy, Science and Technology, and provided project specific information to the Electricity Sector Enterprise Team in September. "It's a game-changer in that we will use the bagasse from the grinding of the sugar cane as the...

Demonetisation: RBI allows banks to deposit old currency notes in district chests In its notification, the RBI said banks not having a currency chest will deposit such notes in sealed boxes and will get the value of the notes to the credit of their current account with the chest branch. (PTI) The Reserve Bank of India (RBI) has allowed lenders to park old 500 and 1,000 rupee currency notes in currency chests at the district level in view of mounting deposits due to the ongoing demonetisation drive.  In a statement, the RBI said a currency chest operating at the point to be called Designated Chest -DC will be required to operate a separate vault — to be named Chest Guarantee Vault CGV as an extended arm of it. In its notification, the RBI said banks not having a currency chest will...