| INVESTORSOFFSHORE.COM
Accounting firm PKF has predicted that the UK's HM Revenue & Customs (HMRC) will offer a second "amnesty" to those who owe tax on bank accounts overseas, and has suggested that this could undermine any incentive for tax evaders to volunteer their liabilities in future. HMRC is currently receiving the final payments from its first Offshore Disclosure Facility (ODF), which ended earlier this year. Those who volunteered under this scheme had to pay the tax owed, interest and a 10% penalty. The amnesty is expected to net the Treasury between GBP750 million and GBP1 billion in unpaid tax, but the final number of registrations remained small compared to the total number of people suspected of holding undeclared money in offshore accounts. Before the amnesty expired, HMRC sent out 200,000 letters warning that penalties would be "much higher than under the disclosure arrangements".
Spying Warren Buffett: Berkshire Makes Big Moves in Banking Sector, Railroads
Revered for his investing prowess, Buffett's investments are always closely watched, but his overarching investing philosophy has remained constant. Typically, he loves to put money into undervalued companies with easily understood business models and great brand recognition. Looking at Buffett's holdings at the end of Q3, he held steady with positions in some of his long-held favorites while also increasing stakes in financials and healthcare. Among those favorites Buffett just held onto were Coca-Cola (NYSE: KO - News), in which Buffett maintained a 200-million share stake, and American Express (NYSE: AXP - News), where Buffett essentially left his 151.6-million share stake unchanged. Eclipsing Amex as Buffet's no. 2 holding was money center bank Wells Fargo (NYSE: WFC - News), where Buffett now holds 279.7 million shares.
Local business people on the move
Andy Riddell, chief operating officer for CMH Regional Health System since March, has been named president and chief executive officer of the health-care organization. His appointment will run through December 2009. Riddell joined CMH as an interim vice president in 2004. He was named vice president of operations and leadership coach later that year. Prior to joining CMH, he served as president of AtlanticCare Medical Center in Lynn, Mass. Career moves Cintas Corp. has appointed Bill Cronin to the newly created a new position of senior vice president and assistant to the CEO. Cronin, who has been with Cintas since 1984, was previously president and chief operating officer of the national account sales division. Lance Bates, formerly of General Electric, is joining Cintas to take over as head of the company's national account sales division.
Bell tolls for bridge canopy
FORTH ROAD BRIDGE bosses are set to spend £250,000 demolishing the canopy over the toll plaza after residents complained it ruined their view. The £5 million toll booths have only been in place for just over a year but will be removed following the decision to scrap tolls by the government. .
Standard Bank to up fees by 4.65%
Standard Bank will raise its transaction fees by an average of 4.65 percent in 2008, the bank said on Monday. Increasing competitive pressure, rising interest rates and inflation were some of the reasons for the increase, said the bank's CEO for personal and business banking Sim Tshabalala. He said the bank had to strike a balance between keeping its customers happy and providing a return for its shareholders. A "veritable slew" of competitors had entered the field, offering basic banking services, such as Woolworths, Shoprite Checkers and Bidvest. The bank's director of banking products Keith Fuller said: "There's a relatively healthy gap between inflation and the price increases." The gap had been decreasing Since 2006, this gap had however been decreasing.
|
