A league table of the world’s most secretive tax havens has been compiled by campaigners seeking greater transparency about the operation of ‘offshore’ finance centres. The Financial Secrecy Index (FSI) analyses the level of secrecy each haven offers, and the extent of their reluctance to co-operate with other countries tax authorities.
Plans to provide 15% of Europe’s power from solar power generators in the Sahara by 2050 have moved a step forward with the formation of a consortium of companies. The German-led Desertec Industrial Initiative (DII) has signed up 12 companies including E.ON, RWE, ABB, Siemens and Deutsche Bank, as well as solar specialists ABENGOA Solar, SCHOTT Solar and MAN Solar Millennium.
Royal Bank of Scotland is to cut 3,700 jobs across its UK branch network in a bid to modernise the way the bank operates, the company has said. The redundancies follow a strategic review of the bank and will take effect from May next year.
Europe has successfully launched a new satellite to unravel the mysteries of Earth's water cycle, shedding new light on how moisture is absorbed into the atmosphere and the process's link to climate change.
Lloyds Banking Group is prepared to pay a fee of close to £2.5 billion to steer clear of the Government Asset Protection Scheme (GAPS), according to BBC sources. Lloyds believes it can survive without the GAPS and does not want the additional government influence which comes with the scheme.
An oil well at the centre of a massive spill in the Timor Sea off the North West coast of Australia is on fire. The company which runs the well, PTTEP Australasia, said the fire broke out as it made another attempt to plug a leak deep underwater at the West Atlas rig.
China’s Purchasing Managers Index, a gauge of the country’s manufacturing activities, rose at the fastest pace in 18 months in October when it expanded to 55.2, up from 54.3 in September, the China Federation of Logistic and Purchasing said this week.
A divided Bank of Japan began withdrawing from credit markets on Friday and said it would scrap all key funding support programmes by March, resisting government pressure to support corporate borrowing until the economy strengthens.
The Internet's governing body has approved a new domain name process that will allow for non-Latin characters.
The world's largest cruise liner began Friday its maiden voyage to Florida, gliding out from a shipyard in Finland with an amphitheatre, basketball courts and an ice rink on board. The 16-deck Oasis of the Seas spans 360 metres from bow to stern. Its 2,700 cabins can accommodate 6,300 passengers and 2,100 crew.