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Exposed! Paradise Papers reveal Tax-haven Secrets of the Super-rich! Even Queen Elizabeth II hasn’t been spared!

The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.

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paradise papers
Paradise Papers expose tax haven secrets of ultra-wealthy, including Queen Elizabeth. The details come from a leak of 13.4 million files that expose the global environments in which tax abuses can thrive - and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth. VOA
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London, November 6, 2017 : A huge new leak of financial documents has revealed how the powerful and ultra-wealthy including Britain’s Queen Elizabeth II’s private estate secretly invest vast amounts of cash in different offshore tax havens, media reports said on Monday.

The details come from a leak of 13.4 million files in the Paradise Papers on Sunday that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.

The material which has come from two offshore service providers and the company registries of 19 tax havens was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) with 100 other media organisations including the Guardian, the BBC and The New York Times.

Some of the revelations in the Paradise Papers include millions of pounds from Queen Elizabeth II’s private estate that has been invested in a Cayman Islands fund and some of her money that went to a retailer accused of exploiting poor families and vulnerable people.

Paradise Papers detail extensive offshore dealings by US President Donald Trump’s cabinet members advisers and donors including substantial payments from a firm co-owned by Russian President Vladimir Putin’s son-in-law to the shipping group of the US Commerce Secretary Wilbur Ross.

The leak shows how social media giants Twitter and Facebook received millions in investments that can be traced back to Russian state financial institutions along with aggressive tax avoidance by multinational corporations including Nike and Apple.

It also includes information about a tax-avoiding Cayman Islands trust managed by the Canadian Prime Minister Justin Trudeau’s chief wealth manager.

The leak also includes how some of the biggest names in the film and TV industries protect their wealth with an array of offshore schemes and the complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.

The disclosures will put pressure on world leaders including Trump and British Prime Minister Theresa May who have both pledged to curb aggressive tax avoidance schemes.

The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.

Offshore finance is about a place outside of one’s own nation’s regulations to which companies or individuals can reroute money assets or profits to take advantage of lower taxes reports the BBC.

These jurisdictions are known as tax havens to the layman or the more stately offshore financial centres (OFCs) to the industry. They are generally stable secretive and reliable often small islands but not exclusively so and can vary on how rigorously they carry out checks on wrongdoing. (IANS)

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Facebook announces huge investment to empower community leaders

Facebook has announced huge investment to empower community leaders

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Facebook invests big in Community Leaders Program. AFP
Facebook invests big in Community Leaders Program. AFP
  • Facebook has invested millions in his Community Leadership Program
  • Facebook has committed $10 million to this program
  • This will help Facebook expand its network

Facebook has announced it will commit tens of millions of dollars to Community Leadership Program that is designed to empower global leaders who are building communities through its family of apps and services

Apart from that, Facebook would also commit up to $10 million in grants that will go directly to people creating and leading communities so that Community Leaders could have more impact with additional support, the company said at the Facebook Communities Summit Europe in late on Friday.

Facebook has invested $10 million in this program. VOA
Facebook has invested $10 million in this program. VOA

“In addition, we introduced new tools for group admins and the expansion of our London-based engineering team that builds technology to help keep people safe on Facebook,” the social media giant wrote in a blog.

Under the programme, Facebook would offer Residency and Fellowship opportunities for training, support and funding to community leaders from around the world.

“Up to five leaders will be selected to be community leaders in residence and awarded up to $1,000,000 each to fund their proposals,” it said.

Also Read: Facebook acquires biometric ID verification startup

“Up to 100 leaders will be selected for our fellowship program and will receive up to $50,000 each to be used for a specific community initiative,” the company said.

Facebook will also bring Local community leaders together this way. Pixabay
Facebook will also bring Local community leaders together this way. Pixabay

Facebook would also expand its Community Leadership Circles programme that brings local community leaders together to meet up in person to connect, learn and collaborate as well as Groups for Facebook Power Admins that is being run with more than 10,000 group admins in the US and Britain to help leader share advice with one another.

Meanwhile, the new tools for Group Admins and Members would keep their communities safe, organised and engaged.

With the Admin Tools, admins can now find member requests, Group Insights making it easier to manage groups and freeing up more time for admins to connect with members.

Also Read: Facebook acquires biometric ID verification startup

Facebook's this investment in Community Leader Program will benefit it greatly.VOA
Facebook’s this investment in Community Leader Program will benefit it greatly.VOA

Group announcements will let group admins to post up to 10 announcements that appear at the top of their group.

Now admins can create a dedicated rules section to help them effectively communicate the rules of the group to their members. Now admins can add a personalised colour that is displayed throughout their group. IANS