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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 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

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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Here’s Why Facebook can Still be Your Best Friend

And students with low self-efficacy have more to gain from prioritising Facebook use over traditional media when making new college friends

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FILE - The logo for Facebook appears on screens at the Nasdaq MarketSite, in New York's Times Square, March 29, 2018. VOA

Transitioning from high school to college can be stressful for some students and to maintain connections with pre-college friends and form new relationships, Facebook can still be your best friend.

A new research led by Indian-origin researcher Surinder Kahai reveals that Facebook can help college students maintain relationships with high-school friends and assist them in creating new friendships.

The study, published in the International Journal of Human-Computer Studies, shows that when it comes to making new friends, those with higher confidence in their social skills have less to gain from relying on Facebook, while people with lower confidence in their social skills have more to gain from the social media platform.

“Transitioning from high school to college can be stressful for many students. To help them adjust to life in college, it is critical for them to maintain connections with pre-college friends and to form new relationships,” said Kahai, Associate Professor at Binghamton University in the US.

For the study, the researchers focused on first semester college students by asking undergraduate college students, mostly sophomores, about their experiences with different channels used to maintain and grow relationships.

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FILE – A man poses for a photo in front of a computer showing Facebook ad preferences in San Francisco, California, March 26, 2018. VOA

Accounting for Facebook’s effect on relationships versus the impact of more traditional media face-to-face interaction, phone calls, etc., researchers also incorporated how each student’s social self-efficacy like confidence in their social skills affected the use of both Facebook and traditional media to build and maintain relationships.

In terms of how “best” to use Facebook to maintain and build new relationships, some of the findings include; Facebook can compensate for the lower use of traditional media to maintain relationships with close friends from high school.

According to researchers, Facebook works best when supplementing traditional media when it comes to making new college friends, students with high self-efficacy have more to gain from prioritising traditional media over Facebook when making new college friends.

Also Read: Apple Refreshes its Operating Systems for iPhones, Watches

And students with low self-efficacy have more to gain from prioritising Facebook use over traditional media when making new college friends.

“New college students often stress about trying to maintain their high school friendships while struggling to develop new ones. These findings can help counselors advise students on how to balance the use of social media and traditional media to enhance their new and older friendships,” Kahai said. (IANS)