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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
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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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Instagram Stories get Facebook-Like Emoji Reactions

Earlier, in June, the Facebook-owned platform silently rolled out a smaller version of the app "Instagram Lite" allowing users to save space on their phone and download it quickly

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It also appears that to react -- and to get emoji reactions -- both the user and the uploader must have the updated version of Instagram installed on their devices. Pixabay

Photo-messaging app Instagram is testing a new feature that allows users to react to “Stories” with emojis, just as they can react on Facebook.

The feature being tested in the latest version of the app shows six emojies — clapping hands; laughing with tears; heart-eyes; shocked/surprised; sad; and fire.

It also appears that to react — and to get emoji reactions — both the user and the uploader must have the updated version of Instagram installed on their devices.

When asked about the test, an Instagram spokesperson gave IANS an affirmative answer.

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Instagram has also rolled out a plethora of new features to the app in recent times. Pixabay

“We are testing a way to make it easier to interact and get closer with your friends on Instagram,” the spokesperson said in an email on Thursday.

Also Read: Instagram Begins Question-Answer Option in ‘Stories’

Earlier, in June, the Facebook-owned platform silently rolled out a smaller version of the app “Instagram Lite” allowing users to save space on their phone and download it quickly.

Instagram has also rolled out a plethora of new features to the app in recent times, including the “emoji slider”, polls, and the newly added “Ask me a question” feature that allows users to answer questions on “Stories” in an open-ended format. (IANS)