Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/20/2014 (3 months ago)

Catholic Online (www.catholic.org)

Eighty-five mega-rich individuals hide their money in tax shelters around the world

The rich get richer. This bitter saying may have its basis in truth. According to a new report by Oxfam, "Working for the Few," 85 individuals owe more than half of the entire world's wealth and hide their earnings in tax havens across the world. Contrary to former U.S. president Ronald Reagan, there is no "trickle-down theory" at work here. Those with money are intent on keeping it; away form others who go to sleep nightly hungry.

The rich and powerful from across the world will meet in a snow-laden Alpine resort town of Davos will be attended by nearly 40 heads of government among more than 2,500 global leaders from over 100 countries.

The rich and powerful from across the world will meet in a snow-laden Alpine resort town of Davos will be attended by nearly 40 heads of government among more than 2,500 global leaders from over 100 countries.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/20/2014 (3 months ago)

Published in Business & Economics

Keywords: Davos, Switzerland, tax havens, India, wealthy, Oxfam


LOS ANGELES, CA (Catholic Online) - Published ahead of the World Economic Forum meet in Davos, Switzerland, the report details the impact that widening inequality is having in both developed and developing nations.

"It is staggering that in the 21st Century, half of the world's population own no more than a tiny elite whose numbers could all sit comfortably in a single train carriage," Oxfam Executive Director Winnie Byanyima said.

Support our Brazilian brothers and sisters by going here --

According to the report, the richest individuals and companies in the world hide trillions of dollars away in a web of tax havens around the world. "It is estimated that $21 trillion is held unrecorded and off-shore," it said.

In the meantime, the World Economic Forum Annual Meeting at Davos, Switzerland will highlight efforts being undertaken to turn around the economy this week.

The rich and powerful from across the world will meet in a snow-laden Alpine resort town of Davos will be attended by nearly 40 heads of government among more than 2,500 global leaders from over 100 countries.

The Indian delegation at the summit will highlight the efforts taken by the government to turn the economy around.

"It will focus on the investor-friendly measures that have been taken such as easing restrictions on foreign investment, resolution of bottlenecks in project clearance and taking steps towards fiscal consolidation," the delegation says.

The meeting is being held at a time when global economic crises have given way to an increased need for further structural reforms in emerging and developed markets and India is no exception to the rapid economic changes being witnessed in the world.

Pope Francis calls for your 'prayer and action'...

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Business & Economics

Kill them with kindness: Apple launches 'charm offensive' Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Sometimes, it's best to kill them with kindness. Investors with Apple are growing disappointed with slower than usual growth. To address, the tech giant is planning a "charm offensive" to garner enthusiasm. Part of that strategy will be stock splits and huge ... continue reading


Despite naysayers -- America is successfully addressing debt Watch

Image of What's turning the tide is the fact that the U.S. energy revolution, with oil booms reported across the Dakotas, Wyoming, Nebraska, Washington, Oregon, Utah and Texas.

By Catholic Online (NEWS CONSORTIUM)

"Claims that President Barack Obama is bankrupting America with a lurch towards hard-Left statism are for tabloid consumption only," Columnist Ambrose Evans-Pritchard with The Telegraph writes. In a world littered with bad economic news, the proof is becoming ... continue reading


COMCAST DOMINATING? Merger may dominate market for local political advertisers Watch

Image of If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising.

By Catholic Online (NEWS CONSORTIUM)

If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising. The merger's ... continue reading


Is the 'Mark of the Beast' the future of money? Watch

Image of Theoretically, a unique identifier is attached to your digital wallet, could transmits payment for the groceries directly to the store.

By Catholic Online (NEWS CONSORTIUM)

Some futuristic thinkers say that in the next 20 years or so, when people go to the market, they will pick up the items they need and leave - without the benefit of paying a cashier. Sensors will identify a consumer by a mark, their way of walking or facial ... continue reading


Credit card wars: Wal-Mart sues Visa over transaction 'conspiracy' Watch

Image of Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

By Catholic Online (NEWS CONSORTIUM)

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers. ... continue reading


In spite of tax revenue all-time highs - government still running in the deficit Watch

Image of Congress passed and President Obama signed

By Catholic Online (NEWS CONSORTIUM)

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its ... continue reading


'Regulated' Bitcoin exchanges planned in New York Watch

Image of Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

By Catholic Online (NEWS CONSORTIUM)

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin. LOS ANGELES, CA (Catholic Online) ... continue reading


One, fell swoop: Italy's biggest bank to cut 8,500 jobs Watch

Image of The company is to create an internal

By Catholic Online (NEWS CONSORTIUM)

"I believe the group has turned the page," Italy's largest bank, UniCredit's chief executive, Federico Ghizzoni said. "We could have staggered the losses over several years. We decided to take them all in one year." It wasn't good news for many - Unicredit has ... continue reading


$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion Watch

Image of The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

By Catholic Online (NEWS CONSORTIUM)

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original ... continue reading


Wowza! Restaurant starts charging diners for Obamacare Watch

Image of Obamacare sounds nice, but somebody has to pay. At least Gator's Dockside is up front about it.

By Catholic Online (NEWS CONSORTIUM)

Going out to dinner? You'd better be prepared to pay a little bit extra thanks to Obamacare. A chain of Florida restaurants is tacking a surcharge onto diner's bills to help keep expenses at bay and workers on the payroll. LOS ANGELES, CA (Catholic Online) - A small ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 3:11-26
11 Everyone came running towards them in great ... Read More

Psalm, Psalms 8:2, 5, 6-7, 8-9
2 even through the mouths of children, or of babes in ... Read More

Gospel, Luke 24:35-48
35 Then they told their story of what had happened on ... Read More

Saint of the Day

Saint of the Day for April 24th, 2014 Image

St. Fidelis of Sigmaringen
April 24: Franciscan Capuchin martyr. He was born Mark Rey is Sigmaringen, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter