Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/20/2014 (2 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 (2 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 calls for your 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2014
Respect for Women:
That all cultures may respect the rights and dignity of women.
Vocations: That many young people may accept the Lordís invitation to consecrate their lives to proclaiming the Gospel.



Comments


More Business & Economics

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


Time banking - where time is BETTER than MONEY Watch

Image of In a time bank, time is the money.

By Catholic Online (NEWS CONSORTIUM)

Alternative currencies such as Bitcoin and BerkShares are gaining popularity as people look for ways to escape what they see as a rigged and flawed system of monetary exchange in government currencies. However, the idea of banking time as opposed to money is also ... continue reading


Google tops Exxon as world's second-most valuable company - for a day Watch

Image of The one day-surge demonstrated the growing role of technology in the economy.

By Catholic Online (NEWS CONSORTIUM)

It was quite a day on Wall Street. Google, the world's largest online advertiser through its dominant search engine, had a higher market capitalization before falling back at the close in New York to a value of $395.4 billion compared to Exxon's $395.7 billion. ... continue reading


Bill Gates thinks poverty will be eliminated by 2035... But he's missing this one thing! Watch

Image of Bill Gates thinks the world will be more prosperous with absolute poverty for nations eliminated by 2035, mostly as a result of advances in medicine and technology.

By Catholic Online (NEWS CONSORTIUM)

Bill Gates has said that he does not expect to see anymore "poor countries" left in the world by 2035. In his third ,claiming that the world of today was better off than at any time in history and that in 20 years, it will be even more so. LOS ANGELES, CA (Catholic ... 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, Genesis 1:1--2:2
1 In the beginning God created heaven and ... Read More

Psalm, Psalms 16:5, 8, 9-10, 11
5 My birthright, my cup is Yahweh; you, you alone, ... Read More

Gospel, Matthew 28:1-10
1 After the Sabbath, and towards dawn on the first ... Read More

Reading 2, Genesis 22:1-18
1 It happened some time later that God put Abraham to ... Read More

Saint of the Day

Saint of the Day for April 19th, 2014 Image

St. Alphege
April 19: Archbishop and "the First Martyr of Canterbury." He was born in ... 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