News That Matters

Tag: faces

Facebook faces backlash over £7.4m UK tax bill

Facebook faces backlash over £7.4m UK tax bill

Technology
The chancellor is under growing pressure to impose tougher taxes on multinational firms following the publication of Facebook's latest UK accounts. Documents released on Monday showed the company paid a net £7.4m in corporation tax last year after an £8.4m credit for staff share awards cut the total from £15.8m.Facebook had booked a 7.5% increase in pre-tax profits to £62.8m on revenues of almost £1.3bn - up almost a third on 2016.It pointed to damage to profitability from a £759m cost of sales and £444m in "administrative expenses" that were not explained.Facebook - like other US-based international companies - point out that taxes paid are within the legal frameworks of the nations in which they operate.There have been multilateral effor...
That $245 million Powerball winner faces high taxes and little chance of remaining anonymous

That $245 million Powerball winner faces high taxes and little chance of remaining anonymous

Finance
The person holding the winning $ 245.6 million Powerball ticket is likely discovering that New York isn't the best place to hit the jackpot. Not only will the ticket holder face state and city lottery taxes that are among the highest in the nation, remaining anonymous might be impossible. While a trust can be created to claim the prize, the New York Lottery will likely release the winner's name, said Jason Kurland, a partner at Rivkin Radler, a law firm in Uniondale, New York. The winning ticket in Saturday night's Powerball drawing was purchased at a Stop & Shop in Staten Island. The prizewinner will have the choice of r...
Tesla's Elon Musk faces investor lawsuit

Tesla's Elon Musk faces investor lawsuit

Business
Elon Musk's bombshell announcement that he is thinking of taking the electric car company Tesla private has landed him a lawsuit from unhappy investors. The American entrepreneur said on Tuesday that de-listing from the stock exchange could be the "best path forward" for the firm. His comments caused the share price to shoot up 11% to nearly $ 380 (£298), though it has since fallen back. Short-sellers, who bet on share price falls, allege he misled the market. Mr Musk, Tesla's founder and chief executive, announced that he might take the company private in a deal worth $ 72 billion, valuing the company at $ 420 a share. However, he did not specify exactly where the money for such a deal, which would be the largest of its ki...
Tour de France leader Thomas faces final challenge

Tour de France leader Thomas faces final challenge

Sports
Tour de France, stage 20Coverage: Live text commentary on the BBC Sport website from 13:00 BST. Updates on BBC Radio 5 live from 15:00 BSTBritain's Geraint Thomas can effectively secure victory in the 2018 Tour de France on Saturday.The Welshman goes into the penultimate stage, a 31km individual time trial, leading Dutchman Tom Dumoulin by two minutes and five seconds.Tour convention dictates that the wearer of the yellow jersey is never attacked on the race's final stage. So if Thomas is still leading after Saturday he will just have to cross the line in Paris on Sunday to win.The 32-year-old would be the third Briton to win the Tour de France, after fellow Team Sky riders Sir Bradley Wiggin...
Facebook faces £500,000 fine from UK data watchdog

Facebook faces £500,000 fine from UK data watchdog

Technology
Media playback is unsupported on your device The UK's data protection watchdog intends to fine Facebook £500,000 for data breaches - the maximum allowed.The Information Commissioner's Office said Facebook had failed to ensure another company - Cambridge Analytica - had deleted users' data.The ICO will also bring a criminal action against Cambridge Analytica's defunct parent company SCL Elections. And it has raised concerns about political parties buying personal information from "data brokers".Specifically it named one company used by the Labour Party, Emma's Diary, which gives medical advice and free baby-themed products to parents.Facebook said it would respond to the report "soon".The ICO also said another company - Aggregate IQ - whi...