Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/20/2014 (9 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.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/20/2014 (9 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 October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Business & Economics

SURVEY: Singapore best country to do business with, for ninth year in a row Watch

Image of The World Bank ranked Singapore tops for the ninth year in a row.

By Catholic Online (NEWS CONSORTIUM)

Conservative and strict - there are heavy penalties for littering, as well as being wildly prosperous, the feisty Asian nation of Singapore has been ranked as the single best nation to do business with, according to the World Bank. The bank ranked Singapore ... continue reading


Is it a sign of impending collapse? Financial savant Warren Buffett loses two billion in stock market Watch

Image of Warren Buffett recently lost $2 billion from investments in Coke and IBM, which have led some to believe that a stock market slowdown might be imminent.

By Catholic Online (NEWS CONSORTIUM)

Warren Buffett, the man known for focusing on long-term investment performance as apposed to making the quick buck, has lost $2 million in investments. LOS ANGELES, CA (Catholic Online) - Buffett owned Berkshire Hathaway investment house has large investments in ... continue reading


Christmas shopping in October? Apparently it's becoming a big deal Watch

Image of Shoppers are already out, despite the fact Halloween hasn't even arrived.

By Catholic Online (NEWS CONSORTIUM)

Shoppers are starting early with October 5 being declared by retailers as "Stock Up Saturday." Consumers are already Christmas shopping which means more of the revenue available to retailers will be harvested earlier in the shopping season. For retailers that choose to ... continue reading


List of Top 20 World Brands - Apple tops Google as world's leading brand for second time in row Watch

Image of The Apple Watch has enjoyed success in numerous fashion circles, featured on the cover of Vogue, among others.

By Catholic Online (NEWS CONSORTIUM)

Apple has topped Google as the world's most valuable brand for the second year in a row. The two companies are the only brands to be valued at more than $100 billion, according to the annual Best Global Brands report. LOS ANGELES, CA (Catholic Online) - ... continue reading


Here they come! China passes U.S. economy based on purchase power Watch

Image of Under President Obama's administration, China may surpass the U.S. economy.

By Catholic Online (NEWS CONSORTIUM)

The International Monetary Fund (IMF) has reported that China has overtaken the United States and is now the world's largest economy, at least based on purchasing power parity (PPP). LOS ANGELES, CA (Catholic Online) - The IMF said that by the end of 2014, China ... continue reading


Rosie the Riveter would cry: Record 55,553,000 women not participating in U.S. workforce Watch

Image of The strides made by women in the workplace sadly isn't reflected in recent job statistics.

By Catholic Online (NEWS CONSORTIUM)

The strides made by women in the workplace seems to have gone up in smoke across the United States. The determined visage of Rosie the Riveter during World War II to women taking the place of men in hard industry - declaring "We can do it!" would certainly shed ... continue reading


400 wealthiest Americans now worth cumulative $2.3 TRILLION Watch

Image of Facebook founder Mark Zuckerberg has finally cracked America's most wealthy top ten at tenth place.

By Catholic Online (NEWS CONSORTIUM)

The rich, indeed get richer -- America's wealthiest are worth more than ever before. The United States' top 400 billionaires are now worth a dazzling $2.3 trillion, according to the latest edition of the Forbes 400. LOS ANGELES, CA (Catholic Online) - It comes ... continue reading


Record debt coupled with slow growth point to economic crisis, Geneva Report says Watch

Image of The Geneva Report says the rapid rise of public sector debt in rich countries and private debt in emerging markets, especially China, may lead to0 fresh economic crisis.

By Catholic Online (NEWS CONSORTIUM)

Record debt and slowing economic growth suggest the global economy could be heading for another crisis, the 16th annual Geneva Report warns. Commissioned by the International Center for Monetary and Banking Studies, the report predicts interest rates across the ... continue reading


Walmart to enter banking world with low-cost checking accounts Watch

Image of Walmart has been eying financial services for some time now.

By Catholic Online (NEWS CONSORTIUM)

Walmart is making its biggest venture into the banking world after several failed attempts in the past. The nation's largest retailer is joining Green Dot, already known for its prepaid payment cards, to supply checking accounts to nearly everyone over 18 years ... continue reading


The Chinese are coming! E-commerce giant Alibaba cleans house with its initial public offering Watch

Image of Chinese e-commerce giant Alibaba has raised more than $21 billion with its IPO, with stocks priced at $68 per share, signaling a strong demand for the tech-giant.

By Catholic Online (NEWS CONSORTIUM)

The Chinese e-commerce giant Alibaba has made the largest U.S.-listed initial public offering (IPO) of all time, with stocks priced at $68 per share, signaling a strong demand. LOS ANGELES, CA (Catholic Online) - Only large investors, like hedge funds, can ... 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, Philippians 1:1-11
1 Paul and Timothy, servants of Christ Jesus, to all ... Read More

Psalm, Psalms 111:1-2, 3-4, 5-6
1 Alleluia! I give thanks to Yahweh with all my ... Read More

Gospel, Luke 14:1-6
1 Now it happened that on a Sabbath day he had gone ... Read More

Saint of the Day

Saint of the Day for October 31st, 2014 Image

St. Wolfgang
October 31: Wolfgang (d. 994) + Bishop and reformer. Born in Swabia, ... 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