GBP News 

Aviva, NatWest to join ‘Brexodus’ of business to EU

“Aviva was among the last of the big insurers to secure court approval for shifting chunks of life, general, property, casualty and motor insurance policies to EU hubs” reports businessinsider.com. It had previously secured court approval to move around 1 billion pounds in general insurance assets.Among banks, Britain’s Barclays secured court approval last month to move 190 billion euros in assets to a Dublin subsidiary.The High Court in London approved the transfer of policies after a hearing on Aviva’s application last week to move life insurance assets.Most of the policies…

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Many Americans are freaking out about getting a smaller tax refund this year — here’s why it’s happening

“Many Americans are especially frustrated this tax season, the first under President Donald Trump’s new tax law” writes Tanza Loudenback for businessinsider.com. According to IRS data, the average federal tax refund amount is down 8.7% — to $1,949 — for the second week of the 2019 filing season compared to the same window last year.Further, receiving a smaller refund, or owing money to the IRS, doesn’t necessarily mean you had a higher tax bill this year than before the new tax law was enacted, Business Insider’s Bob Bryan explained.In fact,…

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FSB Pressures UK To Nix Contracts To Late Payers

“Small businesses combatting the practice of late invoice payments in the U.K. are proposing a new tactic in the fight” reports pymnts.com. The FSB has raised the issue of government contracts awarded to late payers in the past. In October the group called for late payers to be stripped of government contracts after Carillion, one of the largest government contractors in the U.K., fell into insolvency, with reports subsequently revealing the company’s practice of late supplier payments.Last year analysis from KPMG found only 17 companies in Scotland out of nearly…

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Chinese government doesn’t get involved in Huawei’s business: German boss

“FILE PHOTO: The logo of Huawei Technologies is pictured in front of the German headquarters of the Chinese telecommunications giant in Duesseldorf Thomson Reuters BERLIN (Reuters) – The head of China’s Huawei Technologies in Germany told a German newspaper that the Chinese government does not get involved in the company’s business, adding the firm would work on being open and transparent in the debate about security of mobile networks” reports businessinsider.com. “The state does not have a stake in Huawei and it keeps out of our business,” Dennis Zuo, the…

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The arms dealer whose poisoning may be linked to Skripals’

“Gebrev, a 65-year-old Bulgarian arms dealer, told the story of his 2015 poisoning during a series of meetings with the Guardian in Sofia” writes Shaun Walker for theguardian.com. He still wanted to make a business dinner that evening, however, with some different Polish contacts as well as two Russians.If some GRU agent was here or not, I don’t know.Now, nearly four years after the Bulgarian arms dealer was on the verge of death after a suspected poisoning, British investigators are in Sofia to determine whether the incident could be linked…

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The perils of Big Data: How crunching numbers can lead to moral blunders

“Considering data at a distance makes it perilously easy to overlook the stories the data does not tell” writes February At Am for washingtonpost.com. Running a slave plantation involved lots of data carefully entered into paper spreadsheets and reports that were passed along to absentee owners in England.What happens when firms like McKinsey parachute into new companies to crunch data and offer advice?. It’s remarkably easy to overlook massive moral transgressions when you are doing business from a distance, reviewing entries in a spreadsheet or numbers in a presentation. Source: washingtonpost.com

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Cyberattacks On Track To Lead Corporate Insurance Claims: Study

“That means fire and explosions accounted for nearly one-quarter of all corporate insurance claims filed between 2013 and 2018” reports pymnts.com. Fourteen percent of the value of corporate insurance claims were linked to aviation collisions and crashes.Despite the focus on cyber protection, however, a new report from insurance firm Allianz Global Corporate & Specialty said an unexpected category makes up the most popular type of claim filed by corporate customers of insurance products today.In analyzing 470,000 corporate insurance claims across 206 countries, totaling $66.5 billion in payouts, Allianz found in…

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AICPA Wants To Exclude Some SMB Tax Shelters

“The American Institute of CPAs (AICPA) has asked the Internal Revenue Service (IRS) to exclude some small businesses (SMBs) from being treated as tax shelters” reports pymnts.com. The letter went on to explain that an SMB that meets the definition of a syndicate would instead be treated as a tax shelter.Finally, an entity must not qualify to make an election as an electing real property business or electing farming business. If a small business satisfies these three conditions, then the secretary should determine that all interests in the entity are…

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Markets News 

Get ready to see even more tech companies invest in Electric Vehicle startups

“So why would the biggest tech companies in the world, with near trillion-dollar valuations, be looking to enter the electric vehicle business?” writes Aakash Jhaveri for mashable.com. The opportunities in the electric vehicle market are enormous, with the market growing manifold, year after year.Over the weekend, we got the news of Amazon partnering with Rivian, an upcoming electric company.With companies so big, it’s almost certain that they are never going out of business. Source: mashable.com

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