In this edition of #DailyOutrage we discuss safety off-shore in the UK oil and gas sector after the latest tragedy as a helicopter crashed with the loss of four lives. Also, we discuss the massive corporate deal involving Vodaphone and Wonga the …

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In this edition of #DailyOutrage we discuss safety off-shore in the UK oil and gas sector after the latest tragedy as a helicopter crashed with the loss of four lives. Also, we discuss the massive corporate deal involving Vodaphone and Wonga the infamous pay-day loan lender releases its latest profits.

The Civil Aviation Authority announces that Super Puma helicopter flights carrying passengers to oil and gas installations have resumed.With Peter Welsh of Unite Scotland we discuss the ongoing concerns and a comparative analysis with Norway’s safety record and why it is perhaps much better.

We also chat about tax evasion and the British mobile phone group Vodaphone as it announces one of the biggest deals in corporate history on Monday− selling its stake in America’s biggest mobile phone business for $130bn (£84bn).

In what could become a controversial element of the deal Vodafone will not have to pay any UK tax on the deal reports the Guardian newspaper − “even though it had insisted for years that it could not exit from the prickly relationship with Verizon Communications because it would have to pay capital gains tax (CGT) at 40%”.

Robert Peston in his BBC blog comes us with some telling anaylsis:

“I have learned that the British taxman will not get a penny, which may prove to be controversial.

The reason is that what is being sold by Vodafone is a stake in a US group whose holding company is in the Netherlands. And as a result of that corporate structure, the deal itself will not generate any tax payments either in the Netherlands or US.

That said, for reasons I don’t fully understand, a $5bn tax payment, to the US tax authorities, will be necessary. That $5bn tax bill seems to be a deferred liability from the way Airtouch was reorganised when its US operations were put into Verizon Wireless back in 2000.”

The infamous Wonga releases it’s late profits. The company, which offers short-term loans and pay-day loansmade £62.5 million in profits during 2012 after tax – up 36% on the previous year. Wonga made the equivalent of more than £1 million a week during last year. Revenues surged 67% and it lent £1.2 billion in the year, a rise of 68%.

When well politicians wake up and take action against pay-day loan lenders and tax avoidance and evasion.

 

 

 

 

 


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