ECB slammed as Europe crumbles: The economies of Germany, France and Italy all contracted in the first quarter and may now be in full recession, shattering assumptions that Europe would prove able to shrug off the effects of the credit crunch. U.S. banking giant switches billions in debt to Britain to avoid paying corporation tax for 60 years: Merrill Lynch might not pay any corporation tax for the next 60 years, it emerged today. Accountants say that the move, which is set to spark anger among ordinary taxpayers, is legal but unusual.
Saturday 16 August 2008
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