12/06/2013 World Business Report


12/06/2013

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screens go to black. Thousands of people gathered outside the

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Hellenic Broadcasting Corporation to protest against the decision.

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Now it is time to get the latest Another day of severe disruption

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for air travellers in Europe as traffic controllers across the

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region go on strike. And in today's edition of Taxing Times, we ask the

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question is the beautiful island of Jersey a tax haven or not? Welcome

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to World Business Report. Also in the programme: Yum Brands, the

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owner of KFC, sees another steep fall in sales in China due to fears

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about bird flu and the quality of its chicken supply. We'll have the

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details. In the run-up to the G8 summit on

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tax, three centres who are widely accused of being tax havens have

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agreed to share the deals with the rest of the International Committee.

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One of them as Jersey, a small island just off the course of

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France. It is home to more than one trillion dollars. What is it doing

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to avoid being a tax haven? How will it cope without its enormous

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banking section? It is only nine miles across at

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five miles down. It manages more interest will wealth -- Inter

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national wealth and anywhere else in the world per square metre. It

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makes up more than two-thirds of its annual income. That revenue is

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under threat like never before. The international community is

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preparing to clamp down hard on illegal tax evasion and tax

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avoidance. His Jersey a tax haven? It is certainly a financial sector.

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Some of the best financial services in the world exist here. This man

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is a deputy of the local parliament. He says that Jersey is a tax haven.

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It is pricing locals do not work in finance out of the tax -- housing

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market. The price of keeping fire as here means that tax is falling

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on individuals. Labour is taxed. That is an incentive to try to

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impose new business. Jersey has gone from and agreeing island famed

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for its cows to one of the best known offshore financial centres in

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the world. Taxation, or the lack of it, is a reason. Income tax cannot

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go above 20 %. The super-rich foreign committee pay a fraction of

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their annual income. Tax on profit is zero. How would the Ireland

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manager? It is a question they will have to answer themselves more

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intensively in coming months adheres as the international

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community ramps up the pressure. The owner of Fast food chain KFC

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has reported a 19 percent drop in sales in China... Rico Hizon is in

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our Asia business hub in Singapore. Rico, what's behind this?

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There is still a 19 % drop in sales. Bad fortunes are being blamed on

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the outbreak of bird flu and controversial publicity involving

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the chicken supplier on the mainland. The sales have dropped by

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double digits. This is still an improvement from the April numbers.

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Sales fell by 30 % then. China is a critical region for young Rance. It

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owns the Kentucky Fried Chicken and food chain. -- young brands. It

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also owns Pizza Hut. They have benefited from expansion in recent

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years. The expects sales to continue recovering and to turn

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positive in the 4th quarter. Striking can be a dangerous

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activity in some places. Tell us more.

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In Cambodia, 300 workers have been fired for taking part in a strike

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over pay. The factory involved makes garments for Nike. The

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dismissals were described as illegal. People were forced from

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their jobs without compensation. Thousands of workers clashed with

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police. Workers clashed with colleagues. The textile industry is

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very important. It employs 650,000 people throughout the country and

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produces close for top Western brands. It is the largest exporter

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in the country. Thank you. By massive battle is

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taking place in the skies over Europe. A plan to simplify the

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patchwork air-traffic control system and will burn up more air

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traffic duties to private enterprise has caused strikes and

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other actions by controllers. It began and Tuesday. A series of

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strikes forced mean -- mean airports to cancel some 800 flights.

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That is 25 % of all scheduled flights. Passengers can expect more

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widespread misery today. 10 European countries are joining the

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action. Let's get more. Good morning, Francois. Teller's

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the reasons why this action is taking place. -- tell us. What is

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the reason for it? Two reasons. There is a package that has taken

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eight years to commission. It has created confusion. The main reason

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is that the commission wants to legalise the open sky. For us, that

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is not acceptable. There needs to be communication. Their race to be

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communication. There must be training. This is a new situation

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for the workers. Sorry to interrupt but I wanted to ask you on those

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points, don't you agree that the system must be made more efficient?

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One quotation from the transport commissioner is that the current

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system is costing passengers and airlines 5 billion euros a year. Is

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there not a better way of running the system?

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When you speak about more efficiency, we have to take into

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account all of the capacity and the safety of the environment. The

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commission is pushing forward on an economic point of view. There has

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to be safety but first. There are a number of targets. These plans will

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race safety levels, not compromise safety. I am not saying that it

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will not be safe. The first priority is economic. This is an on

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ending process. It is about cost cutting from the commission. The

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commission has planned that the cost must reduced by 70 % in coming

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years. This approach is not justified. We are risking people

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losing their jobs. This is why it is not acceptable. Where is the

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middle ground. It is causing disruption than these guys. Where

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is the middle ground? At the moment, this is too much. There is a social

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dimension. I think we can work together with the commission. It is

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very important. France and Germany do not need the new package. Thank

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you. This is a story that we will keep

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