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The World’s Favorite New Tax Haven Is the United States

US tax haven Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.

His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.

Some are calling it the new Switzerland.

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SHELL: We'll cut 10,000 jobs

Shell to cut ten thousand jobsShell will cut 10,000 jobs in its merger with BG Group, and sell $30 billion (£21 billion) worth of assets, to protect its profitability in an era of cheap oil.

The oil producer put out a fourth quarter and full-year update on Wednesday, warning of lean times ahead.

Here's the key quote from the statement on job cuts (emphasis ours):

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Tax-dodging by superrich driving global inequality, Oxfam says

Oxfam: Super Rich tax dodging cauing global inequalityTax dodging by the super-rich is one of the main drivers of global income inequality and must be sharply curtailed, according to a new report from the global nonprofit Oxfam.

Citing research by Berkeley economist Gabriel Zucman — a protégé of Thomas Piketty, author of the global bestseller on inequality, Capital — Oxfam estimates that wealthy households around the world had as much as $7.6 trillion squirreled away in offshore accounts at the end of 2013. Another recent analysis by the groups

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Obama unveils wage insurance plan to spur job seekers

Obama insurance planU.S. President on Saturday laid out a plan to help support the income of workers who lose their jobs and end up in lower paying positions, as part of a push to get unemployed Americans back to work.

The proposal would offer experienced workers who now make less than $50,000 a form of wage insurance, allowing them to replace half of their lost pay. The benefit would cover up to $10,000 over two years.

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Wal-Mart to shutter 269 stores, 154 of them in the US

walmart closing 269 storesWal-Mart is closing 269 stores, more than half of them in the U.S. and another big chunk in its challenging Brazilian market.

The stores being shuttered account for a fraction of the company's 11,000 stores worldwide and less than 1 percent of its global revenue.

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Macy's announces closure of 36 stores, layoffs after slow holiday sales

Macy'sRetailer Macy's Inc. announced the elimination of more than 4,500 jobs and the closure of 36 stores after disappointing sales during the holiday season.

It said Wednesday it would initiate "a series of cost-efficiency and process-improvement measures" by reducing the workforce at each of about 770 Macy's and Bloomingdale's stores, closing other stores, and offering a "voluntary separation opportunity" to some senior executives. The downsizing actions are set to begin early this year.

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U.S. Stocks Fall After Chinese Markets Plummet

US market fallsLast year, steep declines in Chinese stocks were periodically followed by dramatic, if less severe, declines in U.S. and European stocks.

In 2016's first day of trading, it's more of the same.

Chinese market chaos rooted in long-held but sporadically-acted-on fears of economic malaise, negative U.S. manufacturing data and instability in the Middle East combined to create an unfortunate grab bag of reasons for traders to sell.

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