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Richest 1% now owns half the world's wealth

Richest 1% own half the world's wealth

The wealthiest 1% of the world's population now owns more than half of the world's wealth, according to a new report.

The total wealth in the world grew by 6% over the past 12 months to $280 trillion, marking the fastest wealth-creation since 2012, according to a new report from Credit Suisse. More than half of the $16.7 trillion in new wealth was in the U.S., which grew $8.5 trillion richer.

But that wealth around the world is increasingly concentrated among those at the top. The top 1% now own 50.1% of the world's wealth, up from 45.5% in 2001.

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After a Tax Crackdown, Apple Found a New Shelter for Its Profits

Apple found new island to shelter its billionsIt was May 2013, and Mr. Cook, the chief executive of Apple, appeared before a United States Senate investigative subcommittee. After a lengthy inquiry, it found that the company had avoided tens of billions of dollars in taxes by shifting profits into Irish subsidiaries that the panel’s chairman called “ghost companies.”

“We pay all the taxes we owe, every single dollar,” Mr. Cook declared at the hearing. “We don’t depend on tax gimmicks,” he went on. “We don’t stash money on some Caribbean island.”

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Paradise Papers: Tax haven secrets of ultra-rich exposed

Queen's money offshore: paradise papers

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens.

Donald Trump's commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US.

The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance.

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Trump Picks Federal Reserve Insider Jerome Powell To Be Its Chairman

Jerome Powell to be new Fed Reserve Chair

President Trump on Thursday named Jerome Powell to be the next chair of the Federal Reserve, the first time in decades that a president hasn't reappointed a chief of the central bank for a second term.

If confirmed by the Senate, Powell, 64, will succeed Janet Yellen — the first woman to head the Fed — whose term expires in February. Powell, a current member of the Fed's board of governors, is expected to pursue policies largely in line with the gradual interest rate hikes of the Yellen-led Fed.

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Corporate penalties have plunged at SEC since Trump took office

SEC Chairman Jay Clayton

Publicly traded companies have been hit with fewer and much less costly penalties by the Securities and Exchange Commission since Donald Trump became president.

From February through September, the agency, now headed by Wall Street lawyer Jay Clayton, collected $127 million in corporate civil penalties in 15 cases, according to a POLITICO review of SEC data. That compares with $702 million in 43 cases from February through September 2016.

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Small fortune: Trump plummets 92 places in Forbes' American rich list

Trump plummets 92 on Forbes richestDonald Trump has dropped 92 places in the Forbes list of wealthiest Americans, with the magazine putting his wealth at $3.1bn, down from $3.7bn last year.

Forbes said the value of some of Trump’s Manhattan real estate holdings had declined recently.

Forbes ranked the first billionaire president as the 248th-wealthiest person in America. The year before, he was ranked 156th.

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US hiring fell 33,000 in September, depressed by hurricanes

Emplyment falls by 30,000 in September 2017The U.S. shed 33,000 jobs in September because of Hurricanes Harvey and Irma, which closed thousands of businesses in Texas and Florida and forced widespread evacuations. It marked the first monthly hiring decline in nearly seven years.

The unemployment rate fell to 4.2 percent from 4.4 percent, the Labor Department said Friday, the lowest level since February 2001 and a sign that the job market remains fundamentally solid. Hiring is expected to rebound in the coming months as businesses in the area reopen and construction companies ramp up repair and renovation work.

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