Toyota sells all shares in Tesla as their tie-up ends

Toyota Motor Corp said on Saturday it had sold all shares in Tesla Inc by the end of 2016, having cancelled its tie-up with the U.S. luxury automaker to jointly develop electric vehicles. Japan’s biggest automaker had bought around a 3 percent stake in the Palo Alto-based automaker for $50 million. Toyota spokesman Ryo Sakai […]

US trade deficit widens in April

The US trade gap widened in April for the second straight month as Americans bought more imported consumer goods, the Commerce Department reported Friday. Despite falling oil imports and crude prices, the US trade deficit saw its biggest jump in three months, increasing 5.2 percent or $2.3 billion compared to March to $46.7 billion, with […]

World stocks set to end the week at all-time highs

World stocks hit record highs, having gained 11 percent so far this year, and the dollar recovered more ground on Friday as upbeat U.S. economic data allayed concerns over growth ahead of payrolls figures due out later in the day. Robust U.S. jobs numbers should cement expectations of a Federal Reserve interest rate hike at […]

Rich people dodge far more tax than previously thought, economists find

Wealthy people are dodging even more tax than previously thought, according to new research. The wealthiest 0.01 per cent evaded 30 per cent of their personal taxes on average, compared to just 3 per cent in the population as a whole, economists Annette Alstadsæter, Niels Johannesen, and Gabriel Zucman found. They studied data from the […]

Super-rich evade on average nearly third of their due tax

The richest 0.01% of households, involving those with more than £31m assets, evade paying 30% of their taxes on average, according to an academic study of tax evasion based on data revealed in the Panama Papers and the leaks concerning the HSBC Swiss private bank. Economists, who matched people named in the leaks with public […]

Billionaire Leviev adds Zambia emeralds to diamond portfolio

Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines. Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga, managing director Leviev’s Namibian unit, said by phone. The operation has been renamed […]

Carlyle’s $700 million Africa fund is eyeing two deals in Egypt

Carlyle Group LP, one of the world’s largest private equity firms, sees two buying opportunities in Egypt this year after a commodity rout depressed prices in the region. The Washington, D.C.-based investor’s $700 million sub-Saharan Africa Fund will spend between $30 million and $100 million on each, making the fund about 80 percent invested, managing director Eric […]

Barclays reaches target on Africa stake as it boosts sale

Barclays Plc reached a long-term target for shrinking its stake in its African unit earlier than expected as the bank boosted the size of a share sale by more than 50 percent. The London-based lender is selling 285.7 million shares of Barclays Africa Group Ltd., equal to a 33.7 percent stake, at 132 rand each, it said […]

Barclays gets approval to sell shares in African arm

Barclays has received regulatory approval for the sale of its remaining stake in its Barclays Africa Group, a unit of the business said on Wednesday, Reuters report. South Africa’s minister of finance has approved the deal, ABSA Bank said, paving the way for Barclays to begin selling its remaining 50 percent stake in Barclays Africa […]