Business World

Sunday 18 February 2018

Kallakis jury back to consider verdict

THE jury in the trial of two men accused of masterminding a €920m fraud against AIB will continue their deliberations today in London after failing to reach a verdict.

The six men and six women of the jury in the case of Achilleas Kallakis and Alexander Williams have spent just over two days deliberating at Southwark Crown Court. Both accused deny fraud charges relating to 16 property loans taken out between 2003 and 2008 from AIB.

It is alleged that they used false rental guarantees from a reputable property company –Sun Hung Kai Properties (SHKP) – in order to secure the loans.

The jury retired to consider their verdict last Friday following a marathon court case which began last September.

Amazon contests $234m US tax bill

ONLINE retailer is challenging a $234m (€175m) US tax bill, contesting Internal Revenue Service tax calculations for cash transfers between the parent company and its European subsidiaries, according to a court filing.

The internet retail giant operates its European cloud and online retail operations from Ireland as well as a strategic software development and global network operations management centre in Dublin. Amazon has its tax and European headquarters in Luxembourg.

The case centres on the pricing of payments among company units, an issue on which the government has lost some multi-million dollar cases against big companies.

The IRS notified Amazon of the tax deficiency in November 2012.

German growth shrinks to 0.7pc

ECONOMIC growth in Germany was a modest 0.7pc in 2012 – but shrank in the fourth quarter, government figures have shown.

But for 2012, the country's economy still grew faster than the rest of the 17 eurozone countries, which have been hit by a debt crisis.

The numbers were down on the previous year, when Germany's economy grew 3pc. No fourth quarter figure was given for GDP.

Facebook search tool is launched

FACEBOOK introduced a search tool for its social network of more than one billion users, seeking to improve features to attract more users and advertisers. The new "graph-search" feature, which lets users hunt for information related to their social network, doesn't look for web-based content, chief executive Mark Zuckerberg said.

Bank chief warns over UK 'risky bets'

Bank of England Governor Mervyn King has warned that investors appeared to be making worryingly risky bets at a time when Britain's economy was weak and its banks had not yet recovered from the financial crisis.

"The economy is operating well below full capacity, the banking system is in a stretched position and we are clearly struggling to ensure an economic recovery," he told a Commons committee.

Irish Independent

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