Sunday, 18 November, 2018

Panasonic runs from Brexit Britain on tax haven fears

Japan's Panasonic to move European headquarters to Amsterdam in October: Nikkei Brexit fallout: Panasonic to move Europe headquarters from UK to Amsterdam
Rhonda Young | 30 August, 2018, 16:13

The Japanese company's move is the latest sign of concern from the business community over the protracted Brexit negotiations.

Panasonic's decision was driven by a fear that Japan could start considering the United Kingdom a tax haven if it cuts corporate tax rates to attract business, Laurent Abadie, chief executive of Panasonic Europe, told the Nikkei Asia Review.

Panasonic's decision was driven by a fear that Japan could start considering the United Kingdom a tax haven if it cuts corporate tax rates to attract business, Mr Abadie told the Nikkei Asian Review newspaper.

If Panasonic ends up paying less tax in the United Kingdom, that could render it liable for a bigger tax bill in Japan.

NASA probe captures first images of asteroid Bennu
The first image of the asteroid Bennu taken by robotic spacecraft, OSIRIS-REx which will enter Bennu's orbit in December. OSIRIS-REx will briefly touch Bennu's surface around July 2020 to collect at least 60 grams of dirt and rocks.

Britain is hoping to strike trade deals with its major partners including Japan following its exit from the bloc and Japanese companies have more than $60 billion invested in the country, according to the most recent statistics.

Panasonic, the £55 billion ($71 billion) Japanese electronics giant, has announced plans to move its European headquarters out of the United Kingdom as Brexit uncertainty continues to weigh on the minds of major worldwide corporations using Britain as a base.

Other major firms that have announced plans to pull staff out of the United Kingdom due to Brexit include banking group HSBC, which plans to move up to 1,000 jobs to France, while JP Morgan has said around 1,000 front and back-office roles are likely to be relocated from London.

Panasonic would not comment on reports that 20 jobs would go to Amsterdam in October - with just ten people being retained at the current London base.

DC Announces Premiere Date For Titans
Ultimately, if DC Universe is right up your alley, you can pre-order a full-year subscription for a fee of $74.99. Titans' first season will consist of 12 episodes, to be released weekly on the streaming service.

Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the European Union, direct from Business Insider's political reporters.

It comes as several other Japanese financial companies say they intend to move their main European Union bases away from London.

It is thought there are 879 Japanese companies employing 142,000 staff in Britain, including Honda and Nissan.

With so much at stake, Prime Minister Theresa May has tried to reassure Japanese firms, visiting Tokyo in August last year and hosting top executives in London earlier this year. "Everyone is seriously concerned", said Hiroaki Nakanishi. "We're now in a situation where we have to consider what to do in all of them".

Buck a beer comes into effect in Ontario
Kevin Meens, of Cool Brewery, said the company is offering its Cool Lager in four packs for a buck a bottle. Some have said they could not afford to participate without sacrificing the quality of their product.

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