Panama, Paradise, Pandora. What’s changed in the world of tax avoidance?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 October 2021
⏱️ 9 minutes
🧾️ Download transcript
Summary
Read a transcript of this episode on FT.com
https://www.ft.com/content/411bb70a-8fe9-41ef-bd58-e4798b12c2a2
Vladimir Putin hinted that Russia’s state-backed monopoly pipeline exporter, Gazprom, may increase supplies to help Europe avoid a full-blown energy crisis, and US energy secretary Jennifer Granholm has raised the prospect of releasing crude oil from the government’s strategic petroleum reserve as the Biden administration confronts a politically perilous surge in the price of gasoline; General Motors plans to double its revenues by 2030 as the company steers towards electric vehicles, and the latest data leak detailing the financial affairs of the global elite makes clear how much progress has been made since the world began clamping down in earnest in 2008 — and how much remains to be done.
Gas markets whipsaw after Russia offers to stabilise energy prices
https://www.ft.com/content/e06c3b5d-153d-4c86-8c49-0d5447d58e76
General Motors aims to double sales by 2030 with boost from electric vehicles
https://www.ft.com/content/d02e8cc3-29a1-4634-bfb6-b658b1b4f4a4
From Panama to the Pandora papers: what’s changed in offshore tax
https://www.ft.com/content/1fe7a5a1-7515-4226-8906-b9c1eaecc455
JAB seeks to raise $5bn fund to invest in petcare
https://www.ft.com/content/93a23966-1b26-4e7b-aa0c-9ff2654e9990
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Gavin Kallmann, Michael Bruning, and Persis Love. The show’s theme song is by Metaphor Music. The FT’s global head of audio is Cheryl Brumley.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Thursday, October 7th, and this is your F-T news briefing. |
| 0:08.5 | Gas prices were on a roller coaster yesterday and political leaders weighed in on the energy crisis. |
| 0:14.8 | General Motors is banking on batteries and announced plans to double revenues by the end of the decade. |
| 0:20.6 | Plus the Pandora papers are the latest leak of documents showing how the world's wealthy |
| 0:25.3 | hide their money. We'll ask what impact there's been since the first |
| 0:29.2 | trove of papers came out. The understanding of tax avoidance has really shifted over the past decade |
| 0:36.0 | so that now most people feel it's the wrong thing to do, it's a bad thing to do. Whereas in |
| 0:41.2 | previous times you know it was seen as something that was legal and say why shouldn't I do it? |
| 0:45.6 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:57.5 | It was the most volatile and unpredictable day that many in the industry will ever witness. |
| 1:03.8 | That's how one industry analyst described trading in the gas market yesterday. At one point UK |
| 1:09.3 | in European natural gas prices shot up and were trading at close to 10 times what they |
| 1:14.6 | were at the beginning of the year. Prices then fell after Russia's president Vladimir Putin |
| 1:19.2 | hinted that the country's gas exporter, Gazprom, may increase supplies to help Europe avoid a |
| 1:24.6 | full-blown crisis. Meanwhile in the US, energy secretary Jennifer Granholm floated the idea of |
| 1:30.2 | releasing crude oil from the government's strategic petroleum reserve, the ease, the surge, |
| 1:35.5 | in the price of gasoline in the US. The EU's energy commissioner was blunt about the limits of |
| 1:41.1 | what the block could do. Kadri Simpson admitted Brussels was powerless to prevent surging gas prices |
| 1:46.8 | that are affecting consumers across Europe. She told the FT that Brussels couldn't provide short |
| 1:52.3 | term fixes but would encourage governments to offer targeted support like cutting energy taxes. |
| 1:58.4 | General Motors CEO Mary Barra announced ambitious plans yesterday to double its revenues |
| 2:09.7 | by 2030 while increasing profit margins, all while shifting from gas to electric-powered vehicles. |
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