Argentine President Mauricio Macri said he had nothing to hide after revelations in the Panama Papers that he had links with an offshore company.
A federal prosecutor has called for an investigation into Macri's involvement on Thursday.
The president was among scores of global politicians and business figures named in documents leaked from Panamanian law firm Mossack Fonseca, which specialises in setting up offshore companies.
The son of an Italian-born business tycoon, Macri said he was not legally obliged to declare his connection with the named offshore company as he never had a stake in it.
The president said he was simply director of the Bahamas-based company, Fleg Trading Ltd., now closed, which was created by his father to make investments in Brazil.
"I have acted in accordance with the law and have nothing to hide," Macri said in a televised news conference.
"I did not receive any payment for acting as a director [of offshore companies]. Tomorrow [Friday] I will present myself before the court with all information necessary for the judge to verify that what I have done is correct. I am calm. I have obeyed the law. I have nothing to hide."
Critics say Macri owes a more thorough explanation of this and his alleged connection with another offshore company, Kagemusha SA, registered in Panama, given that such firms are often used to launder money and evade taxes.
"Why do people have offshore companies," Congressman Hector Recalde told Al Jazeera.
"In general, it is to hide something and what we want to know is why the president was trying to hide something from the state. That’s why Macri needs to be investigated," he added.
On Thursday, state prosecutor Federico Delgado asked the judiciary to investigate if Macri's failure to declare his connection with the offshore company meant he had "maliciously failed to complete his tax declaration", a crime which carries a sentence of 15 days to two years.
The case was assigned to Judge Sebastián Casanello, who must now decide if there is sufficient evidence to open a probe.
Macri's appearance in the Panama Papers and the way his administration has handled the matter has cast some doubts over his 2015 campaign pledge to fight corruption.
He said he owned a stake in the Blairmore trust, which he sold in 2010 four months before taking office.
Friday, April 8, 2016
Thursday, April 7, 2016
Zimbabwe leader denounces succession fights
Zimbabwean President Robert Mugabe on Thursday accused potential successors of wishing him dead and told supporters to unite against foreign enemies he said wanted to destroy the southern African nation.
Africa's oldest leader at 92 years, Mugabe has held power since independence from Britain in 1980 and said his heir must be chosen democratically, adding his wife, Grace, will not automatically inherit the presidency.
Mugabe told a meeting of about 10,000 veterans of Zimbabwe's 1970s independence war that his frequent trips to Malaysia and Singapore had fed newspaper reports that he was ill and sometimes dying, stoking succession fights in the ruling ZANU-PF.
"You then see a stampede now, they will be saying the president is dying. I am not dying, shame on you," Mugabe said.
"I am there at the mercy of the people. If the people say 'no, go', I go. But if the people say 'no, we still want you', I stay on," said Mugabe at a sports centre in the capital, Harare.
Thursday's meeting came at a time of high tension in ZANU-PF as party officials position themselves for a post-Mugabe era.
Local media had reported the meeting could split ZANU-PF, especially after Mugabe said last month the veterans had indicated they wanted him to retire.
Instead, war veterans pledged their loyalty to Mugabe, but also presented a list of grievances and demands for top positions in government and state-owned firms, diplomatic posts, and at least one-fifth of all farmland and mining concessions.
The veterans, 30,000 in total, also want their monthly allowances increased from $260.
But Mugabe said the government would only meet such demands if it had the resources.
The last time Mugabe caved into demands from war veterans was in November 1997, when the Zimbabwean dollar crashed by 72 percent after the government announced unbudgeted allowances for veterans.
That day became known as "Black Friday".
Mugabe has agreed to major reforms, such as compensation for evicted white farmers and a big reduction in public sector wages in a bid to woo back international lenders and to have part of its $8bn in foreign debt canceled.
Mugabe said Zimbabwe's poor record with debtors was holding back potential funding from China, Japan, and India.
"We have a disease in Zimbabwe where we just want to receive and forget that debts are supposed to be repaid. It's a very bad culture," said Mugabe in a monologue that lasted 90 minutes.
Africa's oldest leader at 92 years, Mugabe has held power since independence from Britain in 1980 and said his heir must be chosen democratically, adding his wife, Grace, will not automatically inherit the presidency.
Mugabe told a meeting of about 10,000 veterans of Zimbabwe's 1970s independence war that his frequent trips to Malaysia and Singapore had fed newspaper reports that he was ill and sometimes dying, stoking succession fights in the ruling ZANU-PF.
"You then see a stampede now, they will be saying the president is dying. I am not dying, shame on you," Mugabe said.
"I am there at the mercy of the people. If the people say 'no, go', I go. But if the people say 'no, we still want you', I stay on," said Mugabe at a sports centre in the capital, Harare.
Thursday's meeting came at a time of high tension in ZANU-PF as party officials position themselves for a post-Mugabe era.
Local media had reported the meeting could split ZANU-PF, especially after Mugabe said last month the veterans had indicated they wanted him to retire.
Instead, war veterans pledged their loyalty to Mugabe, but also presented a list of grievances and demands for top positions in government and state-owned firms, diplomatic posts, and at least one-fifth of all farmland and mining concessions.
The veterans, 30,000 in total, also want their monthly allowances increased from $260.
But Mugabe said the government would only meet such demands if it had the resources.
The last time Mugabe caved into demands from war veterans was in November 1997, when the Zimbabwean dollar crashed by 72 percent after the government announced unbudgeted allowances for veterans.
That day became known as "Black Friday".
Mugabe has agreed to major reforms, such as compensation for evicted white farmers and a big reduction in public sector wages in a bid to woo back international lenders and to have part of its $8bn in foreign debt canceled.
Mugabe said Zimbabwe's poor record with debtors was holding back potential funding from China, Japan, and India.
"We have a disease in Zimbabwe where we just want to receive and forget that debts are supposed to be repaid. It's a very bad culture," said Mugabe in a monologue that lasted 90 minutes.
PM Admits Owning Shares In Dad's Offshore Fund
David Cameron's admission that he owned, sold and made a profit on shares held in a controversial fund before he became PM has prompted a Labour MP to call for him to resign.
Labour MP and Treasury Select Committee member John Mann - who has been a high-profile campaigner for more tax transparency - suggested Mr Cameron "has no choice but to resign" and called him a "hypocrite"
And Labour's deputy leader Tom Watson said the PM may need to quit and has more questions to answer.
He told Sky News: "He has to be fully transparent. It's no good just saying he's going to publish his tax returns because that won't show what his investment portfolio was and we need to know that now."
Mr Watson added: "He's condemned other people in public life for being morally wrong whilst knowing he's had investments in these kind of schemes himself and that shows double standards and people don't like that."
Mr Cameron last night admitted for the first time he held shares in the fund set up by his late father.
The Prime Minister has faced questions this week over his family's tax affairs after details of Ian Cameron's investment fund were reported as part of the Panama Papers leak.
Number 10 has said he will publish his own tax returns "in the coming weeks".
Mr Cameron has previously suggested he was prepared to publish his tax returns - including in an interview with Sky News in 2012 - but is yet to do so.
Downing Street initially said his family's tax affairs were a private matter before saying the PM had no offshore funds and trusts, and then making clear the family would not benefit in future.
In response to a question from Sky's Faisal Islam at an event on Wednesday, the PM said: "I have no shares, no offshore trusts, no offshore funds, nothing like that."
Now in his fifth statement on the matter, Mr Cameron said he and his wife sold shares worth more than £30,000 in Blairmore Holdings six years ago.
The couple bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500, according to Downing Street.
The PM said the pair's profit was "subject to all the UK taxes in the normal ways" and it was just below the threshold at which capital gains tax would have applied.
The annual personal allowance for an individual in 2009-10 was £10,100 - meaning jointly the profit was just outside the threshold.
He also said his father left him £300,000, adding: "I obviously can't point to every source of every bit of the money."
According to The Guardian, papers leaked from Panama-based law firm Mossack Fonseca are said to suggest Ian Cameron ran a fund that avoided having to pay tax in Britain by hiring Bahamas residents to sign its paperwork.
Labour MP and Treasury Select Committee member John Mann - who has been a high-profile campaigner for more tax transparency - suggested Mr Cameron "has no choice but to resign" and called him a "hypocrite"
And Labour's deputy leader Tom Watson said the PM may need to quit and has more questions to answer.
He told Sky News: "He has to be fully transparent. It's no good just saying he's going to publish his tax returns because that won't show what his investment portfolio was and we need to know that now."
Mr Watson added: "He's condemned other people in public life for being morally wrong whilst knowing he's had investments in these kind of schemes himself and that shows double standards and people don't like that."
Mr Cameron last night admitted for the first time he held shares in the fund set up by his late father.
The Prime Minister has faced questions this week over his family's tax affairs after details of Ian Cameron's investment fund were reported as part of the Panama Papers leak.
Number 10 has said he will publish his own tax returns "in the coming weeks".
Mr Cameron has previously suggested he was prepared to publish his tax returns - including in an interview with Sky News in 2012 - but is yet to do so.
Downing Street initially said his family's tax affairs were a private matter before saying the PM had no offshore funds and trusts, and then making clear the family would not benefit in future.
In response to a question from Sky's Faisal Islam at an event on Wednesday, the PM said: "I have no shares, no offshore trusts, no offshore funds, nothing like that."
Now in his fifth statement on the matter, Mr Cameron said he and his wife sold shares worth more than £30,000 in Blairmore Holdings six years ago.
The couple bought their holding in April 1997 for £12,497 and sold it in January 2010 for £31,500, according to Downing Street.
The PM said the pair's profit was "subject to all the UK taxes in the normal ways" and it was just below the threshold at which capital gains tax would have applied.
The annual personal allowance for an individual in 2009-10 was £10,100 - meaning jointly the profit was just outside the threshold.
He also said his father left him £300,000, adding: "I obviously can't point to every source of every bit of the money."
According to The Guardian, papers leaked from Panama-based law firm Mossack Fonseca are said to suggest Ian Cameron ran a fund that avoided having to pay tax in Britain by hiring Bahamas residents to sign its paperwork.
Cameron Caves After Four Days Of Questions
I have "nothing to hide", David Cameron argues as he reveals that he and his wife sold shares worth more than £30,000 in an offshore tax haven fund set up by his late father.
Having been questioned all week, the Prime Minister seemingly bowing to intense pressure.
But why has it taken so long?
On Sunday night, it was revealed his late father Ian Cameron was a director of Blairmore Holdings, allegedly having "managed tens of millions of pounds on behalf of wealthy families".
But on Monday, Downing Street insisted there was nothing to see here, that the Prime Minister's tax affairs were, a private, personal matter.
"That is a private matter. I will focus on what the Government is doing," said his official spokeswomen.
By Tuesday though, pressure on him had grown to explain not just his but his family's tax affairs.
At a press conference, in response to Sky Political Editor Faisal Islam's question, Mr Cameron said: "I own no shares.
"I have a salary as prime minister and I have some savings, which I get some interest from and I have a house, which we used to live in, which we now let out while we are living in Downing Street and that's all I have.
"I have no shares, no offshore trusts, no offshore funds, nothing like that. And, so that, I think, is a very clear description."
But as one question appeared to have been answered another popped up, promoting hours later a clarification from Downing Street.
"To be clear, the Prime Minister, his wife and their children do not benefit from any offshore funds.
"As has been previously reported, Mrs Cameron owns a small number of shares connected to her father's land, which she declares on her tax return."
But what about his past? Had the Prime Minister benefited before he was Prime Minister?
Well four days after reports first emerged and repeated clarification, David Cameron admitted, he did hold shares in an offshore tax haven fund set up by his late father.
So why has it taken so long?
And far from shutting down the issue, it has yet again prompted yet more inquiring.
With Labour's Tom Watson asking: "Far from being the end of the matter, the questions keep coming.
"Did the Prime Minister know that this fund was linked to tax avoidance? If so, when, and if not, why not?
"And nearly 1,050 days after the Prime Minister claimed he was relaxed about the publication of his tax returns will this row finally prompt their publication?
Nigeria fuel crisis: Why is Africa's largest oil producer short of petrol?
Despite being one of the world's biggest oil producers, Nigeria imports most of its fuel and is currently facing a severe shortage.
It does not have enough oil refineries and even if the four it has were running at full capacity, they would only supply a quarter of the country's needs, says John Ashbourne, an economist at the financial research firm Capital Economics.
To meet demands, the national oil company imports around 50% of its fuel needs. The remainder is then supposed to be imported by private fuel distributors.
But for months these companies have been reducing their imports leading to the current fuel shortages.
The BBC's Nigeria correspondent Martin Patience looks at three reasons why:
1) Outstanding debts
For years, the Nigerian government paid a fuel subsidy to make it cheaper at the pump. But it was hugely expensive when the price of oil was high.
The current government, which came to power last May, said it inherited massive debts from the previous administration.
Fuel distributors were initially left out of pocket.
Finally, the government paid the bill in November. But by that time, companies had already started slowing fuel imports.
2) Currency crisis
The slump in global oil prices is hammering the Nigerian economy.
It has led to a shortage of the US dollars needed to pay for imports.
With the country facing a currency crisis, the distributors are struggling to get their hands on dollars to pay for fuel imports.
They say they are being forced to use the black market where they pay a far higher rate.
3) Fuel subsidy dispute
January, the government ended official fuel subsides saying the cost of oil had fallen so much that they were no longer required.
But the fuel distributors disagree.
In protest, some companies stopped selling fuel during this dispute.
As the shortages increased, others hiked their prices above the official government rate - leading to accusations of profiteering.
Some analysts predict that until the fuel subsidy is reintroduced or official retail rates are allowed to rise, distributors will continue to limit the supply.
And for Nigerian motorists that could mean the long wait at the pumps will go on.
Co-op Boss Confirms Demand For 60% Pay Cut
The Co-operative Group has confirmed a pay cut for its chief executive, requested by Richard Pennycook himself, as its recovery is "firmly on track" with annual profits rising 11%.
The business, which was plunged into chaos in 2013 by a financial meltdown at its banking arm and a wider governance fiasco, reported that its rescue was over and rebuild well underway with an underlying profit before tax of £81m for 2015.
It credited growth in its food and funerals businesses, saying investment in its customer offerings was bearing fruit.
The Co-op also confirmed a story by Sky News on Wednesday that Mr Pennycook had requested his pay be slashed - now the hardest work had been completed in the turnaround of the business.
It will see his maximum remuneration fall by almost 60% after he took home £3m last year in pay and other awards.
His base salary will fall to £750,000 from £1.25m.
He said: "This has been a year of further progress at the Co-op as we have invested to drive the growth of our businesses.
"Underlying profits have increased but our priority this year has been on putting the building blocks in place for the long-term.
"Whether it’s our investment in lowering prices, rewarding colleagues or campaigning on key issues, we are taking the right steps and the performance of our businesses and the feedback from our members shows us we are on the right track.
"We are, however, only one year into our Rebuild and whether it is driving further growth in our businesses, improving member engagement or getting back to our campaigning roots, there is still much to achieve."
Co-op reported a rise of 1.6% in like-for-like food sales - with 97 new stores opened in 2015 and hundreds of others refurbished.
It was announced during the period it had become the most frequently visited convenience outlet and Co-op confirmed its expansion was to continue in 2016.
Funeral sales growth of almost 10% was put down to a death rate not experienced since 2008 and it plans to open 200 new funeral homes over three years.
Its insurance business recorded a £13m loss - hit by the impact of flooding in northern England.
PM Intervened To Weaken EU Action On Trusts
David Cameron personally intervened to water down an EU transparency drive on trusts, despite warnings it could create a loophole for tax dodgers.
The Prime Minister wrote to European Council President Herman van Rompuy in 2013, successfully arguing for trusts to be treated differently to companies by anti-money laundering rules.
The letter, first revealed by the Financial Times, comes as Mr Cameron faces questions over his family's tax affairs after details of an investment fund set up by his father were reported as part of the Panama Papers leak.
The PM wrote to Mr van Rompuy arguing it was "clearly important we recognise the important differences between companies and trusts".
He wrote: "This means that the solution for addressing the potential misuse of companies, such as central public registries, may well not be appropriate generally."
Dutch MEP Judith Sargentini, who led the European Parliament's work on the draft law, told the FT that the UK used privacy arguments to justify a different status and that she had seen it "as a danger and as a possible loophole".
A Government spokesman said Mr Cameron stepped in because of concerns that pursuing trusts would undermine efforts to take action on issues of greater concern, such as tackling shell companies, whose ultimate owners are hidden.
The spokesman added: "In the subsequent negotiations, we were able to secure a sensible way forward which ensures that trusts which generate tax consequences have to report their ownership to HMRC."
He defended the Government's record on tackling tax evasion and avoidance - including legislation forcing British companies to disclose who owns and benefits from their activities, which comes into force in June.
But shadow Treasury minister Richard Burgon said the story "completely undermines" claims the Government was determined to act on the issue.
He said: "Another day and another story emerges which exposes what the Conservative Party really thinks in its heart of hearts about tackling tax avoidance.
"The Prime Minister can't raise a finger to save our steel industry but at the drop of a hat he can personally intervene to undermine EU efforts to clamp down on tax avoidance.
"When things like this come out from the very top of the Conservative Party it completely undermines anything they have said previously on this major issue.
"It's time that they treated tax avoidance as the serious matter people across Britain know it is. And one way they can do that is to stop trying to block or undermine measures which would help to tackle it."
Among the leaked documents from Panama law firm Mossack Fonseca are details of a multimillion-pound offshore firm set up by Mr Cameron's father Ian in the tax haven.
Since details of the fund emerged, Downing Street has issued four separate statements on the PM's personal finances - eventually clarifying that Mr Cameron, his wife and their children will not benefit from offshore funds or trusts in the future.
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