Financial Economics Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds

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Financial Economics Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds

Financial Economics Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds
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Financial Economics Latest News: French Report on HSBC Tax Case Points to $5 Billion in Undeclared Funds

by Wochit 1:01 mins

France needs to beef up its methods for fighting tax evasion, according to a parliamentary report on a tax probe into HSBC that revealed $5 billion of undeclared assets across thousands of accounts. The New York Stock Exchange's operator will take over administration of the London interbank offered rate, or LIBOR, which had been the subject of a global market manipulation scandal. Billionaire Warren Buffett is giving five charities more than $2.6 billion worth of Berkshire Hathaway Inc. stock as part of his overall plan to give away his fortune gradually. The biggest block of shares, worth $2 billion is going to the Bill and Melinda Gates Foundation. Buffet outlined his charitable plans in 2006 and has been making annual gifts since then.

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