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Saudi Arabia and United Arab Emirates introduce VAT for first time

Value Added Tax (VAT) has been introduced in Saudi Arabia and the United Arab Emirates for the first time.The 5% levy is being applied to the majority of goods and services.Gulf states have long attracted foreign workers with the promise of tax-free living.But governments want to increase revenue in …

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Top UK boss and family killed in seaplane crash

The chief executive of a FTSE 100 company and an 11-year-old girl were among five Britons killed when a seaplane crashed near Sydney hours before New Year’s Eve celebrations. Richard Cousins, the chief executive of Compass, the world’s largest contract catering company, was on board with his 48-year-old fiancee …

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Lawyer Randell leads race to chair City watchdog

A lawyer who advised ministers during the meltdown in Britain’s banking ‎system in 2008 is a leading candidate to become the next chairman of the City regulator. Sky News has learnt that Charles‎ Randell, a former partner at the ‘Magic Circle’ law firm Slaughter & May, is in talks …

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Call for tech giants to face taxes over extremist content

Internet companies should face a tax punishment for failing to deal with the threat of terrorism in the UK, security minister Ben Wallace has said.Mr Wallace said firms such as Facebook, Google and YouTube were too slow to remove radical content online, forcing the government to act instead.While tech …

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North Korea: South seizes second ship in oil supply row

South Korean authorities have seized a second ship suspected of supplying oil to North Korea in violation of international sanctions, officials say.The Panama-flagged tanker, which is named Koti, is being held at a port near the western city of Pyeongtaek.South Korea has already impounded a Hong Kong-registered ship it …

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Will we see driverless tech go mainstream in 2018?

The coming year will see driverless vehicle technology become part of everyday life in Britain, according to experts. The sector has already seen a sharp acceleration in development over the past 12 months with the Government backing the technology in the last Budget – promising fully driverless cars on …

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What to watch

Global stock markets are closing out a blockbuster year.In the US, the S&P 500 topped 2,670, rising more than 400 points or about 19% over the year. Japan’s Nikkei also gained nearly 20%. Even the UK’s FTSE indexes hit record highs, ending the year more than 7% ahead. As …

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P2P giant Funding Circle banks on £1bn float

Funding Circle, the UK’s biggest peer-to-peer lending platform, is preparing to hire advisers to oversee a £1bn-plus London flotation. Sky News has learnt that the company has told investment banks that it will hold a beauty parade towards the end of the first quarter of 2018, with a listing …

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