Amazon and eBay warned over VAT fraudsters by MP

 

(qlmbusinessnews.com via bbc.co.uk – – Wed, 18 Oct 2017) London, Uk – –

Amazon and eBay are profiting from sellers who defraud UK taxpayers by failing to charge VAT, according to a report by MPs.

The report estimates up to £1.5bn has been lost from third-party sellers on online marketplaces not charging the tax on sales they make in the UK.

MPs in the Public Accounts Committee criticised HMRC for being “too cautious” in pursuing the “fraudsters”.

Amazon and eBay said they were working with HMRC on the issue.

Labour MP Meg Hillier, who chairs the committee, called online VAT fraud “hugely damaging” for British businesses and taxpayers.

She added that “the response of HMRC and the marketplaces where fraudsters operate has been dismal”.

‘Bewildering’

The fraud has increased because foreign firms selling goods to UK shoppers – usually via online marketplaces like Amazon and eBay – are keeping some of their stock in UK warehouses to provide next day delivery.

If items are dispatched from UK soil, the sellers have to charge VAT at 20%.

But many have not been, so undercutting genuine UK suppliers and reducing tax revenue, the committee’s report found.

Brexit will make the issue more complicated because of uncertainty over trading and customs, it added.

Both Amazon and eBay told the committee they took action to remove “bad actors” from their sites.

But the report said it was “bewildering that these big companies have taken such little action to date”.

It added that Amazon and eBay, amongst other online marketplaces, “continue to profit from fraudulent activities taking place on their sites” by charging the sellers a commission.

In the hearings a pack of lightbulb socket converters and a hose for a Dyson vacuum cleaner were held up as examples of products sold without VAT.

‘Above and beyond’

The report’s conclusions include:

  • The UK’s tax agency, HMRC, should set up an agreement with online marketplaces by March next year to tackle the issue
  • The websites should require non-EU sellers – which dispatch goods already in the UK – to provide a valid VAT number
  • HMRC should “inject more urgency” by making more extensive use of its existing powers

HMRC said it had introduced new rules last year to hold online marketplaces liable for unpaid VAT by overseas sellers, leading to a ten-fold rise in the number of sellers registering for VAT.

“The new reforms will secure an extra £875m in tax to help pay for vital public services,” an HMRC spokesman said.

In a statement Amazon said it was reviewing the report and supported efforts to ensure sellers across all marketplaces were VAT compliant.

An eBay spokesperson said it was going “above and beyond” HMRC’s requirements to provide a “fair marketplace for all our buyers and sellers”.

The Bubble Bros van tours the UK selling prosecco on tap

 

Bubble Bros bought a vintage Piaggio van and transformed it into a prosecco wagon, which serves bubbly on tap.

The three-wheeled vehicle tours the country together with the Bubble Bike, a motorbike with a sparkling wine bar in the sidecar. Stops include weddings, private partiers, and also festivals like Glastonbury.

Bubble Bros started catering in 2015 with 1 van. They now have 5 vans and 1 motorbike which are all road legal.

Their wine comes in barrels from the DOCG region of Italy, which stands for Controlled and Guaranteed Designation of Origin– a quality assurance label for Italian wines.

Meet the company where luxury and philanthropy go hand in hand

(qlmbusinessnews.com via livingit.euronews.com – – Sat, 14 Oct 2017) London, Uk – –

Want to spice up your next trip by making a contribution to the local population? You will return home with the best souvenir: the satisfaction of knowing you made a difference. An ever-growing group of socially engaged travelers has already changed thousands of people’s lives.

There is no better place to watch whales than the island where locals have strong cultural affinities with these beautiful marine creatures. In New Zeland, the indigenous Māori people have a long history with whales: local legend says that their ancestors arrived on the island on the back of a whale. The locals believe in a spiritual bond with the animals.

Today, this tribe happens to possess one of the most successful companies organizing whale watch tours, among other activities, in the local town of Kaikoura. In fact, the local community trust, founded in 1987 by four Maori families, has played a huge role in reviving the town’s declining economy. They have transformed Kaikoura into a leading eco-tourism destination and the Whale Watch Kaikoura became the largest employer of the season. The enterprise invests a huge part of their annual profit in supporting the community, education, employment, and protecting the environment.

The company offers up-close encounters with giant sperm whales and strives to minimise their impact on the environment. It also runs educational programmes on how to save the environment as well as eco-friendly activities for visitors, such as planting your own tree.

By Doloresz Katanich

 

The robot helping sick children explore the outside world

 

A rare genetic disorder often prevents 17-year-old Jade Gadd from leaving her house. Denied the normal life most teenagers enjoy, she is unable to go to school regularly and left feeling isolated. Recently, that has all begun to change with the help of a small robot, who takes her physical place in class, relays information and allows her to stay connected with her teachers and classmates.

Samsung chief exec resigns citing an “unprecedented crisis”

(qlmbusinessnews.com via telegraph.co.uk – – Fri, 13 Oct 2017) London, Uk – –

The chief executive of Samsung Electronics has resigned, citing an “unprecedented crisis” around the smartphone giant.

Kwon Oh-hyun, who has been with the company for 32 years, said he would step down as chief executive and vice chairman in March. His departure comes despite Samsung Electronics projecting record quarterly profits

The company’s sales are booming thanks to record demand at its microchip and display units and improving sales of its latest smartphones, but it has been hit by a corruption scandal at the highest level.

Jay Y Lee, the heir to the Samsung empire, was sentenced to five years in prison in August for bribery and perjury after he was accused of overseeing large payments to foundations run by South Korea’s former president Park Geun-hye.

Mr Lee is vice-chairman of both Samsung Electronics and the wider Samsung conglomerate, which includes interests in property, financial services and healthcare. But the electronics company, best known as the world’s biggest smartphone seller, is its crown jewel.

“As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry,” Mr Kwon said in a letter to staff.

 “It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off.”

Samsung did not announce a successor. It technically has three chief executives but the other two, Jong-Kyun Shin and Yoon Boo Keun, have stepped back from the day-to-day running of the company.

“With Jay Y Lee also likely to be out of the picture for a few years, the way is open for new blood to take the helm of Samsung and clean-up these long-standing issues,” said Richard Windsor of Edison Investment Research.

It came as Samsung Electronics announced that it expected to report revenues around 62 trillion won (£41bn) in the third quarter, up from 47.8 trillion in the same period last year when the company was engulfed by the crisis of its faulty Galaxy Note 7.

It said operating profits would be around 14.5 trillion won, compared to 5.2 trillion won a year ago. While it has seen record demand for its latest Note 8 phone, the biggest driver of revenues have been its memory and display divisions.

By 

CEO of UK wealth management firm warns bond markets creating the biggest financial crisis of our life time

(qlmbusinessnews.com via cnbc.com – – Wed, 11 Oct 2017) London, Uk – –

The CEO of a U.K.-based wealth management firm has warned that an unruly end to monetary stimulus from global central banks could lead to pensioners and retail customers suffering the biggest financial crisis of their lifetimes.

Brian Raven, group chief executive at Tavistock Investments, believes that bond markets will be the source of the problem and are primed for a sharp reversal.

“This is the biggest financial crisis of our lifetime, because it affects the average person,” Raven told CNBC over the phone. Tavistock is focused on the U.K. but Raven said the problem could be felt more broadly around the world. He argued that bond markets are in a state “never seen before” which could soon trigger a financial shock bigger than in 2008.

Bonds — pieces of paper that companies, governments and banks sell to raise money — have seen three decades of price gains and are perceived to be a safe haven in times of economic stress. They also traditionally perform poorly in times of rising inflation. In the last 10 years, central banks have been busy buying up bonds in an effort to boost the global economy and increase lending. This has further accentuated the move higher for bond prices and many economists now believe the market has become distorted.

With central banks preparing to put an end to ultra-loose monetary stimulus, and with inflation recently seeing a pickup, there are concerns that bonds could lose value quickly in a market that is not very liquid. There are also concerns that bondholders aren’t fully aware of the risks.

“The more conservative central banks ( e.g. Bundesbank ) that have been skeptical of quantitative easing have long warned that long periods of low interest rates can sow the seeds of the next crisis by smothering relative prices in the financial markets — but it is difficult to tell where ahead of time because of the ‘fog’ created,” Jan Randolph, director of sovereign risk at IHS Markit, told CNBC via email.

“There is a risk of a sharp rebound in prices as monetary policies tighten and liquidity problems if investors stampede out these more risky markets when risks start to crystallize,” he added.

While there’s been many gloomy forecasts for the bond market, not everyone agrees that they’ll definitely see significant losses as central banks reduce their bond-buying programs. Mike Bell, a global market strategist at JPMorgan Asset Management, told CNBC Monday that this monetary tightening creates a risk but believes that the recent economic recovery should be enough to offset the impacts of lower bond prices.

“Eventually tighter monetary policy could tip the U.S. economy into recession, but we believe that the economy and equity markets can withstand at least the next year’s worth of monetary policy tightening,” he said.

“We certainly don’t expect the next bear (negative) market to be as bad as the financial crisis in 2008 as banks are much better capitalized than they were in 2008. We therefore expect the next bear market to be a more classic recession rather than a full-blown financial crisis,” he added.

Central banks are unlikely to change their strategy and so investors will be likely face higher interest rates and higher inflation. Therefore, Tavistock’s Raven told CNBC that investors should adapt and diversify their investments. Bonds with short durations, high-yielding bonds and emerging market bonds are all potential options for investors, according to Raven.

By Silvia Amaro

Sky take over bid face assessment by competition Watchdog

(qlmbusinessnews.com via theguardian.com – – Tue, 10 Oct 2017) London, Uk – –

Competition and Markets Authority details scope of investigation into Murdochs’ potential to control editorial decisions

The competition watchdog has said it will assess whether Rupert Murdoch would be able to control or influence editorial decisions at Sky News as one of the key points of its investigation into his £11.7bn Sky takeover bid.

On Tuesday, the Competition and Markets Authority outlined the scope of its inquiry into how the deal would affect UK media plurality and broadcasting standards, and invited submissions for the six-month investigation.

Among the areas the CMA will look at is whether the Murdoch family’s ability to control or influence editorial and commercial decisions at Sky News will change, and how, if 21st Century Fox’s attempt to buy the 61% of Sky it does not own is successful.

The regulator will also assess their ability to “influence the political agenda” and how this could change after a takeover, alongside more general scrutiny of the potential effect on the number and variety of British media, including the “range of viewpoints”.

Fox and Sky’s broadcasting standards will be scrutinised, with the CMA saying it will look at whether the merged group would have a “genuine commitment” to the standards, while giving consideration to their track record.

Corporate governance and the treatment of employees in the UK and overseas are also to be assessed.

Karen Bradley, the culture secretary, referred Fox’s proposed takeover of Sky to the CMA last month for a full inquiry, after a three-month investigation by Ofcom.

While Ofcom raised concerns over media plurality, it found there was no reason to block the takeover bid on the grounds of broadcasting standards.

Anne Lambert, the CMA panel chair, said: “The CMA will use its extensive experience of investigating different issues in a wide range of sectors to thoroughly and impartially investigate the proposed takeover of Sky Plc by 21st Century Fox.

“Once the investigation is complete, we will report back to Karen Bradley for her to make a final decision.”

Bradley will appear at a select committee hearing on Wednesday, while Sky is to face shareholders for its annual general meeting on Thursday.

 

Airbnb paid less than £200,000 in UK corporation tax last year

 

(qlmbusinessnews.com via bbc.co.uk – – Mon, 9 Oct 2017) London, Uk – –

Airbnb, the accommodation website, paid less than £200,000 in UK corporation tax last year despite collecting £657m of rental payments for property owners.

The commissions the company earns in the UK are booked by its Irish subsidiary, but it also has two UK subsidiaries.

One unit made a pre-tax profit, but the other did not incur UK corporation tax because deductions resulted in a loss.

Airbnb said in a statement: “We follow the rules and pay all the tax we owe.”

One of the British subsidiaries, Airbnb Payments UK, handles payments between landlords and travellers for countries other than the United States, China and India.

That unit made a pre-tax profit of £960,000 and paid £188,000 in UK corporation tax – £8,000 less than in 2015.

The other British subsidiary, Airbnb UK, markets the website and app to British consumers. It reported a £463,000 pre-tax profit last year but because it gave shares to staff, which are tax-deductable, there was no corporation tax bill.

Airbnb said: “Our UK office provides marketing services and pays all applicable taxes, including VAT. The Airbnb model is unique and boosted the UK economy by £3.46bn last year alone.”

The tax arrangements of other technology giants have come under under closer scrutiny in recent years.

One of the most vocal critics has been EU competition commissioner Margrethe Vestager. She has taken aim at the likes of Apple, Amazon and others for where they book the revenues and profits of their European activities.

Bruno Le Maire, the French finance minister, has also asked why Airbnb paid tens of thousand of euros in French corporation tax despite a turnover in the millions.

The company, founded in San Francisco in 2008, has disrupted the hotel industry by linking travellers with landlords who generally want to rent out a spare room or an entire property for short-term stays.

It has become one of the most successful examples of the digital economy, with an estimated value of about $24bn.

However, Airbnb has faced a growing backlash in cities including Barcelona, Berlin and Paris, where politicians have taken steps to stop landlords renting properties to tourists rather than local residents.

While Airbnb has long been linked with a stock market listing, it remains privately owned.

It takes a 3% commission from landlords for each booking, and also charges fees to travellers.

In the UK last year Airbnb catered for 5.9m travellers and had 168,000 listings.

 

Bruce Lee’s Top 10 Rules For Success

 

He was a martial artist, actor, teacher, and philosopher. He is widely considered to be one of the most influential martial artists of all time. He is often credited with helping change the way Asians were presented in American films. He’s Bruce Lee and here are his Top 10 Rules for success.

Physicist Robert Lang incredible origami journey

 

Twenty five years ago, physicist Robert Lang worked at NASA, where he researched lasers. He has also garnered 46 patents on optoelectronics and even wrote a Ph.D. thesis called “Semiconductor Lasers: New Geometries and Spectral Properties.” But in 2001, Lang left his job in order to pursue a passion he’s had since childhood: origami. In the origami world, Lang is now a legend, and it’s not just his eye-catching, intricate designs that have taken the craft by storm. Some of his work has helped pioneer new ways of applying origami principles to complex real-world engineering problems.

Blade Runner 2049 tracking to open domestically with between $45 million to $50 million

 

Blade Runner 2049 brought in $4 million last night at the North American box office. Variety reports over $800,000 came from IMAX screenings of the Denis Villeneuve-directed sequel, which stars Ryan Gosling and Harrison Ford. Blade Runner 2049 is tracking to open domestically this weekend with between $45 million to $50 million.

The interactive ping pong table with a digital twist to traditional table tennis

 

Wonderball is an interactive ping pong table which adds a digital twist to traditional table tennis.

The hi-tech table uses digital projectors and sensors which track the movements of the ball, allowing many different games to be played on it.

Wonderball can be played by up to 20 people at a time, allowing friends and spectators to join in and play together.

You can find the table in London bar Bounce Ping Pong.

Netflix streaming online giant to raise prices for subscribers

(qlmbusinessnews.com via uk.reuters.com — Fri, 6 Oct 2017) London, UK —

(Reuters) – Netflix Inc’s U.S. business announced the first rises in monthly fees in two years on Thursday, hiking costs for two of its three main subscription plans as it spends heavily on its own original content.

The company’s mid-range plan, which allows streaming on two devices at the same time, was increased to $10.99 per month from $9.99.

The top-tier plan, which allows streaming on four screens in high definition, was raised to $13.99 per month from $11.99. The basic plan fee remained at $7.99.

Shares in the global streaming pioneer rose as much as 4.5 percent to a record high of $192.80.

“Most investors believe that Netflix is priced well below its value to consumers and want to see the management continue to increase monetization,” Rob Sanderson analyst at MKM Partners said.

In 2011, Netflix raised prices for some customers by as much as $6, causing more than 800,000 U.S. subscribers to desert the service.

A more gradual move in 2014 did not provoke the same outrage.

Netflix is cheaper than many of its competitors despite the current price hike. HBO Now, the standalone streaming service of HBO that offers access to shows such as “Game of Thrones” and “Veep”, is priced at $14.99 a month, while Hulu prices its service without commercials at $11.99 per month.

“This price increase will likely be a revenue growth catalyst for the company,” RBC Capital Markets analyst Mark Mahaney wrote in a client note. “The content, not price, is the leading churn/churn-back factor amongst Netflix subs.”

The price hikes will only be in the United States and will start taking effect from mid-November, depending on users’ billing cycles.

Amazon to pay €250m (£221.5m) in back taxes to Luxembourg

(qlmbusinessnews.com via cityam.com – – Wed, 4 Oct 2017) London, Uk – –

Brussels has ordered Amazon to pay €250m (£221.5m) in back taxes to Luxembourg in its latest crackdown on US tech giants.

The European Commission had already said a deal between Amazon and Luxembourg over how much tax it pays amounted to state aid in preliminary ruling in 2015.

Now the competition chief Margrethe Vestager has ordered the tech company to repay millions.

It’s the latest ruling from Brussels when it comes to the tax arrangements of tech companies. Last year it ordered Ireland to recoup a record €13bn from Apple as a so-called sweetheart deal was deemed to amount to state aid.

Both Apple and Ireland have challenged the ruling, but a legal tussle between the two could result in further action by the commission with the cash yet to be collected more than a year later.

EU member states last month signalled their intention for coordinated action on the taxes paid by tech companies. Led by French finance minister Bruno Le Maire, the plans are supported by eight other states, including Germany and Spain. The proposals are to tax the firms on turnover rather than profit.

The latest action is likely to inflame tensions between Europe and the US. Business groups and politicians across the pond have warned that such actions are detrimental to economic growth.

By Lynsey Barber

“Angry Birds” Finnish company’s shares got off to a flying start

qlmbusinessnews.com via uk.reuters.com — Tue, 3 Oct 2017) London, UK —

HELSINKI (Reuters) – Rovio (ROVIO.HE), the maker of hit mobile game “Angry Birds,” will look to buy up other players in the gaming industry following its listing on Friday, its main owner Kaj Hed said.

The Finnish company’s shares got off to a flying start on their stock market debut, trading up as much as 7 percent from their initial public offering price (IPO) of 11.50 euros.

Hed, who cut his stake from 69 percent to 37 percent in the IPO, said Rovio now had more muscle to do deals in a gaming sector he believes is ripe for consolidation.

“We have a clear will to be a consolidator, and we are in a very good position to do that,” he told Reuters at Rovio’s headquarters by the Baltic Sea.

“Many good (gaming industry) players face the question of whether they should go public, or whether they should consolidate. Going public is expensive and requires hard work, so finding a partner could be easier.”

Analysts have long urged Rovio to do more to reduce its reliance on the “Angry Birds” franchise.

Hed, the uncle of Rovio’s co-founder Niklas Hed, said he remained strongly committed to the company.

“The reason that I sold shares was to give the company the liquidity, because that is very important. My intention is to remain as a long-term investor in the company.”

Rovio saw rapid growth after the 2009 launch of the original “Angry Birds” game, but it plunged to an operating loss and cut a third of its staff in 2015 due to a pick up in competition and a shift among consumers to freely available games.

But the 2016 release of 3D Hollywood movie “Angry Birds”, together with new games, have revived the brand and helped sales recover.

In the first half of this year, Rovio’s sales almost doubled from a year earlier to 153 million euros, while core profit increased to 42 million euros from 11 million.

Rovio’s market valuation of around 950 million euros ($1.12 billion), looks high based on Rovio’s historical profit, said Atte Riikola, an analyst at research firm Inderes.

“There seems to be initial demand for (the stock). But given that the IPO was multiple times oversubscribed, the share price reaction is not too dramatic,” he added.

“Profit growth is priced in, so they need to keep up the good performance which they had in the first half of the year.”

At 1135 GMT, Rovio shares were trading at 11.77 euros, off a high of 12.34 euros/

By Jussi Rosendahl

Additional reporting by Tuomas Forsell

25 Things You Didn’t Know About Money

 

We love money! We work hard to get it, spend it fast, always on the chase for more. As the famous lyrics say: money makes the world go round! But for something we use so frequently we know very little about. Let’s see how many of these you already knew!

1. 90% of the US dollar bills contain traces of cocaine!

2. The first Credit Card was created because of the embarrassment of a man who had to pay for dinner but forgot his wallet.

3. US Debt is 10 times larger than the US dollars in circulation.

4. All US$ coins and bills in circulation today are worth US$1.2 trillion.

5. Two thirds of that money is held overseas.

6. Paper money originated in China 1400 years ago.

7. Changing the $1 bill into a $1 coin would save the US 4.4 Billion in the next 30 years.

The hologram invented to fill the romantic void in Japanese lives

 

Meet Hikari, an anime virtual wife, and Eisuke, a virtual boyfriend who plays to a masochist fantasy, these are products of a multi-million dollar industry that’s sprung up in response to Japan’s relationship crisis. In episode three of the Bloomberg video series Love Disrupted, we look at the characters invented to fill the romantic void in Japanese lives.

Boxing titan Mayweather’s networth explained

(qlmbusinessnews.com via independent.co.uk – – Sat, 30 Sept 2017) London, Uk – –

Mayweather has generated around 19.5m in PPV buys and $1.3bn in revenue throughout his career, with the McGregor fight likely to boost his career earnings over the $1bn mark

Floyd Mayweather is one of the biggest pay-per-view attractions of all time and one of a very elite group of athletes to see their career earnings nose above the $1bn mark.

A shrewd businessman and the greatest boxer of his generation — if not all time — Mayweather has been listed as the highest paid athlete in the world four times by the American business magazine Forbes.

Mayweather is so rich that he even changed his boxing identity to reflect his staggering wealth.

The American was known as “Pretty Boy” throughout his entire career, as a result of how little he got hit due to his superior defensive skills. But in 2007 before the biggest fight of his life against Oscar De La Hoya, Mayweather unleashed a new name: “Money.”

He is also known as the ‘PPV King’ due to his phenomenal success at the box office. His fight against Canelo Alvarez attracted over 2m buys and $150m (£116m) in revenue — but these numbers were dwarfed by his fight against Manny Pacquiao, with 4.6m buys and $400m (£308m) in revenue.

In total, he has attracted 19.5 buys and around $1.3bn in revenue.

But what is his estimated net worth? Who are his sponsors? And exactly how much money does he stand to make by fighting McGregor?

Here everything you need to know about Mayweather’s extraordinary financial muscle.

What is Mayweather’s estimated net worth?

Floyd Mayweather is one of the very richest athletes in the world, topping the Forbes and Sports Illustrated lists of the 50 highest-paid athletes of 2012 and 2013 respectively, and the Forbes list again in both 2014 and 2015.

Mayweather has generated just under 20m PPV buys and over $1bn in revenue throughout his career, surpassing the likes of former top boxers such as Mike Tyson, Evander Holyfield, Lennox Lewis, Oscar De La Hoya, and Manny Pacquiao. His PPV buys and revenue dwarf that of McGregor.

In 2016, the American business magazine Forbes reported that Mayweather banked $32 million (£25m) from his ‘retirement’ fight against Andre Berto fight to bring his career earnings to around $700 million (£540m).

Given that Mayweather made roughly $250 million (£193m) for the Pacquiao fight, it can be safely assumed that his career earnings will surpass $1bn this summer.

According to Forbes: “Another massive purse awits the five-division world champion in August for his boxing match versus UFC star Conor McGregor. If Mayweather can secure a similar payday to his 2015 Manny Pacquiao bout, it will push his career earnings to $1 billion.”

How many other athletes have made over $1bn during their careers?

Not many. The only other athletes to earn such a large amount of money during their sporting careers are basketball player Michael Jordan ($1.5bn) and Tiger Woods ($1.4bn), who both enjoyed a number of lucrative sponsorships, principally with Nike.

There are three others if you adjust for inflation: golfers Arnold Palmer and Jack Nicklaus, and seven-time Formula 1 world champion Michael Schumacher.

Who sponsors Mayweather?

Perhaps surprisingly, Mayweather doesn’t have that many active sponsorships. In 2015, he told Fortune magazine that this was not because brands were not interested in working with him, but because his baseline for entry is too high for most. How much does he demand? $1m.

This may only partially be the reason. Mayweather also has a chequered past, and has previously been charged with domestic violence and misdemeanor battery, which means that some brands may have been reluctant to work with him.

For the Pacquiao fight, three brands did decide to sponsor him however. Burger King, daily fantasy sports site FanDuel, and Swiss watchmaker Hublot all dished out over $1m.

Why did he split with Top Rank?

In 2007 Mayweather founded his own boxing promotional firm, Mayweather Promotions, after defecting from Bob Arum’s Top Rank.

He broke ties with Top Rank after activating a $750k (£578k) break clause, believing that he could make more money promoting his own fights.

It proved to be a shrewd choice: he earned pay checks ranging between $25m-$40m (£19.3m-£31m) over the next six years, before he broke new records for his fight against Canelo Alvarez, which netted him over $70m (£54m).

What has his richest fight been?

Until now, it has been the contest with Pacquiao. Mayweather is believed to have made $220m (£175m) from the contest, with the fight generating an incredible $600m (£470m) in revenues.

For his last fight, a unanimous points decision win against Andre Berto, he secured far less: $32m (£25m).

And how much does Mayweather stand to earn from this fight?

If the PPV stays roughly in line with the Mayweather v Pacquiao fight, the Mayweather v McGregor fight purse is likely to be worth around $390m (£300m). Total revenues are meanwhile expected to exceed $500m (£390m).

Somewhat unfortunately, the two men signed a confidentiality agreement when they signed their contracts, meaning the exact split will not be revealed.

We know that Mayweather is getting more however, with estimates ranging in the 70-75% region

By Luke Brown

Ikea buys gig economy odd-jobs company TaskRabbit

(qlmbusinessnews.com via theguardian.com – – Fri, 29 Sept, 2017) London, Uk – –

Ikea has bought the gig economy odd-jobs company TaskRabbit, becoming the latest retailer to move into offering services alongside products.

Jesper Brodin, the president and chief executive of Ikea Group, said the Swedish homeware chain was responding to increasing urbanisation and a shift to digital shopping that challenged traditional retail.

“We need to develop the business faster and in a more flexible way. An acquisition of TaskRabbit would be an exciting leap in this transformation,” he said.

TaskRabbit, based in San Francisco and set up in 2008, operates in 40 cities in the US and the UK, connecting customers through its app with home maintenance tradespeople who can handle furniture assembly, decorating, cleaning and deliveries.

Users flag jobs they want doing, and taskers, as the company refers to them, can select work nearby, apparently choosing the rate at which they will be paid.

TaskRabbit will continue to operate as an independent company within the Ikea Group and link up with other retailers. The value of the deal was undisclosed.

Ikea joins the likes of John Lewis and Debenhams in seeing services as a route to growth.

John Lewis launched its Home Solutions service this month after signing up 150 independent tradespeople, all of whom were vetted by the department store. After being tested in Milton Keynes, the service is being extended to Bristol, Cardiff, Cheltenham, Gloucester and Taunton.

Brodin said: “We will be able to learn from TaskRabbit’s digital expertise, while also providing Ikea customers additional ways to access flexible and affordable service solutions.”

The acquisition takes Ikea into the gig economy, with TaskRabbit workers classed as independent contractors who work when they want, where they want and at rates they set, but are not necessarily entitled to a minimum wage or holiday pay.

Other gig economy employers, including Uber and Deliveroo, have faced court action over the treatment of their workers, some of whom say they are not independent contractors and should receive holiday pay.

The buyout comes after Ikea tested recommending TaskRabbit workers to assemble furniture for customers late last year at some of its London stores.

TaskRabbit was founded by the former IBM software engineer Leah Busque. The company has struggled to expand and partnered up to offer its services via Amazon last year.

By Sarah Butler