Just how much money do tech companies shelter from taxes? Quite a lot, according to the Dutch. Newly published Netherlands regulatory filings show that Google shielded €15.9 billion (about $19.2 billion) in 2016 using the popular “Dutch Sandwich” tax trick, saving it about $3.7 billion in taxes. The maneuver involves shifting revenue from an Irish subsidiary to a Dutch firm with no staff, and promptly moving the funds to a Bermuda mailbox owned by another Ireland-listed company. And this practice isn’t slowing down — Google moved 7 percent more cash through this approach in 2016 than it did a year earlier.
Samsung will have to operate without its acting leader for a few years, now that a South Korean court has found Lee Jae-yong guilty of bribery and embezzlement. The executive has been sentenced to five years in prison, much shorter than the 12 years he was facing. According to The New York Times, though, that’s long enough to be considered a heavy penalty for a country that’s used to doling out light sentences to major business figures.
The FAA is still trying to figure out the best way to regulate drones to ensure safety. Last week, a committee tasked with tackling the issue met for the first time, including representatives from Amazon, Ford and NYPD. One of the items discussed was a better way to identify registered drones from the ground since any ID numbers are pretty much invisible while the UAV is airborne.
American college student Otto Warmbier, sentenced by North Korea to 15 years hard labor, is dead. The 22-year-old Warmbier—whose release from custody was negotiated by US Secretary of State Rex Tillerson—died surrounded by family in Cincinnati, Ohio.
The media is ablaze over President Trump sharing classified information with Russian foreign officials—but what is classified information exactly? And what happens if you disclose it? Good news: You’ve been granted clearance to acquire this not-quite-top-secret knowledge.
Attorney General Jeff Sessions instructed federal prosecutors this week to take the most aggressive approach possible against federal criminal defendants. The policy change will result in lengthier prison sentences for drug offenders and likely reverse a recent drop in the federal prison population.
President Donald Trump has fired FBI Director James Comey, who recently led multiple investigations into Hillary Clinton’s use of a private email server when she was Secretary of State and Russia’s involvement in the 2016 US presidential election. Trump acted on the recommendation of Attorney General Jeff Sessions and Deputy Attorney General Rod Rosenstein, who argued Comey caused “substantial damage” to the FBI’s reputation and credibility over the past year.