Author: Eka Gerona

Indian tax authorities have sent a confidential notice to South Korean car maker Kia Motors accusing it of evading millions of dollars in taxes.The amount could be as high as $155m (£125m) and the notice was sent in April last year, according to Reuters.Kia India told the BBC it has already filed a “detailed response supported by comprehensive evidence and documentation” to the tax claim, issued by a customs commissioner in the city of Chennai. It did not provide further details. The BBC has approached the finance ministry for comment.Kia has a manufacturing facility in the southern Indian state of…

Google has become the latest big US firm to scrap its goals to recruit more workers from underrepresented groups, BBC News understands.The decision to abandon the diversity, equity, and inclusion (DEI) recruitment targets comes after the company carried out an annual review of its corporate policies.The technology giant is also reviewing some of its other DEI programmes.US President Donald Trump and his allies have regularly attacked DEI policies. Since his return to the White House just over two weeks ago, Trump has ordered government agencies to eliminate such initiatives.”We’re committed to creating a workplace where all our employees can succeed…

When a real-estate developer becomes the US president, don’t be surprised if American foreign policy includes a heavy helping of real-estate development.That’s probably the biggest conclusion to draw from Donald Trump’s stunning proposal for the US to take over Gaza and turn it into a resort for all the people of the world to enjoy – a “Riviera of the Middle East”, in his words.It also presents the latest iteration of a question that has persisted as long as Trump has been involved at the highest level of American politics. Should Trump’s Gaza development plan, which includes the resettlement of…

Natalie ShermanBusiness reporter, BBC NewsGetty ImagesUS imports hit their highest on record in December as businesses responded to the threat of tariffs made by President Donald Trump by racing to secure foreign-made toys, mobile phones and computers.The value of goods brought into the US jumped 4% from November to $293.1bn, the highest since records began in 1992, the Commerce Department said on Wednesday.The rise also contributed to the widest trade deficit, or gap, between exports and imports in nearly two years.It comes as the future of global trade remains uncertain due to Trump’s plans for tariffs – a tax he…

Thousands of employees at the United States Agency for International Development (USAID) will be placed on leave from Friday night, the agency has said in a statement on its website.In the announcement, USAID said all “direct-hire personnel” will be placed on leave at the end of this week except those on “mission-critical functions, core leadership and specially designated programs”. The move is the latest in a string of cuts President Donald Trump has made to government-funded programs since returning to office last month.Many have argued the choice to shut it down could have a profound impact on humanitarian programmes around…

Thieves in the US state of Pennsylvania have stolen more than 100,000 eggs – worth $40,000 (£32,000) – from a single grocer.The heist targeted the back of a lorry at Pete & Gerry’s Organics in Greencastle on 1 February, police say.It comes as the price of eggs has risen amid a bird flu epidemic, making them an unexpectedly costly menu option. The national chain Waffle House has just hiked their egg charge. Prices for eggs have surged more than 65% in the last year, US government data shows. The agriculture department predicted the cost will increase by about 20% in…

Faarea MasudBBC Business reporterGetty ImagesBeauty firm Estée Lauder, owner of cosmetics brands Clinique, MAC, and Jo Malone, is shedding twice the number of jobs than planned, pointing to uncertainty around US President Donald Trump’s tariffs as cause for concern.The American multinational was already restructuring the business to tackle its flagging performance, but now says job losses could reach 7,000.The outlook for firms that trade globally has got tougher in recent days as Trump launched his promised programme of import taxes.However, tariffs targeting Canada and Mexico were suspended at the last minute.The firm, which also owns Bobbi Brown, Aveda and Tom…

Just a day ago, Donald Trump was threatening a multi-front trade war with Canada, Mexico and China that would take the global economy into uncharted territory.Twenty-four hours later, we’re in a rather different place with the tariffs – or taxes – against America’s closest neighbours and trading partners on hold for 30 days.But the 10% tariffs on all goods imports from China have gone ahead, and Beijing has responded in kind. So what are the potential economic consequences of these opening salvos and could this turn into a broader trade war?China is subject to significant US tariffs already and has…

US President Donald Trump has taken the first step towards setting up a sovereign wealth fund for the United States, and suggested that it could end up buying TikTok.The president signed an executive order on Monday, to kickstart the process, saying the fund would soon be “one of the biggest”.More than 90 countries have sovereign wealth funds, investing surplus income for the benefit of future generations. However, the US currently runs a budget deficit.”We’re going to create a lot of wealth for the fund,” Trump told reporters, without clarifying where the money would come from.When Trump first floated the idea…

Watch: ‘I’m getting angry and anti-American’ – Canadians decry tariff threatPresident Donald Trump has suspended for 30 days the hefty tariffs on Mexico and Canada that he threatened after last-minute negotiations with the two US neighbours.He can point to concessions on border and crime enforcement as a victory. But Canada’s Justin Trudeau and Mexico’s Claudia Sheinbaum also can claim political wins.A trade war that would send economic shockwaves through North America and beyond is on hold – for now. So who blinked first and what happens next?Trump brinkmanship appears to pay offBy Courtney Subramanian, BBC News, Washington DCPresident Trump’s high-stakes…