Cheddar Heist: £300,000 Worth of Cheese Stolen from Neal’s Yard Dairy
In a daring heist, £300,000 worth of cheese, including award-winning Hafod Welsh Cheddar, was stolen from London’s renowned Neal’s Yard Dairy on October 21. According to Patrick Holden, the supplier of the Hafod cheese, the stolen products may have been shipped abroad for resale, possibly in Russia or the Middle East.
The theft involved a sophisticated scam where fraudsters impersonated an agent from a French supermarket to obtain 22 tonnes of clothbound cheeses from the Southwark-based company without making any payment. “The robbers asked Neal’s Yard to dispatch it to another warehouse in or around London, from which it was then collected by these nefarious people,” Holden stated, adding that the thieves had managed to cover their tracks effectively.
Holden, who operates a dairy farm in western Wales, expressed his shock at the theft, emphasizing the violation it represented for a product built on trust and transparency. “That made it all the more shocking really, that this could happen to a product that is hallmarked with openness and trust,” he remarked.
Neal’s Yard Dairy confirmed that the cheese had already been removed from their warehouse. Holden speculated that the criminals are targeting markets where inquiries about the product’s origin would be less likely, noting, “I think they’re hoping to sell it in the Middle East or Russia, that’s my guess. Because people won’t ask questions there.” He indicated that selling the cheese in North America or Australia would be more challenging due to the interconnectedness of the international artisan cheese community.
Despite the theft, Neal’s Yard Dairy has committed to honoring payments to its suppliers. On Monday, the company expressed gratitude for the overwhelming support it has received from the artisan cheese community and beyond since the news of the heist broke. “We are truly touched that so many people are standing with us. It’s a reminder of why we love the work we do,” the company stated.
Celebrity chef Jamie Oliver also weighed in on the incident, calling for vigilance among consumers regarding the sale of “lorryloads of posh cheese” at unusually low prices. On social media, Oliver remarked, “There has been a great cheese robbery. Some of the best cheddar cheese in the world has been stolen.” He encouraged his followers to be on the lookout, adding, “If anyone hears anything about posh cheese going for cheap, it’s probably some wrong’uns.”
As investigations by the Metropolitan Police continue, Neal’s Yard Dairy remains hopeful for the recovery of the stolen cheese and is taking steps to bolster its security measures against future incidents.
Business
Netflix Offices in Paris and Amsterdam Raided in Tax Fraud Investigation
Paris, France – French and Dutch authorities conducted raids on Netflix offices in Paris and Amsterdam as part of a collaborative investigation into alleged tax fraud, according to French judicial sources. The investigation, which began in November 2022, focuses on potential tax evasion and unreported earnings by the global streaming giant.
Netflix, headquartered in Los Gatos, California, has yet to comment on the raids directly, but the company reiterated its commitment to adhering to tax laws in every region it operates. The office in Amsterdam, Netflix’s European headquarters, oversees operations across Europe, the Middle East, and Africa.
The investigation in France is being led by the National Financial Prosecutor’s Office (PNF), a specialized unit responsible for handling high-profile financial crimes. Officials from the PNF are reportedly scrutinizing Netflix for allegedly “covering up serious tax fraud and off-the-books work.” The inquiry includes examining Netflix’s tax filings for 2019, 2020, and 2021, years during which the company is suspected of minimizing reported profits to reduce its tax burden in France.
Authorities in the Netherlands conducted simultaneous searches at Netflix’s Amsterdam office, working closely with French investigators. Officials from both countries have been coordinating efforts for months, according to French judicial sources.
The investigation was initially prompted by concerns that Netflix may have shifted revenue from France to the Netherlands, allowing it to benefit from more favorable tax arrangements. French media outlet La Lettre reported last year that until 2021, Netflix declared its French-generated revenue in the Netherlands, effectively lowering its tax payments in France. After changing this practice, Netflix reported a sharp increase in revenue in France, jumping from €47.1 million ($51.3 million) in 2020 to €1.2 billion in 2021.
However, the authorities are now investigating whether Netflix continued efforts to limit reported profits after 2021. If confirmed, such actions could indicate an ongoing strategy to minimize tax obligations.
Netflix launched its streaming service in France over a decade ago, opening a dedicated Paris office in 2020. Since then, the company has garnered around 10 million subscribers in the country, according to AFP news agency, making it one of the largest streaming platforms in the region.
The outcome of the investigation could have significant implications, as European governments have been increasing pressure on tech giants to ensure fair tax practices. The European Union has previously taken steps to address tax loopholes and boost transparency, particularly concerning companies with multinational operations that generate significant revenue from European consumers.
This investigation marks one of the latest moves by European authorities to address concerns about tax evasion by large technology firms. Depending on the findings, Netflix may face financial penalties or be required to alter its financial reporting practices in the region. The developments also come amid a broader push by European governments to standardize corporate taxation and prevent revenue shifting across borders.
Business
How to Set Up a Business in Estonia: Guide to Company Formation Options
Estonia has become a top destination for entrepreneurs and digital nomads, thanks to its advanced digital infrastructure and business-friendly regulations. Setting up a business in Estonia is efficient and flexible, with options to suit various needs, from e-residency to traditional registration methods. This guide will walk you through the main pathways to register a company in Estonia, highlighting the steps, benefits, and considerations for each.
1. E-Residency Program: A Digital Pathway to Business
Estonia’s e-residency program is revolutionary, enabling foreign entrepreneurs to set up and manage a fully digital company within Estonia’s legal framework. After applying for e-residency and obtaining a digital ID, you gain access to Estonian government portals and digital business services. This pathway is popular among remote workers, freelancers, and startups, as it allows complete management of the business online without physical presence.
- Pros: No physical presence required, full access to Estonia’s digital ecosystem, and easy integration with EU banking systems.
- Cons: Limited to certain business models and requires understanding of online compliance.
2. Traditional On-Site Registration
For those who prefer or require a more traditional approach, on-site company registration in Estonia provides a straightforward process. This method is often chosen by entrepreneurs who plan to live in Estonia or have a local representative. The process involves filing the necessary documents with Estonia’s Commercial Register and can be completed in a few days if all paperwork is in order.
- Pros: Suitable for businesses requiring a physical presence, can access additional support services within Estonia.
- Cons: Requires in-person visits to Estonia or use of local representation.
3. Company Registration via Power of Attorney
For those who cannot be physically present in Estonia, company registration via a power of attorney is an efficient and secure solution. By granting a trusted representative or legal expert the authority to handle the registration process on your behalf, you can establish your business remotely. This method is particularly useful for international entrepreneurs who prefer expert assistance in navigating legal and administrative procedures.
- Pros: Complete registration without traveling to Estonia, saves time and simplifies the process.
- Cons: Requires choosing a reliable representative, and additional legal fees may apply.
Why Choose Eesti Firma for Company Registration?
Eesti Firma specializes in guiding clients through each step of the Estonian company registration process. Our expertise includes assistance with e-residency applications, on-site registrations, and registrations via power of attorney. With tailored support, local knowledge, and a focus on efficient service, we ensure that your path to establishing a business in Estonia is smooth and fully compliant. Let Eesti Firma help you set up an enterprise in Estonia and unlock the potential of the EU’s digital gateway.
Business
Economists Predict Potential Euro Weakening in Case of Trump Victory
As the U.S. elections approach, economists largely agree that a victory for Donald Trump could weaken the euro against the dollar. The single currency has already fallen more than 2% in the month leading up to the vote, reflecting increasing concerns about a Trump win. Analysts warn that if Republicans achieve a “red sweep” by securing full control of Congress, the euro could potentially fall to parity or below against the dollar.
One of the primary mechanisms for this shift would be Trump’s proposed tariffs on foreign goods, including a potential 60% tariff on Chinese imports and a 10% tariff on products from other nations. Economists caution that such tariffs would likely drive inflation in the United States, as the cost of imported goods rises and companies pass these costs onto consumers. This inflation could prompt a more aggressive stance from the Federal Reserve, which may need to raise interest rates to combat price pressures linked to the tariffs.
In contrast, Europe could face a slowdown in economic growth due to the U.S. protectionist policies, potentially prompting the European Central Bank (ECB) to adopt a looser monetary policy to support its economy. If the Federal Reserve raises interest rates while the ECB eases, the interest rate differential could lead to a stronger dollar, further pressuring the euro.
In addition to tariffs, a Trump administration may also implement stricter immigration policies. This reduction in available labor could push wages higher as companies compete for workers, contributing to inflation and reinforcing the Federal Reserve’s need for tighter monetary policy. Such developments would likely bolster the dollar and disadvantage the euro.
Luca Santos, a foreign exchange analyst at ACY Securities, noted that a Trump victory could result in policy changes aimed at boosting U.S. economic growth, leading to a stronger dollar as investors anticipate a favorable climate for U.S. assets. Similarly, Georgette Boele, Senior FX & Precious Metals Strategist at ABN Amro, highlighted the impact of Trump’s trade policies on the dollar, pointing out that recent polling changes have heightened volatility in the dollar ahead of the election.
Strategists at BBVA predict that if Trump wins, especially with a full Republican Congress, the euro could drop below $1.08. Conversely, they foresee a weaker dollar should Vice President Kamala Harris win the election. Goldman Sachs offered one of the most pessimistic forecasts for the euro, suggesting it could weaken by up to 10% under Trump’s policies, potentially bringing it below parity with the dollar.
Historically, the initial months of Trump’s presidency saw the dollar strengthen, with the euro declining from $1.10 to $1.0340 by early 2017. However, as Trump’s economic agenda faced delays and eurozone growth improved, the euro later appreciated against the dollar.
While a drop to euro-dollar parity is not certain, renewed U.S. protectionism, rising inflation, and diverging central bank policies could all significantly influence the euro’s trajectory in the coming months, particularly if tariffs adversely affect European exports. Investors are closely monitoring these developments as the election draws near.
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