USA

President Obama will seek to outlaw offshore tax avoidance in a bid to claw back tax from US corporations with overseas divisions.

Deflation has returned to the US for the first time in more than half a century, taking the pressure off cash-strapped consumers but raising the stakes in the Obama administration's battle to restore economic growth.

Abbey, which is controlled by Spanish banking juggernaut Santander, has hired the advisory firm Gleacher Shacklock to dispose of its Isle of Man offshore banking unit.

Schroders is renaming its £146m US Small and Mid Cap fund to simply US Mid Cap to better reflect the vehicle's investment style.

Swiss bank UBS will relay details of American account-holders to the US Government in a bid to quash allegations of aiding tax avoidance, according to The Times.

Combating an 'aggressive' international agenda towards tax havens will be the Isle of Man's 'top priority' as it strives to be excluded from various tax black-lists.

The Isle of Man must act now if it is to prevent being blacklisted as a 'tax haven' by new laws to be passed by President Obama's administration.

The Isle of Man must act now if it is to prevent being blacklisted as a 'tax haven' by new laws to be passed by President Obama's administration.

Concern is mounting as the US plans to declare war on offshore jurisdictions as a 'lazy catch-all' report is seeking to justify a possible financial offensive.

Aegon Asset Management has appointed Ian Cooke as head of North American equities.