Read the storyFacing the prospect of higher taxes, some of the UK's wealthiest individuals say they are heading for the exit—if they haven't already left. Moves once confined to whispers and rumors have recently burst into the open since the Labour Party came into power with promises to clamp down on preferential tax treatment for well-heeled foreign residents, private equity investments and private school fees. While the impact and likelihood of a wave of departures are up for debate, hazard lights are flashing for the City of London. "People are just leaving," said Bassim Haidar, a Nigerian-Lebanese entrepreneur who is moving to Greece. "A brain drain is one thing, but a wealth drain is a completely different game." Read The Big Take. In case you missed it...Poker was long considered unhackable, until Russian bots started taking over the $3 billion online game. Reviled as pariahs by the rest of the community, the makers of the technology have long remained in the shadows, so Bloomberg's Kit Chellel set out to find them. Far from ruining the game, they said they wanted to save it. Illustration: John Provencher for Bloomberg Businessweek Read the Weekend Big Take and listen to the Big Take podcast. Subscribe and listen on iHeart, Apple and Spotify. |
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