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9am Lowdown: Boat builder sunk for VAT fraud

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19th May 2015
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Good morning, one and all. Welcome to the 9am lowdown for the 19th of May. On this day in 1743: The French physicist Jean-Pierre Christin published his new centigrade temperature scale, giving us a new way to describe the miserable weather. 

And now for the news:

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Boat builder sunk for VAT fraud

Christopher Rogers, a Southampton businessman whose company renovated cruise ships, has been sentenced to five and a half years for a £1.6 million VAT fraud. 

Rogers was arrested in 2013 after an investigation found that despite his company ceasing to trade in 2010, he continued to submit VAT repayments claims. His fraud funded a lavish lifestyle , including renting  homes in some of Southampton’s most sought after areas, driving a Merc, an expensive watch and wine collection, and rather aptly for a boat enthusiast, a yacht costing £63,000.

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IBM and Deloitte team up for risk management

The two behemoths have developed a regulatory compliance and control service that can parse complex government regulations related to financial matters, and compare them to a company's own plans for meeting those requirements.

According to IBM, the system will be able to navigate the fine print morass of regulation more effectively than a human. The service combines Deloitte's experience in regulatory intelligence, and uses IBM's cloud capabilities and big data-style analysis techniques.

The service will use IBM's Watson-branded cognitive computing services to parse written regulations paragraph by paragraph, allowing organizations to see if their own frameworks are meeting the mandates described in the regulatory language.

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EU report: UK is Europe's most unequal country

A new report on the living and working conditions in the EU has found that the UK is the continent's most unequal society.

The report states, "The UK is remarkable for its polarisation: it accounts for a very significant portion (nearly half) of the top 1% of wage earners in the EU, and yet it also has a substantial presence in the bottom two quintiles."

"In France and the UK, wage inequality rose in the period before 2008 and continued to rise afterwards, particularly in the UK."

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