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Fossils have a way of captivating everyone, no matter their profession or the species unearthed, but ... [+] theres something about Megalodon that grips the imagination like no other.De Agostini via Getty ImagesFossilized shark teeth are some of the most abundant remnants of prehistoric oceans, providing scientists with crucial insights into the lives of long-extinct species. While fossils have a way of captivating the imagination sparking wonder in people from all walks of life no matter the species uncovered theres something about a Megalodon find that grips our attention like no other.Scientifically known as Otodus megalodon, the Neogene-era shark is estimated to have reached lengths of 50 to 65 feet (15 to 20 meters) and once belonged to a lineage of sharks that evolved during the Cenozoic era, becoming increasingly specialized for preying on and scavenging marine mammals. Its reputation as a ruthless apex predator is well-established; fossilized whale bones bear deep Megalodon tooth marks, providing clear evidence of their feeding habits, reinforcing the idea that Megalodon sat at the top of the marine food chain. Chemical analyses of Megalodon teeth, examining nitrogen and zinc isotopes, further confirm its status as an apex predator.Much of what we know about this apex predator comes from its teeth some measuring over seven inches long! Recently, a handful have been found bearing serrated gouges marks that could only have been made by the teeth of another Megalodon, suggesting interactions that go beyond simple feeding. See, most shark bite fossils document predation attempts or scavenging, where teeth left their marks on bones and other hard tissues. Finding Megalodon teeth with distinct serration gouges from another Megalodons bite is incredibly rare. The marks match a trace fossil type known as Knethichnus parallelum, a pattern of parallel grooves made when serrated shark teeth scraped across a surface.These scars on Megalodon teeth suggest that in certain instances, these massive sharks were biting one another. The big question is: why?The bite marks themselves provide valuable clues about Megalodons feeding strategy. The presence of ... [+] parallel gouges suggests that the predator did not simply bite down but raked its teeth across the surface of the other tooth, indicating a more aggressive feeding behavior. The precise alignment of the gouges, along with their deep penetration, suggests that the attacking Megalodon was not simply scavenging but actively engaged in a predatory encounter. While its difficult to determine whether these bite marks are the result of competition for food, territorial disputes, or an aggressive feeding strategy, the evidence points to the idea that Megalodons, like modern sharks, were not above engaging in fights with their own kind, possibly over territory or resources.dpa/picture alliance via Getty ImagesOne possibility is that these bites were the result of feeding accidents. Megalodon likely fed with immense force, using its powerful jaws to shear through its preys thick bones and flesh. If multiple Megalodons were scavenging the same carcass, its possible they occasionally bit into each others teeth by mistake. This type of accidental contact is seen in modern sharks, particularly around whale carcasses where multiple individuals gather to feed. The same scenario could have played out in the prehistoric oceans, with large Megalodons competing for the same food sources.Another hypothesis the scientists of this documented find, Dr. Stephen James Godfrey and Dr. Victor Perez, is that some of these bites may have been the result of intraspecies aggression. Many modern sharks exhibit aggressive behaviors toward one another, often in the form of dominance displays or territorial disputes. Male sharks are also known to bite females during mating, leaving distinctive scars. While its difficult to prove that Megalodon engaged in similar behaviors, the presence of bite marks on their teeth raises the possibility that these massive sharks occasionally clashed either in competition or as part of reproductive interactions.The fossil record contains only a few examples of these self-bitten Megalodon teeth, emphasizing how rare this phenomenon is. Among the notable specimens, a Megalodon tooth from North Carolinas Nutrien Mine shows deep serration marks running diagonally across the root, evidence of a strong bite from another Megalodon. Other examples, collected from riverbeds and fossil sites in South Carolina and Maryland, display similar markings, though the exact reasons behind these bites remain a mystery. Because the exact positioning of these teeth in Megalodons mouth is unknown, estimating the size of both the bitten and biting individuals is difficult. However, body length approximations based on tooth measurements suggest that these sharks ranged from about 40 to 65 feet (12 to 19.5 meters) in length.Whether these marks resulted from feeding frenzies, accidental collisions, or more complex social behaviors, they provide an intriguing new perspective on the interactions of these ancient giants. They also remind us that even the most fearsome predators may not always have the upper hand in their own world.

The Samsung Electronics Galaxy Z Flip 6 Photographer: SeongJoon Cho/Bloomberg 2024 Bloomberg Finance LPThis story was updated on March 8th with new Galaxy S25 Ultra sale details. Samsung wouldnt let the iPhone 16e steal the spotlight for too long. A week after the new Apple handset went on sale, The Korean tech giant has slashed the price of the Galaxy Z Flip 6.The deal knocks $120 off the 512Gb option (the 256GB appears to be sold out), which brings the final price down to $1,099.99. This discount is combined with up to $700 trade-in for your old phone. The company has also discounted the Galaxy Ring by $100 and the Galaxy Watch 7 by $132 if theyre bought with the foldable phone.The real deal here is the straight $120 off, which goes up to $270 if you dont have a phone to trade in. I suspect we will start to see similar and bigger discounts for the Galaxy Fold 6 and Flip 6 as we edge closer to the summer when their successors will be launched.For the trade-in portion of this deal, that headline $700 figure is reserved for the Galaxy S24 Ultra, which isnt a good swap to make because the device is still new. If, however, you own a Galaxy Z Flip 4, Samsung will pay $550 for it. Even better, the Korean company values the 2021 Galaxy Z Flip 3 at $400far more than youd get on the secondary market. Here is a selection of the best prices I could find.Samsung Galaxy S22 Ultra - $500Samsung Galaxy Z Flip 3 - $400Samsung Galaxy Z Flip - $200Apple iPhone 13 Pro - $340Any Google phone - $200More Samsung Galaxy Z Flip 6 DealsIf youre in the U.K., Samsung has an even better deal on the Galaxy Z Flip 6 by knocking 150 ($193.77) off the foldable phone. That can be stacked with an extra 5%-off discount code (APP5) when bought in the Samsung Shop app.The bigger discounts for British buyers are balanced by poor Samsung U.K. trade-in pricing, which does not match up to American valuations. For example, the Korean company will only pay 113 ($145) for the Z Flip 3 compared to the U.S. stores $400 price.Its not clear why theres such a stark difference in trade-in valuations between both territories, but I have seen Samsung shoppers in other European countries complain about similar low trade-in pricing.Samsungs strategy for the U.K. focuses on major giveaways, such as free tablets and Chromebooks. While Samsung U.S. will has previously offered hundreds of dollars off years-old phones. For savvy American shoppers, its worth hunting on eBay for an ultra-cheap phone that can be used as a trade-in chip for the Korean companys next major sale. Check out my guide here.Update March 8th: Alongside the Galaxy Z Flip 6 price cut, Samsung has also launched a major discount for the Galaxy S25 Ultra. The company will knock $300 off the flagship if you dont have a phone to trade in and buy the pink, black or green colors. If you pickup the grey, blue or lighter black options shoppers will receive a $200 discount.Trade-in prices have been temporarily boosted, too. The most Samsung will pay is $900 for the Galaxy Z Fold 6 and Galaxy S24 Ultra. As always, these deals should be ignored because theyre not realistic phones to swap. Better devices to consider include the Galaxy S22 Ultra ($600), the Galaxy Note 20 Ultra ($600).You will notice that these figures are different to the trade-in valuations when buying the Z Flip 6. That is because Samsung adjusts them depending on how expensive the device on sale is. The absolute best pricing youll get for your old phone is when buying the Galaxy Z Fold 6, Samsungs dearest handset.Stay on top of the latest deal news by hitting the follow button below, or following me on Facebook.

This is a very important day in your lives, President Donald Trump told crypto executives at the White House on March 7. Trump was presiding over the first ever Crypto Summit, in which he and other cabinet officials gathered some of the biggest names in crypto to reemphasize the Presidents support for the industry and to hear out the executives ideas for regulation and legislation. Participants largely came away from the meeting empoweredand believing that a new crypto era has dawned in Washington.AdvertisementAdvertisementThe government representatives expressed that there has been a negative regime towards the crypto industry, and that regime is now coming to an end, says Sergey Nazarov, co-founder of Chainlink, who attended the summit. Theres a significant shift and huge amounts of support.Very open and receptiveFor the last few years, the crypto industry chafed at the enforcement actions brought against them by President Joe Bidens Administration. Bidens Securities and Exchange Commission (SEC), led by Gary Gensler, sought to crack down on crypto companies he deemed were violating securities laws, and protect investors from the massive scams and frauds that are pervasive in the crypto world, like Terra-Luna and FTX. This resulted in lawsuits against companies big and small, including Coinbase.After Trump was elected, he appointed several cabinet members with close ties to the industry, such as AI & crypto czar David Sacks, Commerce Secretary Howard Lutnick, and Treasury Secretary Scott Bessent. Many enforcement actions, including the case against Coinbase, have since been dropped. And the most pro-crypto commissioners of the SEC, most prominently Hester Peirce, were elevated: She now leads the SECs Crypto Task Force.All of those officials were present at the Summit, as well as Tom Emmer, the House Majority Whip. I did not expect people that were so senior to be at the summit, Nazarov says. Everyone that came from the industry side was able to speak and provide their views. And all the senior government people, I think, were very open and receptive.Trump himself led both a public press conference of the summit as well as a private conference with the executives. In his public remarks, he mocked Biden for his anti-crypto stance, asked Congress to pass bills on stablecoins and a digital asset framework before the August recess, and, for some reason, allowed FIFA president Gianni Infantino to show off the soccer World Cup Trophy and pitch the idea of creating a FIFA meme coin. That coin may be worth more than FIFA in the end, Trump said in response. (Trumps own meme coin TRUMP initially raked in millions of dollars in trading fees alone, although it has since fallen all the way from its $75 peak to $12.)Industry participants at the summit included Coinbases Brian Armstrong, MicroStrategys Michael Saylor, the Winklevoss twins, and Zach Witkoff, co-founder of Trumps own crypto company, World Liberty Financial. Combined, the participants have given more than $11 million to Trumps inaugural committee, according to the Intercept, and critics have raised many questions around conflict of interest. When crypto companies spent over a hundred million dollars in the 2024 elections, they created a new playbook for the purchase of large-scale political power in America, Robert Weissman, co-president of Public Citizen, wrote in an email statement to TIME.The people that should be in front of him are in front of him, but there are also people who shouldn't be in front of him who are in front of him, says Avik Roy, co-founder and chairman of the think tank Foundation for Research on Equal Opportunity. One of the challenges in public policy always is: How does someone in the President's position distinguish between the people who are merely lobbying and the people who are public-spirited?After the summit, Trumps Office of the Comptroller of the Currency (OCC) issued guidance allowing banks to hold cryptocurrency, and asking them to do their own diligence around risk. This served as yet another signal that Trumps Administration will not regulate the industry very closely. This industry was kind of unfairly suppressed from reaching its potential in the U.S. system, Nazarov says. They want to go completely the other way.Trumps crypto reserveThe summit came a day after Trump issued an Executive Order announcing the creation of a federal Bitcoin reserve. When Trump floated the idea earlier in the week, many people expressed concerns: that Trump would levy taxes in order to buy crypto, and that he was creating risks by including much smaller and volatile coins like Cardano and XRP in the proposal.But the Executive Order pulled back those plans quite a bit. It announced that the U.S. would not buy any new Bitcoin, but simply hold onto the cryptocurrencies that they had seized in seizures. Andrew ONeill, the digital assets managing director of S&P Global Ratings, called the order mainly symbolic in a statement to TIME.Industry insiders cheered the decision to mainly focus on a separate Bitcoin reserve, effectively demoting the importance of the other crypto projectswhose founders have been lobbying Trump for support. It would have been a pretty clearly a cronyist outcome where well-connected people were able to get the government to buy their tokens without really any obvious strategic rationale for doing so, Roy says. Bitcoin is a special case; it has no CEO.The Executive Order also calls for a full audit of the U.S. crypto holdings, which is estimated to include around 200,000 Bitcoin (worth about $17 billion). Yesha Yadav, a law professor at Vanderbilt who specializes in crypto and securities regulation, says that the audit will be important to determine how much of that Bitcoin is usable, and how much might need to be returned to fraud victims. A good portion of that Bitcoin stash likely comes from the Bitfinex hack, which the U.S. government seized in 2022. Whether or not theyre motivated to trace every single victim in that case, whether victims have come forward, and whose claims have not been dealt withthat is something that's going to have to be looked at, Yadav says. Crypto prices have been turbulent over the last month, in part due to uncertainty around Trumps tariffs. But crypto industry insiders believe that ultimately, Trumps laissez-faire approach will help them grow. FTX is in the past now, says Nazarov. The big failures are in the past.Andrew R. Chows book about crypto and Sam Bankman-Fried, Cryptomania, was published in August.

What just happened? The Trump administration has announced a significant shift in the $42.45 billion Broadband Equity, Access, and Deployment (BEAD) program, eliminating the preference for fiber Internet infrastructure. This change is expected to redirect substantial funding towards non-fiber technologies, such as Elon Musk's Starlink satellite service, potentially allocating between $10 billion and $20 billion to such providers. This move marks a departure from the Biden administration's approach, which emphasized fiber-optic networks as the most future-proof and reliable option for broadband deployment.The BEAD program was authorized by Congress in November 2021, with the National Telecommunications and Information Administration (NTIA) developing rules under the Biden administration. These rules prioritized end-to-end fiber-optic architecture due to its ability to be easily upgraded by replacing equipment at the ends of fiber-optic facilities.This approach also supports the deployment of 5G and other advanced wireless services, which rely heavily on fiber for backhaul. However, the Trump administration has criticized these rules as overly restrictive and ineffective.Secretary of Commerce Howard Lutnick has been vocal about the need for change, stating that the program has not connected anyone to the Internet due to "woke mandates, favoritism towards certain technologies, and burdensome regulations."The Trump administration is adopting a "tech-neutral" approach to provide Internet access at the lowest cost to taxpayers. This shift includes exploring ways to cut government red tape that slows down infrastructure construction to deliver high-speed Internet access efficiently and effectively.The decision to end the fiber preference has been criticized by Democrats and advocacy groups. House Commerce Committee Ranking Member Frank Pallone, Jr., accused Republicans of undermining efforts to deploy reliable and affordable broadband, labeling Elon Musk as a "grifter."The Benton Institute for Broadband & Society expressed concerns that the shift could leave millions with slower and less reliable Internet, as fiber broadband offers faster speeds, higher bandwidth, and symmetrical upload and download speeds, making it ideal for demanding applications like telehealth and gaming. // Related StoriesDespite these concerns, the Trump administration is moving forward with changes, aiming to reduce bureaucratic hurdles and expedite infrastructure construction. Republicans are also proposing legislative changes to eliminate what they see as burdensome conditions imposed by the Biden administration.Meanwhile, Starlink could benefit significantly from these changes, potentially gaining access to substantial funding through both the BEAD program and other federal initiatives. The Federal Communications Commission could also direct more money to Starlink through universal service programs, although the FCC is not directly involved in the BEAD program.The shift in policy has also raised questions about conflicts of interest, particularly given Elon Musk's role in the Trump administration. Recent reports suggest that Starlink could take over a $2 billion contract with the Federal Aviation Administration, although SpaceX has denied seeking to replace existing contracts. The FCC's newly appointed chairman, Brendan Carr, has expressed support for Starlink, potentially paving the way for future grant awards.

If youve been waiting for Moana 2 to hit Disney+ before you sign up to the streaming service, then nows your moment. Through March 30, Disney is offering a deep discount on its ad-supported Disney+ plus Hulu bundle.The Disney+ Hulu Bundle Basic, which is how its referred, is now just $1.99/mo. for the first four months. That subscription, which normally costs $10.99/mo., auto-renews every month after the first four months at the regular rate until its canceled.Recommended VideosThis streaming deal obviously gets you access to everything on both Hulu and Disney+ with ads, and its just the latest effort from Disney to encourage subscriptions to its various streaming offerings. The company has also partnered with Max to introduce a single subscription that gets you access to Disney+, Hulu, and Max starting at $16.99/mo., or you can add ESPN+ to Disney+ and Hulu for the same price point.Please enable Javascript to view this contentThis deep discount is great if what youre looking for is to try these streaming services out, and that may be exactly what Disneys goal is in offering the promotion. Disney+ is already the biggest competitor to Netflix in the United States, and as the price of a Netflix subscription continues to go up, consumers may be looking for more affordable streaming alternatives.Disney is also working to merge all of its existing properties into a single app so that you can watch ESPN, Hulu, or Disney+ through the Disney+ app based on what your subscription allows for. That kind of consolidation will, at least ideally, make Disney+ feel like the best alternative to Netflix, and encourage more users to treat it as a hub for everything from animated movies to adult TV shows to live sports.Editors Recommendations

If you worried the Nintendo Switch 2 wouldnt support your Amiibo collection, you can breathe easy; recent FCC filings indicate it will have NFC support, and that most likely means Amiibo. The filings also show the Switch 2 will support Wi-Fi 6, an upgrade over the original Switchs Wi-Fi 5.Thats great news for all fans. It means the Switch 2 can support faster Internet speeds and is on-par with the base PlayStation 5 and has higher maximum speeds than the Xbox Series S or X.Recommended VideosAs far as Amiibo go, theres little reason to otherwise include NFC support. Nintendos plastic figures look great and are fun to collect, and they usually offer in-game perks of some kind or another. The filing shows the NFC reader an RFID receiver will be located in the right Joy-Con, just as it was on the first Switch.Nintendo Switch 2 First-look trailerThe filing shave also revealed that the Switch 2 will have a USB-C port at the top and the bottom of the console and that it can charge via either.Please enable Javascript to view this contentOne of the biggest issues with the original Nintendo Switch was its slow Wi-Fi speeds. Although it technically supported Wi-Fi 5, few users reached maximum download speeds. The Switch OLED offered a slight improvement with an option for a hardwired connection, but the Switch 2 will hopefully bring more noticeable speed boosts.Nintendo is holding an official Direct on April 2 at 9 AM ET to offer a closer look at the Nintendo Switch 2. That event should give us concrete details (and perhaps a release date and price) instead of educated guesses, but one thing is clear from the leaks so far: the Switch 2 looks like a big improvement from the original console in all the right ways.Editors Recommendations

2025-03-08T15:51:02Z Read in app The author promised her daughter a trip to Paris when she turned 13 but debated canceling it due to her teen's behavior. Courtesy of the author This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.Have an account? In 2020, my daughter asked me if I would take her to Paris when she turned 13. But when she turned 13, she started getting in trouble and pushing the limits. I stuck to my agreement, and the trip was what we needed to reset our relationship. In 2020, when my daughter was 9, right in the heart of the COVID-19 lockdown, she asked if I would take her to Paris when she turned 13. At the time, she had a new obsession with all things French. I had just left my 15-year marriage and was single for the first time in 20 years. I thought to myself 13 is four years away, why not say yes, and give my child what they desired?"Yes," I said. "I would love that."Four years later, she turned 13 and immediately asked, "So, are we going to Paris?"I couldn't disappoint herI panicked. I had just bought a new house, was raising two teenagers as a single mother on one income, and was not financially stable enough to take an international trip. Yet, there was no way I could disappoint her."Yes, let's do it."Flash forward to early 2024, I've purchased affordable plane tickets to Paris and have begun saving every dollar to afford food and lodging. We planned to go in September after the Paris Olympics closed. Little did I know what the summer was to bring.I had always been very close with my daughter, but when she turned 13, she shifted almost overnight my sweet little girl became a disobedient teenager a clich, I know.I had been a difficult teenager myself. I was expelled from Catholic school when I was 13, among other indiscretions. My daughter knew these stories. I was proud of my rebellious youth and worried that it would come back to haunt me.And it did.Her behavior wasn't greatShe moved schools in the middle of seventh grade, bored of her small elementary school. Immediately, due to social pressure and the need to belong, she fell in with a popular girl who made questionable life choices. My daughter started smoking marijuana, sneaking out without me knowing, lying, and growing ever more untrustworthy. We fought. We argued. It continued for months."You're so not chill, Mom."As the summer wore on and she engaged in more troubling behavior, I wondered if she deserved to go to Paris. It was a privilege to travel to Paris. I struggled with the decision. One day, she even asked me, "Are you going to cancel Paris because of all this?"I didn't.The trip was what we neededWe went to Paris, and she proved to be a mature and adventurous traveler. Knowing little French, she walked into stores by herself, always politely speaking the little French she knew. She encouraged us to rent bikes and ride around the busy Parisian streets, her headphones in one ear and Kendrick Lamar pumping his bass through her body as she passed by the River Seine.She loved riding the metro, sitting in cafs, trying escargot, sipping Champagne, and watching the Moulin Rouge dancers. She especially loved the middle school French boys outside the skate shop in the Le Marais district. She loved picnics in the park and was awed by Rodin's sculptures.The trip was exactly what we needed to change our relationship. I didn't turn away from my teenage daughter when she challenged me. I didn't punish her extensively (just enough), but I kept communication open and didn't take away this trip to Paris just because she broke my trust. I trusted that travel could be a way to strengthen our connection as she grew up and experimented with independence.Beyond that, she was able to experience the world outside the US, which is hugely beneficial for any teenager. Stepping out of her comfortable life into a foreign country only helped her realize the importance of family and resolved our conflicts as mother and daughter.The trip changed the way she saw herself, the world, and her peer group and improved our relationship. Upon returning, she stopped smoking pot, ditched the bad friends, and won back my trust. Today, we're even closer as she approaches another big milestone: high school.While driving home from school, I asked her, "Why did you want to go to Paris?"She replied, "I don't know. I mean, it's Paris. Who wouldn't want to go to France?"She proceeded to reach for the radio dial and turn up Frank Ocean, and I knew we were both thinking about the time we shared in Paris, cuddling under jackets on a cold boat ride down the Seine or gasping at the grandeur of the Louvre's great ceilings.

2025-03-08T15:42:18Z Read in app Starbucks appears to have booked over $1 billion in profit using a Swiss subsidiary over the past decade, a new report found. Scott Olson/Getty Images This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.Have an account? Starbucks booked $1.3 billion in profit in a Swiss subsidiary over a decade, a new report says.The move appeared to reduce Starbucks' tax bill in other countries.It's the latest example of companies using tax havens to avoid tax rates in the US and elsewhere.A little-known Starbucks subsidiary in Switzerland appears to have played a big role in how much the coffee chain paid over the last decade in taxes, according to a new report.On paper, Starbucks Coffee Trading Company, or SCTC, based in the Swiss Canton of Vaud, is responsible for sourcing unroasted coffee from countries like Colombia and Rwanda before it's used in beverages at Starbucks' cafs. It also oversees Starbucks' Coffee and Farmer Equity Practices program for ethical coffee sourcing.According to a report released Saturday by the Centre for International Corporate Tax Accountability and Research, or CICTAR, there's also evidence that since 2015, the subsidiary has helped shift about $1.3 billion in Starbucks profits away from other countries where they would have been subject to higher tax rates.The chain is hardly the only major company that books profits outside the United States, and the report's authors found no evidence that the company was doing anything illegal. But Starbucks' reputation for being conscious of its role in society contrasts with its use of tax loopholes, said Jason Ward, principal analyst at Australia-based CICTAR. The group is funded by trade unions as well as trusts and foundations."Starbucks is different in that it really does bank on its image of social responsibility," Ward told Business Insider.Starbucks uses Switzerland-based SCTC to book the cost of the unroasted coffee beans, even though the beans don't appear to move through Switzerland, according to the report.SCTC "then sells the exact same green coffee beans at a higher price to other entities in the Starbucks corporate structure," the report says. That markup was about 3% between 2005 and 2010, then rose to 18% between 2011 and 2014, CICTAR's report says.CICTAR could not find "any significant change in business practices or underlying costs" that would justify the jump in profits, the report says."It's not like they're roasting coffee or researching the different types of beans or anything," Ward said. "There's nothing like that going on there."In Switzerland, profits from those markups are taxed at "a significantly lower tax rate" than if they had been booked in the United States or other countries, according to the report.While the exact tax rate that Starbucks pays in Switzerland isn't publicly known, US companies paid an average rate of 3.9% in the country, according to an analysis of IRS data by the Institute on Taxation and Economic Policy, or ITEP. The US corporate tax rate is 21%.More recently, between 2015 and 2021, SCTC has paid between $125 million and $150 million in dividends annually to another Starbucks subsidiary, Netherlands-based Starbucks Coffee EMEA B.V., according to the report. These payments do not appear to be taxed either upon leaving Switzerland or upon entering the Netherlands.The report looked at financial filings for Starbucks subsidiaries around Europe to trace profits booked at SCTC.In a response that CICTAR included on page 4 of the report, a Starbucks spokesperson said that the report's claims "fail to accurately reflect our business model and how different parts of our business contribute to the company's success.""Starbucks pays appropriate and correct levels of tax in all jurisdictions in which it operates and proactively works with tax authorities to inform them of its business model and related tax implications," the spokesperson said.A Starbucks spokesperson told BI that the company "is in full compliance with tax laws around the world" and had an effective global tax rate of about 24% last year. SCTC provides "high-quality coffee to meet our global demand" and includes farmer support centers in coffee-growing areas of the world."Switzerland has been a global hub for coffee trading for decades and SCTC is based there to help us access the world's best coffee trading talent," the spokesperson said.Starbucks isn't the only company that looks abroad to minimize its tax obligations. A 2021 report from CICTAR looked at Uber's use of shell companies in the Netherlands to limit its tax bill, for instance.Large companies and wealthy individuals store money in a variety of tax-haven countries, such as the Cayman Islands, since they charge less in taxes than their home countries or none at all.CICTAR's findings on Starbucks aren't surprising, said Matthew Gardner, senior fellow at ITEP."This is a thing that every company or every industry, companies in every industry that have lots of intangible assets are doing right now," he told BI.Companies storing profits in tax havens and the US government's responses to the strategy goes back decades, he said.A 2004 tax holiday, for example, allowed corporations to bring profits to the United States from overseas at a much-reduced tax rate. The Tax Cuts and Jobs Act of 2017, passed during President Donald Trump's first term, also contained provisions to bring more corporate profits back to the United States.But many companies have continued using offshore tax havens, Gardner said. An ITEP analysis of IRS data from 2020 found that American-owned companies reported $390 billion in profits across 15 likely tax havens, including the Cayman Islands, Ireland, and Switzerland.Large companies' tax avoidance ultimately increases the tax burden on other taxpayers, including individuals and small businesses, Gardner said. It can also lead governments to slash spending and cut programs, he said."Every way in which the revenue loss from these offshore profits can be paid for hurts the rest of us," he said.Have a tip? Contact this reporter via email at abitter@businessinsider.com or Signal at 808-854-4501. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

Tucker Carlsons interview with disgraced crypto CEO Sam Bankman-Fried, which was distributed online Thursday, appeared to be a transparent ploy to get media attention with the goal of ultimately scoring a pardon from President Donald Trump. But it sounds like SBF is now paying a price for the interview. The former billionaire has reportedly been tossed into solitary confinement because the interview wasnt approved by the U.S. Bureau of Prisons, according to a new report from the New York Times. According to the Times, the Bureau of Prisons has strict rules about how interviews are conducted with inmates, and the federal agency confirmed to the newspaper that it did not give permission for the interview with Carlson to go forward. We dont know when the interview actually took place, though clues suggest it was Wednesday, the day before it was published online to social media platforms like Rumble and X. SBF is currently being held at the Metropolitan Detention Center in Brooklyn. Its also not clear what kind of equipment was used to allow SBF and Carlson to communicate. Its entirely possible SBF simply used a smuggled smartphone to talk with Carlson, and while that does seem like the most straightforward way to accomplish an interview like this, thats purely speculative. SBF suggested in his chat with Carlson that he was really missing having high-tech devices at his disposal, though the topic only came up when the former Fox News host asked if the crypto executive was previously on stimulants before he entered prison. SBF blamed his erratic appearance in old interviews on being distracted by tech devices. Carlson took the opportunity to say that tech wasnt healthy. The new report from the New York Times seems to confirm what anyone with a little bit of common sense assumed when Carlsons interview dropped: SBF, whos currently serving a 25-year sentence for fraud after his crypto company FTX collapsed in 2022, is angling for a pardon from President Trump. Bankman-Frieds parents, Joe Bankman and Barbara Fried, are two law professors at Stanford and are reportedly consulting with Kory Langhofer, an Arizona lawyer who previously worked on Trumps presidential campaigns in 2016 and 2020, according to the Times. Langhofer would presumably have deep connections in Trump World, but the newspaper reports they havent had direct contact with Trump. At least, not yet.But it seems like it could be an uphill climb for SBF and his family to get a pardon from Trump. The Times says the effort does not appear to have gained traction, and its easy to guess that SBFs old associations with high-profile Democrats may be hurting his chances. However, SBF himself admitted once he was in jail that he was also secretly donating to Republicans before the implosion of FTX. SBF said in the Thursday episode of Carlsons show that he doesnt believe Democrats saved him while being prosecuted during the Joe Biden years because they knew he was giving to Republicans as well. Carlson kept acting throughout the interview as though its just normal and reasonable for wealthy people who donate to politicians to expect corrupt favors from those same people in their time of need. But SBF didnt really take the bait, saying that it would have been inappropriate to ask for help.Trump recently pardoned Ross Ulbricht, the Silk Road founder convicted in 2015 who was serving a 40-year sentence for money laundering, among a host of other charges related to the darknet site. Ulbrichts pardon was actually a campaign promise made by Trump in the lead up to the election, largely seen as a favor to the crypto community, which considers Ulbricht a hero. Bankman-Fried never explicitly asked for a pardon from Trump during his interview either, and it seems pretty clear at this point that no matter how desperate he is to get out of prison, hes going to let things happen behind the scenes rather than go begging. But who knows what might happen in the future. SBF turned 33 on Thursday and has only served a couple of years of a 25-year sentence.