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29th October Independent FTSE CHIEFS'
PAY PACKETS DOUBLE IN FIVE YEARS
The average total earnings of FTSE 100 chief executives
have more than doubled over the last five years to a
record £3.2m, according to a report published
today. The chief executives of FTSE 250 companies are
also benefiting - their pay has increased by more than
90 per cent since 2001/2. Over the same period, however,
average earnings of full-time employees have increased
by around 20 per cent, from £25,000 to £30,000.
The rise in executive pay has been driven largely by
higher incentive payments, according to the Directors'
Pay Report 2007 published by Incomes Data Services (IDS).
Seven years ago, just a quarter of senior FTSE 100 executives
received long-term incentive payments. However, this
figure has now almost doubled. http://news.independent.co.uk/business/news/article3106994.ece
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29th October Financial Times P&G SETS 'GREENER'
PRODUCTS TARGETS
Procter & Gamble has set itself the target of selling
at least $20 billion worth of environmentally improved
products over the next five years. In what P&G describe
as a major evolution in the company's corporate philosophy,
the move is believed to be the first of its kind in
the consumer goods market.
http://www.ft.com/cms/s/0/d27db95a-8597-11dc-8170-0000779fd2ac,s01=1,stream=FTSynd.html?nclick_check=1
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29th
October Independent GAP LAUNCHES INQUIRY INTO CHILD
LABOUR CLAIMS
Following allegations supported by video footage by
The Observer newspaper yesterday that Gap suppliers
have been using forced child labour, the high street
retailer has barred thousands of clothes in transit
to their shops. The company has also called an emergency
meeting with suppliers to investigate the allegations
and maintains it had no idea child labour was being
used to manufacture its products. http://news.independent.co.uk/world/americas/article3106891.ece
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29th
October Independent ORGANIC FOOD IS HEALTHIER AND SAFER,
FOUR-YEAR EU INVESTIGATION SHOWS
A £12m EU-funded investigation into the difference
between organic and ordinary farming has shown that organic
foods have far more nutritional value. The four-year Quality
Low Input Food project found that organic produce contained
up to 60 per cent more antioxidants as well as more vitamins
and minerals. http://environment.independent.co.uk/green_living/article3106906.ece |
29th
October Independent WHALE SANCTUARY IS THREATENED BY GAS
TERMINAL PLAN
The Italian government has given the go ahead for a liquefied
natural gas terminal to be installed off the coast of
Tuscany, in the middle of a whale and dolphin sanctuary.
Local organisations have teamed up with Greenpeace and
are fighting furiously to reverse the decision. http://news.independent.co.uk/europe/article3106914.ece |
29th October
Guardian CHAD ACCUSES FRENCH CHARITY OF CHILD TRAFFICKING
Members of the French humanitarian charity Zoe's Ark have
been arrested and accused of illegally transporting Darfurian
children out Sudan and to France. The charity maintains
that operation "Children Rescue" sought to save
the lives of Darfur orphans, yet it has emerged that not
all of the children may indeed be orphans. The President
of Chad has described the mission as "child trafficking".
http://www.guardian.co.uk/france/story/0,,2200966,00.html |
29th October
Guardian SHAKEUP OF PLANNING RULES EXPECTED IN SUPERMARKET
COMPETITION INQUIRY
David Teather reports that a shake-up of planning regulations
making it easier for supermarkets to open new stores will
be put forward by competition authorities this week.
http://business.guardian.co.uk/story/0,,2200983,00.html
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29th October
Financial Times UNION HITS AT 'VOLUNTARY' STANCE ON LABOUR
SAFETY
Failure to introduce tougher laws to punish company directors
who do not follow safety rules has cost workers' lives,
according to a union report that criticises the "voluntary
approach" adopted by the Health and Safety Executive,
reports Andrew Taylor. http://www.ft.com/cms/s/0/7e6cabe0-85b1-11dc-8170-0000779fd2ac.html?nclick_check=1 |
30th October
Guardian COURT TO REVISIT $2.5BN EXXON VALDEZ BILL
Exxon Mobil has won the right to appeal against a $2.5bn
(£1.2bn) bill it faces for one of the most infamous
environmental disasters in history -when one of its tankers
ran aground off Alaska in 1994 and polluted 1,300 miles
of coastline. Having already had the original $5bn damages
halved by a federal judge, Exxon is now seeking to reduce
the charges even further, arguing that $2.5bn was excessive.
Last year Exxon reported record profits of $40bn. http://www.guardian.co.uk/environment/2007/oct/30/oilspills.oilandpetrol |
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30th October Financial Times CHINA ARRESTS 774 IN PRODUCT
CRACKDOWN
Chinese authorities yesterday announced that they have
arrested 774 people over the past two months as part
of a clampdown on the production of fake drugs and substandard
food. More than 600 criminal cases had apparently been
opened following the national inspections of food and
drug manufacturers as well as restaurants launched in
August. No details about the arrests or criminal cases
have been given. http://www.ft.com/cms/s/0/1acf1f42-865f-11dc-b00e-0000779fd2ac.html
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30TH October
Telegraph 'GAP SWEATSHOP CHILDREN' SAVED IN INDIA RAID
Police have rescued 14 children from a New Delhi sweatshop
at the centre of a scandal involving US clothing giant
Gap, writes Peter Foster. The United Nations estimates
that 55 million children aged from 5 to 14 are currently
employed in the domestic and business sectors in India,
producing up to 20 per cent of India's annual GDP.
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/10/30/wgap130.xml |
30th October
Telegraph FSA ATTACKS 'COMPLACENT' HEDGE FUNDS
The Financial Services Authority has branded hedge funds
as "complacent" in their attitude towards insider
trading as it steps up its fight against market abuse
in the City, reports Jonathan Siburn. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/30/cnfsa130.xml
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30th October
Financial Times SLIM YOUR STAFF BY STEPPING UP OFFICE
WORKOUTS
Brenda Loube allows her staff to spend 30 minutes exercising
during every working day. This may sound like a strange
notion, but for many, it is routine. Ms Loube is co-founder
and president of US-based Corporate Fitness Works, which
installs fitness facilities in organisations - and she
walks the talk. She believes that staff are fitter and
more productive when they spend half an hour doing exercise
such as walking, cycling or going to the gym. http://www.ft.com/cms/s/0/ebbaef3e-868a-11dc-b00e-0000779fd2ac.html
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31st October
Independent DRUG COMPANIES ATTACKED OVER GIFTS FOR THIRD
WORLD DOCTORS
A new report from campaign group Consumers International
accuses multinational drug companies of using lavish gifts
and inducements to persuade doctors in the developing
world to prescribe their drugs. Drugs, Doctors and Dinners
calls for a ban on gifts to doctors and warns that intense
marketing and promotion of medicines has resulted in up
to half of drugs being wrongly prescribed. http://news.independent.co.uk/health/article3112826.ece |
31st October
Guardian MORE PLANES, TRAINS AND ROADS CAN STILL BRING
CUT IN CO2, ARGUES KELLY
A new government report has claimed that Britain's road,
rail and air networks can all be greatly expanded without
compromising commitments on climate change emissions.
The "pro-green, pro-growth" discussion paper
maintains that technological change and development is
the key to meeting CO2 reduction targets and calls for
high-speed rail links, wider motorways, bigger ports and
the expansion of congestion charging. http://www.guardian.co.uk/environment/2007/oct/31/carbonemissions.transportintheuk |
31st October
Financial Times TESCO MAY BE FORCED TO SELL SOME LAND
HOLDINGS
The Competition Commission's provisional findings from
its investigation into the UK's grocery sector were published
today, identifying 110 sites where competition could be
constrained by stock-piling of land and restrictive covenants.
Commission recommendations that there could be scope for
action on such landbank issues mean Tesco could be forced
to sell dozens of its land holdings earmarked for development.
In Tesco's favour however, the commission dismissed the
charge that Tesco was hurting competition, noting that
the supermarket "is not in such a strong position
that other retailers cannot compete".
http://www.ft.com/cms/s/0/28c3969c-8785-11dc-9464-0000779fd2ac.html?nclick_check=1 |
31st October
International Herald Tribune CHINESE CHEMICALS FLOW UNCHECKED
TO MARKET
The International Herald Tribune reports that Chinese
chemical companies are releasing unapproved, adulterated
or counterfeit ingredients to the market as well as exporting
them to Western markets. Companies named in the extensive
report include Honor International Pharmtech, Orient Pacific
International and Wuxi Hexia Chemical Company.
http://www.iht.com/articles/2007/10/31/asia/31chemical.php?page=4 |
1st November
COMPETITION COMMISSION'S PROVISIONAL FINDINGS
The Competition Commission released the preliminary findings
of its investigation into the groceries market yesterday,
October 31. The Commission found that the "UK grocery
market is delivering a good deal for consumers but expresses
concern over a lack of competition in "certain local
markets" as well as "some retailer land holdings"
and adds that it is also concerned about the ability of
some retailers to transfer risk and costs to their suppliers
through various purchasing practices. In a statement on
its website, the Commission says that it "will now
consider a range of measures to address these concerns
before deciding on its final remedies". In particular
it calls for greater weight on competition and choice
when it comes to land holdings and the planning system
as well changes to the Supermarkets Code of Practice,
which regulates retailer-supplier relationships. The inquiry
looks at the increasing dominance of Tesco, Asda, Sainsbury's
and Morrisons in the grocery sector.
http://www.competition-commission.org.uk/press_rel/2007/oct/pdf/61-07.pdf |
1st November
Financial Times SOLD DOWN THE RIVER
Jamil Anderlini of the Financial Times writes how the
Three Gorges project in China has turned into an environmental
and humanitarian nightmare and how it has ruined the ecology
of the Yangtze River -the longest river in China. http://www.ft.com/cms/s/0/31b80a40-881f-11dc-9464-0000779fd2ac.html |
1st November
CSR Wire INNOVEST ANNOUNCES BURMA SCREEN
Innovest Strategic Value Advisors yesterday announced
a new screening tool to track the increasing risk for
corporate operations in Burma. Recent events have brought
the human rights record of the Burmese government to public
attention and this has implications for business. http://www.csrwire.com/PressRelease.php?id=10038 |
2nd
November Financial Times FARMERS CALL FOR STORE CODE ON
SUPPLIERS
Fiona Harvey reports that farmers' leaders on Thursday
called for a new code governing supermarkets' treatment
of suppliers after the Competition Commission found problems
with current practices. Peter Kendall, president of the
National Farmers' Union, said the commission's probe had
revealed that farmers were suffering as supermarkets used
their market power to squeeze profits. http://www.ft.com/cms/s/0/31ae9048-88e0-11dc-84c9-0000779fd2ac.html
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2nd November
Guardian GUARDIAN WINS STONEWALL MEDIA AWARD
The Guardian was last night named publication of the year
at the Stonewall awards, rewarding "those who've
done good things for gay people in the last 12 months".
The paper was praised as "one of Fleet Street's strongest
advocates for equality". http://www.guardian.co.uk/gayrights/story/0,,2203828,00.html
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2nd November Financial Times YAHOO IN APOLOGY ON CHINA
In response to accusations that Yahoo knew more about
the 2004 case where a Chinese dissident was imprisoned,
the computer company's executive vice president and
general counsel Michael Callahan yesterday apologised
to US lawmakers. Callahan admitted that Yahoo did indeed
know more about the case than it initially acknowledged,
and said that he felt "deep regret" about
not disclosing this directly to the US committee. http://www.ft.com/cms/s/0/b435e136-88b5-11dc-84c9-0000779fd2ac.html
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2nd November
Financial Times DRESDNER CLEARED OF 'RACIAL' SACKING OF
BANKER
A top City banker on Thursday failed to prove that Dresdner
Kleinwort racially discriminated against him because he
was neither German nor a German speaker, writes Michael
Peel. The case grabbed much attention because had the
employee been successful he would have opened the way
for damages payout of almost £10m.
http://www.ft.com/cms/s/0/b6064158-88de-11dc-84c9-0000779fd2ac.html?nclick_check=1
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2nd November
BBC News SCHOOLS WARNED OFF MICROSOFT DEAL
The UK government computer agency Becta is advising schools
not to sign licensing agreements with Microsoft because
of alleged anti-competitive practices. The organisation
has issued a complaint to the Office of Fair Trading and
says that talks with the computer giant have not resolved
"fundamental concerns" about academic licensing
and the Office 2007 and Vista operating system. Microsoft
maintains that it wants as many people as possible to
benefit from its technology at the best possible price.
http://news.bbc.co.uk/1/hi/education/7063716.stm
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2nd November
Independent BRITAIN'S COLOSSAL FOOD WASTE IS STOKING CLIMATE
CHANGE
Environment minister Joan Ruddock has called for the UK
to change its wasteful approach to food if Britain is
to truly start playing its part in averting climate change.
The call came after research from government agency the
Waste & Resources Action Programme (WRAP) showed that
the UK dumps 6.7 million tonnes of food each year. Most
of this goes to landfill where it rots and emits methane
gas. http://environment.independent.co.uk/climate_change/article3121163.ece |
3rd November
Times 'BOILER ROOM' INQUIRY BY FSA BRINGS TWO ARRESTS
Two men were arrested yesterday in connection with a criminal
investigation into a £5 million "boiler room"
scam. The Financial Services Authority said the arrests
came as a result of its investigation into Universal Management
Systems, a company suspected of helping overseas boiler
rooms that use high-pressure techniques to sell worthless
shares to investors. The men have not been charged. The
FSA began investigating Universal after allegations that
overseas boiler rooms using "cold calling, high-pressure
selling" techniques had instructed duped investors
to make cheques payable to the company. The regulator
said that Universal and related organisations sent more
than £5 million of investors' money overseas in
a 12-month period. http://business.timesonline.co.uk/tol/business/law/article2796478.ece |
4th November
Observer ACTIVISTS IN ATTACK ON FINANCIERS' PROFITS FROM
SUDAN AND BURMA
The role of Swiss bank UBS in the Shanghai listing of
PetroChina, Asia's biggest gas and oil company, has ignited
a firestorm of protest against multinationals, writes
Nick Mathiason
Last week activists sent a letter to UBS, its front-line
adviser, urging the bank to request that China National
Petroleum, PetroChina's parent, suspend its activities
in crisis-hit Sudan. International concern is focusing
on how proceeds from the oil industry are funding militia
groups, who have contributed to the deaths of as many
as 450,000 people in recent years. Questions are also
being asked about PetroChina's operations in Burma, where
it is under fire for investing over £500m in a pipeline
project that will provide the military junta with an income
of £75m each year. Activists will also heap more
attention on Lloyd's of London for failing to prevent
some of its stakeholders sharing the insurance risk on
Burma's ports and aircraft. Lloyd's says it is just a
marketplace and, as such, cannot tell its members what
countries to trade in. 'There is a huge debate taking
place within Europe's largest institutional investors
about whether they should boycott companies with links
to Sudan or Burma,' says Hugh Wheelan, editor of Responsible
Investor magazine. 'If they do, multinationals, particularly
oil groups such as PetroChina, Total and Chevron, could
potentially have billions of assets pulled from them.'
http://observer.guardian.co.uk/business/story/0,,2204744,00.html
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4th November
Independent on Sunday WHISTLEBLOWERS LIFT THE LID ON JAPAN'S
FOOD INDUSTRY
A time-honoured confectioner, as revered in Japan as Cadbury
in the UK, Arafuku was investigated after a whistleblower
said the firm scraped leftover bean paste from the bottom
of old boxes and recycled it in fresh rice cakes. The
government uncovered a record of deceit, including faking
of production and expiry dates going back three decades.
Other scandals include pork sold as tuna and chicken;
old battery hens packaged as free-range broilers, and
sweets and dairy products being illegally recycled.
So far nobody has reported being poisoned, but the authorities
are reeling from the backlash by angry consumers, who
have long been told that their more expensive home-grown
food is safer than imports. The government has declined
to impose stricter punishments or heavier fines on offenders,
believing a name-and-shame policy works best.
http://news.independent.co.uk/world/asia/article3127424.ece
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4th November
Sunday Times BLACKLISTED: THE VICTIMS OF ID FRAUD
VICTIMS of identity fraud have been warned that they may
find it difficult to take out a loan or a mortgage in
future because banks are failing to clear their credit
files of all wrongdoing. Banks which refund victims of
ID fraud are not legally obliged to issue a "notice
of correction" to credit-reference agencies such
as Experian. In some cases, it is left to the victim to
correct their score themselves. Experian said it was contacted
by 2,570 identity fraud victims in the first half of this
year - a 68% year-on-year increase.
http://business.timesonline.co.uk/tol/business/money/consumer_affairs/article2799514.ece
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4th November
Sunday Times INSIDER ROBBERY' ROW AT LITERARY AGENCY
A LEADING team of literary and theatrical agents who sold
their company for £12m are now being accused of
a conspiracy to harm the firm while carrying on working
for it. The new chairman of their parent company has launched
an investigation into apparent inconsistencies in the
payment of commissions and bonuses totalling £2m
in recent months.
David Buchler, a corporate turnaround king, claims the
agents soaked up profits so they could buy back the firm,
PFD, for just £4m in an attempted management buy-out.
By last week, 23 of the firm's 36 agents had departed,
many of them to set up a new company, United Agents, which
will start operations in the new year. Buchler has now
called in accountants, claiming the agents were paid excess
commissions and bonuses. http://www.timesonline.co.uk/tol/news/uk/article2801146.ece
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5th
November Guardian ONE THIRD OF EMPLOYEES THINK BOSSES
ARE UNFAIR
A third of British workers think their employer is unfair
towards them, the customers or the community at large,
with the education sector faring the best but professional
service firms such as management consultancies by far
the worst, a new survey by GfK for Good Corporation shows.
The poll found more than 70% of employees in state education
thought their employers behaved fairly across a broad
range of measures. The rest of the public sector scored
reasonably highly too. Manufacturing scored badly, but
professional services were easily the worst, with only
just over 60% of workers considering their firm to be
fair. http://business.guardian.co.uk/story/0,,2205243,00.html |
5th November
Guardian 'THE GREEN LIST'
The Guardian's special report reveals which leading companies
are fighting climate change in 2007 and which aren't.
It also includes a variety of articles, covering topics
like today's attitudes to CSR and the role of governments
and local authorities in
reducing CO2 emissions. http://www.guardian.co.uk/environment/greenlist
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5th November
Times MICROFINANCE IS THE BIG IDEA THAT CAN BRING AN END
TO POVERTY
Mervyn Davies, Chairman of Standard Chartered, explains
the urgency of financial inclusion. He says that a 10%
change in the ratio of private credit to GDP is able to
lift 3% of the population out of poverty. Davies predicts
that international companies will, in the future, have
a financial inclusion department as a core part of their
business, and will be judged by their customers in terms
of their contribution to the sustainability of the markets
in which they operate. http://business.timesonline.co.uk/tol/business/economics/article2806539.ece |
5th November
Independent YOU ASK THE QUESTIONS ...
The Independent has asked Sir Digby Jones, Minister for
Trade and Investment, its readers' questions including
'Can business growth ever go hand-in-hand with reducing
greenhouse gases?', 'Do you think disabled people now
have equal access to jobs?' and 'Do you think global warming
isn't worth fighting?' http://news.independent.co.uk/people/profiles/article3129683.ece
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5th November
BBC UNDERSTANDING ETHICAL INVESTMENT
David Elms, Chief executive, Unbiased.co.uk looks at ethical
investment, with investment in "green" funds
expected to exceed £7bn for the first time this
year. http://news.bbc.co.uk/1/hi/business/7059547.stm
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5th November
Financial Times THE SINGLE LARGEST PRIVATE DONATION
The Lippo Group, recently donated £6.7m ($14m, €10m)
to the National University of Singapore Business School.
NUS intends to use the funding to help raise the global
standing of the business school by producing leaders who
will have a positive impact on society. http://www.ft.com/cms/s/0/9aedc37c-8b41-11dc-95f7-0000779fd2ac.html |
5th November
Personnel Today AXA CALLS FOR EMPLOYERS TO GIVE EVERY
WORKER ONE HOUR A MONTH TO SORT OUT FINANCES
Insurance group AXA has piloted the scheme among workers
at its Bristol and Bolton offices. Employees were given
an hour a month to review and manage their finances.
http://www.personneltoday.com/articles/2007/11/05/43119/axa-calls-for-employers-to-give-every-worker-one-hour-a-month-to-sort-out.html |
6th November
Independent WARK AND HUSBAND INVESTIGATED FOR DATA THEFT
Strathclyde police confirmed they had opened an investigation
into alleged data theft and industrial espionage by Kirsty
Wark and her husband, Alan Clements. The inquiry threatens
to embroil the Newsnight presenter in a legal fight between
Mr Clements and his former business associate Hamish Barbour,
who is married to another Scottish television personality,
Muriel Gray. Last week, Mr Clements admitted in court
that he had tried to find out what former colleagues were
saying about him by asking his then personal assistant,
Janice McKnight - who now works for Ms Wark - to hack
into their emails.
http://news.independent.co.uk/uk/crime/article3132480.ece |
6th November
Times SUPERMARKETS 'SQUEEZING FARMS TO DEATH'
The Church of England's Ethical Investment group today
accused supermarkets of putting farmers' livelihoods at
risk, calling for an independent ombudsman to put an end
to practices such as labelling foreign food as British
and slashing the prices of vegetables. http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article2814164.ece
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6th November
Guardian HOW MULTINATIONAL COMPANIES AVOID THE TAXMAN
An investigation by The Guardian reveals how banana companies
supplying the UK are using tax havens to avoid paying
tax on their profits here and in developing countries
where the goods are produced. http://business.guardian.co.uk/story/0,,2205843,00.html
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6th November
Times A DEGREE IS NO GUARANTEE OF EQUAL RIGHTS
Nicola Woolcock reports that The Higher Education Statistics
Agency has found women are more satisfied in their careers
but there is a £1,000 difference in the average
salaries of male and female graduates, with a larger gender
difference in part-time graduates.
http://www.timesonline.co.uk/tol/life_and_style/education/article2813676.ece |
6th November
CSR Wire INNOVEST'S CARBON WORK RECOGNISED BY UNEP-FI
The UN Environment Program's Finance Initiative awarded
Innovest Strategic Value Advisors, the internationally
recognised investment research and advisory firm. The
company received the Innovation and Contribution to Carbon
Finance award for its Carbon Disclosure Project reports
and Carbon Beta risk model as well as for developing,
together with JP Morgan, the world's first 'climate risk-adjusted'
bond index. http://www.csrwire.com/News/10068.html |
7th November
Guardian MILLIONS MAY GET RIGHT TO FLEXIBLE WORK
Gordon Brown used his first Queen's Speech yesterday to
set out a work-life balance agenda that could give flexible
working rights to as many as 4.5 million extra parents.
In the definition of flexible working, the legislation
includes the terms: part-time working, job sharing, flexitime,
working a compressed week and working from home. According
to a survey that was also released yesterday by the government,
there is an increasing interest in flexible working, with
93% of employers responding favourably to requests by
staff. http://politics.guardian.co.uk/queensspeech2007/story/0,,2206493,00.html#article_continue |
7th November
Guardian SHELL RAPPED OVER CO2 ADVERT
The Advertising Standards Authority (ASA) upheld a complaint
that Shell's press advert implying the oil company used
its waste CO2 to grow flowers, even though according to
Friends of the Earth, only 0.325% were used for that purpose.
The advert is no longer appearing and Shell told the ASA
it would not be used again. http://www.guardian.co.uk/environment/2007/nov/07/climatechange.energy |
7th November
Guardian NICARAGUANS AWARDED £1.53M OVER PESTICIDES
A Los Angeles jury awarded £1.53m to six Nicaraguan
farmworkers who had sued the US Company Dole Food, arguing
they had been rendered sterile by the use of the banned
pesticide DBCP on banana crops. Court papers showed that
in the mid-1970s, the manufacturer Dow Chemical Co. warned
Dole of the dangers associated with the chemical
and ceased production. http://www.guardian.co.uk/international/story/0,,2206319,00.html |
7th November
Financial Times EMPLOYERS BACK BROADER TAX BREAKS FOR
CARERS
Tax breaks to help working parents pay for childcare should
be extended to workers assisting the disabled and elderly,
employers have told the prime minister. http://www.ft.com/cms/s/0/ed68237e-8cd4-11dc-b887-0000779fd2ac.html
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7th November
Financial Times YAHOO APOLOGY OVER DISSIDENTS JAILED IN
CHINA
Yahoo chief executive officer Jerry Yang, apologised yesterday
to relatives of two jailed Chinese dissidents after the
claims that the web company supplied personal information
to Chinese authorities, which led to their jailing. Lawmakers
also criticised Yahoo's assertion that it did not know
whether Yahoo China continued to co-operate with investigations
into dissidents because it no longer had any management
control or oversight of its activities following the sale
of Yahoo China to the internet company Alibaba.
http://www.ft.com/cms/s/0/5c5a0d02-8cd4-11dc-b887-0000779fd2ac.html?nclick_check=1 |
8th November
This is Money BANKS CREAM OFF 80% CUT OF LOAN COVER
Banks are creaming off up to 80% of the premiums charged
on controversial loan protection insurance, the Competition
Commission said yesterday. Consumers paid £4.4bn
in premiums on Payment Protection Insurance (PPI) last
year, the watchdog said, with the bulk of it hoovered
up by banks, building societies and other finance companies.
The commission is taking the unusual step of using its
legal powers to force the industry to open up its books,
accusing banks of being too slow to reveal how much they
are making from this loan 'protection racket'.
http://www.thisismoney.co.uk/campaigns/loansinsu/article.html?in_article_id=426055&in_page_id=506&ct=5&ito=1723
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8th November
Guardian BIG FOOD COMPANIES ACCUSED OF RISKING CLIMATE
CATASTROPHE
According to a report published by Greenpeace, the rush
for palm oil and biofuels threatens to release 14 billion
tonnes of carbon from Indonesia's peatlands. Unilever,
Cargill, Nestle Kraft, Procter & Gamble, as well as
all leading UK supermarkets, are large
users of Indonesian palm oil, much of which comes from
the province of Riau, where an estimated 14.6bn tonnes
is locked up in the world's deepest peat beds. More than
1.4m hectares of virgin forest in Riau has already been
converted to plantations to provide cooking oil, but a
further 3m hectares is planned to be turned into biofuels.
http://www.guardian.co.uk/environment/2007/nov/08/climatechange.biofuels |
8th November
Independent BRITISH ENERGY SLUMPS AFTER FAULT FOUND IN
NUCLEAR REACTOR
British Energy's shares fell as much as 8% after the UK's
largest power producer failed to say when four of its
nuclear reactors would return to service. The four reactors
account for about a quarter of the company's nuclear capacity.
http://news.independent.co.uk/business/news/article3138393.ece |
8th November
Guardian MORE SAFETY BREACHES FOUND ON SHELL'S NORTH SEA
RIGS
The Health and Safety Executive has accused Shell of repeatedly
ignoring health and safety procedures on its North Sea
platforms. The HSE asked the oil group to take immediate
action after complaints made by trade unions about staffing
and operational procedures on five of Shell's platforms.
http://www.guardian.co.uk/business/2007/nov/08/oil |
8th November
BBC REGULATOR MUST 'NAME AND SHAME'
Consumer groups have requested that the Financial Services
Authority (FSA) names and shames companies that breach
its rules. Clive Briault, the FSA's managing director
of retail markets, announced that the City regulator will
publish a paper on the purpose
and possible effects of greater transparency early next
year. http://news.bbc.co.uk/1/hi/business/7082814.stm |
9th November
New York Times MERCK AGREES TO SETTLE VIOXX SUITS FOR
$4.85 BILLION
Three years after withdrawing its pain medication Vioxx
from the market, Merck has agreed to pay $4.85 billion
to settle 27,000 lawsuits by people who claim they or
their family members suffered injury or died after taking
the drug. The settlement, one of the largest ever in civil
litigation, comes after nearly 20 Vioxx civil trials over
the last two years from New Jersey to California. After
losing a $253 million verdict in the first case, Merck
has won most of the rest of the cases that reached juries,
giving plaintiffs little choice but to settle. http://www.nytimes.com/2007/11/09/business/09merck.html?th&emc=th |
9th November
Financial Times BANKS HAVE CHANCE TO SHINE WITH SUSTAINABLE
INITIATIVES
This week the Financial Times, in partnership with the
International Finance Corporation, the private-sector
arm of the World Bank, launched the 2008 Financial Times
Sustainable Banking awards. The growing importance of
the financial services industry is also reflected by a
World Bank survey. According to this survey, banks that
integrate social and environmental issues into their business
strategy reported benefits for their bottom line, a reduction
in risk - financial and reputational - and improved access
to international capital. http://www.ft.com/cms/s/0/91dcb208-8e65-11dc-8591-0000779fd2ac.html |
9th November
BBC ASDA WITHDRAWS TOY OVER DRUG RISK
Asda has withdrawn three Chinese-made toys that contain
a substance linked to the date-rape drug GHB. Five children
in the US and Australia had to go to hospital after swallowing
a number of beads. http://news.bbc.co.uk/1/hi/business/7085777.stm |
9th November
BBC BAE INQUIRY DECISION CHALLENGED
A pressure group is going to the High Court to challenge
the legality of the decision to stop investigations into
whether BAE Systems gave money to Saudi officials in the
1980s. http://news.bbc.co.uk/1/hi/business/7086171.stm |
9th November
Guardian WASHINGTON TELLS EU FIRMS: QUIT IRAN NOW
Multinational and European companies are coming under
pressure from the US to stop doing business with Iran
because of its nuclear programme. There is increasing
evidence that European governments, such as Britain, Germany
and France, are supporting the US campaign. HSBC, Standard
Chartered, Siemens, Deutsche Bank, Commerzbank, Dresdner,
Shell, BP, and French energy firms are some of the companies
that are under pressure to stop their operations in Iran.
http://www.guardian.co.uk/eu/story/0,,2208177,00.html#article_continue |
10th November
Independent WHY WOMEN ARE STILL POOR RELATIONS AT WORK
A string of reports released this week revealed the extent
of Britain's gender pay gap, showing that women's salaries
languish way behind their male counterparts - and that
female workers suffer from endemic prejudice as soon as
they start their careers. A report from the Higher Education
Statistics Agency showed that 3 per cent of men would
earn £50,000 or more within three years of graduating,
compared with 1 per cent of women. On average, female
graduates would also earn £1,000 less than their
male peers in that time. A survey released by the Institute
of Directors this week showed that, far from improving,
the gender pay gap widens at executive level. Pay for
female directors was 22 per cent lower than their male
counterparts, the investigation into 1,200 organisations
found. The third blow delivered this week to those hoping
for gender equality in the workplace was the news from
the Office of National Statistics (ONS) that the percentage
gap between the average hourly pay for men and women has
only decreased by a fraction, down to 17.2 per cent from
17.5. http://news.independent.co.uk/uk/this_britain/article3146394.ece |
10 th November
Times TIME TO REFORM THE WAY BANKERS ARE PAID
Following the news of Chuck Prince's sacking, Patrick
Hosking looks at the way bankers are paid. Pay in the
big investment banks is at the very heart of the unravelling
sub-prime investment banking scandal. Departures and ridiculous
payoffs are the consequence. But there is more to it than
that - pay structures are responsible for creating the
mess in the first place. From the chairman down to the
lowliest trainee trader, rewards dance to the tune of
an annual cycle. But shareholders (and clients) have entirely
different time horizons. Four years of strong profits
growth followed by a disastrous fifth year in which all
the good work is undone is still fine for employees but
lousy for shareholders. http://www.timesonline.co.uk/tol/business/columnists/article2843986.ece |
11th November
Sunday Times HEDGE FUND MANAGER 'HID LOSSES OF $175M'
THIS month a Philadelphia court will hear how a Porsche-driving,
stripper-loving hedge-fund manager is accused of hiding
$175m (£83m) in losses from wealthy clients. The
case is already shining a less-than-flattering light on
the secretive world of hedge-fund management and threatens
to be a huge embarrassment for two of its biggest players.
For two years receivers for the bust hedge fund, Philadelphia
Alternative Asset Management (Paam), have been chasing
MF Global, the former brokerage arm of Man Group, the
London hedge-fund business, and an arm of UBS, the Swiss
bank, through the courts. The broker stands accused of
allowing the fund's manager allegedly to hide his loss-making
futures trades with the aid of a former college friend
who worked at MF.
http://www.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2846706.ece
|
11th November
Observer TARGETS CAN SERIOUSLY DAMAGE YOUR HEALTH
Simon Caulkin looks at the pitfalls of targets. Targets,
claim their defenders, are simple, they provide focus,
and they work. Yes, they do. Unfortunately, these are
also their fatal flaws. The simplicity is a delusion.
http://observer.guardian.co.uk/business/story/0,,2204757,00.html |
11th November
Independent NEW TAXES WILL HURT SMALL FIRMS THAT TRY TO
GO GREEN
Small businesses that want to do their bit for the environment
face higher tax bills. The Conservatives have warned that
SMEs that want to tackle climate change and install green
energy technology will face a hike in their tax charges.
The Valuation Office Agency (VOA), an arm of Inland Revenue,
is preparing to tax solar panels, wind turbines and micro-generation
technology with higher business rates and council tax.
This follows news that Gordon Brown is set to abandon
Tony Blair's targets on renewable energy. The small print
of last month's pre-Budget report revealed that "the
installation of micro-generation equipment in business
premises can trigger an increased liability for business
rates". http://news.independent.co.uk/business/news/article3149920.ece
|
12th
November Independent WOMAN 'TOO YOUNG' FOR JOB WINS LANDMARK
RULING
A membership secretary of an exclusive London club has
become the first person to win a discrimination claim
for being told she was too young for her job. Megan Thomas,
20, from Shirley Oaks Village, Surrey, claimed she had
been dismissed from her post because managers told her
she was not old enough to deal with members of the Eight
Member Club in central London. A landmark ruling by a
London employment tribunal ruled that Ms Thomas was unfairly
dismissed and discriminated against on the grounds of
her age. The newly-enacted age discrimination rules were
originally aimed at older workers. But the latest ruling
could help young people who feel they are being discriminated
against because of their youth. http://news.independent.co.uk/uk/legal/article3152331.ece
|
12th November
Management Today ALL CHANGE FOR CEOS?
The role of the UK's top CEOs may have changed substantially
over the last decade - but unfortunately there's not been
much change to the profile of the people filling these
roles, according to Orange's latest Business Leadership
Snapshot.
Orange looked at the profile of FTSE 50 CEOs and spoke
to the head-hunters involved in recruiting them, to see
how the typical profile has changed in the last ten years.
It found that the demands of a global digital market have
altered the skill-set required - but the job is still
mostly the preserve of white middle-aged men. Remarkably,
there's only one female CEO in the entire FTSE 50 (Cynthia
Carroll at Anglo American). http://www.managementtoday.co.uk/newsalerts/article/766087/mtsweek/all-change-ceos/ |
12th November
Financial Times MENTAL HEALTH PROBLEMS COST BUSINESS BILLIONS
Doctors are costing business billions of pounds, in lost
output and recruitment costs, by not doing enough to help
people with mental health problems return to work, according
to a survey of more than 600 employers published today.
http://www.ft.com/cms/s/0/d19e1852-90c0-11dc-a6f2-0000779fd2ac.html
|
12th November
Times BARCLAYS BANKROLLS MUGABE'S BRUTAL REGIME
Barclays is bankrolling Robert Mugabe's corrupt regime
in Zimbabwe by providing substantial loans to his cronies
given land seized from white farmers. Through a government
scheme to boost farm productivity, the British bank lent
£750m to the country's new
landowning elite in the first half of this year. This
weekend Barclays was under pressure to say whether it
had lent money to five of Mugabe's ministers who have
been named in European Union sanctions. http://www.timesonline.co.uk/tol/news/uk/article2848046.ece |
12th November
Guardian BOSSES CRACK DOWN ON INTERNET SOCIALISING
Unions report phenomenal rise in disputes involving use
of networking sites like Facebook. More than 1,700 public
employees have been sacked or disciplined for internet
or email misuse in the past three years, Guardian research
has found.
http://www.guardian.co.uk/technology/2007/nov/12/news.facebook
|
|
12th November BBC ALCOHOL HEALTH GROUP CRITICISED
A new campaign group, the Alcohol Health Alliance, has
already been attacked by the drinks industry, even before
it has been fully established. The alliance, which will
involve more than 20 health organisations and will lobby
for tighter regulation of the industry and higher tax
on alcohol, received warnings by five drinks industry
bodies arguing that its campaign could make matters
worse.
http://news.bbc.co.uk/1/hi/uk/7088347.stm
continues below/...
|
12th November
Financial Times NO PENALTY WITH ETHICAL INVESTMENT
According to a report issued by the United Nations and
Mercer, the relationship between returns and the incorporation
of environmental, social and corporate governance (ESG)
factors does not have to hamper performance. Of the 20
academic studies reviewed in the report, 10 found a positive
relationship between ESG factors and performance, seven
neutral and three negative.
http://search.ft.com/ftArticle?queryText=FUND+MANAGEMENT%3A+No+penalty+with+ethical+investment&aje=true&id=071112000020&ct=0 |
12th November
Guardian WIND TURBINE AND TIDAL POWER IN £20M GREEN
PLAN FOR WESTMINSTER
A plan to slash the carbon footprint of the Houses of
Parliament by almost a third using wind turbines, tidal
power and underground boreholes is being considered by
Palace of Westminster officials.
http://www.guardian.co.uk/environment/2007/nov/12/greenpolitics.energy |
12th November
Guardian NEW RULES FAIL TO STOP CHILDREN SEEING ADVERTS
FOR UNHEALTHY FOOD ON TV
Children are still being bombarded with television advertisements
for junk food, in spite of new rules aimed at tackling
the UK's obesity epidemic. http://www.guardian.co.uk/society/2007/nov/12/children.advertising
|
13th November
Guardian COUNCILS READY TO BAN PLASTIC SHOPPING BAGS
London could become the world's largest plastic bag-free
city within 18 months if local authorities move today
to ban them or impose a hefty tax on the hundreds of millions
that are given away each year by shops. Chief executives
of the 33 London councils are expected to recommend action
at a meeting today after being given overwhelming public
support. http://www.guardian.co.uk/uk_news/story/0,,2210012,00.html |
13th November
Guardian Former MP CLAIMS MBEKI KILLED BAE BRIBERY INQUIRY
South African President Thabo Mbeki was involved in the
ruling African National Congress (ANC) leadership's blocking
of a parliamentary investigation into alleged bribery
by BAE Systems and other weapons firms in the country's
biggest ever arms deal, according to a former MP who was
driven out of the ANC for spearheading the inquiry. http://www.guardian.co.uk/armstrade/story/0,,2209966,00.html |
13th November
Financial Times GORE TURNS TO SILICON VALLEY IN GREEN
FIGHT
Al Gore, the former US vice-president and environmental
campaigner, is to join forces with Silicon Valley in an
attempt to secure billions of dollars for new investment
in 'clean technology'to combat climate change.
http://www.ft.com/cms/s/0/1d396d54-915f-11dc-9590-0000779fd2ac.html |
13th November
Telegraph USING DISHWASHER AT NIGHT 'COULD CUT BILLS'
Householders could benefit from reduced energy bills if
they agree to run appliances in the middle of the night.
The proposal is part of a £6 billion British Gas
plan, backed by rival energy companies, to change the
way people use their appliances and run their gas meters.
http://www.telegraph.co.uk/earth/main.jhtml?xml=/earth/2007/11/13/eabills113.xml
|
13th November
GreenBiz CORPORATE LEADERS PUBLISH ROADMAP FOR ACTION
ON CLIMATE CHANGE
Combat Climate Change (3C), a new coalition of 46 international
companies, is pushing global governments to join together
for immediate action to address climate change. http://www.greenbiz.com/news/news_third.cfm?NewsID=36246 |
13th November
Financial Times REMPLOY RETHINK OFFERS REPRIEVE TO WORKERS
The country's biggest employer of disabled workers has
almost halved the number of factories it wants to close,
according to plans submitted on Monday to the Department
of Work and Pensions. http://www.ft.com/cms/s/0/c90bbde6-9176-11dc-9590-0000779fd2ac.html |
14th November
Financial Times MORE WOMEN BREAK FTSE 100 BARRIER
According to the annual survey of women in the boardroom
by Cranfield University Management School, one in five
new appointments to FTSE 100 boards last year went to
a woman, raising the number of board positions held by
women to 123 or one in nine. Top of the Cranfield list
is J Sainsbury, with three female directors in a board
of 10 and women making up a fifth of the executive committee.
Three FTSE 100 companies now have women chief executives:
the mining giant Anglo-American, electricity generator
Drax and Pearson, owner of the FT. The Cranfield report
rates Daily Mail and General Trust bottom of the league
for having no female members on its 15-strong board and
no women on its executive committee.
http://www.ft.com/cms/s/0/ab87bf42-9219-11dc-8981-0000779fd2ac.html |
14th November
BBC SIERRA LEONE 'RIDDLED WITH CORRUPTION'
Newly-elected President Ernest Bai Koroma commissioned
the report that reveals widespread corruption and mismanagement
in Sierra Leone. The report that was exclusively obtained
by the BBC catalogues grave inadequacies in key areas
such as health care, tax collection and the security services
and acknowledges corruption as "the greatest impediment
to the country's development".
http://news.bbc.co.uk/1/hi/world/africa/7092861.stm |
14th November
HR Review LESS THAN A THIRD OF UK WORKERS COMPLETELY TRUST
THEIR MANAGERS, NEW FIGURES SUGGEST.
The research, conducted by YouGov on behalf of Investors
in People UK, also revealed that 78 per cent of employees
believe their boss has let them down in the past, while
55 per cent thought their superiors only have their best
interests in mind when it suits them.
According to the survey, released to mark to the beginning
of Investors in People Week, workers are most likely to
think that their boss will let them down by failing to
provide adequate support.
http://www.hrreview.co.uk/articles/hr_strategy_and_practice/workers_percentdo_not_trust_their_managerspercent_410.html
http://www.investorsinpeople.co.uk/Media/PressReleases/Pages/PressReleaseDetail.aspx?PRID=38
|
14th November
Financial Times WOMEN'S BUSINESSES NEED BETTER SUPPORT
Women's Enterprise Day is here again. Around the country
women will be encouraged to "go for it" and
start their own business. It appears to be working. For
the first time more than 1m women in the UK work for themselves
and the numbers of self-employed women are slowly growing,
against a broader trend of male stagnation and decline
in enterprise.
http://www.ft.com/cms/s/0/80d968f4-9228-11dc-8981-0000779fd2ac.html |
14th November
The Times 9,000 ILLEGAL WORKERS MAY HAVE BEEN CLEARED
FOR SECURITY JOBS
More than 9,000 illegal immigrants could have been cleared
to work in the private security industry, some of them
guarding sensitive Whitehall locations and some even under
Metropolitan Police contracts, it emerged last night.
http://www.timesonline.co.uk/tol/news/politics/article2866224.ece |
15th November
Daily Mail WE'VE LOST THOUSANDS WITH INSIDE TRACK
Property seminars: Turn up to a presentation, eat the
free doughnuts, become a buy-to-let tycoon. Meet the investors
who were sucked in by the sales pitch only to lose thousands.
Were they stupid? Should the authorities stamp down on
the salesmen?
http://www.thisismoney.co.uk/mortgages/buy-to-let/article.html?in_article_id=426200&in_page_id=56&ito=1723
|
|
15th November This is Money RYANAIR RAPPED FOR 'PROVOCATIVE
SCHOOLGIRL' AD
Irish advertising authorities have ruled that Ryanair
went too far when they pictured a model wearing a school
uniform for an ad campaign timed for the school bank
holidays. The ASAI also warned advertisers that care
should be taken when using images of children or people
portrayed as children. http://www.thisismoney.co.uk/news/article.html?in_article_id=426119&in_page_id=2&ito=1723
|
15th November
Financial Times SOUTHERN WATER FACES OFWAT FINE
Plans to fine Southern Water £20m for deliberately
misreporting information about its performance were announced
on Wednesday by the industry regulator. The company 'systematically
manipulated information to conceal their true performance
over an extended period of time,' said Regina Finn, Ofwat
chief executive. The misreporting allowed Southern to
raise its prices by more than it should have done, a deception
which led to customers getting higher than necessary bills
and, according to Ofwat, 'receiving poor service'.
http://www.ft.com/cms/s/0/d55660ae-9308-11dc-ad39-0000779fd2ac.html?nclick_check=1 |
15th November
Financial Times LIFELINE FOR MILLIONS IS A VALUABLE ASSET
CLASS
According to the FT, microfinance business is expanding
at a rapid pace. During 2006, Latin America's top 10 micro-finance
lenders increased their overall loan portfolio by 36 per
cent, while in India, growth was even more rapid, with
institutions increasing their loans
by 76 per cent in the 12 months to the end of March this
year. By the end of 2006 microfinance organisations had
loans of more than $23bn outstanding to a total of more
than 52m people. The industry is growing for two reasons.
First, there is huge demand for financial services among
the world's poor. Second, the labour-intensive approach
to loan management also keeps down the rates of default.
http://www.ft.com/cms/s/0/72a2c82e-92dd-11dc-ad39-0000779fd2ac.html |
15th November
Financial Times CHEVRON PAYS $30M IN IRAQ BRIBES CASE
Chevron, the second largest US oil company, yesterday
agreed to pay a 30m settlement after acknowledging bribes
were paid for oil it obtained under the United Nations
oil-for-food programme to Iraq. The investigation revealed
that Chevron bought crude from third parties
who paid bribes and secret surcharges that ended up in
the pockets of the Iraqi regime. Hussein and other Iraqi
officials obtained a total $1.8bn in kickbacks from the
oil-for-food programme. http://www.ft.com/cms/s/0/c2af5476-931f-11dc-ad39-0000779fd2ac.html |
16th November
Financial Times MIXED RESPONSE TO WAL-MART'S 'GREEN' REPORT
Wal-Mart published its first report yesterday on the environmental
and social sustainability drive it launched just over
two years ago.
But environmentalists and socially concerned investors
expressed some disappointment with the lack of measurable
data provided. The report was originally scheduled to
come out in April but was repeatedly delayed.
http://us.ft.com/ftgateway/superpage.ft?news_id=fto111520071500453710 |
16th November
Guardian BBC BACKTRACKS AFTER BABY CRIES DUBBED IN TV
REPORT
The BBC was embroiled in a fresh row over deception last
night after it added the sound of crying babies to a news
story about the birth of quintuplets. The footage was
shown on BBC News 24 despite the infants having respirators
in their mouths.
http://www.guardian.co.uk/media/2007/nov/16/bbc.television |
16th November
Independent OFT CHALLENGES BANKS ON 'MISLEADING' OVERDRAFT
CHARGES
The Office of Fair Trading yesterday warned Britain's
banks it intended to take them to task over unauthorised
overdraft charges whatever the outcome of a High Court
test case on the fees that is scheduled to begin in January.
The OFT published its formal submission to the High Court
last night, rebutting a submission from the banking industry
that unauthorised borrowing charges were fees paid for
a service provided to customers. The regulator said it
believed the fees were penalty charges and accused the
banking industry of misleading customers.
http://news.independent.co.uk/business/news/article3166484.ece
|
16th November
Financial Times PROBE INTO CHEVRON AND SHELL PAYMENTS
Anti-corruption investigators are probing payments by
ChevronTexaco and Royal Dutch Shell to a company owned
by a powerful Nigerian politician they suspect has laundered
tens of millions of dollars in British banks, property
and cars. James Ibori, who was governor of Delta State
until last May, is being investigated by British and Nigerian
authorities over sums he is alleged to have accumulated
during his years in office. http://www.ft.com/cms/s/0/d015aab6-9478-11dc-9aaf-0000779fd2ac.html
|
16th November
Financial Times CLEAN TECHNOLOGY INVESTMENT SOARS
According to a new analysis of the market by the Cleantech
Group, this year will be a record-breaking year for venture
capital investment in "clean" technologies.
Last year, more than $4bn (£1.9bn) of venture capital
was invested in environmental technologies such as renewable
energy, water technologies and carbon reduction technologies.
The sector is now the biggest recipient of venture capital
funds in the US, and in the first three quarters alone
about $3.8bn of venture capital was invested. http://us.ft.com/ftgateway/superpage.ft?news_id=fto111520072130433789 |
17th November
Times SIEMENS PAID MILLIONS OF EUROS TO BRIBE MINISTERS
Siemens, the engineering group at the centre of the biggest
bribery scandal in German corporate history, paid millions
of euros in bribes to cabinet ministers and dozens of
other officials in Nigeria, Russia and Libya. The payments
were made as the company sought to win lucrative contracts
for telecommunications equipment, according to court documents
published by The Wall Street Journal.
http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article2886593.ece
|
18th November
Sunday Times FACEBOOK BONANZA FOR ID THIEVES
Banks are threatening to crack down on customers who become
victims of fraudsters after revealing too many of their
personal details on social networking sites, writes Ali
Hussain. BANKS have warned they may stop reimbursing identity
fraud victims who post personal information on websites
such as MySpace and Facebook. It follows growing concerns
that fraudsters are targeting social-networking sites
for information to help them steal identities. While banks
will normally reimburse any debts racked up in an ID fraud
victim's name, they are becoming increasingly reluctant
to cover those who have been "negligent" with
their personal details - by posting them on the web, for
example. http://business.timesonline.co.uk/tol/business/money/consumer_affairs/article2889702.ece |
18th November
Observer PROBE REVEALS FAREPAK SAVERS' MENTAL TORMENT
A report published to be published on Monday will show
that more than a year after the collapse of hamper company
Farepak, its former savers are still suffering from depression
and anxiety attacks. The 40-page report, commissioned
by Unison and the Centre of Crime and Justice, is based
on interviews with 15 victims who lost all their savings
when the company collapsed last October with debts of
more than £40m. BDO Stoy Hayward is expected to
return 5p in the £1 but says it cannot process the
122,000 claims logged with it in time for Christmas. http://www.guardian.co.uk/business/2007/nov/18/businessandmedia2 |
18th November
Observer PENSION SALES: A FUTURE SCANDAL?
Ruth Sunderland asks whether the buyouts of company pension
funds will be the great financial scandal of 2017? Two
big deals have gone through in the past seven days: media
group Emap is selling its £170m final salary scheme
to Paternoster, a specialist company run by former insurance
executive Mark Wood. And Telent, the rump of the old Marconi,
has been sold in a controversial move to a Guernsey-based
investment vehicle, which wants control of its £2.5bn
pension fund, responsible for 62,000 members.
http://www.guardian.co.uk/business/2007/nov/18/businesscomment.businessandmedia1 |
18th November
Observer WOMAN WITH 'WRONG' TUMOUR FIGHTS INSURER
A brain condition sufferer is taking on Skandia after
it rejected her critical illness claim, writes Jill Insley.
Mary Ryan took out a lifetime critical illness policy
with Skandia in 1996, designed to cover the mortgage should
she fall seriously ill. The policy was expensive - premiums
are more than £100 a month - but her independent
financial adviser assured her this was one of the most
comprehensive policies on the market. So when she was
diagnosed as having a benign growth-hormone-secreting
pituitary tumour, her IFA was confident she could claim.
However, due to small print, pituitary tumours are no
covered because they are 'benign' rather than malignant,
despite debilitating affects to health. http://www.guardian.co.uk/money/2007/nov/18/businessandmedia.lifeinsurance
|
18th November
New York Times BLOWING THE WHISTLE, MANY TIMES
The claim that medical sales practices are draining millions
of dollars from public programs are key to what could
be one of the largest whistle-blower lawsuits on record.
http://www.nytimes.com/2007/11/18/business/18whistle.html?th&emc=th
|
19th
November Independent SAUDI PIPELINE BLAST KILLS 28
An explosion yesterday killed 28 people working on a natural
gas pipeline in eastern Saudi Arabia, the kingdom's national
oil company said. The cause of the fire, which broke out
just after midnight, was maintenance work, the company,
Saudi Aramco, said in a statement.
Saudi Arabia's oil minister Ali al-Naimi said 12 people
were missing and an unspecified number were wounded. The
fire did not disrupt gas supplies, he told reporters during
an OPEC summit in Riyadh. http://news.independent.co.uk/world/middle_east/article3174458.ece |
19th November
Independent DIAGEO SPARKS FIGHTBACK AS THE SMIRNOFF ICE
BAN COMETH
Diageo, the drinks giant, is fighting to shore up sales
of Smirnoff Ice in one of its biggest American markets,
after California voted to ban the drink from supermarket
shelves. The crackdown, which the state's authorities
say will help curb underage drinking, is also being accompanied
by a tax rise that will almost double the price of the
company's leading alcopop. http://news.independent.co.uk/business/news/article3174451.ece
|
19th November
Financial Times WORKERS' LIVES AT RISK, WARNS TUC
Brendan Barber, TUC general secretary, claims that the
drive by government to cut red tape and remove obstacles
to business leaders is placing the lives and health of
workers at risk. The union chief will call for tougher
penalties for company executives, a halt to spending cuts
at the Health and Safety Executive, and stricter enforcement
of existing safety legislation.
http://www.ft.com/cms/s/0/e8cb8b56-9640-11dc-b7ec-0000779fd2ac.html?nclick_check=1 |
19th November
BBC LOANS CUT FOR CHINESE POLLUTERS
In the first move of its kind, a dozen Chinese businesses
have had loans blocked or withdrawn after being accused
of flouting environmental laws. With China's cities among
the most polluted in the world, the authorities plan to
increase financial penalties for rule breakers and force
firms to pay more towards the cost of emissions. Under
China's new "green credit policy", environmental
regulators are required to pass on details of corporate
offenders to the Central Bank. http://news.bbc.co.uk/1/hi/business/7098754.stm |
19th November
Guardian AIRLINES WARN EU OVER CARBON-TRADING PLANS
The global aviation body has warned that the British and
other European governments face a long diplomatic battle
if they push ahead with plans to include airlines in a
European emissions trading scheme. The International Air
Transport Association (Iata) said 170 countries opposed
a proposal to make all airlines flying in and out of the
European Union subscribe to the EU emissions trading scheme.
Non-EU airlines are lobbying their governments to reject
the move, arguing that it will impose billions in extra
costs on an industry that makes a global profit of just
$5.6bn (£2.7bn). http://www.guardian.co.uk/business/2007/nov/19/theairlineindustry.carbonemissions |
19th November
BBC GAP ACTS OVER INDIAN CHILD LABOUR
Retailer Gap has pledged to "do more" to eradicate
child labour after it emerged one of its Indian suppliers
had been employing children as young as 10. The US firm
will donate $200,000 to improve factory conditions in
India as well as tighten up its own procedures.
http://news.bbc.co.uk/1/hi/business/7098975.stm |
19th November
Financial Times GE CHIEF URGES NUCLEAR INCENTIVES
According to Jeffrey Immelt, chairman and chief executive
of General Electric, the US government's hopes that hundreds
of nuclear power plants will be built to boost national
energy supplies will be dashed unless the power industry
is given strong financial incentives to switch away from
fossil fuels. http://www.ft.com/cms/s/0/b0887632-9640-11dc-b7ec-0000779fd2ac.html |
19th November
Times BUSINESS IDEAS: ASK NOT WHAT YOUR WORKFORCE CAN
DO FOR YOU
Today's Business Ideas feature is written by Ben Verwaayen,
Chief Executive, BT. He argues that social innovation
is changing the way in which modern corporations work
and that companies and individuals need to be open enough
to recognise and attract talent.
http://business.timesonline.co.uk/tol/business/industry_sectors/telecoms/article2896413.ece |
19th November
Financial Times PRIVATE EQUITY DISCLOSURE
Tomorrow Sir David Walker will publish his guidelines
for greater transparency and disclosure in the private
equity industry, including annual reviews. Writing in
the FT, Simon Walker, Chief Executive, BVCA states 'The
new requirements are tough but we accept that the influence
private equity has acquired in the UK economy brings responsibilities'.
The Times also reports that Sir Michael Rake will chair
the oversight committee to ensure the new code of conduct
is adhered to. http://www.ft.com/cms/s/0/6e672562-95d4-11dc-b7ec-0000779fd2ac.html |
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20th November Guardian BROWN SETS TOUGH TARGETS FOR
REDUCING CARBON
In his first environment speech as prime minister |
