BA pilot who saved 152 passengers claims he was 'hung out to dry'
Peter Burkill said he felt he was forced out of his £130,000-a-year job at BA, was shunned by other airlines, and has been living on income support. He was commended after his heroic actions averted disaster as his Boeing 777 narrowly avoided crash landing when its engines failed two miles short of the runway in January 2008. But the 45-year-old pilot took voluntary redundancy last year after 20 years with BA and said he felt forced by a whispering campaign within the company. Click here for the full story >>

Office hours would cut MPs' claims, says expenses chief
MPs could do away with many of their expenses if they worked office hours, says the man overhauling the system. In a speech, Sir Ian Kennedy said the Commons "chooses to work its own idiosyncratic hours" - which in turn led to claims for taxis and hotels. He also said there was a strong case for regulating Lords' expenses along the same lines as the new MPs' system. Click here for the full story >>

Green advertising rules are made to be broken
From this week, we have a new checklist of dodgy green claims that advertisers should avoid. The list comes from the UK government's Department for Environment, Food and Rural Affairs (Defra). They are only guidelines and they won't save the planet. But, in keeping with its own strictures on greenwash, at least the department doesn't pretend that they will. Among the biggest bugbears revealed in the consultation document – the draft ppdate guidance on green claims - are general, untestable claims like products being "eco-" or "environmentally friendly". Such tags have been applied to everything from a hotel that serves local food but floodlights its car park all night, to electronic goods that do no more than comply with the law on recycling. Click here for the full story >>

Greece accuses Germany of 'squalid game' in debt crisis
Greece has further complicated its chances of an EU rescue package this week, accusing Germany of exploiting the debt crisis to enrich its banks and drive down the euro for global export advantage. "By speculating on Greek bonds and allowing credit institutions to participate in this squalid game, some people are making money," said deputy premier Theodoros Pangalos. "As long as southern Europe is under fire and the euro is falling, they (the Germans) can win massive exports in the rest of the world," he said. Click here for the full story >>

Retailers acclaimed as leading employers
Sainsbury’s and John Lewis Partnership have been highlighted as leading employers by a Government campaign to promote more effective employee engagement. The retailers are featured in new guidance launched today by the Department for Business, Innovation and Skills (BIS). The practical guidance – published on www.businesslink.gov.uk/employeeengagement  – will help employers improve the way they engage their employees.  It has been developed with input from a range of business leaders, employers and employee engagement practitioners. Click here for the full story >>

Google shuts up shop in China in row over state censorship
China hit back at Google last night after the internet search giant closed its flagship Chinese site, carrying out a threat issued two months ago in a dispute over censorship. The company stopped censoring its search results in China and redirected users of the Google.cn service to its uncensored Google.com.hk site based in Hong Kong. The White House, which had backed Google in its dispute, expressed “disappointment” that an American company felt compelled to take such a drastic step. Click here for the full story >>

OFT investigates alliance in web-connected TV
Project Canvas, the joint venture between terrestrial broadcasters and internet service providers to create a new web-connected television platform, will be investigated by the Office of Fair Trading. The OFT said that it would study whether the plans of the venture’s members — which include the BBC, ITV and BT — could amount to a merger and whether that would mean less competition. The project could then be referred to the Competition Commission. Click here for the full story >>

Vinci's Zacharias faces criminal trial, on charge of being overpaid
A former chief executive will make legal history today when he faces a criminal trial for being paid too much. Antoine Zacharias was paid more than €100 million to run the French construction group Vinci. His pay was set by a remuneration committee chaired by Quentin Davies, Britain’s junior Defence Minister. Mr Zacharias, 71, who is accused of misusing company assets by accepting the remuneration, is the first French executive to face criminal charges over earnings authorised by company directors. If convicted, he could face up to five years in prison and a fine of €375,000 (£336,000). Click here for the full story >>

Daimler agrees to $185m bribe charge settlement
Daimler, the maker of Mercedes-Benz, agreed yesterday to pay $185 million (£123 million) to settle allegations in America that the company paid bribes in 22 countries to win government business. Among other charges, the US Department of Justice and the Securities and Exchange Commission accused the German carmaker and three subsidiaries of violating the Foreign Corrupt Practices Act, which bans improper payments to officials of other countries. The settlement has to be approved by the US District Court in Washington at a hearing set for April 1. Daimler declined to comment before the hearing. Click here for the full story >>

Alstom UK directors arrested in SFO bribery investigation
Three UK board members of Alstom, the French engineering group, have been arrested on suspicion of bribery and corruption after raids by the Serious Fraud Office. Alstom has contracts to build four power stations in the UK, such as at Staythorpe, Nottinghamshire, and the SFO said in a statement it suspected that bribes have been paid by Alstom's UK operations in order to win contracts overseas "and that this has involved associated money laundering and other offences". Click here for the full story >>

SFO looks to investigate Rio's role in bribery case
The Serious Fraud Office said yesterday that it was "assessing" the case of the four Rio Tinto executives whose bribery and espionage trial closed in Shanghai yesterday, and whether their guilty pleas warranted an investigation in the UK. A verdict in the case in China could take a number of weeks. Three of the four Rio employees, including an Australian national, Stern Hu, have pleaded guilty to accepting bribes. The final two days of the hearing were held in secret as Shanghai People's Court No 1 considered corporate espionage charges. It is not known how the four pleaded. A lawyer for one accused, Wang Yong, said an unnamed suspect had not contested the charges. Click here for the full story >>

Sainsbury's in gender stereotyping row
Sainsbury's has been accused of gender stereotyping after selling children's dressing-up costumes that were designated either for boys or for girls. Doctors' outfits were labelled specifically for boys, while nurses' uniforms were for girls. Other items included a pilot, superhero and soldier kit labelled "boy". The gender labelling was spotted by Abi Moore, a mother and co-founder of the PinkStinks campaign, which has called on retailers to stop "pinkifying" its products aimed at girls. Click here for the full story >>

Goldman accused of bias in firing high-flyer on maternity leave
Charlotte Hanna, a former Goldman Sachs vice-president, has accused the investment bank of putting her on the 'mommy track' after she opted to go part-time following the birth of her first child. Ms Hanna, who had a senior role at Goldman Sachs University (GSU) – the bank's orientation centre for interns and new recruits – is suing the Bank for gender discrimination and unfair dismissal after being demoted and then fired while she was on maternity leave with her second child. "It is clear that Goldman Sachs views working mothers as second-class citizens who should be at home with their children," says Ms Hanna's legal complaint, filed in New York's Southern district court. Click here for the full story >>

Innospec chemicals firm fined $12.7m in bribery case
The UK arm of a US chemicals firm has been fined $12.7m (£8.5m) after admitting bribing Indonesian officials. Innospec paid bribes of more than $8.5m to prolong the use of harmful, lead-based fuel in petrol engine cars. Judge Lord Justice Thomas at Southwark Crown Court said Innospec's corruption was "systematic and large-scale". The company called it a "deeply regrettable" chapter in its history and said it had changed procedures to try and ensure it didn't happen again. Click here for the full story >>

One in three interns works for nothing, says TUC
As many as one in three interns are working for nothing with employers exploiting young people who are desperate to get on the jobs ladder. A report from the Trades Union Congress (TUC) says the number and range of internships in the UK have increased considerably in recent years, particularly in the recession, and interns are now a regular feature in many industries. But it warns that many employers have sought to take advantage of graduates' desperation to find work in the economic downturn and see interns as a useful source of free labour. Others may be unaware that non-payment of interns is a breach of the law and of national minimum wage rules. Click here for the full story >>

Loyalty loses once and for all
A rare beacon in the pestilential demimonde of the financial services industry was shining a little less brightly this week. Investec closed its High 5 savings account to new customers. The accusation that the financial services industry has grown too big is usually levelled at the end of the market dealing with wholesale clients. But it also applies to the retail end, swollen to accommodate the millions of customers obliged to constantly switch providers to avoid being fleeced. To stay loyal to a savings account, or a mortgage or an insurance provider is to invite being short-changed. Constant vigilance and repeated switching is needed. That requires legions of bankers to devise, market, sell and administer the new products. That adds to the costs for everyone. Click here for the full story >>

Foodie site Yelp accused of giving best ratings for advertisers
Yelp was launched in San Francisco in 2004 by former PayPal engineers Jeremy Stoppelman and Russel Simmons. It has since grown to become one of the most powerful ratings sites on the web. Anyone can sign up and rate a local restaurant, pet shop, bookstore, dentist or vet. On March 17 the site announced it had attracted 30m visitors in the previous 30 days and that its users have reviewed 10m local businesses. Yelp’s alluring promise is “Real People, Real Reviews” but, according to a lawsuit filed in California, the firm “regularly manipulates the content” on its site so that “business listings on Yelp.com are in fact biased in favor of businesses that buy Yelp advertising”. Click here for the full story >>

Clampdown on vulture funds preying on poor countries
A Labour government would introduce legislation early in the next parliament to ban so-called "vulture funds" from preying on the world's poorest countries, Treasury minister Stephen Timms announces today. The move comes as a bid to draw a clear electoral dividing line with the Conservatives on overseas development. Vulture funds buy up the debts of poor countries, often at a fraction of their face value, and try to claim the money back through the world's courts. Click here for the full story >>

Rio Tinto four jailed for up to 14 years by Chinese court
Anglo-Australian mining giant Rio Tinto has fired four executives in China after a Shanghai court sentenced them today to between seven and 14 years in prison on bribery and secrets charges. The verdicts come eight months after the detention of Australian citizen Stern Hu and his three Chinese colleagues shocked the international business world. Hu headed the firm's iron ore sales in China. The firm's chief executive, Tom Albanese, commented: "Ethical behaviour is at the heart of everything we do. I am determined that the unacceptable conduct of these four employees will not prevent Rio Tinto from continuing to build its important relationship with China." Click here for the full story >>

Lord Mandelson says CBI backs ‘bully banks’
Lord Mandelson, the business secretary, yesterday launched a scathing attack on Richard Lambert, director-general of the CBI, saying he was “completely out of touch” with small business and preferred to “speak up for bullying banks”. The row is the first serious confrontation between Mandelson and the CBI. The business secretary has generally had a good relationship with the employers’ body, which has been supportive of his attempts to revitalise UK manufacturing. Click here for the full story >>

Attack on BP’s oil sands assessment
Dissident BP shareholders have attacked the global oil company’s justification for possible investments in Canada’s controversial oil sands by arguing it is based on projections that entail catastrophic consequences for the climate. About 150 investors say the company’s assessment of the outlook for the oil sands shows it has not properly considered the risks involved and have called for BP to commission an in-depth report. BP is one of the few large international oil companies not to have oil sands production, but it is looking at investing in a $2.4bn (€1.8bn) project – a 50/50 joint venture with Husky Energy of Canada – and plans to make a decision by the end of the year. Click here for the full story >>

Gas companies need to be investigated for 'nearly identical' price cuts
Energy companies should be investigated by the Competition Commission, after five of the big six cut their prices within days of each other and by a similar amount, the country's leading watchdog has said. Consumer Focus, the official watchdog in charge of representing gas and electricity customers, said it had serious concerns about whether consumers were getting a fair deal on their energy bills. Its concerns come after five of the so-called "big six" have announced that they were cutting their gas bills by between 4 per cent and 8 per cent, all of which come into effect within five days of each other at the end of this month. Click here for the full story >>

Unpaid work experience interns exploited, warns TUC
Employers are exploiting thousands of young interns by getting them to work for free, the Trades Union Congress (TUC) has warned. With about one-fifth of 16- to 24-year-olds unemployed, increasing numbers of graduates are taking unpaid internships or extended work experience programmes. The TUC said some are so desperate to gain experience in the workplace that they are willing to pay for it, the BBC reported. Click here for the full story >>

Kraft apologises over Keynsham Cadbury pledge
A senior Kraft Foods executive has said he is "terribly sorry" for the firm's earlier pledge to keep open Cadbury's Keynsham plant. Marc Firestone said the pledge was made in good faith as Kraft expected output to be high enough to sustain the plant. The factory is now being shut down. He added that he expected no further closures or jobs losses in Cadbury's UK manufacturing for at least two years. Unions and local politicians have complained that Kraft misled employees over the issue. Click here for the full story >>

Lehman whistleblower lost his job weeks after raising alarm
A worried accounting executive at Lehman Brothers, who raised the alarm about what he saw as dubious number-crunching at the doomed Wall Street bank, lost his job barely a month after alerting the auditor Ernst & Young, his lawyer claimed yesterday, in a case prompting calls for tighter protection for corporate whistleblowers. Matthew Lee, a senior vice-president in Lehman's finance division, outlined six allegations of unethical accounting in a memo sent on 16 May 2008 to Lehman's senior managers, who asked Ernst & Young to investigate. Click here for the full story >>

Shareholder group attacks Shell for $13m boost to director's pension
Shell has come under fire over excessive executive pay again after the Anglo-Dutch oil group admitted it more than doubled the pension pot of former executive Linda Cook to almost $25m (£16.5m) last year. Cook, the former head of Shell's gas and power business, left last year after being passed over for the chief executive role. Shell boosted her pension pot by $13.4m after in effect awarding her 15 years of extra contributions. Errol Keyner from VEB, the Dutch shareholders association, told the Guardian: "The people who came up with this must have been smoking something which is not allowed in law. It's beyond belief." Click here for the full story >>

‘Green’ claims in ads face tougher scrutiny
Advertisers’ environmental claims will face tougher scrutiny later this year, under new advertising rules published on Tuesday. After a year-long consultation on its proposals for a new advertising code, the Committee of Advertising Practice and BCAP, the body governing broadcast, will also allow condoms to be advertised before the 9pm watershed for the first time. The code has been simplified from four sets of rules into a single document and contains a new provision for “social responsibility”, to clamp down on advertisers exploiting loopholes. Click here for the full story >>

Dutch pension fund sues Bank of America for $100m
Dutch Pension fund ABP, which manages $285bn, has filed a lawsuit in New York against Bank of America, accusing the financial group of hiding billions of dollars of Merrill Lynch losses, which if disclosed might have led investors to vote against the merger with Merrill Lynch. The suit goes on to claim that Bank of America withheld details of a secret document it signed with Merrill Lynch guaranteeing the payment of up to $5.8bn of bonuses to the bank's staff. Click here for the full story >>

Kraft pledges no Cadbury job cuts for 2 years
Kraft has promised that there will be no job cuts at Cadbury factories for at least two years in a bid to defuse mistrust surrounding its £11.5bn takeover of the iconic British company. Marc Firestone, vice president of the American food group, who gave the assurances at a grilling by the cross-party Business Select Comittee, apologised repeatedly for Kraft's decision to close Cadbury's Somerdale factory despite announcing that it would stay open. Peter Luff, chairman of the Committee, told him that the move had "damaged the reputation of Kraft in this country." Click here for the full story >>

Telecoms firms face huge fines for 'slamming'
Communications regulator Ofcom said telecoms companies would have to abide by the new rules or face fines of up to 10pc of their turnover. The rules are designed to stop attempts to gain customers through dishonest activities such as mis-selling and "slamming", where users are switched from one company to another without their knowledge. Ofcom said the measures would strengthen consumer protection and allow it to take swift action against providers who break the rules. Ofcom chief executive Ed Richards said: "It is not acceptable for consumers to suffer from companies engaging in dishonest sales and marketing activity.” Click here for the full story >>

Lloyds accused of avoiding tax to artificially boost profits
A former employee of Lloyds Banking Group has accused the bank of artificially inflating its profits by almost £1bn through the use of aggressive tax-avoidance schemes and exotic "Lehman- style" offshore deals which he said amounted to false accounting. The former senior tax manager at the bank told an employment tribunal Lloyds was involved in running battles with Revenue & Customs after it embarked on a hostile relationship with the tax authority over multimillion-pound corporation tax bills while involved in extensive manipulation of the way it accounted for unpaid taxes. Click here for the full story >>

Banks accused of 'gouging' customers
Lord Myners accused the UK's banks of "gouging" their customers yesterday and warned that shareholders needed to get tougher in their scrutiny of the industry. Speaking to the Future of Banking Commission, the City minister and former fund manager said that the country's banking industry should not be allowed to make bumper profits after "gouging" customers, with the likes of high overdraft charges, for years, adding that "the banking industry has enjoyed more public subsidy than any other industry in our economy". Lord Myners also criticised banks' shareholders, accusing them of timidity, while the actions of auditors had "not been properly scrutinised" in the run-up to the financial crisis. Click here for the full story >>

Eric Daniels 'pushed tax avoidance even after bailout'
Eric Daniels, chief executive of Lloyds Banking Group, signed off tax avoidance structures that were "unethical" and "against the spirit of the law", according to a whistleblowing former manager. The bank, he alsio claimed, has continued to use aggressive tax avoidance schemes even after accepting £17bn in state support. Giving evidence at London employment tribunal yesterday, Andrew Constantine, Lloyds TSB's former head of tax compliance, laid out how Mr Daniels had allegedly approved tax schemes that enabled the bank to avoid paying billions of pounds in tax since 2006, though he alleges the practice had begun earlier. Click here for the full story >>

Barclays risks public ire with Bob Diamond pay deal
Barclays has risked the wrath of politicians and regulators by awarding Bob Diamond, the bank's investment bank boss, one of the most lucrative pay deals in the world. Mr Diamond, who won plaudits for waiving his rights to a bonus for last year, has collected a package whose combined elements could be worth as much as £60m. Click here for the full story >>

M&S told to purge board over Sir Stuart Rose row
Shareholders in Marks & Spencer are calling for a boardroom clear-out after a fresh row over its chairman’s pay. Investors were furious last week after M&S said that Sir Stuart Rose would become the best-paid chairman in the FTSE 100. This was after he agreed to prune his salary by 25% to £875,000 when he steps back from his dual role as chairman and chief executive. The salary is £100,000 less than Marc Bolland, its incoming chief executive, will be paid. The row is the latest showdown between M&S and its investors, who have raised concerns about corporate governance and Rose’s influence. Bolland’s £15m pay package has also drawn fire from investors. Click here for the full story >>

Supermarket offers 'mislead' consumers
More than one in five of all goods on sale in leading supermarkets were on special offer during January and February, a record number, according to research undertaken for The Daily Telegraph. However, prices in supermarkets have increased by 1.9 per cent compared with a year ago. While the discounts are genuine, experts have suggest shoppers are being misled by the welter of red stickers, discounts and special offers into thinking they are enjoying a bargain, when in reality their weekly shop is more expensive than last year. Click here for the full story >>

Cameron to pledge tax on banks
David Cameron will commit the Tories to a new tax on banks today as both main parties battle to convince voters they would claw back billions of pounds from the sector. The Opposition leader will say the US-style measure is needed to ensure taxpayers are repaid in full for the bail-out of financial institutions. His firm pledge comes amid renewed confidence of international backing for such a levy - although party sources indicated it would press ahead unilaterally with a more limited measure if not. Click here for the full story >>

Top Rio salesman admits China bribes
Stern Hu, Rio Tinto’s head iron ore salesman in China, on Monday admitted taking bribes as his closely-watched trial began in Shanghai, raising questions about Rio’s business practices on the mainland. Mr Hu, an Australian citizen, has been in detention for nine months already, along with three other Rio employees who are similarly accused of taking bribes and stealing commercial secrets. If found guilty, the men could face a maximum sentence of 20 years, according to Tao Wuping, lawyer for one of the accused. Click here for the full story >>

Leading doctors back Baby P whistleblower
Dr Kim Holt, who first spoke out in The Sunday Telegraph, has been supported by many well-known medical figures, including Wendy Savage, professor of obstetrics and gynaecology. Dr Holt was placed on "special leave" after raising concerns – and has not been allowed to return to work for nearly three years, despite an official NHS inquiry finding that she has done nothing wrong. The petition states: "We are told by the General Medical Council that if any doctor thinks patient safety may be seriously compromised, they must take steps to put the matter right." How are doctors to reconcile this advice with the treatment Dr Holt has received from NHS management?" Click here for the full story >>

Tenfold rise in whistleblower cases taken to tribunal
The number of employees claiming to have been sacked, mistreated or bullied for exposing corrupt practices at work has increased tenfold over the last decade, according to official figures. Employment tribunal statistics show that the total number of people using whistleblowing legislation, which aims to protect workers from victimisation if they have exposed wrongdoing, increased from 157 cases in 1999 to 1,791 10 years later. Click here for the full story >>

Kraft facing UK regulatory probe over Cadbury deal
Just when Kraft thought the Cadbury controversy was behind it, the whole can of cheesy worms may be opened up again: the Wall Street Journal says that the US food giant is facing an investigation by the UK Takeover Panel, over claims that it lied about its plans for Cadbury’s Somerdale plant to make sure its takeover got the thumbs-up. Kraft’s claim – that on closer inspection, the process was just too advanced to reverse – certainly sounded fishy, but we suspect it will be tricky to disprove. And the Panel doesn’t really have the power to do much about it. An official probe would mean yet more bad publicity for Kraft. But will it care? Click here for the full story >>

One million apply for 60pc interest rate credit card
Nearly 1m people applied for a credit card which charges interest of up to 60pc a year during 2009. Sub-prime lender Provident Financial received nearly 2,700 applications per day for its Vanquis Bank credit card last year, despite the high interest it charges. But 83pc of people who applied for the card were turned down, mainly because they were thought to have already taken on too much debt.
Click here for the full story>>

Younger workers hit hardest by the recession, says think tank
The Resolution Foundation says that those aged between 25 and 34 have been worst hit by the recession. Think tank the Resolution Foundation said people on low incomes had been hit harder by the economic downturn than either households that were dependent on benefits or high earners. But it said their position was often overlooked, leaving them vulnerable to becoming reliant on benefits. Around 38pc of low earners admitted they struggled to keep up with their bills and credit commitments, with many citing a reduction in their working hours as the cause of the problem. Click here for the full story>>

BP faces $3 million safety fines for Ohio refinery
BP Plc was accused of more problems in its U.S. operations on Monday when the U.S. Occupational Safety and Health Administration announced dozens of safety violations found at the BP-Husky refinery in Toledo, Ohio, that could cost the energy giant more than $3 million in fines. OSHA's announcement comes five months after the agency slapped BP with a record $87.4 million fine for failing to fix safety problems at its giant Texas City, Texas, refinery found after a March 2005 explosion that killed 15 workers and injured 180 other people. Click here for the full story>>

Markets must be able to punish offenders, Lord Myners says
The Financial Services Secretary said the concept was a key part of the Government's plans to reform the banking system in the wake of the financial crisis, and that without such a move, it would be impossible to restore true market discipline. "A lot of people lost money in the financial sector over the last few years – bank shareholders in particular suffered massive losses. But many people have been protected. Creditors have been bailed out. Far too many bankers themselves have enjoyed massive awards during the crisis, even as their firms were rescued," he said. Click here for the full story >>

Women still missing out on top jobs at world's largest companies
International Woman's Day was ushered in triumphantly as Kathryn Bigelow became the first woman to win the Oscar for Best Director. The corporate world managed to take the shine off the success as the World Economic Forum (WEF) released a report criticising businesses around the world for failing to close the gender gap. This came as the Prime Minister said it was "unacceptable" that there were UK firms without any female board representation and added that if nothing changed "we will need to consider taking more serious action". The WEF yesterday released its Corporate Gender Gap Report, a study into some of the world's largest companies, which found that many had failed to address equal pay and were losing female talent. Click here for the full story >>

Prudential boss Tidjane Thiam needs to learn you can’t build trust in 45 minutes
We are now two days into Tidjane Thiam’s love-bombing of City institutions and things aren’t going entirely according to plan. The Prudential chief has so far given his 45-minute presentation to a dozen large shareholders on why they should hand over £14 billion to bankroll his ambitious Asian acquisition, AIA. Some are coming away distinctly unimpressed. The mood in some meetings is said to have been prickly. The main problem is lack of information. Mr Thiam’s lawyers won’t let him disclose much before publication of the prospectus. The result is that the entire Pru message has to be boiled down to this: “Trust me, I know what I’m doing!” Click here for the full story >>

£15m bonus payout as Northern Rock cuts losses
Northern Rock today said it was paying staff £14.9 million in bonuses after losses narrowed last year. The bank reported a pre-tax shortfall of £257.5 million for the 12 months to December 31, compared with a £1.36 billion loss in 2008. Northern Rock, which completed its restructure into "good" and "bad" banks at the turn of the year, said the bonus payment came after staff met agreed objectives over the year. Click here for the full story >>

Npower is fourth of 'big six' to cut prices
Npower became the fourth of the "big six" energy suppliers to cut its gas prices yesterday, ratcheting up the pressure on Scottish Power and EDF to announce similar plans before the new tariffs come in at the end of this month. Around 2 million Npower customers will benefit from the 7 per cent cut in its standard tariff from 26 March, equivalent to £50 per year. Npower's decision comes just days after E.ON announced a 6 per cent reduction in its gas prices, which in turn followed a 4 per cent drop from Scottish & Southern last week and British Gas's market-leading 7 per cent cut in early February. Click here for the full story >>

HSBC says Swiss data theft affects 24,000 accounts
HSBC, Europe's biggest bank, said a theft of data by a former employee affected up to 24,000 Swiss client accounts, dealing a hefty blow to the reputation of its private bank. The bank had previously said "less than 10 clients" were affected after Herve Falciani - a former HSBC computer specialist - stole client data from the bank which he handed over to French tax authorities. Click here for the full story >>

Japanese union memo adds to Toyota's safety woes
A four-year-old memo from Japanese factory workers warning that safety was being put at risk by aggressive cost-cutting has aggravated the woes of the Japanese carmaker Toyota, which is battling to reassure customers after yet more suspected cases of faulty accelerator pedals causing runaway vehicles. At the request of a US Congressional committee, Toyota has handed over a 2006 letter from a small Japanese splinter union, the All Toyota Labour Union, which complained that quality was being compromised by longer working hours, outsourcing, shortened development time and a drop in the number of experienced employees in favour of contractors. Click here for the full story >>

Fraud and corruption is costing Britain £30 billion a year
It is almost 25 years since the Roskill Report published its radical recommendations for improving the way complex fraud, corruption and financial market crimes are tackled. In that time the complexity of business transactions and the amount of activity in financial markets have both increased dramatically. Click here for the full story >>

Lehman file rocks Wall Street
The fallout from the report into the collapse of Lehman Brothers shook Wall Street and London on Friday as US officials grilled banks about off balance-sheet trades and questions were raised over the City’s role in the company’s attempts to cover up its problems. The 2,200-page report by Anton Valukas, appointed by a US court to probe the reasons for Lehman’s failure in September 2008, paints a damning picture of the bank’s top management, including former chief executive Dick Fuld, three of its chief financial officers and auditors Ernst & Young. Click here for the full story >>

The phone that will tell your boss exactly what you're doing
Japanese company KDDI has apparently come up with some whizzy new mobile phone technology that can track and analyse the precise movements of the user – so it will know when you’re walking, or going up a flight of stairs, or (possibly) taking a comfort break. KDDI reckons companies are keen to use it to measure – and thereby improve – the efficiency and productivity of their staff. But in this day and age, when we’re supposed to be embracing the principles of flexible working, surely we ought to be focusing on better ways to measure output, as opposed to activity? Click here for the full story >>

 ‘Shame’ on supermarkets over abuse of supply staff
Evidence of widespread physical and verbal abuse of migrant workers in the meat and poultry industry that supplies Britain’s supermarkets has been uncovered by the Equality and Human Rights Commission. A two-year investigation revealed frequent breaches of licensing and safety standards in meat processing factories, as well as at the employment agencies providing the labour. Click here for the full story >>

'Market abuse is unacceptably high', says FSA boss
Financial Services Authority to be transformed into an intrusive, interventionist regulator, says Hector Sants, the chief executive. "There's no evidence that the UK marketplace is worse than other major financial centres but I don't think that should be our benchmark. "Our benchmark should seek to have a market that participants really believe to be clean and fair and, as a general test, I think that if you were to ask the market participants, they would share my view that there is too much market abuse." Click here for the full story >>

France Telecom attacks 'scary' Google database
The world's fifth-biggest telecoms company has called for Google to be investigated over the "scary" amount of information it collects about its customers. Raoul Roverato, France Telecom's executive vice-president for new growth businesses, said: "Google collects a truly scary amount of data about everybody. Consumers should be aware of this, and someone should investigate it." Last month, the European Commission said it was exploring the possibility of launching anti-trust action over Google's domination of the European search market. Click here for the full story >>

HSBC blamed over Lehman Brothers collapse
HSBC, Britain’s biggest bank, has been accused of helping precipitate the fall of Lehman Brothers by demanding billions of pounds in collateral days before its collapse. Carlo Pellerani, a former senior executive at Lehman, told an investigation into the collapse that “[HSBC] were not going to allow us to do business. They put a gun to our head.” The bank handled clearing and settlement for all Lehman’s trades in sterling and much of its Asian business. It started to withdraw credit after the implosion of American investment bank Bear Stearns in March 2008 under a scheme called “Project Opaque.” Click here for the full story >>

Kraft on the rack over jobs
MPs will this week accuse Kraft, the US food group that bought Cadbury, of lying about promises to protect jobs. Kraft executives will appear before the Commons business, innovation and skills committee to face questions over its decision to close the Somerdale plant near Bristol with the loss of 400 jobs. Kraft backtracked on repeated pledges made during its takeover bid for Cadbury that it believed it would be in a position to keep open the plant — even though Cadbury had already said it would be shut. Click here for the full story >>

New code protects public from card companies
The Government has backed away from new legislation to control Britain's £230bn consumer credit mountain and instead is to announce a new voluntary agreement with the credit card industry to protect consumers who get into problems with their bills. The new code to be announced this week will mean that consumers will be able to pay off the parts of their debts charging the highest interest first and will be able to opt out of unsolicited offers to increase credit limits sent out by companies. There will also be new rules on minimum payment amounts, with card companies having to make it clear the length of time it would take to pay off bills and to set minimum payments high enough to pay off capital rather than just interest rate and fees. Click here for the full story >>

Toyota director noticed deterioration 'two to three years ago'
The chief executive of Toyota in Europe has admitted he noticed a deterioration in the company's manufacturing "two to three years ago" and should have ordered a "root and branch" review of its operations. Tadashi Arashima, who is on Toyota's board, says he demanded an improvement in manufacturing for the launch of five new vehicles in 2009, but this did not prevent a mass recall of cars produced over the last five years by the Japanese company. Click here for the full story >>

Toyota chief Akio Toyoda flies to China to apologise for recall fiasco
The boss of Toyota has flown to Beijing to apologise for the carmaker’s recall of vehicles, despite less than 10pc of the recall involving Chinese cars. Akio Toyoda arrived in Beijing from the US, where he apologised to Congress and faced heavy questioning, in a move that highlights the importance of China to the future of the global car industry. “The incident has caused an impact and worries to Chinese consumers,” Mr Toyoda said at a news conference. “I hereby express my sincere apologies for these worries. Click here for the full story >>

Blackberrys add 10 days extra work each year
According to research millions of Brits find it impossible to switch off and keep their work devices on even when they're not in the office. The study found that a fifth of UK workers keep their phones on over the weekend. But even more - 24 per cent - complain they feel stressed because they are always on call. Men find it the hardest to switch off with only a third turning off their phones and BlackBerrys when they leave the office, compared to over half of women. Click here for the full story >>

21 workers die in fire at H&M factory
At least 21 workers died and 50 were hurt when a fire swept through a Bangladeshi factory making clothes for budget retailer H&M and other firms as they worked at night to fulfil orders. The blaze at the Garib & Garib Newaj company – which makes cardigans and jumpers for the Swedish fashion chain – follows repeated concerns by a British charity about fire safety at factories making garments for Western shops. Click here for the full story >>

Wall Street watchdog Sheila Bair blasts 'shameful' bonuses
Sheila Bair, head of the Federal Deposit Insurance Corporation (FDIC), said that she wished America's largest financial institutions had a better "proprietary compass" as she lambasted the New York financiers on compensation. Her comments come just a week after similar comments by John Mack, chairman of Morgan Stanley, who said he felt that the banking fraternity still does "not get it" on pay. Ms Bair's comments came as it was disclosed that Michael Carpenter, chief executive of government backed lender GMAC, received $1.2m (£793,000) for six weeks of work in 2009, equivalent to an annual salary of $9.5m. Click here for the full story >>

Goldman Sachs defiant on pay packets
Goldman Sachs has refused shareholders’ demands for an investigation into the levels of pay received by its bankers, the investment bank revealed in its annual report. The report, filed yesterday with the US Securities and Exchange Commission, said that shareholders also wanted the bank to claw back “excessive compensation” paid in previous years. “After considering the demand letters, [Goldman’s] board of directors rejected the demands,” the report said. Click here for the full story >>

Marks & Spencer sets out its sustainable stall
M&S, which aims to be the world's most sustainable retailer by 2015, made 80 new ethical and environmental pledges yesterday. It insists its policies make commercial and moral sense – but is its growing 'Plan A' project simply hype or a real effort to promote sustainability and save precious resources? Click here for the full story >>

Thousands of commuters face overcrowding because train operators run short trains
It has emerged that 11 rail companies are failing to provide the number of seats set out in the contracts they signed with the Government and are operating what is known in the industry as "short-form" trains. According to figures released under the Freedom of Information Act, more than 1,000 trains a week are shorter than they should be. Two years ago figures released by the Department for Transport showed that passengers can be packed into carriages in conditions which would be regarded as unacceptable for goats, chickens, calves and sheep under EU animal welfare laws. Click here for the full story >>

BAE protesters win SFO injunction
The Serious Fraud Office was yesterday barred from closing its corruption investigation into the arms manufacturer BAE Systems after two charities won an injunction forcing the High Court to consider a judicial review of the decision to settle the case. The two charities bringing the action in the High Court yesterday say the fine imposed on the company here does not reflect the seriousness of the allegations. Click here for the full story >>

EasyJet criticised over anti-Ryanair ad
Low-cost airline easyJet misleadingly suggested in an advert that Ryanair did not fly passengers to the destinations they had booked, the advertising watchdog ruled yesterday. The Advertising Standards Authority said that easyJet misleadingly implied that Ryanair customers would end up in the wrong city by listing airports that were often some distance from their destination, the Advertising Standards Authority (ASA) ruled. Click here for the full story >>

Ineos tax deal sparks fury as firm plans move to Switzerland
Ineos, the debt-laden chemical group that has just unveiled plans to move its headquarters from the UK to Switzerland to save tax, has itself been handed tens of millions of pounds in tax relief on the huge £6bn debt burden it used to fund its acquisition spree. A spokesman for Ineos conceded that it had received tax relief on its debt provisions but denied it was "tax promiscuous" by taking advantage of generous arrangements to fund its growth and then decamping to a cheaper location. Click here for the full story >>

Kraft accused of 'indecent haste' on Cadbury job cuts
Union leaders attacked US food giant Kraft today after being told that the firm was seeking to make its first job cuts only weeks after completing its controversial purchase of Cadbury. Up to 150 jobs are threatened at Cadbury's offices in Uxbridge, west London, and Bournville in Birmingham. Jennie Formby, national office of Unite, said: "Kraft is moving with indecent haste to cut jobs. Despite stating that the company would take 45 days to gain a clearer idea of their management and staff structures for the combined business, they have swung the axe before that deadline has been passed. Click here for the full story >>

Spotlight falls on insurers in health offensive
The insurance industry yesterday came under renewed attack by the Obama administration for charging consumers "jaw-dropping" premium increases, in a sign that the White House is prepared to declare full-scale war against the industry in its final push to pass healthcare legislation. Click here for the full story >>

Energy giant accused of ‘token gesture’ price cut
Ten million families will see their gas bills fall by just £30 a year after a 4 per cent price cut that was dismissed yesterday as a token gesture. Scottish & Southern Energy is delaying the price cut until March 29 — at the end of the winter peak period — and leaving its electricity charges unchanged. That means a customer who buys both gas and electricity from the company will pay an average of £1,162 per year. Click here for the full story >>

Gender pay gap across Europe condemned
The pay gap between men and women across Europe averages 18 per cent, a new survey showed today - but the UK average stands at more than 21 per cent. The figures were condemned today by the European Commission, which announced plans to bridge the gap over the next five years, possibly including new laws. At 21.4 per cent, the UK gap is the ninth widest out of the 27 countries. Click here for the full story >>

Citigroup chief says thanks for the bailout
Citigroup has thanked the American Government and taxpayers for the $45 billion bailout that saved the bank from collapse. Vikram Pandit, the chief executive, said: “I want to thank our Government for providing Citi with funds. For Citi, as for many other institutions, this investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people. ... Citi owes a large debt of gratitude to American taxpayers.” Click here for the full story >>

Outcry over top payouts at BP and RBS
Bumper pay deals for senior corporate executives and bankers were revealed yesterday, turning the spotlight back on to the issue of excessive remuneration. John Hourican, head of investment banking at Royal Bank of Scotland, 84 per cent-owned by taxpayers, has been paid a £5