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31st March Times ENTREPRENEUR CALLS
FOR NEW REVOLUTION TO CUT GLOBAL CARBON EMISSIONS
One of the driving forces behind the Live Earth concerts
has called on business to usher in "a third industrial
revolution" if global carbon emissions are to be
reduced. http://www.timesonline.co.uk/tol/news/environment/article3648837.ece
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31st March
Financial Times HSBC PAY PLAN DETAILS REVEALED
Knight Vinke, the activist investor, stepped up its campaign
against HSBC's corporate governance practices over the
weekend when it made public a confidential document on
the bank's proposals for next year's executive pay schemes.The
consultation document was sent to HSBC's largest shareholders
in January, including Knight Vinke.
http://www.ft.com/cms/s/0/b04c8f2e-feae-11dc-9e04-000077b07658.html?nclick_check=1
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31st March
Guardian TUC PRESSES FOR CLEAN COAL DECISION
The government comes under renewed pressure today to step
up backing for the use of clean coal as part of future
electricity generation.
http://www.guardian.co.uk/environment/2008/mar/31/energy.tradeunions |
31st March Independent NEW BANKING CODE AIMS TO WIN BACK
PUBLIC TRUST
Banks have agreed a "new deal" with the public
after a series of attacks on their behaviour, ranging
from reckless lending to the closure of the accounts of
people who make complaints.
http://www.independent.co.uk/money/loans-credit/new-banking-code-aims-to-win-back-public-trust-802723.html
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31st March
Guardian LAP DANCE ETHOS AT HEART OF CITY SEXISM, SAY
CAMPAIGNERS
Sexism is rife in the City and tough action is required
to stamp out discrimination against women, the Fawcett
Society warns today. The group campaigns for women's rights
and is concentrating on sexual harassment at work. http://www.guardian.co.uk/business/2008/mar/31/gender |
31st March
Management Today THE LUCRATIVE BUSINESS OF CSR
Being a CSR manager isn't just good for your social conscience
- it's also good for your bank balance... A CSR salary
survey by Acona, Acre and Ethical Performance found that
more than 70% of the CSR professionals surveyed earn at
least £40,000 a year - while 15% are earning more
than £80,000 a year. And there was us thinking that
they were all doing it for nothing, purely out of love
for best practice.
http://www.managementtoday.co.uk/newsalerts/article/798408/the-lucrative-business-csr/?DCMP=EMC-Daily%20News
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31st March
Guardian US PLANS BIGGEST SHAKEUP OF WALL STREET WATCHDOGS
IN 80 YEARS
The US treasury secretary, Henry Paulson, will today propose
the broadest overhaul of the US's system of financial
regulation since the Great Depression in an effort to
rebuild confidence in Wall Street's battered institutions.
Under the plan, the Federal Reserve would get extra powers
to delve into the books of banks and brokerages if it
suspected them of taking undue risks which could jeopardise
the financial system.
http://www.guardian.co.uk/business/2008/mar/31/useconomy.economics |
31st March
Greenbiz LONDON LAUNCHES £24M PROGRAM TO REDUCE
BUSINESS WASTE
A £24m program to deal with London's commercial
and industrial waste has been launched which could see
waste companies bid for funding before a 'Dragons' Den'-style
panel of experts. London Mayor Ken Livingstone and the
London Development Agency (LDA) announced details of the
program, which aims to support the development of infrastructure
that can reduce the amount of waste being landfilled or
incinerated.
http://www.greenbiz.com/news/news_third.cfm?NewsID=55819 |
31st March
Financial Times LEHMAN SET TO SUE MARUBENI FOR Y35BN
Lehman Brothers plans to sue one of Japan's biggest trading
firms for Y35bn ($352m) after the US investment bank fell
victim to an alleged fraud perpetrated by two former employees
of Marubeni. Lehman will file a complaint today with the
Tokyo District Court in an attempt to recover the money
lost in a complex scheme that potentially involved forged
documents and a third man.
http://www.ft.com/cms/s/0/10a268fc-feba-11dc-9e04-000077b07658.html |
31st March
Guardian NEW SEXUAL HARASSMENT LAW TO PROTECT STAFF FROM
CUSTOMERS
Employers will be duty-bound from next week to protect
their staff from sexual harassment by customers, suppliers
and others they encounter in the course of their work.
The government was forced to change the law after the
then Equal Opportunities Commission - now part of the
Equality and Human Rights Commission - won a ruling that
the government had failed to properly implement the European
equal treatment directive.
http://www.guardian.co.uk/uk/2008/mar/31/law.equality |
31st March
Financial Times SUPPLIERS IN STAND-OFF WITH ALLIANCE BOOTS
The private-equity owned pharmacy and retail chain wrote
to all its suppliers this year announcing unilateral changes
that are due to come into effect on Tuesday. http://www.ft.com/cms/s/2fbcd062-feae-11dc-9e04-000077b07658,Authorised=false.html?_i_location=http%3A%2F%2Fwww.f
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1st April
Guardian UNIVERSITIES RECEIVE £8.3M TO WORK WITH
BUSINESS
The universities of Teesside, Staffordshire and Cumbria,
and Worcester College of Technology are the first to get
some of the £105m available from the Higher Education
Funding Council for England (HEFCE), to run courses with
employers.
http://education.guardian.co.uk/universityfunding/story/0,,2269792,00.html |
1st April
HR Zone UNPREPARED BUSINESSES FACE CORPORATE MANSLAUGHTER
WAKE UP CALL
On 6 April 2008, the implementation of the Corporate Manslaughter
and Corporate Homicide Bills come into force, yet research
suggests businesses are still not prepared.When the new
laws come into play, companies, regardless of size, are
at risk of prosecution and conviction if a fatality is
found to be caused by a gross breach of a relevant duty
of care, and where the conduct of senior management is
a substantial cause of that breach. http://www.hrzone.co.uk/cgi-bin/item.cgi?id=181503&d=1064&h=387&f=388&dateformat=%25o%20%25B%20%25Y
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1st April
Telegraph LABOUR DONOR AVOIDS £27M TAX
Lord Sainsbury, the former minister and Labour's biggest
financial backer, transferred £340 million worth
of shares last night in a move that experts claim will
save him more than £27 million in tax. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/01/cndonor101.xml
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1st April
Greenbiz CFOS VIEW SUSTAINABILITY AS A BUSINESS OPPORTUNITY
More than half of chief financial officers and finance
executives in a recent survey believe their companies
will boost revenue, investor returns and employee retention
through sustainability. CFO research and commercial real
estate and money management firm Jones Lang LaSalle surveyed
175 top finance executives for the report, The Role of
Finance in Environmental Sustainability Efforts. The executives
represented Herman Miller, Dow Chemical, Bank of America,
Weyerhaeuser and American Electric Power. http://www.greenbiz.com/news/news_third.cfm?NewsID=55823 |
1st April
Associated Press CONGRESS HAS BIG QUESTIONS FOR BIG OIL.
Senior executives from the five largest U.S. oil companies
are appearing before a congressional committee to justify
tax breaks on their companies that contribute to billion
dollar profits when oil prices are rising through the
roof, reported The Associated Press. The oil industry
has that the tax breaks are needed to assure continued
investment in exploration, production and refinery expansions
while many congressmen are arguing for investing in more
alternative energy sources.http://ap.google.com/article/ALeqM5hXYEJn5mPsy7MTBNSI0bUDptri0QD8VP1OEG0 |
1st April
Financial Times RAPID GROWTH OF CARBON TRADING THREATENS
OTHER MARKETS, FSA WARNS
The fast-growing market in carbon dioxide emissions could
threaten other commodities markets, the Financial Services
Authority warned yesterday. The watchdog said problems
including investors being sold unsuitable products, confusion
over the regulation of emissions traders and insufficient
official data created risks to both the fledgling global
emissions markets and to related commodities such as gas
and electricity.
http://www.ft.com/cms/s/0/bfee8848-ff84-11dc-b556-000077b07658.html |
1st April
Guardian UNDERCUT AND UNDER FIRE: UK BIOFUEL FEELS HEAT
FROM ALL SIDES
The domestic green fuels sector is in gloom, amid a flood
of cheap imports from America. Subsidised US biofuels
are threatening to wipe out UK capacity. Meanwhile, opposition
grows from environmentalists and independent scientists
who fear that biofuels could make climate
change worse, not better. There are fears that carbon-absorbing
rainforest in countries such as Brazil is being cut down
to provide land for fuel crops such as soya and palm and
that biofuels crops are displacing land use for food and
forcing up the price of staples.
http://www.guardian.co.uk/environment/2008/apr/01/biofuels.energy1 |
2nd April
New York TIMES DISTRESSED OWNERS ARE FRUSTRATED BY AID
GROUP
Every day more than 4,500 people call Hope Now, the White
House-backed group formed to help struggling homeowners.
But few of them appear to be getting the relief they are
hoping for. One reason is that the financial powers behind
Hope Now - mortgage lenders, loan servicers and big investors
- are reluctant to change loan terms substantially if
doing so hurts them. Hope Now, which President Bush has
held up as a crucial tool to fight foreclosures, is coming
under fire from within and without, accused of putting
the interests of lenders over those of borrowers.
http://www.nytimes.com/2008/04/02/business/02hope.html?_r=1&th&emc=th&oref=slogin |
2nd April
Times BROWN SIDES WITH BUSINESS TO REJECT PEERS' APPEAL
FOR CURB ON MIGRANTS
Gordon Brown led opposition yesterday to calls from a
heavyweight Lords committee for a cap on non-European
Union immigration. He lined up with prominent business
figures in rejecting suggestions from the Lords Economic
Affairs Committee that record numbers of immigrants have
had little or no impact on the economy. http://www.timesonline.co.uk/tol/news/politics/article3663321.ece |
2nd April
Guardian APPLE SUED OVER MISSING MILLIONS OF COLOURS IT
CLAIMS FOR NEW IMAC
Apple's latest iMac desktop monitor boasts the broadest
rainbow palette in the computer world with a capacity
to display "millions of colours", according
to its marketing material. Or does it? A Texas resident
has sued Apple for deceptive advertising on the grounds
that a 20in version of the iMac can display only 262,144
true colours. http://www.guardian.co.uk/technology/2008/apr/02/apple.mediabusiness
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2nd April
Financial Times POLITICIAN'S LACK OF COMMERCIAL EXPERIENCE
EXPOSED BY SURVEY
Most MPs, peers and MEPs have had no business experience,
research last night revealed.Fewer than one in seven MPs
have 10 years' or more experience of private sector management
or financial services, according to the comprehensive
analysis of politicians' CVs. Almost three-quarters -
72 per cent - have no business experience whatsoever.
http://www.ft.com/cms/s/0/ee24b8e8-0058-11dd-825a-000077b07658.html
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2nd April
Guardian WAL-MART DROPS BID TO SUE BRAIN-DAMAGED FORMER
SHELF-STACKER
Wal-Mart, the world's biggest retailer, has dropped its
attempt to sue a brain-damaged, paralysed former shelf-stacker
for $400,000 (£202,000) to recoup healthcare costs
arising from her injuries in a serious road accident.
It faced a public outcry over the case against Debbie
Shank, a 52-year-old mother-of-three from Missouri who
has been confined to a nursing home since a tractor slammed
into her minivan eight years ago. As a Wal-Mart employee,
Shank subscribed to company healthcare insurance, which
initially picked up the tab for her care. But her relatives
decided to sue a trucking company responsible for the
accident, winning $700,000 in damages. After expenses,
the Shank family received $417,000 - and Wal-Mart filed
a lawsuit declaring it was entitled to the money as reimbursement
for its healthcare fund. http://www.guardian.co.uk/business/2008/apr/02/walmart.us |
2nd April
Guardian REGULATOR ACCUSES EADS OF INSIDER DEALING·
AIRBUS PARENT MISLED MARKETS, SAYS WATCHDOG
EADS vowed to defend its managers and itself after France's
stockmarket regulator said it had found evidence of insider
trading and market manipulation and accused the company
of issuing misleading information over production problems
at Airbus. The French regulator, Autorité des Marchés
Financiers (AMF), yesterday published the findings of
an 18-month investigation into share trades conducted
by EADS senior management and major shareholders months
before news of worsening construction delays to its Airbus
A380 superjumbo project hit the share price in June 2006.
The announcement wiped 26% off the value of the Franco-German
aerospace company in one day. The plane was launched last
year, two years late. The watchdog also put the EADS board
under fresh pressure by concluding the company had misled
financial markets by failing to meet standards on the
publication of information. http://www.guardian.co.uk/business/2008/apr/02/europe.stockmarkets
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2nd April
Guardian £ 3 BILLION CLIMATE CHANGE BILL FOR ENERGY
FIRMS
Hilary Benn, the environment secretary, will claim today
that profiteering energy companies will be required to
spend nearly £1 billion a year over the next three
years to help individuals fight climate change, twice
the amount required under previous schemes. Benn will
argue that everyone has to do more to fight climate change
in their everyday lives. http://www.guardian.co.uk/environment/2008/apr/02/energyefficiency.energy |
2nd April
Independent UBS CHAIRMAN EXITS AFTER FRESH $19BN WRITEDOWN
UBS has taken its total write-downs from the credit crunch
to $37bn (£18.7bn) and announced a SFr15bn (£7.5bn)
rights issue in an attempt to draw a line under its disastrous
excursion into structured credit. The news claimed the
head of Marcel Ospel, UBS's chairman, who had been under
mounting pressure as writedowns from the bank's excursion
into investment banking mounted. UBS said it had gone
to shareholders to shore up its capital position to protect
its core wealth management franchise. The business suffered
outflows in Switzerland at the start of this year because
of "reputational" damage from the bank's continued
exposure to the credit crunch, said Marcel Rohner, UBS's
chief executive.
http://www.independent.co.uk/news/business/news/ubs-chairman-exits-after-fresh-19bn-writedown-803619.html
|
2nd April
Financial Times PUSH FOR DEFENCE INDUSTRY ETHICS CODE
Europe's aerospace and defence companies are being asked
to sign up to a voluntary code of ethics as part of an
industry-wide initiative to help defend its reputation
against allegations of corruption.Under the code, companies
will commit themselves to a set of common industry standards,
including ensuring that no money or other gifts are illicitly
channelled to a potential government customer. Companies
will also need to ensure independent advisers used on
foreign arms sales are properly vetted and their behaviour
audited.
http://www.ft.com/cms/s/0/e793bdfa-005b-11dd-825a-000077b07658.html |
2nd April
Financial Times CARBON TRADING FIRMS SUFFER WHILST SUCCESS
OF TRADING SCHEME ANNOUNCED
Shares in several carbon trading companies have fallen
sharply in the past year and traders have had to cope
with a crash in the carbon price, snags with linking the
European Union and United Nations schemes and uncertainty
over the future regulation of the market. This comes as
carbon traders discover today whether the European Union’s
emissions trading scheme has succeeded in persuading companies
to curb their greenhouse gas output. http://www.ft.com/cms/s/0/8a5aa2dc-004e-11dd-825a-000077b07658.html |
2nd April
Times SHOPPERS SAY NO TO PLASTIC BAG LEVY TO TACKLE CLIMATE
CHANGE
The British public has delivered an overwhelming snub
to the Government's push to introduce a plastic bag levy
at supermarkets to tackle climate change. http://business.timesonline.co.uk/tol/business/money/consumer_affairs/article3662082.ece
|
3rd April
Independent M&S OFFERS OLIVE BRANCH IN ROW OVER ROSE'S
ELEVATION
Marks & Spencer is refusing to compromise after extensive
discussions with shareholders over the elevation of its
chief executive, Sir Stuart Rose, to the position of executive
chairman. However, a number of concessions are to be offered
in an effort to defuse the row. Chief among these would
be to make Sir Stuart face re-election to the board each
year at the end of the annual meeting. He will also forego
a pay award he was due to receive for becoming chairman.
Marks & Spencer is also repeating promises to recruit
a new senior independent director with enough experience
to satisfy City demands for a counterweight to Sir Stuart
in the boardroom.
http://www.independent.co.uk/news/business/news/ms-offers-olive-branch-in-row-over-roses-elevation-804068.html
|
3rd April
Times CREDIT CRUNCH BITES INTO CO-OP PROFITS
The toxic influence of the credit crunch has even reached
the co-operative movement, with the Co-op Bank today revealing
it has lost £31.8 million buying structured investment
products linked to US mortgages. The bank has lost half
the £63 million it put into SIVs (structured investment
vehicles) run by Citigroup, HSBC and Bank of Montreal.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3673476.ece
|
3rd April
Independent US FIRMS IN 'BRING BABY TO WORK' SCHEME
Maternity leave is hard to come by in the United States,
hence the arrival of a new trend: companies who allow
new mothers to bring their babies to work. According to
a new lobby group called the Parenting In the Workplace
Institute, babies are now a feature at work stations in
dozens of design companies, advertising agencies, law
firms, banks and food manufacturers.
http://www.independent.co.uk/news/world/americas/us-firms-in-bring-baby-to-work-scheme-804007.html |
3rd April
Guardian FIRM ACCUSED OF £37,000 DISABILITY GRANTS
SWINDLE
Thousands of pounds of government grants intended to give
deaf and disabled people access to the workplace have
gone missing and are feared to have been pocketed by an
employer, an investigation has alleged. Deaf and disabled
employees of Corner (UK) Ltd told See Hear, a BBC programme
for deaf people, that they were pressured into signing
Access to Work forms enabling their employer to claim
allowances for sign language interpreters they did not
receive. http://www.guardian.co.uk/society/2008/apr/03/disability.ukcrime?gusrc=rss&feed=business
|
4th April
Guardian FLIGHTS CANCELLED AFTER TEXAS WHISTLEBLOWERS
EXPOSE COMPROMISED SAFETY REGIME
The US aviation regulator has cracked down on safety after
two of its aircraft inspectors blew the whistle on an
allegedly 'cosy' relationship allowing lax oversight of
a low-cost carrier, Southwest Airlines. Travellers have
suffered delays and cancellations as a special audit by
the Federal Aviation Administration prompted four airlines
to ground planes. American Airlines and Delta Airlines
are among those disrupted.
http://www.guardian.co.uk/business/2008/apr/04/theairlineindustry.travelnews |
4th April
Financial Times ENERGY REGULATION ROLL-OUT UNDER THREAT
Confusion over the introduction of compulsory energy regulations
for commercial buildings next week could delay widespread
take-up, say industry experts. A scheme to label energy
standards of commercial buildings was launched by the
government on Thursday. All buildings over a certain size
will need an energy performance certificate if sold or
let from Sunday. http://www.ft.com/cms/s/0/d32dc50a-01d1-11dd-a323-000077b07658.html
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4th April
Personnel Today EMPLOYMENT MINISTER SEES LOCAL EMPLOYMENT
PARTNERSHIPS AS ANSWER TO CREATING A MORE DIVERSE WORKFORCE
Companies looking to boost the numbers of black and minority
ethnic (BME) staff they employ should sign up to a Local
Employment Partnership (LEP), according to the employment
minister. http://www.personneltoday.com/articles/2008/04/04/45250/employment-minister-sees-local-employment-partnerships-as-answer-to-creating-a-more-diverse-workforc.html
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4th April
Guardian INTERNET PROVIDER FIRES SHOT ACROSS BOWS OF MUSIC
INDUSTRY ON PIRACY
TalkTalk, the internet service-provider owned by Carphone
Warehouse, has flatly rejected demands from the music
and film industries that it should "police"
the internet and cut off some broadband customers in an
attempt to stem the flood of illegal file-sharing.
http://www.guardian.co.uk/technology/2008/apr/04/internet.technology
|
4th April
Guardian THALIDOMIDE VICTIMS LAUNCH BATTLE FOR MORE COMPENSATION
Fifty years since the introduction of thalidomide, sold
as a "safe" cure for morning sickness in pregnancy,
its seriously disabled victims yesterday launched a campaign
for greater compensation from the German manufacturer
outside the German embassy in London.
http://www.guardian.co.uk/society/2008/apr/04/health.medicalresearch
|
4th April
Financial Times EU CONSUMERS TO GET RIGHT TO ANTITRUST
DAMAGE
European consumers and businesses will have greater scope
to pursue claims for damages if they are the victims of
anti-competitive conduct, under proposals revealed yesterday.
http://www.ft.com/cms/s/0/6c5b479e-01d1-11dd-a323-000077b07658,dwp_uuid=70662e7c-3027-11da-ba9f-00000e2511c8.html
|
5th April
Independent THE WOMEN WHO TOOK ON A BANKING GIANT AND
WON A $33M SEXISM CASE
A trio of women who battled against discrimination in
the male-dominated world of American finance have won
a $33m (£16m) legal settlement that will compensate
thousands of underpaid female employees and marks another
step in the fight against sexism, bullying and unequal
pay on Wall Street.
http://www.independent.co.uk/news/world/americas/the-women-who-took-on-a-banking-giant-and-won-a-33m-sexism-case-804888.html |
5th April
Guardian TESCO TAKES LEGAL ACTION AGAINST GUARDIAN
Tesco last night began legal proceedings against the Guardian
and its editor, Alan Rusbridger, for libel and malicious
falsehood. Britain's biggest retailer said it was taking
the action over allegations made by the Guardian concerning
its tax affairs. Tesco said the Guardian knowingly misled
its readers in a series of articles and a podcast. The
retailer said the Guardian had wrongly alleged that Tesco
had contrived a tax avoidance structure involving a series
of joint venture partnerships held largely offshore to
avoid paying up to £1bn of UK corporation tax on
sales of its UK properties. Tesco also said the Guardian
had wrongly accused the retailer of having already avoided
corporation tax on £500m of profits from two property
deals using that structure. http://www.guardian.co.uk/business/2008/apr/05/tesco.supermarkets |
5th April
Guardian THE JOHN HARRIS FILES
When one journalist used data laws to request all the
information held on him he was surprised, then ignored.
But is there really anything to worry about? John Harris
looks into what information companies hold on us, and
how the data is being used, and asks whether the Data
Protection Act needs to be taken more seriously in the
UK. http://www.guardian.co.uk/uk/2008/apr/05/privacy |
6th April
Sunday Times EXPOSED: ENERGY GIANT CHEATS ITS CUSTOMERS
Salesmen for one of Britain's biggest energy companies
are routinely lying to householders to trick them into
signing up as new customers. An investigation by The Sunday
Times can reveal the dirty tricks used by sales staff
from Npower in the doorstep battle to persuade homeowners
to ditch their existing suppliers. An undercover reporter,
working as a trainee saleswoman, recorded how sales reps
deceive customers while boasting about huge commissions.
The journalist, who spent nearly three weeks being trained
and guided by experienced Npower sales staff, witnessed
dozens of householders being told that they would save
money by switching to Npower when many would be worse
off. The underhand tactics included: Making customers
sign a form without revealing that it was a contract.
Exploiting people with poor English. Pretending to be
officials from the "electricity board". Lying
about standing charges. One salesman told the reporter:
"Whatever I'm doing here you don't have to discuss
with anyone else, because if you're going to be very honest
we can't sell anything." On Friday Npower suspended
a team of 17 salespeople after being told of The Sunday
Times's findings. http://business.timesonline.co.uk/tol/business/industry_sectors/utilities/article3690034.ece
Full feature: http://business.timesonline.co.uk/tol/business/industry_sectors/utilities/article3689797.ece
|
6th April
Observer RISE IN CITY POLICE IN BID TO STOP FRAUD
The City of London's fraud squad is to increase its officers
by a third. The move comes as it emerges that the Financial
Services Authority is exploring the possibility of naming
and shaming companies suspected of market abuse. The beefing
up of City of London police investigators comes as it
prepares to examine fraud associated with the London Olympic
games. It will be looking for construction contract abuses
and, in particular, counterfeiting of merchandise, which
it believes is increasing. http://www.guardian.co.uk/uk/2008/apr/06/ukcrime
|
6th April
Observer BAA ESCAPES FINE FOR T5 SHAMBLES
BAA is set to escape any fines from the airports regulator
over its part in the Heathrow Terminal Five fiasco. The
airports operator could even be awarded a 'performance
bonus' from the Civil Aviation Authority for meeting certain
T5 targets this month. A BAA spokesman said that 'things
have gone reasonably well in terms of some of the scores
on which we're measured, like cleanliness'. The revelation
will fuel airlines' anger over the regulation of BAA,
which they believe to be too lax. http://www.guardian.co.uk/business/2008/apr/06/theairlineindustry.britishairwaysbusiness
|
7th
April Financial Times PUBLICITY FEARS OVER CORPORATE KILLING
LAW
Companies prosecuted under new corporate manslaughter
rules fear bad publicity almost as much as fines that
could reach 10 per cent of annual sales, according to
a survey published by a leading law firm on Monday.The
Norton Rose research says companies would rather face
the financial penalties than a "publicity order"
forcing them to detail their crime to investors, suppliers
or the general public.
http://www.ft.com/cms/s/0/28850e16-042d-11dd-b28b-000077b07658.html |
7th April
Guardian TRANQUILLISERS PUTTING CHILDREN'S LIVES AT RISK
New evidence has shown children's lives are being put
at risk by a surge in the use of controversial tranquillising
drugs which are being prescribed to control their behaviour,
the Guardian has learned. http://www.guardian.co.uk/society/2008/apr/07/mentalhealth.drugs |
7th April
Telegraph ARTIFICIAL COLOURINGS AS HARMFUL AS LEADED PETROL
FOR CHILDREN
Artificial colourings could be removed from hundreds of
food products after researchers found that they may be
almost as harmful to children's development as leaded
petrol. http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/04/07/nfood107.xml
|
7th April
Guardian ASDA WANTS ETHICAL CODE FOR UK SUPPLIERS ONLY
The supermarket chain Asda wants overseas suppliers excluded
from a new code of conduct which is designed to ensure
that the big grocers do not use their buying power to
impose unfair trading terms. http://www.guardian.co.uk/business/2008/apr/07/asda.supermarkets
|
7th April
BBC HSBC LOSES CUSTOMERS' DATA DISC
The HSBC banking group has admitted losing a computer
disc with the details of 370,000 customers. The disc was
lost four weeks ago after being sent by courier from the
bank's offices in Southampton. The customers' details
included their names, dates of birth, and their levels
of life insurance cover. http://news.bbc.co.uk/1/hi/business/7334249.stm |
7th April
Financial Times WAL-MART SETS GREEN TARGETS IN CHINA SUPPLY
CHAIN
Wal-Mart is to convene a meeting of hundreds of its Chinese
suppliers to set out goals for significant reductions
in the environmental impact of its vast supply chain.
The world's largest retailer accounts for about 30 per
cent of all foreign buying in China and just less than
10 per cent of total US imports from the country, which
were worth $321 billion (£161 billion) last year.
About 1,000 Chinese companies are expected to attend the
Wal-Mart event in October, marking a push by the retailer
to globalise a drive on environmental sustainability that
has hitherto largely been focused on its US operations.
http://www.ft.com/cms/s/0/9800822c-043a-11dd-b28b-000077b07658.html |
8th April
BBC SEVERN TRENT FACES A £35.8 MILLION FINE
Ofwat is proposing to fine Severn Trent Water £35.8
million for providing false information deliberately and
offering the company's customers a poor service. There
is a fine of £34.7 million, or 2.9% of total turnover
for the fraud, with a £1.1 million penalty for bad
customer service. The announcement by the water industry
regulator comes after Severn Trent admitted it had misreported
its levels of water leakage in 2001 and 2002.
http://news.bbc.co.uk/1/hi/business/7335910.stm |
8th April
Independent IT'S NOT SO GOOD TO TALK - BT IS NAMED WORST
LANDLINE PROVIDER
Britain's biggest phone operator, BT, has been named the
worst landline provider in a customer satisfaction poll.
In an internet survey of 11,000 customers, BT had the
lowest score for all but two of 11 categories for home
phones, making it the worst performer in an industry with
a poor record of customer service. Three million of BT's
10 million landline customers are dissatisfied, according
to the research for the price comparison site uSwitch.com.
http://www.independent.co.uk/news/uk/home-news/its-not-so-good-to-talk-ndash-bt-is-named-worst-landline-provider-805801.html
|
8th April
Financial Times TOP CITY LAW FIRMS UNDER PRESSURE 'TO
PROMOTE WOMEN AND MINORITIES'
London law firms are under growing client pressure to
promote more women and people from ethnic and other minorities,
according to the new head of one of the largest firms.
Big firms were lagging behind other sectors on diversity
and needed to do better for business reasons, said Simon
Davies, managing partner of Linklaters. His remarks come
as leading firms - driven by customer comments, the threat
of lawsuits and worries about recruitment - are setting
up initiatives aimed at attracting those who have felt
unwelcome in a historically conservative profession.
http://www.ft.com/cms/s/0/fea50658-0505-11dd-a2f0-000077b07658.html
|
8th April
KPMG KPMG CLAIMS SIX INDUSTRY SECTORS SHOULD BE ON ALERT
OVER CLIMATE CHANGE RISKS
Warning also given that all sectors under-estimate the
full extent of climate change risk. Six major industry
sectors are in particular danger from climate change risks,
claims professional services organization KPMG today.Aviation,
healthcare, tourism, transport, oil and gas and the financial
services sector all feature in the "danger zone"
in a report on climate change risks from KPMG - meaning
that they score highly on the risks which face them yet
score poorly in terms of their preparedness to face these
risks. The full report, Climate Changes Your Business,
can be downloaded at http://www.kpmg.nl/sustainability |
8th April
Telegraph WIND FARM AND TIDAL PROJECTS GET GREEN LIGHT
The North East is set to become key to Britain's hopes
of boosting its production of renewable energy after E.On
submitted plans to build one of the largest ever wind
farms in the country and the Government gave the go-ahead
to a pilot tidal project in the Humber estuary
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/08/cnwind108.xml
|
8th April
Telegraph MYNERS CAUGHT UP IN TESCO LIBEL CASE
City grandee Paul Myners has been dragged into the libel
case being brought by Tesco against The Guardian newspaper.
Details of an alleged conversation between Mr Myners,
the chairman of Guardian Media Group, and David Reid,
the chairman of Tesco, were included in a writ filed by
Tesco at the High Court last week. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/08/cntesco108.xml |
8th April
Financial Times CEOS ARE WORLD'S GLOOMIEST ABOUT RED TAPE
Chief executives are less impressed by their own government's
efforts to cut red tape in Britain than their counterparts
anywhere else in the world, according to a survey.More
than nine out of 10 UK chief executives disagreed that
the government had reduced regulatory burdens, a higher
proportion than for any other country polled by PwC, the
professional services firm.
http://www.ft.com/cms/s/0/ab0127a6-04f7-11dd-a2f0-000077b07658.html
|
8th April
Business Green LARGE NUMBERS OF HP SUPPLIERS FLOUT CSR
GUIDELINES
Global IT giant Hewlett-Packard (HP) has attempted to
build more transparency into its supply chain by releasing
the names of its top tier suppliers for the first time.
Experts have praised HP’s decision, arguing
it will lead to improved performance amongst suppliers.
The company has been undertaking a wide-reaching programme
of supplier engagement designed to encourage its partners
to implement environmental strategies. However, despite
progress in improving the performance of some its suppliers,
the report also raised worrying issues regarding the CSR
performance of many others in its supply chain. http://www.businessgreen.com/business-green/news/2213620/large-numbers-hp-suppliers |
8th April
Guardian TESCO SUES CRITIC OF ITS EXPANSION IN THAILAND
FOR £16.4 MILLION DAMAGES
A former Thai MP is facing up to two years' imprisonment
and a £16.4m libel damages claim after he criticised
Tesco's aggressive expansion in his country. The retailer,
trading as Tesco Lotus in Thailand, also issued a second
libel writ against a newspaper columnist and academic
who faces bankruptcy if he loses the action, in which
Tesco is claiming damages of £1.6 million. Free
speech campaigners are outraged by Tesco Lotus's "heavy-handed"
tactics, that they believe are designed to intimidate
and silence critics alarmed over the company's growth
in Thailand.
http://www.guardian.co.uk/business/2008/apr/08/tesco.supermarkets |
8th April
BBC What is the meaning of green?
Some of the most polluting industries are among the loudest
to vaunt their "green" credentials. http://news.bbc.co.uk/1/hi/business/7227160.stm
|
9th April
Financial Times HOST OF PRICING MODELS PROPOSED FOR UK
DRUGS
UK pharmaceuticals companies are introducing new drug
pricing models as pressure mounts to offer better value
for money.The National Institute for Health and Clinical
Excellence (Nice), the government's medicines advisory
body that studies clinical and cost effectiveness, has
agreed three different experimental approaches to pricing
with drug companies in the past year alone.
http://www.ft.com/cms/s/0/59f00cb0-05ce-11dd-a9e0-0000779fd2ac.html
|
9th April
Financial Times OFGEM INVESTIGATES SCOTTISH SUPPLIERS
The energy regulator has launched an investigation into
Scottish and Southern Energy (SSE) and Scottish Power
following a complaint alleging abuse of dominant market
positions. http://www.ft.com/cms/s/0/36e6a5d2-0554-11dd-a9e0-0000779fd2ac.html
|
9th April
HR Review WORKERS 'LACKING SUPPORT TO BE ECO FRIENDLY'
Employers are failing to support their workers' endeavours
to be more environmentally-friendly, it has been suggested.
According to research conducted by the Carbon Trust, 70
per cent of employees reported they want to cut their
carbon emissions but require greater empowerment and guidance
from their managers in order to do so. It was also found
that 80 per cent of the workers questioned have no access
to training regarding how they can reduce emissions. http://hrreview.co.uk/articles/hr_strategy_and_practice/workers_percentlacking_support_to_be_eco_friendlypercent_646.html
|
9th April
HR Review EMPLOYEES 'CON BOSSES OUT OF £1BN A YEAR'
Workers in the UK scam their managers out of £1
billion each year by claiming false expenses, it has been
suggested. According to research conducted by Travelodge,
the dishonest employees use the money to purchase a range
of things, including home improvements, gyms, jewellery
and cars. Reportedly, the top three expense claim rip-offs
involve asking for extra taxi receipts and using them
to claim back false taxi transport, taking business clients
to a cheap restaurant and submitting a claim for an expensive
eatery frequented for personal use and claiming extra
mileage. http://hrreview.co.uk/articles/hr_strategy_and_practice/employees_percentcon_bosses_out_of_and163;1bn_a_yearpercent_652.html
|
9th April
Financial Times NOKIA AGREES EMPLOYEES' PAY-OFF
Nokia, the world's largest mobile phone company, is to
pay €200m ($314m) to compensate employees in a factory
closure that caused a political outcry in Germany.The
agreement between the Finnish company and employee representatives
at the factory in Bochum, Germany, includes €185m
in compensation for 2,300 staff, and €15m for a so-called
transfer company designed to find the workers new jobs.
http://www.ft.com/cms/s/0/98b765da-0590-11dd-a9e0-0000779fd2ac.html
|
9th April
BBC RYANAIR FACES PROBE OVER ADVERTS
Ryanair faces a probe by the Office of Fair Trading (OFT)
after a string of complaints about its adverts. The carrier
has been referred by the Advertising Standards Authority
(ASA) which has found Ryanair in breach of rules seven
times in two years. The ASA said exaggerated claims about
flight availability at advertised prices, and prices that
omitted taxes and charges had misled consumers.
http://news.bbc.co.uk/1/hi/business/7337165.stm |
10th April
Telegraph BP and its bosses sued over alleged bribery
of officials
British oil giant BP, Tony Hayward and Lord Browne of
Madingley have been named in a multi-million dollar lawsuit
involving allegations of bribery of government officials
in Kazakhstan. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/10/cnbp110.xml
|
10th April
Financial Times BANKERS ACT TO HEAD OFF REGULATION
The world's banking industry is so determined to avoid
tighter regulation that a committee of leading bankers
has produced a report laying bare their own failures and
proposing action to restore confidence. That was the main
message delivered yesterday by the Institute of International
Finance - representing the world's largest banks and financial
institutions - as it unveiled its response to the financial
market turmoil since last August. http://www.ft.com/cms/s/0/dcd1ddd2-0698-11dd-802c-0000779fd2ac.html |
10th April
Times SHELL THREATENS TO QUIT EUROPE OVER CARBON-CHARGING
PROPOSALS
Shell, the world's second-largest oil company, threatened
yesterday to stop investing in Europe if it is forced
to pay for emissions permits that have previously been
free. Christian Balme, a Shell France director, told the
European Parliament that if the EU moved towards a system
in which emission quotas were auctioned, it would destroy
Shell's profitability in Europe. In January, the European
Commission announced proposals aimed at slashing EU emissions
of CO2 by 20 per cent of 1990 levels by 2020.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article3716388.ece |
10th April
Greenbiz FORD YIELDS TO SHAREHOLDER PRESSURE, OUTLINES
PLAN TO REDUCE GHG EMISSIONS
Bowing to pressure from a group of shareholders, Ford
has become the first automaker to spell out concrete plans
to reduce its fleet's greenhouse gas emissions by 30 per
cent by 2020. Last month, the company shared its plans
with investors that included religious and activist groups,
such as the $100 billion-strong Interfaith Center on Corporate
Responsibility and Ceres-directed Investor Network on
Climate Risk, which represents assets of around $5 trillion
http://www.greenbiz.com/news/news_third.cfm?NewsID=55871 |
10th April
Times Vetting for cafes and shops that hire children to
work weekends
Thousands of shops, restaurants and cafés will
be forced to register their staff with a new child protection
agency and have their criminal records checked if they
employ children for weekend or summer holiday work. http://www.timesonline.co.uk/tol/news/uk/article3716359.ece
|
10th April
Financial Times MARS CHALLENGES INDONESIAN FINE
Mars is appealing to Indonesia's supreme court to overturn
two lower court verdicts in which the chocolate bar maker
was fined $6.4m for breaching its distributor's contract.
http://www.ft.com/cms/s/0/3d44557a-0656-11dd-802c-0000779fd2ac.html
|
11th April
Guardian MINISTERS UNDER PRESSURE TO REOPEN BAE CORRUPTION
PROBE
Pressure was mounting last night on the government to
allow the reopening of the criminal investigation into
secret payments by arms company BAE to Saudi Arabia following
a high court judgment that made clear the inquiry should
never have been dropped. Ministers have to decide in the
next two weeks over what to do about the ruling from Lord
Justice Moses, who with Lord Justice Sullivan, delivered
a damning verdict on the behaviour of the former prime
minister, Tony Blair, and his government in forcing a
halt to the long-running investigation.
http://www.guardian.co.uk/world/2008/apr/11/bae.armstrade |
11th April
Independent FOR SALE: THE VIDEO ARCHIVE WAL-MART SHOULD
HAVE ERASED
About 15,000 videotapes of Wal-Mart executives at work
and at play over the past 30 years have suddenly become
available to the public thanks to a series of blunders
by the retail giant - which paid too little attention
to the company it hired to make the tapes before abruptly
terminating their relationship two years ago. At first
Flagler thought it was facing bankruptcy, but then realised
the footage it was sitting on could be a goldmine. It
offered the tapes to Wal-Mart, but the retail giant was
willing to pay just $500,000 for the lot, and Flagler
turned the offer down.Now they are available - for a price
- to researchers, labour rights campaigners and lawyers
looking for dirt of all kinds. It's turning into quite
a lucrative business. http://www.independent.co.uk/news/world/americas/for-sale-the-video-archive-walmart-should-have-erased-807813.html |
|
continued below ....
|
11th April
Guardian GUARDIAN BOSS QUITS TESCO IN WAKE OF LIBEL WRIT
Carolyn McCall, the chief executive of Guardian Media
Group, has resigned as an independent director of Tesco
after the supermarket group issued a writ for libel against
the Guardian and its editor, Alan Rusbridger. http://www.guardian.co.uk/media/2008/apr/11/theguardian.tesco |
11th April
Independent CENTRICA HOLDS TALKS WITH RWE TO JOIN £11BN
BRITISH ENERGY BID
Centrica has intensified talks with RWE that could see
the companies launch a joint £11bn bid for British
Energy by the end of this month.
http://www.independent.co.uk/news/business/news/centrica-holds-talks-with-rwe-to-join-16311bn-british-energy-bid-807853.html |
11th April
Greenbiz MCDONALD'S TURN RUBBISH INTO ENERGY
Eleven McDonald's locations in the Sheffield area have
completed a test program turning waste into energy, and
found it has helped reduce their greenhouse gas emissions.
During the pilot period, the restaurants collected their
waste to be incinerated instead of dumped in a landfill,
according to the Telegraph newspaper. The restaurants
were able to more than halve their waste disposal carbon
footprint, cutting their carbon emissions by 54%. http://www.greenbiz.com/news/news_third.cfm?NewsID=55878 |
11th April
Independent GOLDMAN INVESTORS COME CLOSE TO FORCING THROUGH
PAY SHAKE-UP
The Goldman Sachs chief executive, Lloyd Blankfein, has
told the financial giant's shareholders they are "less
sophisticated and have less understanding" of Wall
Street pay issues than board members - and should therefore
not have a say in setting remuneration policy at the company.
Shareholders at Goldman's annual meeting yesterday demanded
the company get a handle on spiralling Wall Street pay.
Campaigners came close to forcing the board to adopt a
UK-style "say on pay" rule which would put its
remuneration policy to an annual shareholder vote.
http://www.independent.co.uk/news/business/news/goldman-investors-come-close-to-forcing-through-pay-shakeup-807857.html |
11th April
Financial Times NESTLE GIVES GOVERNANCE A COSMETIC MAKEOVER
Nestle's corporate governance has blocked foreigners for
years from having even the smallest voice and everybody
else has been limited to 3% of voting rights. On Thursday,
however, a quiet revolution seems to have taken place
in Geneva when Nestle agreed to loosen the constraints
on voting rights. The threshold has now been raised to
5%. The world's biggest food company is also making it
easier for shareholders to propose resolutions, and big
decisions will now be made by investors sufficiently interested
to show up at annual meetings.
http://www.ft.com/cms/s/0/80adc106-072e-11dd-b41e-0000779fd2ac.html |
12th April
Times TESCO TO MONITOR MILLIONS OF CONSUMERS AROUND THE
WORLD
Tesco is to monitor and record the shopping habits of
more than 60 million customers around the world in an
unprecedented deal with the "Big Brother" company
behind its Clubcard loyalty card scheme. The supermarket
chain's partnership with Dunnhumby, the market research
specialist, is being rolled out to nine countries where
Tesco operates, including Thailand, South Korea and China
but not, as yet, the United States. Dunnhumby has worked
with Tesco in the UK since Clubcard was introduced in
1995. Analysts claim that its vast database of shopping
preferences has been one of the supermarket's biggest
competitive advantages over the past decade. Every day
Dunnhumby crunches data taken from Tesco's tills to generate
a picture of what its 13.5 million Clubcard holders are
buying and why they may be switching products.
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3731745.ece
|
12th April
Independent POVERTY GROUPS SAY HUTTON'S ENERGY DEAL IS
'NOT ENOUGH'
Consumer groups accused the Government of "failing
the most vulnerable" after it struck a fuel poverty
funding scheme with the energy companies that they said
falls woefully short of the needed remedy. John Hutton,
the Secretary of State for Business, Enterprise and Regulatory
Reform, unveiled an accord in which the "Big Six"
power suppliers will commit an extra £225m over
the next three years to help those in fuel poverty, defined
as anyone who spends more than 10 per cent of their income
on fuel bills. The deal will help pull 100,000 households
out of fuel poverty, the Government claimed, ensuring
that its goal of increasing the industry's total annual
spend on fuel aid to £150m would be met.
http://www.independent.co.uk/news/business/news/poverty-groups-say-huttons-energy-deal-is-not-enough-808243.html
|
12th April
Guardian BAE CORRUPTION INVESTIGATION SWITCHES TO TANZANIA·
FOCUS ON £28M RADAR DEAL WITH EAST AFRICAN STATE
Following the uproar over its halted Saudi investigation,
the Serious Fraud Office is expected to decide whether
to bring fresh corruption charges against arms manufacturer
BAE within six weeks, over a second arms deal, this time
with Tanzania. A minister from the east African state
has denied that more than $1m (£507,500) in his
offshore accounts came from BAE. Investigators involved
in a three-year inquiry after the controversial deal to
sell Tanzania a £28m radar system identified the
money in Jersey accounts controlled by the poverty-striken
country's infrastructure minister, Andrew Chenge. http://www.guardian.co.uk/world/2008/apr/12/bae.baesystemsbusiness
|
12th April
Times SAMSUNG ROCKED BY BRIBERY INVESTIGATION
Lee Kun-Hee, the chairman of Samsung, a tycoon considered
by some to be more powerful than South Korea's President,
has endured a humbling day of questioning as his sprawling
business empire is investigated for alleged bribery. It
was the second time in five days that the intensely private
Mr Lee has faced investigators, whose unprecedented inquiry
into Korea's largest family-run business empire began
in January. Some believe that the investigation, which,
rarely for the Seoul corporate world, was triggered by
an in-house whistleblower, could eventually lead to the
break-up of the Samsung Group. http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article3730708.ece
|
13th April
Sunday Times TAX HAVEN LINK TO BAE CASE
THE Serious Fraud Office (SFO) is investigating whether
secret accounts in the tax haven of Liechtenstein were
used by BAE Systems to make payments to the Saudi prince
at the centre of a £43 billion arms deal. The SFO
said yesterday that its investigation into BAE's alleged
bribes for a Saudi jet fighter contract remained closed
- although it confirmed it was actively looking at cash
paid in relation to BAE contracts involving at least six
other countries. http://www.timesonline.co.uk/tol/news/politics/article3736572.ece
|
13th April
Observer SHELL FUTURE IN NIGERIA IN DOUBT
Royal Dutch Shell is facing pressure from the Nigerian
government and increasingly violent opposition in the
Niger Delta oil-producing region, raising questions over
its long-term future in the country. Sources in the Delta
say the Nigerian government has withheld up to $1bn as
part of a production-sharing agreement while the two sides
are locked in talks over how to pay for new investments
in the oil industry. The decision to withhold funds is
preventing contractors from getting paid, say sources.
Shell says that 95 per cent of profits from its joint
venture go to the Nigerian federal government. But Nigeria
believes that it has been shortchanged by the oil majors.
http://www.guardian.co.uk/business/2008/apr/13/royaldutchshell.oil
|
14th
April Financial Times EX-NATO CHIEF URGES ETHICS CODE
The defence industry should 'clean itself up' and adopt
industry-wide standards on ethical behaviour similar to
those in the diamond industry, according to Lord Robertson,
former secretary-general of Nato. He said he had become
frustrated with the way in which defence contracts appeared
to contaminate the political process in so many countries.
Lord Robertson was speaking in his capacity as chairman
of an industry-wide working group, which has teamed up
with trade associations to raise anti-bribery standards
and promote a common standard of anti-corruption compliance.
Transparency International is hosting a conference in
London tomorrow to discuss development of the code. http://www.ft.com/cms/s/0/b4c11a76-09bb-11dd-81bf-0000779fd2ac.html |
14th April
Times TRUST NEEDS TO BE PLACED AT THE HEART OF FINANCIAL
REFORM
In the light of the meeting of G7 finance ministers and
central bank governors, Gary Duncan
Highlights the case put by Avinash Persaud for financial
markets to be invested with a more powerful moral dimension.
He argued then that in the financial world there should
be "no place to hide" from ethical responsibilities.
http://business.timesonline.co.uk/tol/business/columnists/article3739664.ece
|
14th April
Mail on Sunday HAS THE PRICE OF ETHICAL INVESTING RISEN?
Ethical investing was once seen as faddish, but in the
past decade it has become an established part of the investment
world. There are nearly 100 environmentally and ethically
screened funds, worth more than £9bn in total. These
have performed well, answering critics who claimed ethical
investing meant lower returns. But these criticisms are
emerging again because of recent disappointing performance.
In the 12 months to April 1 this year, ethical funds lost
9.5% on average. This compared with an average fall of
4.7% for traditionally managed UK investment funds. The
FTSE 100 index fell by 9.6% over the same period. http://www.thisismoney.co.uk/investing/article.html?in_article_id=440357&in_page_id=166&ito=1723 |
14th April
Guardian TESTOSTERONE PREDICTS PROFITS ON TRADING FLOORS
Financial traders make more money when their testosterone
levels are high, perhaps because the so-called male hormone
makes them more confident and focused, British researchers
reported on Monday. Their study of male traders in the
City of London financial district showed they made bigger
profits on days when their testosterone levels were already
high. Testosterone may help focus the mind but constantly
high testosterone levels are likely to make traders foolhardy,
the researchers at the University of Cambridge cautioned.
http://www.guardian.co.uk/feedarticle?id=7462121 |
14th April
Independent CRITICISM GROWS OF M&S'S PLAN FOR ROSE
PROMOTION
The Local Authority Pension Fund Forum (LAPFF) has added
its name to the growing list of critics of Marks &
Spencer's plan to promote its chief executive Sir Stuart
Rose to the post of executive chairman. The LAPFF will
reveal today that it has written to M&S asking it
to rethink its plans, which contravene the Combined Code
on corporate governance. The code says companies should
not, under normal circumstances, combine the roles of
chairman and chief executive. http://www.independent.co.uk/news/business/news/criticism-grows-of-mss-plan-for-rose-promotion-808672.html |
14th April
Financial Times UBS VOWS CORPORATE GOVERNANCE SHAKE-UP
UBS, the biggest European casualty of the US subprime
turmoil, has promised big changes in corporate governance
to address weaknesses that could have contributed to its
problems. Peter Kurer, nominee for chairman to replace
Marcel Ospel, said he would improve supervision by abolishing
the three man "chairman's office", widely attacked
by critics, in favour of two new boardroom committees.
http://www.ft.com/cms/s/3e35e9fa-0979-11dd-81bf-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.f
|
14th April
Reuters SIEMENS CORRUPTION PROBE EXTENDED TO POWER UNIT
German prosecutors have begun investigating suspected
bribery at Siemens's power-transmission division, expanding
the scope of what is already the country's biggest-ever
corruption probe, Reuters reported. A trial of the suspected
ringleaders at its once-mighty communications unit begins
in late May.
http://www.reuters.com/article/marketsNews/idUSL146304820080414
|
14th April
Telegraph MINISTERS SAY BONUS CULTURE HAS TO END
Bumper annual cash bonuses for bankers could soon be outlawed
after finance ministers from around the world ordered
a major overhaul of the industry's pay system. In a move
which may foreshadow new legislation over compensation
in the City and Wall Street, ministers meeting in Washington
threw their weight behind a report which said banks' generous
compensation structure was partly to blame for the credit
crisis. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/14/cnbonus114.xml
|
15th April
Financial Times UK INDUSTRY CONCERN AT COMPETITION REGULATOR'S
RISE IN DATA DEMANDS
British companies have seen an eight-fold increase in
demands to hand over critical internal data to the competition
watchdog, which warns the trend is likely to continue
amid an international crackdown on cartels. Peter Freeman,
Competition Commission chairman, told the Financial Times
that the commission had issued 25 disclosure orders in
the year to the end of March - compared with three in
the previous year - as it targeted companies using powers
already deployed by its peers in Europe. http://us.ft.com/ftgateway/superpage.ft?news_id=fto041420081912358810&page=1
|
15th April
Management Today IS YOUR CEO A FAT CAT?
According to a new survey by executive search firm Korn/Ferry,
44% of executives were either 'absolutely concerned' or
'somewhat concerned' that their CEO's pay packet was too
big, in the light of recent discussions about fair pay.
That's about twice as much as the equivalent figure in
last year's survey, when just 21% felt their boss was
over-compensated. http://www.managementtoday.co.uk/sponsor/801967/is-ceo-fat-cat/ |
15th April
Guardian WOMEN IN 40S LOSE MOST FROM GENDER GAP
Women workers in their 40s earn 20% less than men, according
to an analysis of government data published yesterday.
Research for the Office of National Statistics found that
the gender pay gap jumps from 1% for women in their 20s
to 20.3% for full-timers aged 40 to 49. http://www.guardian.co.uk/world/2008/apr/15/gender.equality
|
15th April
Financial Times TESCO PROTEST AT DISCLOSURE DEMAND: ALLEGED
SUPPLIER ABUSE
Tesco has accused the Competition Commission of issuing
a 'heavy-handed' order that forced it to trawl through
hundreds of thousands of e-mails as part of a long-running
grocery market investigation. Lucy Neville-Rolfe, Tesco's
director of corporate and legal affairs, said the commission
found 'nothing of substance' among the 54,000 e-mails
the company eventually submitted in response to complaints
about alleged abuse of suppliers. The commission's action
- along with a similar demand it made of Asda - was among
the most high-profile examples of its increased use of
disclosure orders and the tensions with companies that
can result. http://www.ft.com/cms/s/0/36e6dce8-0a52-11dd-b5b1-0000779fd2ac.html |
15th April
Financial Times BUSINESS FAILINGS COST PUBLIC £6.6BN
Poor products and services cost the public £6.6bn
last year - or roughly the gross domestic product of Bolivia
- the Office of Fair Trading claims today in landmark
research. The study says more than three-quarters of the
damage relates to big-ticket problems that cost people
£1,000 or more each, with the financial services
industry by far the worst offender. http://www.ft.com/cms/s/0/f9e58992-0a84-11dd-b5b1-0000779fd2ac.html
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16th April
Financial Times WARNING ON QUALITY OF CO2 OFFSETS
Buyers of carbon credits should beware of the poor quality
of some of the credits on offer, according to a new study
of the market to be published by Environmental Data Services,
an environmental research specialist. Only 30 of 170 companies
offering 'carbon offsets' - carbon credits sold to companies
or individuals for the purpose of balancing out the negative
effects of their activities on the climate - were 'quality'
providers, EDS said. http://www.ft.com/cms/s/0/f014c824-0b24-11dd-8ccf-0000779fd2ac.html
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16th April
Guardian WAL-MART AGREES TO TIGHTEN POLICY ON FIREARMS
SALES
Campaigners pressing for tougher controls on the sale
of guns in the US notched up a big victory this week when
Wal-Mart, the country's largest seller of firearms, agreed
to a 10-point plan designed to prevent weapons falling
into the hands of criminals. Wal-Mart, which sells more
guns than any company in the world, agreed to co-operate
with Mayors Against Illegal Guns, a bi-partisan group
led by New York's mayor, Michael Bloomberg. The group
has been pushing for greater safeguards at retail outlets
on the sale of firearms which fuel murder rates in America's
urban areas. http://www.guardian.co.uk/world/2008/apr/16/usgunviolence.usa |
16th April
Times DRUG FIRM RELIED ON GHOSTWRITTEN RESEARCH
A leading drug company has been accused of misrepresenting
data on the safety of a bestselling drug and persuading
academics to lend their names to studies that were ghostwritten
for them. http://www.timesonline.co.uk/tol/life_and_style/health/article3754076.ece |
16th April
Telegraph HMRC IS ACCUSED OF DOUBLE STANDARDS OVER STAFF
EXPENSES
HM Revenue & Customs has been accused of "double
standards" after the disclosure that its 83,000 staff
do not have to submit receipts to cover claims ranging
from meals to hotel accommodation and travel and are entitled
to expenses without forking out any money. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/16/cntax116.xml
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16th April
Director of Finance Online GREEN CREDENTIALS FACING GROWING
SCRUTINY
The public is increasingly cynical about environmentally-friendly
claims by big firms, a survey shows. Marks and Spencer
has retained its reputation as the greenest of the FTSE
100 companies despite a growing cynicism towards the eco-friendly
image portrayed by UK businesses, according to a UK-wide
survey of opinion formers. http://www.dofonline.co.uk/governance/green-credentials-face-growing-scrutiny.html
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17th April
BBC News BUILDING FIRMS 'RIGGED CONTRACTS'
The Office of Fair Trading (OFT) has accused 112 construction
companies, including Balfour Beatty and Carillion, of
rigging bids for contracts. It said the firms colluded
among themselves while bidding for contracts, leading
to customers, such as local authorities, having to pay
too much. The regulator added that in a few cases firms
entered into agreements whereby the successful tenderer
would pay a sum of money to those that lost out. The OFT
said that of the 112 firms accused, 40 had already admitted
price fixing, while a further 37 had applied for leniency.
http://news.bbc.co.uk/1/hi/business/7351867.stm |
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17th April Independent STERN WARNS THAT CLIMATE CHANGE
IS FAR WORSE THAN 2006 ESTIMATE
Lord Stern, the economist whose report on climate change
helped galvanise world leaders behind the green energy
movement when it was published 18 months ago, has admitted
that the situation is far worse than the assumptions
that formed the basis of his ground-breaking report.
When it was first published, the Stern Review and its
recommendations – zero-emission automobiles
around the world by 2050, for example – brought
plaudits and brickbats from the different sides of the
climate change debate. A year and a half on from its
publication, Lord Stern dismissed the doubters and renewed
his call for urgent global action.
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