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28th April Financial Times OIL
MULTINATIONALS REBUKED FOR RELUCTANCE TO TACKLE CORRUPTION
Most leading oil multinationals fall well short of best
practice on revealing financial data and combating corruption,
a survey unveiled today by Transparency International,
the anti-graft group, claims. The research says western
companies such as ExxonMobil, ChevronTexaco and BPrank
as middling or poor performers on voluntarily disclosing
information about their operations - alongside China
National Offshore Oil Corp, Russia's Lukoil and Petronas
of Malaysia. http://www.ft.com/cms/s/0/5f6f7eb8-14bb-11dd-a741-0000779fd2ac.html
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28th April
Financial Times VIRTUE'S REWARD?
Michael Skapinker in the Financial Times has discussed
how multinationals are trying to get to grips with the
notion of sustainability, outlining the main arguments
for and against the CSR cause. In the US and western Europe,
the priorities are reducing the amount of packaging, cutting
fuel consumption and providing for consumers who want
to be sure that their purchases have been produced in
an ethical or environmentally friendly fashion. http://www.ft.com/cms/s/0/ec2efd06-14bb-11dd-a741-0000779fd2ac.html
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28th April
Independent TESCO CRITICISED FOR BATTERY EGGS
Tesco has been condemned by animal rights campaigners
for continuing to sell eggs from battery chickens. The
animal welfare group Compassion in World Farming (CIWF)
awarded Britain's biggest retailer a "Rotten Egg"
in the 2008 Good Egg Awards, which are designed to encourage
responsible sourcing by businesses. Sainsbury's, the Co-op
and Waitrose have banned sales of eggs from battery chickens.
Cadbury Schweppes and Unilever will receive an award for
respectively switching Creme Eggs and Hellmann's mayonnaise
free range. McDonald's award recognises its commitment
to phase out eggs from caged birds across its European
outlets by 2010. Morrisons will be commended for going
free-range on own label eggs. http://www.independent.co.uk/life-style/food-and-drink/news/tesco-criticised-for-battery-eggs-816643.html
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28th April
Financial Times OFT WIDENS PROBE INTO RETAIL PRICING
Some of the world's biggest consumer goods companies have
become targets for the Office of Fair Trading's latest
probe into alleged price-fixing between Britain's biggest
supermarkets and their suppliers. Procter & Gamble,
the leading consumer goods company worldwide, confirmed
on Sunday that it was visited last Thursday by the competition
watchdog, which also visited the headquarters of Tesco,
Asda, J Sainsbury and Wm Morrison to request data about
prices of groceries, health and beauty products and detergents.
Mars and Unilever said they had received letters on Friday
from the OFT to arrange a visit to their offices. Reckitt
Benckiser is also on the list of suppliers. One supermarket
insider said the watchdog was looking at correspondence
between supermarkets and up to 20 suppliers across food
and non-food categories. http://www.ft.com/cms/s/0/92658760-1496-11dd-a741-0000779fd2ac.html |
29th April
Times AUTHORS TAKE ON TESCO 'TYRANTS'
A group of Britain's leading authors has accused Tesco
of using "deeply chilling" tactics to silence
its critics. Nick Hornby and Mark Haddon are among the
writers who have signed a letter in The Times today condemning
the supermarket for prosecuting a Thai business leader
for making a speech that decried Tesco's expansion. If
the supermarket is successful Jit Siratranont could be
jailed. http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3835610.ece |
29th April
Telegraph 100 LEADING BRANDS IN PRICE-FIXING INVESTIGATION
About 100 leading household brands, including PG Tips,
Coca-Cola and Aquafresh, are at the centre of an investigation
into allegations of price-fixing, The Daily Telegraph
can disclose. http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/04/29/nprice329.xml
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29th April
Independent CLIMATE CHANGE COULD FORCE 1 BILLION FROM
THEIR HOMES BY 2050
As many as one billion people could lose their homes by
2050 because of the devastating impact of global warming,
scientists and political leaders will be warned today.
http://www.independent.co.uk/environment/climate-change/climate-change-could-force-1-billion-from-their-homes-by-2050-817223.html |
29th April
Financial Times WOMEN TAKE THE DRIVING SEAT
Carlos Ghosn, chief executive of Nissan and Renault, has
adopted a strategy to hire and promote more women into
the leadership ranks. The task - to drive change in a
male-dominated sector - is one that challenges manufacturing
and engineering companies the world over. Since 2004,
Nissan's Women in the Driver's Seat initiative has more
than doubled recruitment of female engineering graduates
to 17 % this year, no small achievement when only 7 %
of engineering graduates in Japan are women. Recruitment
of female "car life advisers" - salespeople
- has jumped from 15 % to 34%, partly because of friendlier
working hours and a better environment in showrooms. The
number of women managers at Nissan, while still tiny,
has risen from 2% to 5%.
http://www.ft.com/cms/s/0/35d14bac-1585-11dd-996c-0000779fd2ac.html |
29th April
Guardian ITV FACES RECORD £4 MILLION FINE FOR PHONE-IN
SCANDAL
The media watchdog Ofcom plans to record a damning verdict
and hand down a record seven-figure fine after a six-month
investigation into premium phone line deception on some
of ITV's biggest shows. MediaGuardian.co.uk has learned
that the proposed fine is about £4 million, although
the final figure is yet to be set. That would double the
previous record levied against GMTV, itself 75% owned
by ITV, last year. Viewers of programmes including Saturday
Night Takeaway and Soapstar Superstar wasted £7.8
million on phone calls that had no chance of winning on-air
competitions or had no impact on the outcome of interactive
votes. http://www.guardian.co.uk/media/2008/apr/29/tvfakery.ofcom |
29th April
Time Magazine BP AND SHELL DOWNPLAY RECORD PROFITS
Oil firms Shell and BP have made better than expected
first-quarter profits thanks to the rising price of oil,
which is close to USD 120 a barrel. Where corporate profits
are concerned, "everybody thinks it goes into the
pockets of senior people," says Simon Webley, Institute
of Business Ethics. "That is far from the case."
The suggestion is that Shell and BP's profits will be
plowed back into exploration rather than into, say, London's
real estate market, which has been goosed up for years
by bonuses from the now hurting financial sector. It's
an important distinction, but it may not be enough to
placate everyone. http://www.time.com/time/business/article/0,8599,1735821,00.html
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30th April
Independent KING SAYS BANKS ARE PAYING PRICE FOR 'UNATTRACTIVE'
BONUS CULTURE
The high salaries and bonuses paid in the City were the
subject of an unprecedented attack yesterday by the Governor
of the Bank of England. During a session with the Treasury
Select Committee to confirm his second term as Governor,
Mervyn King said the bonus culture had contributed to
the current crisis. "These are cultural factors and
I think that banks themselves have come to realise in
the recent crisis that they are paying the price themselves
for having designed compensation packages which provide
incentives that are not, in the long run, in the interests
of the banks themselves, and I would like to think that
would change." More than £7 bn will be paid
in City bonuses this year.
http://www.independent.co.uk/news/business/news/king-says-banks-are-paying-price-for-unattractive-bonus-culture-818143.html
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30th April
Independent SIGNS OF SUSPECT TRADES IN QUARTER OF DEALS
The UK financial watchdog has found that more than a quarter
of public transactions in the UK experienced suspicious
trading activity in the build-up to announcement last
year. This comes just weeks after the regulator launched
an investigation after one of the UK's biggest banks fell
victim to market manipulation. The Financial Services
Authority yesterday published figures that showed that
28.7 per cent of UK deals in 2007 experienced "informed
price movements" in the two days before official
announcement.
http://www.independent.co.uk/news/business/news/signs-of-suspect-trades-in-quarter-of-deals-818073.html |
30th April
Financial Times BANKS FACE ADVICE BAR IN FSA SHAKE-UP
Banks risk being barred from offering customers advice
on retail investments under proposals being considered
by the City regulator, lobby groups warned on Tuesday.
The Financial Services Authority's interim report on its
review of how long-term savings products such as private
pensions and life assurance are sold lays out plans for
a radical overhaul of the much-maligned financial advice
industry. It represents another clear attempt to wean
the long-term savings and pensions industry away from
the practice of offering advisers upfront incentive payments
to sell their products, which critics say creates conflicts
of interest and encourages savers to move their savings
pots unnecessarily between different companies. http://www.ft.com/cms/s/0/c5d81c74-1640-11dd-880a-0000779fd2ac.html |
30th April
Financial Times GORE FUNDS ROOTS FOR GREEN INVESTING 'RESILIENCE'
The investment vehicle headed by Al Gore has closed a
new $683m fund to invest in early stage environmental
companies and has mounted a robust defence of green investing.The
Climate Solutions Fund will be one of the biggest in the
growing market for investment funds with an environmental
slant. http://www.ft.com/cms/s/0/194dc15c-164f-11dd-880a-0000779fd2ac.html?nclick_check=1 |
30th April
Financial Times BERLIN TO REWARD GOOD BUSINESSES
The German government plans to make the countrys first
trademark for good business behaviour, as a complement
to Made in Germany as a respected global brand. Germany
is the worlds leading export nation but recognition of
the need to combine business with corporate responsibility
remains underdeveloped, especially among smaller companies.
Separately, the top United Nations official responsible
for promoting corporate responsibility said large German
companies were lagging behind competitors because they
are often too self-satisfied to learn from other businesses.
Mr Scholz, German labour minister, said the trademark
would cover social and environmental standards, plus good
labour practices and governance matters such as anti-corruption
policies. http://www.ft.com/cms/s/0/43652152-164e-11dd-880a-0000779fd2ac.html |
30th April
Telegraph OFT ACCUSED OF PURSUING 'VENDETTA'
One of the City's leading investment banks has launched
an outspoken attack on the Office of Fair Trading - accusing
it of pursing a "vendetta" against retailers.
The comments - by Mike Tattersall, a director at Cazenove
and retail analyst - followed raids by the OFT last week
and the launch of a probe into allegations of wide ranging
price-fixing. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/30/cnoft130.xml
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30th April
BBC REPORT TACKLES SUPERMARKET POWERS
Measures designed to curb the power of major supermarkets
and improve choice for consumers have been announced by
the Competition Commission. Recommended changes to the
planning system will make it harder for one chain to dominate
a local area. And a new independent ombudsman will resolve
any disputes between suppliers and retailers. The measures
come at the end of a two-year investigation into the UK's
supermarket sector. http://news.bbc.co.uk/1/hi/business/7374720.stm |
30th April
Financial Times ADVERTISING WATCHDOG URGES MORE RESPONSIBILITY
ON NET
The chairman of the Advertising Standards Authority has
called on companies to be more responsible in website
claims about pricing and availability following a surge
in complaints. The ASA's annual report, published today,
reveals that last year internet advertising garnered the
second largest number of complaints by media, after television
- overtaking the national press for the first time, and
reflecting the shift in advertising budgets. http://www.ft.com/cms/s/0/69918cd6-164d-11dd-880a-0000779fd2ac.html
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30th April
Guardian ROCKEFELLERS CALL FOR CHANGE IN EXXON LEADERSHIP
The founding family behind ExxonMobil has embarrassed
the board by joining critics of the world's largest publicly-quoted
oil company and called for a management shake-up which
could change its attitude towards climate change. The
Rockefeller family - which started Exxon's predecessor,
Standard Oil - are taking the unprecedented step of holding
a press conference today at a hotel in New York where
they will call for Rex Tillerson to hand over part of
his responsibilities as both chairman and chief executive.
The over-centralised power structure is seen by the Rockefellers
as a core problem at Exxon and they are launching four
motions at the forthcoming annual general meeting to put
their message across.
http://www.guardian.co.uk/business/2008/apr/30/exxonmobil.oil |
1st May
Independent BA WHISTLEBLOWER RECEIVES THREATS FROM FELLOW
PILOTS
Doug Maughan, the British Airways pilot who spoke out
against "casual racism" in the cockpits of Britain's
biggest airline, has lodged a complaint about threats
from fellow pilots.
http://www.independent.co.uk/news/uk/home-news/ba-whistleblower-.htmlives-threats-from-fellow-pilots-818758.html
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1st May
Guardian INQUIRY LETS BIG STORES OFF THE HOOK SAY LOCAL
SHOPKEEPERS
Consumer groups accused the competition authorities of
failing to check the power of Britain's supermarket chains
yesterday after a two-year investigation of the grocery
market. The Competition Commission rejected claims that
the big four - Tesco, Sainsbury's, Asda and Morrisons
- were guilty of driving smaller rivals out of business,
and it stopped short of ordering the groups to sell off
any stores or part of their property portfolios. But the
commission called for the creation of an ombudsman to
protect farmers and small suppliers, and recommended changes
to the planning system to make it harder for one chain
to dominate a particular area. This move has been met
with considerable hostility from the major supermarket
chains, fearing the move - which will be industry funded
after ministers refused cash - will be the first step
in the creation of a full-blown watchdog as "regulatory
creep" induces the new ombudsman service to progressively
expand what it does. http://www.guardian.co.uk/business/2008/may/01/tesco.asda |
1st May
Guardian CLINICS AT WORK CUT SICKNOTES, SAYS STUDY
Big organisations could dramatically cut absenteeism and
save the British economy nearly £1.5 billion a year
by copying a health experiment that was introduced at
the Royal Mail, an investigation by the London School
of Economics reveals today. It says the postal service
cut sickness absence by a quarter over three years after
putting clinics at the big sorting offices and mail centres,
providing health screening and physiotherapy. The group
saved £227 million between 2004 and 2007 by making
its employees fitter. Short-term absence was reduced and
3,600 employees were brought back from long-term absence
through illness or injury. http://www.guardian.co.uk/society/2008/may/01/work.absence |
1st May
Greenbiz SUPPLIERS SEE CLIMATE CHANGE REGULATION AS BUSINESS
RISK
An overwhelming majority of supply chain companies believe
regulation of greenhouse gas (GHG) emissions is a potential
risk to business, according to a Carbon Disclosure Project
survey. Of the 96% of suppliers that believe GHG regulation
will be a risk, the most common concerns were taxation
of emissions and emission limits. The Carbon Disclosure
Project questioned 144 suppliers for its Supply Chain
Leadership Collaboration survey. Many of the companies
that work with the Collaboration to measure supply chain
carbon risks report that their supply chain activities
account for most of their greenhouse gas emissions. http://www.greenbiz.com/news/2008/05/01/suppliers-climate-change-regulation-risk
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1st May
Guardian WINDS OF CHANGE: SHELL DITCHES RENEWABLE STAKE
AMID FEARS OF A RETREAT TO CARBONS
The future of the world's largest offshore wind farm and
a symbol of Britain's renewable energy future was thrown
into doubt last night after it emerged that Shell was
backing out of the project and indicated it would prefer
to invest in more lucrative oil schemes.
Shell said the decision to sell its 33% stake in the £2
billion London Array off the coast of Kent was part of
an "ongoing review of projects and investment choices"
and was not part of any major rethink about renewables
versus other oil and gas projects. But environmentalists
will see the decision to drop one of only two renewable
schemes being worked on by Shell in Britain as a further
sign that the company is retreating back to hydrocarbons
at a time when the price of oil has risen to about $120
a barrel.http://www.guardian.co.uk/business/2008/may/01/royaldutchshell.oil |
2nd May
Independent HSBC CALLS IN POLICE OVER ALLEGED 70M FRAUD
ATTEMPT
Police are investigating an alleged 90m (70m) attempted
fraud by a London-based member of staff at HSBC, Britain's
biggest bank. A man has been charged over the alleged
scam, which was discovered last week at HSBC's securities
services division, which settles trades for clients. A
payment to a bank raised suspicions at the division in
HSBC's head office building at Canary Wharf and the police
were called.
http://www.independent.co.uk/news/business/news/hsbc-calls-in-police-over-alleged-16370m-fraud-attempt-819796.html |
2nd May
The Independent SAVE OUR MOUNTAIN, INDIAN TRIBE URGES
BANKS
Vedanta, a mining company owned by the London-based Indian
billionaire Anil Agarwal, is planning to mine at the remote
Niyamgiri mountain, in the state of Orissa in eastern
India. Vedanta's subsidiary, Sterlite, is hoping to receive
permission from India's Supreme Court to begin mining
bauxite, the most important aluminum ore, on the land
which is considered sacred by India's Dongria Kondh tribe.
The open mine would destroy the habitat that has been
their home for centuries, destroying the forest and drying
up water sources. Members of the tribe are calling on
British shareholders to take their money elsewhere. The
human rights group Survival International has launched
a campaign to raise awareness of Vedanta's intentions
and back the boycott. Vedanta shareholders include some
of Britain's best-known companies, such as Barclays, Standard
Life, Abbey National and Coutts, the Queen's bank.
http://www.independent.co.uk/news/world/asia/save-our-mountain-indian-tribe-urges-banks-819722.html |
2nd May
Financial Times REGULATOR WEIGHS CREDIT-CARD CURBS
Credit-card companies could face a clutch of new regulations
to prevent "unfair or deceptive" lending, under
proposals unveiled yesterday by a US banking regulator.
The proposals mark the culmination of joint regulatory
efforts launched last year to curb lending practices that
have been criticised for accelerating the cycle of consumer
default at a time when borrowers are already struggling
with mortgage debt. The plan was issued by the Office
of Thrift Supervision, which regulates savings institutions.
The Federal Reserve and National Credit Union Administration
are expected to issue identical proposals today for banks
and federal credit unions. http://www.ft.com/cms/s/0/8d4144d0-17e4-11dd-b98a-0000779fd2ac.html
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2nd May
Greenbiz GREENWASH COMPLAINTS QUADRUPLED IN 2007
The number of complaints about UK ads that made green
claims in 2007 was more than four times higher than greenwashing
complaints in 2006. Out of 24,192 total complaints about
14,080 ads the Advertising Standards Authority (ASA) received
last year, 561 were about 410 ads that made environmental
claims. In 2006 there were 117 complaints for 83 green
ads. And so far this year 109 complaints have identified
59 green ads as misleading, the Guardian reported. In
its 2007 annual report, the ASA says consumers were most
confused about ads for carbon emission claims and green
tariffs as well as green terms like sustainable and food
miles.
http://www.greenbiz.com/news/2008/05/02/uk-greenwash-complaints-quadrupled-2007
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3rd May
Guardian TESCO AND TAX: A COMPLEX WEB OF COMPANIES, TRUSTS
AND PARTNERSHIPS
At heart of supermarket's avoidance scheme was Stamp Duty
Land Tax - not corporation tax In February the Guardian
published two articles about Tesco's tax practices. At
the heart of the story was Tesco's stated desire to realise
up to £5bn by cashing in on the rise in value of
its massive UK property portfolio through sale and leaseback
schemes - while maintaining control of the stores. It
was one of a series of Guardian investigations into the
broader question of tax havens, tax avoidance and the
problems governments have in collecting revenue in a globalised
world, where sophisticated international companies can
move their money and assets around. http://www.guardian.co.uk/business/2008/may/03/tesco.medialaw
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4th May
Independent on Sunday UNWELCOME PUBLICITY FOR OIL GIANT
IN LEGAL BATTLE WITH BILLIONAIRE
Secret negotiations to settle a multimillion-pound dispute
between the Total oil company and London-based businessman
Nadhmi Auchi have broken down, The Independent on Sunday
has learnt. Confidential talks between lawyers for both
sides have foundered, raising the prospect that highly
sensitive details of the operations of Elf, which Total
took over in 2000, could be publicly aired in a British
court. A legal battle between the two erupted after Auchi,
an Iraqi-born British citizen, received a 15-month suspended
sentence and a £1.5m fine after being convicted
of corruption. French investigators found that he had
received $2m (£1m) in illegal commissions in the
Elf Aquitaine oil scandal. Several senior executives of
the company were jailed over their part in the affair.
The investigators claimed that Auchi had paid bribes to
Elf. As a result of the ruling, Total took legal action
against him in France.
http://www.independent.co.uk/news/business/news/unwelcome-publicity-for-oil-giant-in-legal-battle-with-billionaire-820750.html |
4th May
Observer REPORT INTO BAE ETHICS 'WILL GIVE IT THE ALL-CLEAR'
BAE Systems will receive a clean bill of health when Lord
Woolf publishes his report this week on the controversial
British defence company's ethical standards, analysts
are predicting. But Woolf's committee, which BAE insists
is independent, has not investigated the company's past
practices, which has angered groups campaigning against
the arms trade. http://www.guardian.co.uk/business/2008/may/04/baesystemsbusiness.ethicalbusiness
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5th
May BBC BANGLADESH COMPANIES IN FOOD MOVE
Garment manufacturers in Bangladesh announced that they
would start selling food at discounted prices to their
workforce as global food prices continue to rise. The
announcement follows protests by some 20,000 workers in
April 2008 demanding assistance with soaring rice prices
and higher wages. Under the scheme launched by the Bangladesh
Knitwear Manufacturers and Exporters Association, each
worker will be entitled to four kilogrammes of rice each
week from participating outlets at a discount of 30 percent
on market prices. Up to 200,000 workers on Bangladesh's
minimum wage - out of 2.5 million garment workers across
the country - working in 1,500 factories are expected
to benefit from the initiative. It is estimated that most
households in Bangladesh spend almost 70 percent of their
income on food. However, rice prices in the country have
doubled during the past year as a result of bad weather
in 2007 - an effect worsened by global rice shortages.
Reports suggest that while the national minimum wage stands
at around US$25, one kilogramme of rice (enough to feed
a family of four for a day) costs around US$0.50. Garment
factories, supplying world-wide retailers such as Wal-Mart,
Tesco and Carrefour, account for 74 percent of Bangladesh's
export earnings, contributing US$9 billion to the economy
in 2007. http://news.bbc.co.uk/1/hi/world/south_asia/7383859.stm |
6th May
Telegraph BAE SYSTEMS ADMITS TO ETHICAL SHORTCOMINGS
BAE Systems, Britain's biggest defence company which has
been dogged by corruption allegations, has admitted failing
to "pay sufficient attention" to ethical standards
which could have damaged its reputation. The news comes
as the House of Lords is due to decide whether the Serious
Fraud Office should reopen a corruption probe into BAE's
multi-billion arms deal with Saudi Arabia. The admission
from the company's chairman and chief executive were revealed
in a report by Lord Woolf, the former Lord Chief Justice,
who was last year appointed by BAE to review its ethical
procedures. Lord Woolf's report, published this morning,
said BAE's reputation continued to be tarnished by allegations
of past unethical conduct. The company has "no ethical
standards embedded in the company".
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/06/bcnbae306.xml
Other articles:
BAE review seeks bribery controls
http://news.bbc.co.uk/1/hi/business/7384937.stm
Financial Times http://www.ft.com/cms/s/0/ea5fc114-1b04-11dd-aa67-0000779fd2ac.html
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6th May
Financial Times FSA DOUBLES CRIMINAL TEAM
The number of criminal prosecutors pursuing insider dealing
and other illegal market activity has more than doubled
under the City watchdog, in the clearest sign yet of its
aggressive new approach to enforcement. Sally Dewar, head
of the wholesale markets division at the Financial Services
Authority, told the Financial Times the FSA had boosted
its criminal prosecutor team to 30 people from 12 as it
took a tougher line on enforcement.
http://www.ft.com/cms/s/0/8e8f9006-1ad9-11dd-aa67-0000779fd2ac.html |
6th May
Guardian AID AGENCIES TELL BIG BUSINESS WHERE TO PUT ITS
HELP
Aid agencies are demanding that the multinational companies
meeting Gordon Brown in London today to discuss the implementation
of the millennium development goals must pay their proper
share of tax, respect the environment and pay better wages
to poor workers. Though many acknowledge that the private
sector has a crucial role to play in alleviating global
poverty, they are concerned that the event being hosted
by the Prime Minister, the Business Call to Action, could
be little more than a PR stunt for the companies involved.
http://www.guardian.co.uk/business/2008/may/06/taxavoidance.development |
6th May
Financial Times CONSUMERS URGED TO JOIN HFC LAWSUIT
Tens of thousands of consumers will be encouraged to join
a £350 million lawsuit against an HSBC subsidiary
over loan insurance mis-selling, in a stern test of the
appetite for class action-style litigation in the UK.
Lawyers at Clyde & Co plan to bring a group claim
against HFC bank after it was fined £1.1million
by the Financial Services Authority for selling payment
protection insurance, or PPI, policies without verifying
whether customers needed the cover. The case, the first
such move against the financial services company, could
pave the way for consumers to seek redress from regulatory
action in other sectors if it can overcome the steep obstacles
that have dogged other consumer actions.
http://www.ft.com/cms/s/0/f1cf4e16-1ab3-11dd-aa67-0000779fd2ac.html |
6th May
Greenbiz DAIRY INDUSTRY UNVEILS PLAN FOR PACKAGING, ENERGY,
EMISSIONS
The UK milk industry and government have unveiled plans
to increase the use of recycled materials in packaging,
develop cleaner ways to handle waste and reduce the milk
industry's overall impact on the environment. The Milk
Roadmap was drawn up by industry stakeholders and the
Department for the Environment, Food and Rural Affairs.
The plan calls for a steady increase in the amount of
recycled plastic in milk containers, starting with replacing
10 % of virgin plastic with recycled plastic by 2010,
replacing 30% by 2015 and 50% by 2020. Plastic bottles
represent the greatest amount of milk packaging, with
80 % of milk being sold in plastic. The Roadmap also addresses
developing cleaner methods for dealing with waste, increasing
renewable energy use, reducing water consumption and working
towards sending zero waste to landfills.
http://www.greenbiz.com/news/2008/05/05/uk-dairy-industry-unveils-plan-packaging-energy-emissions
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6th May Financial Times QUEST LAUNCHED
FOR MEASURE OF SOCIAL RETURN
Ministers will today announce a quest for the holy grail
of the world's multi-billion pound market in ethical
fund management - a fair way of measuring social return
on investment. Phil Hope, Cabinet Office minister, will
launch research on how to calculate an "alternative
bottom line" to measure an investment's value to
society, rather than simply its financial return. If
the research is successful, investors could choose between
different ethical funds by comparing their social return,
as well as their narrower financial performance. Ethical
investment funds have sometimes outperformed stock markets,
by putting money in cutting-edge green technologies.
http://www.ft.com/cms/s/0/bba650e0-1b04-11dd-aa67-0000779fd2ac.html
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6th May
Independent AIRLINE EMISSIONS 'FAR HIGHER THAN PREVIOUS
ESTIMATES'
The aviation industry's failure to curb its soaring carbon
emissions could lead to the "worst case scenario"
for climate change, as envisaged by the United Nations.
http://www.independent.co.uk/environment/climate-change/airline-emissions-far-higher-than-previous-estimates-821598.html
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7th May
Financial Times DAMNING REPORT HIGHLIGHTS GAP IN ETHICAL
STANDARDS
BAE Systems, Britain's largest defence contractor, has
admitted that it previously failed to pay "sufficient
attention to ethical standards and avoid activities"
which could have damaged its reputation. The comments,
included in a detailed report by Lord Woolf on BAE's business
ethics published yesterday, mark the first time that the
company has publicly acknowledged its conduct in the past
may have been found wanting.
http://www.ft.com/cms/s/0/85c80054-1bd1-11dd-9e58-0000779fd2ac.html |
7th May
Financial Times ARCHAIC LAWS IN NEED OF REMEDY
Lord Woolf's report on ethical standards at BAE Systems
highlights the intense pressure for reform of Britain's
archaic anti-corruption laws, amid growing embarrassment
at the lack of successful prosecutions. The Law Commission
has proposed a long-awaited overhaul of the rules, but
critics accuse the government of hypocrisy for lecturing
other countries on the evils of bribery while failing
to pursue the very British companies that are suspected
of paying the money. http://www.ft.com/cms/s/0/85155ade-1bc3-11dd-9e58-0000779fd2ac.html |
7th May
Financial Times LEGAL ISSUES: SAFETY MOVES HIGHER UP THE
AGENDA
The Corporate Manslaughter and Corporate Homicide Act,
which finally became law on April 6, is already having
a substantial effect. The legislation makes companies
more responsible for their staff - particularly those
on the road on business. It applies equally to businesses
of all sizes. Company Car Trends, produced quarterly for
GE Commercial Finance, Fleet Services, reported this year
that more than 90% of fleet managers were expecting corporate
manslaughter to impact most on company policy - up from
70% last year. Crucially, the act covers all cars used
on business, irrespective of ownership, and makes companies
responsible for the welfare of the drivers and the condition
of those vehicles. http://www.ft.com/cms/s/0/026ee87c-18ab-11dd-8c92-0000779fd2ac,s01=1.html?nclick_check=1 |
7th May
Independent POLLUTION IN PARADISE: FLAMINGOS VS THE FACTORY
The rush to exploit Africa's natural resources is threatening
to destroy one of nature's most spectacular breeding grounds.
More than 500,000 flamingos congregate on the salty shores
of Lake Natron in the north of Tanzania every year to
breed and it could be about to end. That is the dire warning
from a coalition of 32 environmental groups in east Africa
if a company backed by the Indian conglomerate Tata Chemicals
gets the go-ahead to build a soda ash factory at the lake.
The factory would produce 500,000 tonnes of soda ash,
also known as sodium carbonate, every year. Tanzania's
state-owned National Development Corporation, which will
jointly run the factory with Tata, said that it has moved
the proposed site 22 miles away from the shore after opposition
was first raised. But conservationists say it will make
little difference. http://www.independent.co.uk/environment/nature/pollution-in-paradise-flamingos-vs-the-factory-822172.html
|
7th May
International Herald Tribune ALSTOM IS LATEST CORPORATE
GIANT TO FACE BRIBERY INVESTIGATION
A series of recent, high-profile bribery investigations
of leading European companies has helped to accelerate
compliance with global anti-corruption standards as senior
managers come to recognise the significant risk to their
brands and personal reputations, legal analysts and international
regulators say. The observations come as Alstom, the French
engineering giant, acknowledged on Tuesday that some of
its employees were recently questioned as witnesses by
French and Swiss investigators looking into allegations
that the company paid hundreds of millions of dollars
in bribes to gain contracts in Asia and South America
between 1995 and 2003. http://www.iht.com/articles/2008/05/06/business/alstom.php
|
7th May
Independent BANKS FACE MASS LEGAL ACTION OVER LOAN INSURANCE
POLICIES
Consumers mis-sold loan protection insurance will be asked
to join a class action case which could force compensation
payouts worth more than £300m and a rash of other
claims against high street banks. http://www.independent.co.uk/money/insurance/banks-face-mass-legal-action-over-loan-insurance-policies-822147.html
|
|
7th May Financial Times GOING GREEN: A WEALTH OF JOB
OPENINGS
The oil and gas sector has not traditionally seemed
a home for anyone with environmental leanings. But increasingly,
new opportunities are opening within “green”
niches in the sector. They range from board-level posts
taking responsibility for the company's environmental
performance to more junior positions auditing a company's
emissions, engineering roles looking after environmental
technology, or posts on trading desks buying and selling
carbon credits. This comes as oil and gas companies
are coming under increasing pressure to improve their
environmental performance.
http://www.ft.com/cms/s/0/4199678e-18ab-11dd-8c92-0000779fd2ac.html
|
7th May
Financial Times CONSUMERS FAIL TO BENEFIT FROM POSTAL
REFORMS
Competition in the postal market has produced no significant
benefits for consumers and small businesses, according
to a report from an independent review set up by the government.
In its first report summarising more than 40 submissions
from the industry, the review group said competition had
benefited large mail users, but posed a "substantial
threat" to Royal Mail's financial stability. It warned
this could undermine the daily collection of post and
its delivery to every home and business in the UK, and
asked operators and users for ideas on how to maintain
this universal service.
http://www.ft.com/cms/s/0/deb08890-1bd0-11dd-9e58-0000779fd2ac.html
|
8th May
Independent BAE SEEKS REVIEW OF CORRUPTION INQUIRIES
The chairman of BAE Systems called on the Serious Fraud
Office (SFO) yesterday to institute a wholesale review
of all of the watchdog's inquiries into alleged corruption
surrounding arms deals around the world before proceeding
any further with the cases. The SFO has four long-running
inquiries into BAE deals in Tanzania, the Czech Republic,
South Africa and Romania. It is under pressure to reopen
its investigation into bribery related to the massive
Al-Yamamah contract with Saudi Arabia after the High Court
found it unlawfully ended that inquiry last year.
http://www.independent.co.uk/news/business/news/bae-seeks-review-of-corruption-inquiries-822847.html |
8th May
Guardian DAFFODIL HARVESTER ACCUSED OF USING FORCED LABOUR
A UK-wide investigation into allegations of forced labour
among migrant daffodil pickers has resulted in one of
the industry's largest labour suppliers losing its licence.
Timberland Homes Recruitment, which has harvested an estimated
13 million bunches of daffodils across the UK this season,
has been barred from operating, the Gangmasters Licensing
Authority said last night. The flowers that were picked
were eventually sold in high-street outlets and supermarkets
such as Waitrose. The GLA accused the company of imposing
debts on its mainly Polish workers, failing to provide
them adequate housing, and paying as little as £24
a day in wages. http://www.guardian.co.uk/uk/2008/may/08/immigration.immigrationandpublicservices |
8th May
Financial Times ATTEMPT TO STALL WORKERS' RIGHTS BILL
FAILS
An attempt to stall legislation giving new rights to agency
and temporary workers failed on Wednesday after ministers
abstained from a crucial vote. Business reacted with dismay
and the Tories accused the government of "dithering"
and failing to stand up to its backbenchers. The EEF,
the industry body for engineering and manufacturing, said:
"Regulation such as the current bill can only increase
manufacturers' costs and administrative burdens. That
threatens UK manufacturing jobs." http://www.ft.com/cms/s/0/195ba026-1c60-11dd-8bfc-000077b07658.html
|
8th May
Independent REVEALED: 'THROWAWAY BRITAIN' WASTES £10BN
OF FOOD EVERY YEAR
Global food shortages, soaring prices and alarm over the
environment. But every day, Britain throws away 220,000
loaves of bread, 1.6m bananas, 550,000 chickens, 5.1m
potatoes, 660,000 eggs, 1.2m sausages and 1.3m yoghurts
http://www.independent.co.uk/life-style/food-and-drink/news/what-a-waste-britain-throws-away-16310bn-of-food-every-year-822809.html |
8th May
Times BANKS BOOST CURRENT ACCOUNT FEES IN RACE TO BEAT
OFT CAP
Millions of current account customers face an increase
of up to 20% in monthly fees as banks seek to boost revenues
before a ruling by the Office of Fair Trading (OFT) that
could cap overdraft charges. An estimated seven million
consumers, already squeezed by soaring food, fuel and
utility costs, will see the monthly charge for their current
accounts jump as banks look for new ways of raising profits.
Royal Bank of Scotland, NatWest, owned by RBS, and Lloyds
TSB are all raising monthly fees for customers. The rise
will hit those who have signed up to packaged current
accounts, which include extras such as travel and mobile
phone insurance, to justify the monthly fee. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3889987.ece
|
8th May
Financial Times TOUGH PROTECTORS - COMPETITION AUTHORITIES
ARE CLAMPING DOWN
Not many government websites offer visitors the chance
to win £100,000 ($195,000, €127,000). Yet that
is the prospect held out by the Office of Fair Trading,
Britain's competition watchdog, for informers who help
bust corporate price-fixing conspiracies.
http://www.ft.com/cms/s/0/40ce218e-1c55-11dd-8bfc-000077b07658.html
|
8th May
Independent BUILDING SOCIETIES' SYSTEMS ARE TOO SLACK,
SAYS FSA CHIEF
The head of the Financial Services Authority criticised
building societies yesterday for slack management and
told them to overhaul their systems and governance if
they are to withstand shocks from the credit crunch.
http://www.independent.co.uk/news/business/news/building-societies-systemsare-too-slack-says-fsa-chief-822910.html
|
8th May
Corporate Responsbility.net 82% OF EXECS SAY CLIMATE CHANGE
WILL ALTER THEIR BUSINESS MODELS
Eighty-two percent of senior finance and risk managers
believe global climate change will require changes to
their business models in the years ahead. Yet, when it
comes to taking proactive steps to manage their weather
risk, 51 percent concede that their companies are not
well prepared to cope with the current day-to-day economic
risks posed by the weather. The study, commissioned by
CME Group and Storm Exchange, also found that just 42
percent of those surveyed said their companies have attempted
to quantify their exposure to the weather, and only 10
percent had used weather hedging strategies (e.g., derivatives,
options, futures, etc.) to limit that exposure. However,
of those respondents who said their companies have used
weather hedging tools, 86 percent said they found them
useful.
http://www.corporateresponsibility.net/2008/05/08/82-of-execs-say-climate-change-will-alter-their-business-models/
|
9th May
Financial Times PRICE-COMPARE SITES FACE FSA INTERVENTION
Concerns over the accuracy of information on consumer
price comparison websites have been voiced for the first
time by the financial regulator amid a rapid growth in
the market.Two-thirds of people are now estimated to use
a comparison site before buying home or motor insurance.
http://www.ft.com/cms/s/0/f006e0f4-1d2d-11dd-82ae-000077b07658.html
9th May Times FLOWER PICKERS EARNED £24 FOR 9-HOUR
DAY
A British recruitment company that supplied more than
200 immigrant workers to pick flowers in Scotland has
lost its licence after an investigation found that it
was involved in forced labour and intimidation. http://www.timesonline.co.uk/tol/news/uk/article3897293.ece
|
9th May
Times RETAILERS TAKE STOCK OF THEFT WITH NATIONAL STAFF
BLACKLIST
Some of the country's biggest retailers plan to police
their own industry through a national database that will
blacklist staff sacked for stealing, forgery or fraud.
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3897451.ece |
|
9th May Independent ENVIRONMENTALISTS BATTLE TO PREVENT
SEARCH FOR OIL IN ANCIENT SOUTH DOWNS LANDSCAPE
Northern Petroleum, an independent oil and gas explorer,
has sparked a controversy with environmentalists over
its application to drill for oil in an unspoilt area
of the South Downs in the United Kingdom. West Sussex
County Council will debate next Tuesday whether to grant
the three-year permit to allow drilling in Markwells
Wood, an ancient woodland contained in a habitat classified
as an area of outstanding natural beauty. The move has
drawn the ire of groups including the Woodland Trust,
which called the one hectare plot in question "the
equivalent of the UK's rainforest" as it is home
to the widest array of tree species in the country.
http://www.independent.co.uk/news/business/news/environmentalists-battle-to-prevent-search-for-oil-in-ancient-south-downs-landscape-824600.html
|
9th May
Guardian HOW GREEN ARE WE? NEW FIGURES SHOW BRITONS BACK
RECYCLING
The first signs of a green revolution are emerging around
the country as Britons treble their recycling and increase
their use of public transport. But this enthusiasm is
not reflected in attitudes towards other environmental
concerns, with car ownership and use on the rise and air
travel increasing "substantially" over the last
four years. The Office for National Statistics said yesterday
that research shows the public sending out mixed messages
on its green credentials, although attitudes to the environment
are changing.
http://www.guardian.co.uk/environment/2008/may/09/recycling.conservation
|
9th May
Financial Times Concern about drug side-effects prompts
tougher reporting code
Pharmaceutical companies must do more to encourage identification
of side effects of their medicines, under a new industry
code of practice published yesterday. New promotional
information on drugs produced by British companies from
November must explicitly and "prominently" state
that "adverse events should be reported" and
provide details of the website to contact with concerns.
The move follows growing concern from medicine regulators
about the voluntary nature of reports alerting them to
side effects from licensed drugs, which can slow the detection
of health risks and delay withdrawal of dangerous products.
http://www.ft.com/cms/s/0/c08878f4-1d61-11dd-82ae-000077b07658.html
|
9th May
Independent FSA ORDERS PRICE COMPARISON SITES TO PROVIDE
ACCURATE INFORMATION
The Financial Services Authority has ordered insurance
price comparison websites to overhaul their systems after
identifying a string of failings that could mislead customers.
The City watchdog found that many sites encouraged customers
to pick products by price without giving enough information
about differing terms. Information about excess claims
was often inconsistent or wrong. A number of sites provided
incorrect or out-of-date information or prices different
from those charged by the broker or insurer, the watchdog
found. The watchdog said it would follow up its instructions
by visiting the firms.
http://www.independent.co.uk/news/business/news/fsa-orders-price-comparison-sites-to-provide-accurate-information-824601.html |
9th May
Guardian AIR TRAVEL FIRMS ACCUSED OF MISLEADING PASSENGERS
A third of customers who shop for flights online are being
ripped off by confusing adverts, the European commission
has warned. A scan of hundreds of airline and travel agency
websites identified "serious" problems such
as hidden charges on one in three of the sites monitored.
Airlines and travel companies are accused of adding airport
taxes, handling fees, and baggage and seating charges
on top of the prices that first appear. The EU consumer
commissioner, Meglena Kuneva, gave airlines and tour operators
one year to comply with consumer rules or face court action
http://www.guardian.co.uk/travel/2008/may/09/travelnews.theairlineindustry |
9th May
Guardian ITV MUST PAY RECORD FINE FOR PRIME TIME PHONE-INS
THAT ROBBED VIEWERS OF £7.8 MILLION
ITV was fined a record £5.7 million by the media
watchdog yesterday for "seriously and repeatedly
misleading its audience" on 86 separate occasions
over four years, causing viewers to waste £7.8 million
on worthless premium rate calls to some of its biggest
hit entertainment shows. Ofcom's findings detailed the
full scope of what chairman Michael Grade has admitted
was "a serious cultural failure" at Britain's
biggest commercial broadcaster, with millions of viewers
fooled into thinking they could join in with its shows
at up to £1 a time. http://www.guardian.co.uk/media/2008/may/09/itv.tvfakery1
|
11th May
Observer A HIGH COST IN BUILDERS' LIVES
Casualisation and lax regulation mean deaths in the construction
industry are rocketing. A huge number of Britain's two
million construction workers, was self-employed - paid,
like hundreds of thousands of others, through the 'Construction
Industry Scheme'. By using it, building firms can legally
avoid paying large chunks of National Insurance, pension
entitlements and other safeguards - including insurance
against funeral expenses. http://www.guardian.co.uk/business/2008/may/11/construction.tradeunions1
|
11th May
Sunday Times SUPERMARKETS IN PROBE OVER TOP BRAND MARK-UPS
Some of the most popular branded household products are
being sold across leading supermarkets at a mark-up of
as much as 125%, prompting allegations of price fixing.
Wholesale prices obtained by The Sunday Times reveal that
customers are being overcharged for products including
Lynx deodorant, Dove body wash, Duracell batteries and
Gillette razors. When confronted with the findings, one
senior supermarket executive conceded that the prices
were excessive but blamed multinational brands for demanding
minimum selling prices. The suppliers deny any wrongdoing.
The allegation provides an insight into why the Office
of Fair Trading (OFT) has launched an inquiry into supermarket
price fixing so soon after the sector received a clean
bill of health following a Competition Commission investigation.
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3908363.ece
|
| continued
below ... |
11th May
Independent on Sunday WATCHDOG BANS ADVISER WHO LIED ON
HIS OWN APPLICATIONS
A south London mortgage broker has had his licence to
trade withdrawn by the Financial Services Authority (FSA).
Isah Attayi Mohammed, who traded as Initial Financial
Services Limited in the Old Kent Road, was found to have
tried to trick lenders into approving mortgages based
on bogus and inflated incomes. The regulator said Mr Mohammed
lacked "honesty and integrity" and had submitted
what amounted to fraudulent mortgage applications The
FSA has been investigating fraud in the mortgage market
for the past few months, in response to lenders' suspicions.
To date, it has banned five brokers for committing fraud
and expressed concerns over several dozen mortgages arranged
by other brokers.
http://www.independent.co.uk/news/business/news/watchdog-bans-adviser-who-lied-on-his-own-applications-825722.html
|
11th May
Independent on Sunday 'IT WILL SURPRISE PEOPLE.' FSA GETS
TO HEART OF HBOS SHARE SCANDAL
Financial Services Authority chiefs are believed to have
found the "smoking gun" in the recent share-shorting
incident that caused the value of HBOS to slump by a fifth
in one day. The regulator is set to go public on its findings
by the end of the month, with a source close to the body
saying: "It's now known what happened. It will surprise
people what's been found." The FSA is believed to
have pulled more than a day's worth of emails sent by
City dealers on the Bloomberg trading platform, when rumours
sent the shares into a tailspin on 19 March.
http://www.independent.co.uk/news/business/news/it-will-surprise-people-fsa-gets-to-heart-of-hbos-share-scandal-825705.html
|
11th May
Observer ANGER AT SHELL'S GOLDEN HANDCUFFS
Royal Dutch Shell is facing a showdown with investors
over its plans to pay £3m to directors simply to
stay on the board for three years.The oil giant is giving
shares equivalent to their annual salary - around £1m
each - to finance director Peter Voser, exploration and
production director Malcolm Brinded and gas and power
director Linda Cook 'to enhance retention ahead of the
forthcoming board successions'. Chief executive Jeroen
van der Veer is due to retire next June, while Robert
Routs, head of its downstream and chemicals business,
will leave by the end of the year. Shell is keen to keep
the three directors on board to ensure continuity. http://www.guardian.co.uk/business/2008/may/11/oil.royaldutchshell1\
|
12th
May Financial Times EVASION LEECHES FROM THE POOR, SAYS
CHARITY
Clamping down on tax dodges by multinationals could save
the lives of a thousand of children a day, according to
the latest pressure group to call for big businesses to
pay more tax. Christian Aid, the charity, argued billions
of pounds were being leeched from developing countries
by tax avoidance and evasion by big companies, in a report
published today. It echoed calls by ActionAid, another
anti-poverty charity, to focus on tax avoidance by multinationals,
which "denies poor countries billions of dollars
which they urgently need to fight poverty". Earlier
this year, the Trades Union Congress also called for a
crackdown on avoidance, saying £12 billion a year
was lost to it. Unite, the country's biggest union, is
pushing for a shift of the tax burden from low income
workers to big business.
http://www.ft.com/cms/s/0/63add292-1f86-11dd-9216-000077b07658.html
|
12th May
The CRO 10 WAYS TO STAY RESPONSIBLE DURING AN ECONOMIC
SLOWDOWN
Dennis Schaal believes corporate responsibility should
be seen as a competitive advantage regardless of the economy's
ups and downs. He offers his ten tips on staying responsible
despite budget cuts. http://www.thecro.com/node/673
|
12th May
Financial Times PUTTING WELFARE BEFORE PROFITABILITY
Francesco Perrini, the resident expert at Milan's Bocconi
University, estimates that less than 10% of CSR studies
look at small companies. CSR projects tend to make one
think of multinational corporations tackling world hunger
or pollution in the company of Bono and Bill Gates. Global
issues are, naturally, not often tackled by small companies
with limited resources. However, if large companies have
learnt that CSR makes good business sense, then a modified
form must also be good for small companies. http://search.ft.com/nonFtArticle?id=080512000042&ct=0
|
12th May
Independent CHEAP RAIL FARE 'CON' ATTACKED
Train companies are "deliberately misleading"
passengers over the availability of cheaper advance tickets
during busy periods, says a transport union. A survey
by TSSA has revealed that not one ticket is available
at the cheapest advertised fare on the East Coast Main
Line between Glasgow and London at the start of Glasgow's
traditional holiday. It said National Express East Coast
had advertised advance bargain tickets of £15.70
from ticket offices for 17, 18 and 21 July, but none were
available when sales opened to the public. Rail companies
have refused to publish the percentage of discounted seats
available in advance. The union is urging the Transport
Secretary, Ruth Kelly, to instruct companies to publish
the information.
http://www.independent.co.uk/news/uk/home-news/cheap-rail-fare-con-attacked-826250.html |
12th May
Guardian UK PALM OIL CONSUMPTION FUELS COLOMBIA VIOLENCE,
SAYS REPORT
Britain's passion for chocolate, cakes and crisps is fuelling
a violent campaign to force Colombian peasants off their
land to make way for oil palm plantations, a report claims
today. British consumers have become the biggest export
market for the controversial crop which is used in margarine
and pastries as well as toothpaste, soap and detergents
and cosmetics. The surge in demang has sustained a ruthless
landgrab by rightwing paramilitary groups in Colombia's
rural areas, War on Want, a London based advocacy group,
says in its report. http://www.guardian.co.uk/world/2008/may/12/colombia.food |
12th May
Independent GLAXO 'DOWNPLAYED' WARNING ON HEART-ATTACK
RISK FROM AIDS DRUG
The multinational drugs company GlaxoSmithKline (GSK)
downplayed an early warning about the rising number of
people who have suffered heart attacks after using one
of its drugs, abacavir. An anti-Aids medication, abacavir
is taken by tens of thousands of people worldwide. GSK
was officially told of the possible risk in May 2005,
three years before it issued a statement to its investors
saying that the findings of an even stronger potential
link between heart attacks and abacavir are "unexpected"
and "unconfirmed". http://www.independent.co.uk/news/science/glaxo-downplayed-warning-on-heartattack-risk-from-aids-drug-826255.html
|
12th May
Times COUNCILS CONSIDER LEGAL ACTION AGAINST BUILDERS
ACCUSED OF FALSE BIDDING
Local authorities are looking into the possibility of
launching legal action against building companies accused
last month of cover-pricing and bid-rigging by the Office
of Fair Trading (OFT). http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article3912412.ece
|
12th May
Times BRITISH GAS FIGHTS ACCENTURE AFTER OUTCRY OVER ENERGY
BILLING SYSTEM
An IT system that was supposed to make British Gas the
darling of consumers nationwide has instead become the
focus of a multimillion-pound legal battle.
http://business.timesonline.co.uk/tol/business/industry_sectors/utilities/article3912583.ece
|
12th May
Telegraph MPS URGED TO MAKE RATES GREENER
The property industry is to call for a radical shake-up
of the multi-billion pound tax regime on commercial buildings
to promote sustainability.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/05/12/cnproperty11.xml
|
12th May
Independent STRAWBERRY FIELDS FORSAKEN
Millions of pounds worth of soft fruit and vegetables
are likely to be left to rot in fields this summer because
of a shortage of foreign pickers caused by the falling
value of the pound and new restrictions on the number
of seasonal labourers allowed to enter Britain, farmers'
leaders have warned.
http://www.independent.co.uk/life-style/food-and-drink/news/tightening-of-immigration-laws-means-farmers-face-losing-50000-tonnes-of-fruit-826245.html
|
13th May
Financial Times REGULATOR COMPLETES FAREPAK COLLAPSE PROBE
Directors of Farepak could face legal action over the
collapse of the Christmas hamper group, the government
has said. About 150,000 families put an estimated £40
million ($78 million) into Farepak's savings club but
lost most of it when the Swindon-based group went into
administration at the end of 2006. Gareth Thomas, the
consumer minister, said on Monday that an official investigation
into the firm by the Companies Investigations Branch,
a wing of the Department for Business, Enterprise and
Regulatory Reform, had been completed. The CIB was now
taking independent advice on whether the evidence in its
700-page report, which will not be published, warranted
legal action. http://www.ft.com/cms/s/0/e7c62812-2077-11dd-80b4-000077b07658.html
|
13th May
Independent TESCO STEPS UP WAR OF WORDS WITH 'GUARDIAN'
Attempts by The Guardian to apologise in its libel battle
with Tesco have backfired, with the supermarket's lawyers
branding follow-up articles on the company's tax structures
as "false, misleading, unfair, disingenuous and downright
dishonest". The row blew up last month when Tesco
launched legal proceedings for libel and malicious falsehood
following reports that it had created offshore joint venture
partnerships to avoid up to £1 billion of corporation
tax on the sale of UK properties and also dodged the corporation
tax on £500 million of profits from two earlier
deals. Tesco claims the reports are untrue and it has
repeatedly told the paper so.
http://www.independent.co.uk/news/business/news/tesco-steps-up-war-of-words-with-guardian-827089.html
|
13th May
HR Review TECHNOLOGY 'MEANS WORKERS GIVE UP HOLIDAYS'
The increasing prevalence of technology such as mobile
phones and Blackberries means that employees rack up an
extra 20 days of unpaid work each year, according to new
research.
http://www.hrreview.co.uk/articles/hr_strategy_and_practice/technology_percentmeans_workers_give_up_holidayspercent_707.html |
13th May
Independent BRIANT AND LAND OF LEATHER FINED OVER INSURANCE
SALES
The Financial Services Authority landed the furniture
retailer Land of Leather with a £210,000 fine yesterday,
claiming it put almost 60,000 customers at risk of buying
insurance which was totally unsuitable for their needs.
http://www.independent.co.uk/news/business/news/briant-and-land-of-leather-fined-over-insurance-sales-827091.html
|
13th May
Financial Times FSA ISSUES PAYMENT PROTECTION WARNING
The City watchdog has imposed its first fine on a high
street chain under its ongoing investigation into the
lucrative payment protection insurance market, warning
other retailers they face a similar fate if they too fail
to employ adequate checks. Land of Leather, the furniture
retailer that has been one of the worst affected by the
consumer downturn, has been fined £210,000 for allowing
staff to sell insurance without adequate training. Chosen
for investigation in effect arbitrarily - the Financial
Services Authority had no prior suspicion of wrongdoing
- the company was found to have put consumers at risk
of buying inappropriate cover for nine months until last
February. http://www.ft.com/cms/s/0/2d1f39ea-2086-11dd-80b4-000077b07658.html |
13th May
Times GOVERNMENT BACKS DOWN ON CORPORATE TAX
The Treasury has succumbed to sustained pressure from
big business and agreed to water down controversial proposals
to change the UK corporate tax regime.
http://business.timesonline.co.uk/tol/business/money/tax/article3919925.ece
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13th May
Financial Times BP SCRAPS CARBON CAPTURE PROJECT
BP has abandoned plans to build a pioneering plant to
capture and store carbon dioxide in Australia, the second
such project the company has axed.The Australian plant
was part of a joint venture with Rio Tinto, called Hydrogen
Energy. http://www.ft.com/cms/s/0/205db92a-2086-11dd-80b4-000077b07658.html
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14th May
Financial Times BRUSSELS PROBES MICROSOFT ON SCHOOLS'
COSTS
European competition authorities are to look into allegations
made by the agency advising the government on the use
of technology in schools that anti-competitive practices
by Microsoft have restricted choice and driven up costs.
Becta, the agency for information and communications technology
in education, said on Tuesday that its complaint that
there were significant obstacles to using rival products
in conjunction with the software giant's Office 2007 product
had been sent to the European Commission. The allegations
will be investigated as part of the latest probe by Brussels
into possible antitrust breaches by the world's biggest
software company. http://www.ft.com/cms/s/0/ce1a2bd8-2140-11dd-a0e6-000077b07658.html
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14th May
Telegraph 800,000 DEATHS AFTER SURGERY 'DUE TO BETA BLOCKERS'
At least 800,000 deaths worldwide have been caused by
drugs used to cut the risk of a heart attack after surgery,
experts have claimed.
http://www.telegraph.co.uk/news/worldnews/1952818/Betablockers-%27have-caused-800%2C000-deaths%27.html |
14th May
Guardian ENGINES OF CHANGE
As the price of oil continues to rise, low-emission diesel
cars are being seen as a cheaper, greener alternative,
and demand is soaring. But there are fears that the fuel's
health dangers are being ignored. http://www.guardian.co.uk/environment/2008/may/14/carbonemissions.climatechange |
14th May
Independent MOULTON ATTACKS BONUSES CULTURE AS DAMAGING
AND 'ABSOLUTELY WRONG'
The outspoken private-equity pioneer Jon Moulton has become
the latest high-profile financier to attack the culture
of multimillion-pound bonuses for bankers in the City,
saying it had "damaged" the UK market. This
came as he told MPs that up to 30 companies bought by
private equity in the UK could fail over their inability
to service high levels of debt. Mr Moulton, founder of
Alchemy Partners, has added his voice to a growing cadre
of critics of the level of investment banking remuneration
packages at a Treasury Select Committee meeting yesterday.
http://www.independent.co.uk/news/business/news/moulton-attacks-bonuses-culture-as-damagingand-absolutely-wrong-827713.html |
14th May
Telegraph ANGER OVER SOUTH DOWNS OIL RIG
A council has infuriated conservation groups by giving
the go ahead for oil exploration in the South Downs. The
exploratory oil rig will be set up in ancient woodland
in an Area of Outstanding Natural Beauty. Opposition groups
say the drilling amounts to an act of environmental vandalism
which will see the destruction of a hectare - about 2.5
acres - of woodland in an area which is likely to become
the South Downs National Park. Planning permission for
the erection of the oil rig by Northern Petroleum (GB)
Ltd was granted by West Sussex County Council's planning
committee who decided that the application met all the
legal requirements. The law allows exploration for valuable
minerals - including oil - even in a national park if
the potential benefits outweigh the destruction caused.
http://www.telegraph.co.uk/earth/main.jhtml?xml=/earth/2008/05/13/eadowns113.xml |
14th May
New York Times EX-BANKER FROM UBS IS INDICTED IN TAX CASE
A former UBS banker was indicted for helping a an American
evade taxes on $200 million he held in bank accounts in
Switzerland and Lichtenstein. According to the indictment,
the two men created fictitious trusts and bogus corporations
to conceal the ownership and control of offshore assets.
They also advised clients to destroy bank records and
helped them file false tax returns. The indictment is
part of a widening federal investigation into whether
UBS, one of the world's largest money managers for the
wealthy, helped certain clients evade taxes.
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