Goldman staff to be paid for best behaviour, City AM 24 May 2013
Top investment bank Goldman Sachs has joined the industry’s
drive to clean up behaviour and show a more considerate, less greedy side to
the sector with a new business standards report published yesterday.
The firm’s reputation took a series of blows following the
crisis, including when a former employee published a book alleging Goldman
Sachs’ staff called clients "muppets” in internal conversations.
Apple tax probe helps drive to build consensus on global regime, The FT 23 May 2013
Allegations that Apple avoided billions of dollars of taxes
shone a harsh spotlight on the international tax system and pushed Ireland on
to the defensive after claims that the company had cut a deal to pay a 2 per
cent corporate tax rate.
Apple ‘pursuing holy grail of tax avoidance’, The Times 21 May 2013
Apple has avoided paying tens of billions of dollars in
taxes, using a "highly questionable” web of offshore companies, including
subsidiaries that are not based in any nation, a report has claimed.
One subsidiary, Apple Operations International, which was
incorporated in Ireland in 1980, has no employees and no offices anywhere,
although it keeps bank accounts in the United States.
Political attacks on tax avoidance could damage Britain, The Telegraph 20 May 2013
Joining some of the UK’s top bosses at a meeting of the
Prime Minister’s business advisory council in Downing Street on Monday, CBI
president Sir Roger Carr said politically motivated attacks on businesses’ tax
arrangements could have damaging "unintended consequences” for Britain.
Mr Cameron should "avoid the moral debate”, he said. "Tax
avoidance can not be about morality... Tax should not be viewed as a down
payment on social acceptability. Tax should be calculated in keeping with the
law of the land.”
Deaf ear turned to most whistleblowers, The FT 20 May 2013
More than three-quarters of whistleblowers working in
financial services are ignored when they first raise concerns to their
employers, according to research.
Whistleblowing charity Public Concern at Work publishes a
report on Monday showing 77 per cent of financial services whistleblowers are
turned away when they tell their employer.
Royal supplier investigated over ‘mislabelled’ inferior caviar, The Times 20 May 2013
Ready meals contaminated by horsemeat may not have reached
the gilded gates of Buckingham Palace, but the latest food scandal may well be
cause for concern at the Queen’s table.
Britain’s largest supplier of caviar is under investigation
after one of its most sought-after products was found to be mislabelled as
top-grade caviar when it contained a cheaper, inferior type.
Marks & Spencer under fire over online tax arrangements, The Guardian 19 May 2013
Marks and Spencers has become the latest in a string of UK companies to face criticism from tax campaigners over the way it structures its online sales to Europe – with one describing its sales operation as similar to that of the internet retail giant Amazon.
Former Google exec says he has 100,000 emails showing how 'immoral' company avoids paying UK tax, The Independent 19 May 2013
A former Google executive-turned-whistleblower says he has
100,000 emails that expose an "immoral” tax avoidance scheme used by his former
employer, that has "cheated” British taxpayers out of hundreds of millions of
pounds.
Debenhams backs fair treatment of models, The Guardian 19 May 2013
Debenhams has become the first high street retailer to sign
up to a new code of conduct for working conditions for models, with the chief
executive, Michael Sharp, calling on others to follow suit.
Ryanair cabin crew have to buy their own £360 uniforms, pay for safety course and are forced to take three months unpaid leave, Daily Mail 17 May 2013
A former member of Ryanair's cabin crew has blown the lid on working conditions for contract staff at the budget carrier. Sophie Growcoot, 20, from Liverpool, worked for the airline after she was employed by Crewlink, a contractor for Ryanair.
Despite her initial excitement at the prospect of working for the major airline, she said working conditions were 'a total nightmare'.
Rosbank chief faces faces bribery charges after video of ‘raid’, The Times 17 May 2013
One of Russia’s top bankers faces seven years in jail for
bribery after investigators released an apparently incriminating film of him
standing behind a desk piled with cash.
Russian businessmen expressed doubts about the video and
suggested that it was a set-up, but the case has sent shivers of alarm through
the financial community in Moscow and reduced already shaky confidence in the
investment climate in the country.
Amazon faces whistleblower's claims over UK business tax practices, The Times 16 May 2013
Amazon is facing mounting questions over the extent of the
business activities conducted out of Patriot Court, its headquarters in Slough,
threatening to throw the group's controversial UK tax structure into disarray.
A second supplier has contacted the Guardian following an
investigation detailing a publisher's claims that certain book-supply contracts
were thrashed out by Amazon's buying staff from Slough.
Google denies misleading Parliament in grilling over tax, The Telegraph 16 May 2013
The Public Accounts Committee cited evidence from
whistleblowers who alleged that Google staff in London were much more involved
in sales than merely supporting the search giant’s Dublin operation.
It said invoices had been issued from London addresses, payable
in sterling to London banks and that London staff earned the more in commission
on advertising sales to major British companies than the Irish staff who
processed the bills.
Revealed: Amazon earns more through government grants than it pays in tax, The Independent 16 May 2013
Amazon paid less in UK corporation tax last year than it
received in government grants, its official company accounts have revealed –
sparking condemnation from MPs around the country.
In the latest example of systematic corporate tax avoidance
by a large multinational company operating in the UK, Amazon has revealed that
last year it paid just £3.1m in total taxes on sales of £4.2bn.
New Zealand: SFO wants tougher laws against fraud and bribery 14 May 2013
The Serious Fraud Office is pushing to update New Zealand's
103-year-old law criminalising bribery and is probing a rare complaint of
bribes paid to overseas officials by a New Zealand company.
The call came during the New Zealand Institute of
Accountants' forensic conference in Auckland yesterday, where insurance
industry executives also outlined what they said was a growing problem of
fraudulent claims related to the Christchurch earthquakes.
Whistleblower who said the RSPCA had ruined her life is found hanged at her home, The Times 14 May 2013
A former RSPCA inspector turned whistleblower who accused
the charity of ruining her life has been found hanged at her home.
Dawn Aubrey-Ward, 43, spent her final months approaching
newspapers to warn that the organisation was killing animals unnecessarily. The
RSPCA responded by making public attacks on her character, implying that she
was a liar motivated by malice.
Whistleblowers' claims of wrongdoing being ignored, The Guardian 14 May 2013
Three out of four whistleblowers who raise concerns of
wrongdoing at work with their managers have their claims ignored, an analysis
of cases has found.
Files of 1,000 workers who approached a whistleblowing
helpline for advice also showed that 15% were eventually sacked from their jobs
while many others were bullied, ostracised or victimised.
Petrol price 'rigged for a decade', The Telegraph 14 May 2013
Motorists may have paid thousands of pounds too much for
their petrol over the last decade, after two of Britain’s biggest companies
were raided on suspicion of manipulating oil prices.
Wall Street banks see red over Bloomberg’s ‘spy in the office’, The Times 13 May 2013
Executives at some of America’s financial institutions have
demanded that Bloomberg News gives details on the type of personal information
that reporters could access from data terminals supplied by the company.
Several hedge funds are understood to be seeking urgent
meetings with Bloomberg, while the legal department of one of the big banks is
examining whether there are grounds for compensation.
SSE mis-selling 'not as bad as banks', chief executive Ian Marchant claims, The Telegraph 13 May 2013
Ian Marchant, who retires this summer after a decade at the
helm, claimed "misunderstanding” rather than lying was behind most of its
mis-selling.
The company was fined a record £10.5m by Ofgem last month
after a "woeful catalogue of failures by the SSE management” saw prolonged
mis-selling, with more than 20,000 households left paying more as a result. SSE
has also been convicted in court of mis-selling.
New Zealand: Whistleblowers welcome at SFO 12 May 2013
When the Serious Fraud Office (SFO) finally called an end to
its biggest ever investigation last month, it was up to acting chief executive,
Simon McArley, to front the announcement.
He described the 32-month probe into Hanover Finance as
"by far the most extensive and challenging of the finance company
investigations undertaken by SFO".
Ethics cases pile pressure on KPMG, The Times 09 May 2013
KPMG was fighting for its reputation on another front
yesterday after Britain’s auditing watchdog opened two separate investigations
into its conduct.
The Financial Reporting Council said that it was examining
whether an audit partner’s holding of shares in a client had breached ethical
rules.
Investor protests revive memories of shareholder spring, The Guardian 09 May 2013
Shareholders staged protests at a string of company meetings
on Thursday, including Aviva, National Express and Tullett Prebon, reviving
memories of last year's shareholder spring. A further rebellion could be on the
cards on Friday at Ocado which has refused to allow the media in to its annual
meeting.
Aviva, which had its pay report voted down at last year's
annual meeting and lost its chief executive Andrew Moss days later, failed to
stem another revolt with more than 10% voting against its pay polices. One
investor stormed the stage where the new management team were sitting waving a
banner saying "Aviva are crap", according to reports.
Bangladesh factory fire puts renewed pressure on clothing firms, The Guardian 09 May 2013
Whitehall perks: civil servants given bonuses 'just for doing their jobs', The Telegraph 09 May 2013
Civil servants are getting special bonuses worth up to
£1,000 each for basic skills such as good typing, first aid, being fire
marshals, working from home or travelling to the office by public transport.
Sun journalists appear in court on bribery charges, BBC 08 May 2013
Two journalists from The Sun newspaper
have appeared in court over alleged bribes paid to public officials.
Royal editor Duncan Larcombe and
executive editor Fergus Shanahan are accused of conspiracy to commit misconduct
in a public office.
Women still find it hard to smash glass ceiling, The Independent 07 May 2013
Ambitions of being a chief executive? Forget it if you're
female.
The average chief executive of a leading British company
remains a 53-year-old male with a background in finance, according to the
annual Robert Half CEO tracker.
Ernst & Young: Come clean on corporate tax or face the consequences, The Times 07 May 2013
Big companies have been urged to be more open about their
tax affairs if they are to head off legislation that would force them to.
John Dixon, Ernst & Young’s head of tax in Britain, said
that companies must respond to demands for greater transparency amid growing
public concern over tax avoidance and secrecy. "Doing nothing is not an option.
Companies need to do something and they need to do it now.”
'Thin and beautiful' customers ONLY: How Abercrombie and Fitch doesn't want larger people shopping in its stores 07 May 2013
Abercrombie & Fitch, which doesn't make its womenswear
above large, or pants above a size ten, has been accused of purposefully
excluding plus-sized customers.
Robin Lewis, co-author of The New Rules of Retail, told
Business Insider the retailer's CEO, Mike Jeffries, 'doesn't want larger people
shopping in his store, he wants thin and beautiful people.
'He doesn't want his core customers to see people who aren't
as hot as them wearing his clothing,' Mr Lewis added. 'People who wear his
clothing should feel like they're one of the "cool kids."'
New Zealand: Chinese inspectors find suspicious 'NZ mutton' 07 May 2013
Shanghai authorities are testing mislabelled "New
Zealand" mutton from a wholesaler that a government website said supplies
a chain of hot pot restaurants run by American fast food firm Yum Brands.
It is just the latest safety scare to taint China's food
industry after separate reports last week that Chinese police had busted a
crime ring that had passed off more than $1 million in rat and small mammal
meat as mutton.
Businesses unaware of supply chain risk, The FT 06 May 2013
UK companies
are risking serious disruption and reputational damage because they have so
little visibility over their supply chains, research has shown.
Businesses
in many sectors have little knowledge of where their suppliers are sourcing
goods from, according to a poll of procurement managers.
New Zealand: Fired for leaving 15 minutes early 06 May 2013
A receptionist who was fired after leaving work 15 minutes
early will be paid more than $13,000 by the company that dismissed her.
Colleen Mattingly was employed as a senior receptionist at
Strata Title Administration from October 2008 until her dismissal in October
2012, an Employment Relations Authority (ERA) finding says.
Firms rush to relocate in low-tax Britain, The Telegraph 04 May 2013
Steve Varley, the UK chairman of Ernst & Young, revealed
that the accountancy firm knew of the significant number of firms seeking to
relocate from countries such as the USA, as well as from the Netherlands,
Switzerland and Ireland.
Carillion attacked over subcontractor payments, the FT 03 May 2013
The government is being asked to exclude Carillion from any
future construction and private finance initiative contracts on the grounds of
its allegedly poor record on payments to subcontractors.
Carillion, which is helping to build the new Crossrail train
line, is one of the government’s biggest contractors and on Thursday announced
that it had been appointed preferred bidder for the £335m Royal Liverpool
hospital public-private partnership project.
Universities veto adverts for unpaid interns, The Times 03 May 2013
Universities are refusing to advertise unpaid internships
amid a growing scandal over the exploitation of job-seeking graduates.
Some of Britain’s leading institutions are refusing to
promote the schemes in protest at the inequity of the system. They say it is
unfair that graduates are expected to work free for up to a year to break into
their chosen career, because only those from rich families can afford to take
part.
BBC bullies 'creating climate of anxiety and fear', The Guardian 02 May 2013
A BBC inquiry set up in the wake of the Jimmy Savile scandal
has uncovered widespread allegations of bullying and an inadequate complaints
procedure which meant whistleblowers' concerns often went unheeded.
Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal, WSJ 02 May 2013
Traders and brokers have always enjoyed chummy, symbiotic
relationships. But investigations into attempts to manipulate Libor highlight
how efforts to curry favor escalated from expense-account meals and nighttime
carousing to more legally questionable activities.
HMRC faces court challenge over Goldman Sachs tax deal, The Telegraph 02 May 2013
The challenge by activist group UK Uncut Legal Action stems
from public anger about how big and powerful firms succeed in paying less tax
than many ordinary people struggling to cope with a stagnating economy and
government spending cuts.
The case concerns a settlement reached in 2010 between
Goldman Sachs and HMRC to end a long-running dispute over a now banned tax
avoidance scheme involving the payment of bonuses to UK staff via an offshore
tax haven.
Disney safety concerns revealed in aftermath of Bangladesh factory collapse, The Independent 02 May 2013
Executives at Disney were so concerned about labour
conditions in Bangladesh that they ordered a halt to operations in the country,
before the clothes-factory collapse last week that left more than 400 dead.
The decision to stop production of branded merchandise was
taken in March and was prompted, in part, by the factory fire in Bangladesh in
November last year that killed more than 120 workers.
SAC Capital threatens to claw back bonuses, The FT 02 May 2013
SAC Capital, the $15bn hedge fund at the heart of a
wide-ranging investigation into insider trading, said it would claw back
bonuses for any staff facing regulatory or criminal sanctions.
The move was announced on Thursday by SAC founder Steven
Cohen in a letter to investors that was seen by the Financial Times.
Financial career fails to pay for women, The Times 02 May 2013
Women working in financial services were paid nearly £15,000
less than men last year, according to research. Men earned 20 per cent more base pay than women after
experience, qualifications and different occupations had been averaged out, the
study showed.
However, 43 per cent of women were happy with their salary,
compared with 40 per cent of men, the research by eFinancialCareers found.
Bribery concerns mount as Rolls-Royce high-flyer quits, The Telegraph 02 May 2013
The high-flyer tipped to be the next chief executive of
Rolls-Royce has dramatically quit amid an inquiry into alleged bribery and
corruption at the aerospace business he ran.
New Zealand: Health and safety 'dysfunctional' - union 01 May 2013
New Zealand's health and safety system is
"dysfunctional" and needs a major culture change, a union boss warns.
A major independent report released yesterday delivered
scathing criticism of New Zealand's workplace safety culture, which it said was
"not fit for purpose".
It found that around one in 10 workers were harmed at work
in some way every year, with 26,000 injuries resulting in compensation claims.
Google faces second Parliament grilling on UK tax avoidance, The Independent 01 May 2013
Senior executives from the internet giant Google are to be
recalled before MPs to answer allegations that they misled Parliament over
their tax affairs.
In November Matt Brittin, Google’s vice-president for
Northern Europe, told the Public Accounts Committee that all his company’s
sales team were based in Ireland and that the job of its UK staff was merely to
market Google as an advertising space.
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