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2nd June Financial Times START-UPS
SQUEEZED AS SUPPLIERS REIN IN CREDIT
Fledgling businesses and start-ups are being squeezed
to the limit as suppliers further tighten their credit
criteria, a leading credit management specialist has
warned. A poll of 400 companies by Graydon UK found
that 56 per cent would become more picky about who they
offer credit to during the rest of 2008. http://www.ft.com/cms/s/0/517d9d02-303c-11dd-86cc-000077b07658.html
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2nd June
Guardian Jobcentres and employers urged to value volunteering
The Department for Work and Pensions should recognise
volunteering as a legitimate job-seeking activity for
those on unemployment benefits, and employees who want
to volunteer should be given an annual, flexible day off,
according to a report published today.
http://www.guardian.co.uk/society/2008/jun/02/voluntarysector.welfare |
2nd June
Guardian PACKAGING HELPS SUPERMARKETS BAG TOP SPOTS IN
GREEN POLL
High-profile green advertising campaigns by supermarkets
appear to be paying off with five of the country's biggest
grocers coming out top in a survey of the most environmentally
friendly brands. http://www.guardian.co.uk/environment/2008/jun/02/recycling.waste |
2nd June
Financial Times CLIMATE BILL POINTS TO US CARBON TRADING
Senators will begin a debate in Washington on Monday on
proposals for climate-change legislation seen as a blueprint
for a future US carbon-trading programme. The US is the
only developed country not to have ratified the Kyoto
protocol, which instituted a worldwide system of greenhouse
gas emissions trading. A US carbon-trading system would
be the world's biggest and would vastly increase the global
market in emissions. The climate security bill would establish
a cap on carbon emissions from industry, cutting greenhouse
gases by 1.8% a year between 2012 and 2050, based on 2005
levels. Companies covered by the bill, including electrical
utilities and some transport and manufacturing groups,
would be allowed to trade their emissions quotas with
each other which, in theory, should encourage reduction
of emissions at the lowest cost.
http://www.ft.com/cms/s/0/67641e5c-303c-11dd-86cc-000077b07658.html |
2nd June
Times CHINA STRUGGLES TO ENFORCE BAN ON PLASTIC BAGS
The Government has prohibited the ultra-thin bags of 0.025
mm in thickness that are ubiquitous when buying such foods
as takeaway dumplings. China is almost suffocating under
plastic bags. Its 1.3 billion people use three billion
bags every day. That is about 1.6 million tonnes of the
items each year, and the Government wants to reduce that
to 1.1 million tonnes. Increasingly aware of the rapid
and widespread degradation of the environment in China's
headlong race to industrialisation and modernisation,
Beijing is trying to reverse the damage.
http://www.timesonline.co.uk/tol/news/environment/article4045800.ece
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3rd June
Guardian HOW POWER FROM THE PEOPLE COULD CUT CO2 EMISSIONS
- WITH GOVERNMENT HELP
British buildings equipped with solar panels, mini wind
turbines and other renewable energy sources could generate
as much electricity a year as five nuclear power stations,
a government-backed industry report has shown.
http://www.guardian.co.uk/environment/2008/jun/03/renewableenergy.alternativeenergy1 |
3rd June
Financial Times ENERGY WATCHDOG URGES END TO FUEL SUBSIDIES
The developed countries' energy watchdog on Monday derided
fuel subsidies as an unsustainable economic burden that
should be scrapped, adding pressure to governments, particularly
in Asia, to change policies.
http://www.ft.com/cms/s/0/58144cca-30fe-11dd-bc93-000077b07658.html
|
3rd June
Times OFT RAIDS BANK OFFICES AS PART OF PRICE-FIXING INQUIRY
The Office of Fair Trading conducted a series of dawn
raids at offices of Barclays and Royal Bank of Scotland
(RBS) as part of an investigation into price-fixing on
loans to lawyers and accountancy firms.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4053920.ece |
3rd June
Financial Times FOOD SUMMIT HEADS FOR BIOFUELS CLASH
The US and Brazil strongly defended their biofuels policies,
setting them on a collision course with developing nations
and some European countries at the United Nations' food
crisis summit that starts on Tuesday in Rome.The meeting
- hosted by the Food and Agriculture Organisation - will
be attended by more than 60 heads of state and government,
including Nicolas Sarkozy of France, and Mahmoud Ahmadi-Nejad
of Iran.
http://www.ft.com/cms/s/0/8ec9d26c-31d0-11dd-b77c-0000779fd2ac.html |
3rd June
Guardian FRAUD OFFICE DROPS BOSNIA CORRUPTION CASE
Since new anti-corruption laws were passed in 2001, the
British Serious Fraud Office (SFO) has failed to successfully
prosecute any cases of corruption, according to a recent
article in The Guardian. It states that on June 3, 2008,
the new head of the SFO abandoned its attempt to prosecute
Serb businessman, Vuk Hamovic, who was involved with two
London-based energy finance companies, because there was
"no realistic prospect of conviction" in the
case. Hamovic is suspected of manipulating aid payments
and electricity deals in Bosnia. The SFO has come under
serious international pressure because of its other decision
to abandon the case against BAE Systems, alleged to have
bribed Saudi officials to secure a huge arms deal with
the country. There is renewed concern over the issue as
CAAT and The Corner House report that new legislation
is on the table that could prevent judicial review of
SFO cases in the future. The UK Government's draft Constitutional
Renewal Bill, announced on 25 March 2008, would significantly
increase and concentrate the powers that the Executive
can exercise over the Judiciary and Parliament, effectively
allowing the Executive to block investigations on such
grounds as "national security," without any
meaningful explanation or accountability to Parliament,
the Courts or international bodies. http://www.guardian.co.uk/uk/2008/jun/03/ukcrime.internationalcrime
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3rd June
Independent FIRMS THAT FOSTER DIVERSITY WILL DELIVER BETTER
RESULTS, REPORT SAYS
Companies that encourage diversity in the workplace can
reap big business benefits including tackling skills shortages,
boosting morale and productivity, and cutting recruitment
costs, according to a new report backed by unions and
employers. Those employers prepared to employ staff on
the basis of ability and potential, regardless of age,
sex, race, religion, disability or sexual orientation,
would also gain a better understanding of customers' needs
and the ability to reach untapped markets, according to
a joint CBI/TUC report published today. The report, Talent
not Tokenism, argues that promoting diversity need not
be expensive, complex or a legal minefield and can be
encouraged by positive action - removing biases against
older workers, offering flexible shift patterns to help
working parents, and encouraging strong links with local
communities - rather than by positive discrimination.
http://www.guardian.co.uk/money/2008/jun/03/workandcareers.pensions
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3rd June
Independent SEVERN TRENT FACES HUGE FURTHER FINE FOR FAKING
LEAKAGE DATA
A judge was urged yesterday to make an example of Severn
Trent, the water firm that has admitted providing false
data on leaks to the regulator, Ofwat. At a sentencing
hearing at the Old Bailey, the prosecution said the fine
should be of sufficient magnitude to act as a "deterrent"
to any other companies tempted to bend the rules. Severn
Trent, which supplies 8 million customers, pleaded guilty
to two charges of making false returns to Ofwat earlier
this year in a case brought by the Serious Fraud Office.
The data was faked during 2001 and 2002 and came to light
when a whistleblower accused the company of manipulating
its figures. Severn has already been fined £36 million
by Ofwat for providing false information about its customer
service performance and using those figures to justify
increases in household bills.
http://www.guardian.co.uk/business/2008/jun/03/severntrent.utilities
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3rd June
Greenbiz POSTAL SERVICES AROUND THE GLOBE TO BEGIN TRACKING
EMISSIONS
Twenty-four postal services yesterday announced the creation
of a carbon-measurement and monitoring system that aims
to standardize how the global mail industry reports its
greenhouse gas emissions. The system was created by the
member posts of the International Post Corporation, the
trade association that includes postal services from Europe,
North America and Asia. Yesterday's announcement involved
the creation of a pilot program to fine-tune the standards
by which members report their emissions. The UK's Royal
Mail has been involved in promoting carbon reductions
and offset schemes; it has adopted 100% renewable electric
energy and unveiled a carbon-neutral product last year
and a calculator for reducing an individual's carbon footprint.
http://www.greenbiz.com/news/2008/06/03/postal-services-begin-tracking-emissions
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3rd June
Independent TEXAS WIND FARMS CHOKED OFF FROM GRID DUE
TO INSUFFICIENT POWER LINES
Thousands of wind turbines in the US are sitting idle
or failing to meet their full generating capacity because
of a shortage of power lines able to transmit their electricity
to the rest of the grid. The issue of transmission capacity
will be high up the agenda as 10,000 wind power industry
executives descend this week on Houston, Texas, for the
American Wind Energy Association's annual Wind Power conference.
The problem is particularly acute in Texas because of
the speed with which it has grown its wind power industry,
two years ago surpassing California as the state with
the most capacity. The solutions devised in Texas could
form a model for the future of the industry in the US
and elsewhere, as energy companies look beyond fossil
fuels for cheaper and greener sources of power.
http://www.independent.co.uk/news/business/news/texas-wind-farms-choked-off-from-grid-due-to-insufficient-power-lines-838979.html
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3rd June
Financial Times WORLD BANK URGES LOAN RULES
Lenders making small loans to poor people in developing
countries should be subject to regulation to prevent abusive
practices, according to the World Bank. The International
Finance Corporation, the private sector lending arm of
the World Bank, said lenders should sign up to a list
of micro-finance principles, including a ban on use of
force to re-cover loans, as well as a commitment to consumer
education, transparency and disclosure of interest rates.
The IFC's "responsible microfinance initiative"
follows growing concern about the high rates charged by
some lenders and comes amid fears rising food prices could
hamper poor people's ability to repay debts.
http://www.ft.com/cms/s/0/043085c2-310a-11dd-bc93-000077b07658.html |
4th June
edie net MAJORITY OF UK'S LEADING COMPANIES ARE MEASURING
AND REPORTING CARBON EMISSIONS
A survey by Business in the Community, an organisation
which encourages firms to work on their CSR policies,
found companies scored an average of 94 out of 100 in
a question on whether they measured and reported their
impact on climate change - an increase of 16% from 2006.
More than 150 companies completed the Environment Index
2007, which assessed their management and performance
across the environmental spectrum. Business in the Community
said it showed increasing confidence among businesses
about their data, and a serious commitment to tackling
climate change.
http://www.edie.net/news/news_story.asp?id=14777
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4th June
Guardian SAINSBURY CHIEF ATTACKS FOOD INDUSTRY RULES
The chief executive of J Sainsbury, Justin King, will
criticise "flawed" regulation of the food industry
and call on the government to spend more effort educating
consumers about healthier lifestyles to help cut obesity.
In a wide-ranging speech that he will deliver today, the
head of Britain's third largest supermarket will say that
the food industry has already voluntarily done much to
help consumers eat more healthily and that the government
should base future regulations on "sound science
and actual evidence" rather than in response to headlines.
http://www.guardian.co.uk/business/2008/jun/04/jsainsbury.fooddrinks |
4th June
Guardian UNFAIR ENERGY MARKET HITS UK FIRMS, MPS TOLD
British industry will be "damaged irreparably"
unless the imbalance between energy markets in the UK
and continental Europe is addressed over the next decade,
a senior chemical industry executive warned yesterday.
http://www.guardian.co.uk/business/2008/jun/04/utilities.energy |
4th June
Financial Times FSA PLAN TO HALT USE OF SURPLUS
Insurers may be unable to dip into the surplus in their
life funds to pay the costs of mis-selling policies, under
proposals put forward by the City watchdog. The Financial
Services Authority on Tuesday set out proposals to prevent
life assurers using the surplus in their with-profit funds,
known as an inherited estate, to pay mis-selling claims.
http://www.ft.com/cms/s/0/9170288e-31c3-11dd-b77c-0000779fd2ac.html |
4th June
Financial Times UNITED UTILITIES URGES OFWAT TO ALLOW
RISE IN WATER PRICES
United Utilities said yesterday it was urging the water
regulator to allow it to raise prices to customers, to
cover extra investment and the higher cost of borrowing
caused by the credit crunch.The water and sewerage company
said it would need to raise £700m extra between
2010 and 2015 to meet statutory obligations at its sewage
disposal operation.
http://www.ft.com/cms/s/0/43daa876-31d0-11dd-b77c-0000779fd2ac.html
|
4th June
Times OFGEM INVESTIGATES CLAIMS THAT LEADING ENERGY GROUPS
'HOODWINKED' CUSTOMERS
Three of Britain's biggest energy providers face a regulatory
crackdown after Ofgem, the energy regulator, began investigating
claims that customers using prepaid meters were being
hoodwinked to switch to more expensive services.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4061613.ece
|
4th June
Financial Times BRAZILIAN BANK WINS SUSTAINABLE AWARD
Banco Real of Brazil was named overall winner in the Financial
Times Sustainable Banking awards in London on Tuesday,
the first time the top prize in the global contest has
gone to an emerging markets bank. The judges said the
Brazilian bank had pioneered sustainable banking in South
America, putting social and environmental issues at the
centre of all its business activities and involving its
32,000 staff in the strategy. 'Sustainability is in its
DNA,'they said. 'Banco Real has a radical vision for sustainability
in Latin America: it believes a bank is only as sound
as the society that surrounds it.'
http://www.ft.com/cms/s/0/1f92b15a-31c3-11dd-b77c-0000779fd2ac.html
|
4th June
Financial Times COURT SLATED ON POLLUTION RULING
The global shipping industry yesterday accused Europe's
top court of plunging international maritime law into
chaos after it refused to invalidate a European Union
directive criminalising polluters at sea. The European
Court of Justice in Luxembourg side-stepped industry arguments
that the directive contravened international standards
by introducing tougher sanctions for both reckless and
accidental pollution. Shipping companies claim that the
directive, which was put forward after the sinking of
two oil tankers damaged the Spanish and French coasts,
will restrict their efforts to recruit responsible seafarers
- while also failing to ward off "rogue'' operators.
http://www.ft.com/cms/s/0/149b21b6-31d1-11dd-b77c-0000779fd2ac.html
|
4th June
Financial Times CARMAKERS REVERSE STANCE ON EMISSIONS
Germany's powerful car industry is backing European Commission
plans to slash emissions from new cars, in a reversal
of its longstanding efforts to block such green initiatives.
In a change of tactics, the VDA lobby group - representing
Volkswagen, BMW, Daimler and other companies - is now
working to water down the Brussels proposals, for instance,
by demanding that companies not politicians define how
emissions cuts are achieved. The VDA's lobbying comes
ahead of a meeting of European Union environment ministers
on Friday, at which the Commission plans will be discussed.
Brussels is proposing that average carbon emissions from
new cars be cut to 120g per kilometre travelled by 2012,
compared with 160g in 2006. http://www.ft.com/cms/s/0/1969fedc-31c3-11dd-b77c-0000779fd2ac.html
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5th June
Financial Times THIRD BAE MAN IS TARGETED BY US OFFICIALS
The former head of Britain's arms export agency was issued
with a subpoena two weeks ago by US authorities investigating
allegations of corruption at BAE Systems, highlighting
their determination to pursue a case that the UK has dropped.
Alan Garwood is the third senior BAE executive to be served
papers in relation to the DoJ's investigation of the £43
billion al-Yamamah arms deal between Saudi Arabia and
the UK in 1985. It was about a week after BAE chief executive
Mike Turner and Sir Nigel Rudd, a BAE non-executive director,
were issued with subpoenas as they landed in the US.
http://www.ft.com/cms/s/0/2f0374e4-329a-11dd-9b87-0000779fd2ac.html
|
5th June
Guardian SUN SETS ON BRAZIL'S SUGAR-CANE CUTTERS
Half a million jobs and five centuries of tradition are
to be phased out in Brazil's booming sugar-cane industry
to satisfy western demands for more socially acceptable
work practices in the biofuel sector.
http://www.guardian.co.uk/environment/2008/jun/05/biofuels.carbonemissions
|
5th June
Financial Times BP RUSSIA CHIEF IN CORPORATE TAX PROBE
The chief of BP's Russian oil venture was on Wednesday
summoned for questioning by the interior ministry as part
of a criminal investigation into possible large-scale
tax evasion. The move adds to the pressure on BP amid
a battle for control of TNK-BP between its British and
Russian shareholders. Tony Hayward, BP's chief executive,
is due in Moscow today for talks with the company's Russian
shareholders and government officials aimed at resolving
a stand-off that is threatening to paralyse the company's
decision-making. Mr Dudley has also been called in for
questioning by the Presnensky region of the Moscow prosecutor's
office as part of an inquiry into whether TNK-BP Management,
the TNK-BP subsidiary via which foreign employees are
hired, is in breach of labour regulations, according to
a summons dated June 3.
http://www.ft.com/cms/s/0/5ef73252-3269-11dd-9b87-0000779fd2ac.html
|
5th June
Greenbiz ECONOMY AND ENERGY EDGE ENVIRONMENT AS TOP CONSUMER
CONCERN: SURVEY
Most Americans and Britons believe the environment was
in better shape five years ago, according to the 2008
ImagePower Green Brands Survey, which also discovered
that Whole Foods and Body Shop were deemed the greenest
brands. Participants ranked the environment behind economic
and energy issues in terms of concern. 'We have been tracking
perceptions of green for over three years, and this year's
results are somewhat alarming in that they indicate consumers
only prioritize the environment when all other concerns
are equal,' said Russ Meyer, chief strategy officer of
Landor Associates, which conducted the study with Cohn
and Wolfe, and Penn, Schoen and Berland.
http://www.greenbiz.com/news/2008/06/05/economy-and-energy-edge-environment-top-consumer-concern-survey
|
5th June
Times US UNION AIMS TO SHAME 'TWO-FACED' TESCO ON STAFF
RIGHTS
One of the most powerful trade unions in the United States
has vowed to damage the reputation of "two-faced"
Tesco around the world in an unprecedented attack on Britain's
biggest retailer.
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article4069795.ece
|
5th June
International Herald Tribune MONSANTO PLEDGES TO LIFT
FOOD SUPPLY
Monsanto, the leader in agricultural biotechnology, pledged
on Wednesday to develop seeds that would double the yields
of corn, soybeans and cotton by 2030 and would require
30% less water, land and energy to grow. The announcement,
coming as world leaders are meeting in Rome to discuss
rising food prices and growing food shortages, appeared
to be aimed at least in part at winning acceptance of
genetically modified crops by showing that they could
play a major role in feeding the world. Much of what is
in the commitment are things the company was doing anyway,
though it now becomes a formal goal. Monsanto said it
had developed its new commitment after consulting farmers,
political leaders, academics and advocacy groups as to
what needed to be done to increase food production to
cope with a rising population and the demand for biofuels
without converting more forests into farmland. http://www.iht.com/articles/2008/06/04/business/crop.php
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5th June
HR Director ETHICAL COMMUNICATIONS
How can an organisation ensure that its employees adhere
to adhere to ethical principles in their communications,
especially email? http://www.thehrdirector.com/web_features_archive/ethical-communications |
6th June
Independent 'Rich List' tycoon is jailed for £350m
fraud involving 324 bogus companies
Three businessmen at the centre of one of the biggest
and longest-running frauds in banking history received
stiff prison sentences yesterday after their £350m
edifice of deceit was brought tumbling down by a fax sent
to the wrong office.
http://www.independent.co.uk/news/uk/home-news/rich-list-tycoon-is-jailed-for-163350m-fraud-involving-324-bogus-companies-841388.html
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6th June
Independent FROM ZERO TO HERO?
For years, Wal-Mart was attacked for exploiting its staff
and suppliers. But now the world's biggest retailer has
stopped fighting its critics and started listening.
http://www.independent.co.uk/news/business/analysis-and-features/walmart-from-zero-to-hero-841412.html
|
6th
June Guardian CODE AGREED ON BROADBAND ADS
More than 30 broadband providers including BT, Virgin
Media and TalkTalk have signed up to a voluntary code
of conduct designed to prevent consumers being mis-sold
high-speed internet access packages
http://www.guardian.co.uk/technology/2008/jun/06/telecoms.telecoms |
6th June
Times IMPORTATION OF SKILLED WORKERS BY WEST CRITICISED
Demand for skilled workers in the UK and other big Western
countries would create more inequality and dead zones
in the regions that provide these employees, European
business leaders and academics said yesterday.
http://business.timesonline.co.uk/tol/business/economics/article4075851.ece
|
6th June
Guardian LONG-HOURS CULTURE IS RETURNING, WARNS TUC
The harsh economic climate is forcing many more employees
to work excessive hours, research for the Trades Union
Congress revealed yesterday. It found the number of people
working over 48 hours a week increased by 180,000 in the
first quarter of 2008. Union leaders had thought they
were winning a battle to change Britain's long-hours culture.
Between 2000 and 2006 the number of people working more
than 48 hours fell from 3.8 million to 3.1 million. But
the total crept up in the second half of last year and
jumped sharply to 3.3 million in the first quarter of
2008.
http://www.guardian.co.uk/money/2008/jun/06/workandcareers.worklifebalance
|
6th June
Financial Times POLLUTION LAWS GIVE JOHNSON MATTHEY A
SHINE
The growing clamour for clean air and reductions in emissions
helped lift annual operating profits and revenues at Johnson
Matthey. The company, whose activities range from the
production of engine catalysts and pollution control systems
to platinum trading and gold bullion production, said
anti-pollution legislation was spreading rapidly. Although
the US auto and truck market has slowed, chief executive
Neil Carson predicted an upturn in US truck sales as customers
bought new vehicles ahead of the imposition of tougher
emission controls in 2010.
http://www.ft.com/cms/s/0/b3428376-3367-11dd-8a250000779fd2ac.html?nclick_check=1
|
6th June
Times COMPETITION COMMISSION LOOKS INTO BANKS' PAYMENT
PROTECTION
Banks that have sold payment protection insurance (PPI)
could face a wave of compensation claims after the Competition
Commission said that 14 million consumers had been overcharged
by an estimated £1.4 billion, or an average of £100
a year. In a damning report the commission said that lack
of competition meant customers were overpaying an average
£100 a year in a market worth £3.5 billion.
Consumer groups, highly critical of the sale of PPI, said
yesterday
that the report could open the door to a wave of compensation
claims, which could mirror the highly successful revolt
over bank charges.
http://business.timesonline.co.uk/tol/business/money/consumer_affairs/article4075585.ece
|
7th June
Times SWISS BANK SECRECY AT RISK AS AMERICA PRESSES UBS
FOR 20,000 CLIENT NAMES
The veil of secrecy that has protected the wealthy clients
of Swiss banks for centuries was under severe threat last
night after the US Justice Department moved to force UBS
to reveal the names of 20,000 clients. The US Government
believes that the Swiss bank has helped some of the wealthiest
Americans to evade $300 million (£152 million) in
taxes.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4083468.ece |
7th June
Guardian FULLERS' CHAIRMAN ATTACKS ASSET STRIPPERS
Michael Turner, the chairman of brewer Fuller Smith &
Turner, has lashed out at "short-term investors"
who have been targeting other asset-rich pub groups and
pressuring them to sell off or spin out their freehold
properties. In particular, he attacked property investor
Robert Tchenguiz, who controls 27% of larger pub group
Mitchells & Butlers and, after years of battling,
has won two seats in the boardroom. Tchenguiz last month
finally persuaded management to draw up plans to separate
out the properties in a tax-efficient real estate investment
trust (Reit).
http://www.guardian.co.uk/business/2008/jun/07/mitchellsandbutlers
|
7th June
Independent RAIL BOSSES GET MASSIVE BONUSES IN SPITE OF
DELAYS
Bosses at Network Rail are being urged to hand back nearly
£1m in bonuses after it emerged that they have been
rewarded with performance-related payments despite the
severe disruption caused by delays in completing engineering
work.
http://www.independent.co.uk/news/uk/home-news/rail-bosses-get-massive-bonuses-in-spite-of-delays-842069.html |
7th June
Independent BILLIONAIRE 'PARTIED WITH STRIPPERS AT HIS
PRIVATE COCAINE WAREHOUSE'
One of America's most powerful businessmen has been indicted
on multiple counts of using prostitutes, drug abuse and
massive financial fraud, in the latest boardroom scandal
to hit the US courts. Henry T Nicholas III, the billionaire
founder of the technology company Broadcom, was charged
on Thursday with a litany of offences related to a high-flying
lifestyle that prosecutors say saw him create a secret
underground drugs lair at his home, and invite strippers
to parties at a private warehouse stocked with cocaine
and ecstasy. A separate indictment accused Mr Nicholas
of conspiracy and securities fraud in an alleged scheme
to illegally backdate stock options which last year forced
Broadcom, which makes semiconductors for mobile phones,
to write off $2.2bn (£1.1bn). His former finance
chief, William Ruehle, was also charged in connection
to the alleged fraud, which could see both men sentenced
to a total of 370 years in prison.
http://www.independent.co.uk/news/world/americas/billionaire-partied-with-strippers-at-his-private-cocaine-warehouse-842095.html
|
8th June
Observer VOTERS DO NOT BACK CUTS IN CORPORATE TAX
Fewer than one in five voters back Alistair Darling's
promise to cut tax on Britain's corporate giants as soon
as he can find the funds, according to a new survey by
the TUC. The Chancellor has repeatedly made clear that
reducing business taxes will be a priority, just as soon
as he has the fiscal room to do so. But the TUC argues
that the Treasury has fallen victim to a concerted lobbying
campaign by multinationals. Brendan Barber, the TUC's
general secretary, said: 'Corporate Britain is waging
a big campaign to pay less tax. But the rest of us should
be on our guard. If business gets its way it will mean
higher taxes for the rest of us, cuts in public services
or a retreat from anti-poverty targets.'
http://www.guardian.co.uk/business/2008/jun/08/taxandspending.polls
|
9th
June New York Times From a Whistle-Blower to a Target
Joseph A. Ripp, the man who revealed financial troubles
at AOL in 2001, is among several former AOL executives
facing a civil lawsuit alleging financial fraud. But how
did Mr. Ripp, who successfully minded the finances of
Time Inc. for 25 years and has been lauded by Justice
lawyers as a pivotal figure in exposing criminal fraud
at AOL, wind up in the cross hairs of the S.E.C.? The
S.E.C. says that Mr. Ripp failed to properly account for
revenue from several other deals, including a transaction
with WorldCom that served to inflate AOL's revenues by
more than $50 million in 2001, and the accounting for
a deal in which Bertelsmann paid AOL Time Warner $400
million.
http://www.nytimes.com/2008/06/09/business/media/09aol.html?_r=1&th&emc=th&oref=slogin
|
9th June
Financial Times SUSTAINABILITY NOT A PRIORITY FOR STUDENTS
For many MBA students a "green" personal life
is more important than working for a company with environmentally
friendly policies - at least for now. A survey of nearly
400 MBA students shows that the downturn in the economy
has made a potential employer's record on sustainability
less of a priority. The survey, conducted at MIT's Sloan
School of Management, shows where the personal values
of today's MBA students intersect with their professional
aspirations. Only about a quarter of respondents at the
US school say they have examined a potential employer's
environmental record; about 60% say they were more concerned
with securing a position. http://www.ft.com/cms/s/0/b3a9d100-35bc-11dd-998d-0000779fd2ac.html |
9th June
Management Today BAD BOSSES DON'T GET THE BOOT
New research shows that top bosses very rarely get the
sack, and hardly ever as a result of poor performance.
The survey from management consultant Booz & Company
covers the world's largest 2,500 companies over the last
decade. In all that time, only 2.1% of bosses were dismissed
annually for poor performance. So much for the ruthless
glare of shareholder scrutiny that we are all supposed
to live in these days.
http://www.managementtoday.co.uk/newsalerts/article/815259/mtsweek/bad-bosses-dont-boot/?DCMP=EMC-Daily%20News
|
9th June
Guardian REFORMED CARBON SCHEME COULD DRIVE GLOBAL CHANGE,
SAYS REPORT
Hopes of a global deal on climate change would be raised
by early adoption of the European commission's tough reforms
of the region's carbon trading regime, according to a
report out today.
http://www.guardian.co.uk/environment/2008/jun/09/carbonemissions.climatechange |
9th June
Independent THE RICH KEEP ON SPENDING, BUT ON ETHICAL
PRODUCTS
At a time when most people are tightening their purse
strings and bracing against the global credit crunch,
the rich are splurging more cash than ever on luxury lifestyles,
research has revealed.
http://www.independent.co.uk/news/uk/this-britain/the-rich-keep-spending-but-on-ethical-products-842787.html
|
9th June
Guardian SCRUTINY, BE IT OF BAE CONTRACTS OR MPS' EXPENSES,
IS A VITAL LEVER OF DEMOCRACY
Transparency is essential if we want to ensure that Britain
does not go the way of corrupted societies around the
world
http://www.guardian.co.uk/commentisfree/2008/jun/09/freedomofinformation.bae
|
9th June
Financial Times US-STYLE REFORMS PLANNED FOR FRAUD PROBES
Companies and executives suspected of fraud would face
shorter investigations and a better chance of cutting
deals under US-style proposed reforms due to be unveiled
in a report this week.
http://www.ft.com/cms/s/0/24de3f06-35bc-11dd-998d-0000779fd2ac.html
|
9th June
Financial Times PENSION SCHEME 'SCANDAL IN THE MAKING'
The government-sponsored national system for pension saving,
due to come into force in 2012, is a "mis-selling
scandal in the making," warns Ned Cazalet, the independent
life assurance analyst.
http://www.ft.com/cms/s/0/976d7902-35b1-11dd-998d-0000779fd2ac.html
|
9th June
Independent REVEALED: AIRLINES' £10 BILLION GOVERNMENT
FUEL SUBSIDY
The Government has been urged to abolish a £10 billion-a-year
"hidden subsidy" to the airline industry to
bring it into line with hard-pressed motorists struggling
with higher petrol prices. Although the aviation industry
claims it is being badly hit by the soaring price of oil,
it still enjoys a double boost denied to drivers because
it does not pay fuel duty or VAT on the fuel for its planes.
New figures suggest this subsidy is worth £9.92
billion at current levels of fuel tax. The proposal will
be strongly opposed by airlines, which have already warned
that passengers face surcharges of £30 a ticket
this summer because the cost of aviation fuel has doubled
in the past year.
http://www.independent.co.uk/news/uk/politics/revealed-airlines-16310bn-government-fuel-subsidy-842770.html
|
9th June
Financial Times DIVERSITY ATTACK
The judiciary has proved no better than football club
management in opening up to non-white entrants, Bridget
Prentice, justice minister, said in a stinging attack
on the law's record on diversity. Ms Prentice's comments
that the legal profession's lack of progress was 'very
disappointing, to say the least' despite initiatives by
government and leading law firms aimed at broadening a
famously conservative industry. Ms Prentice said the judiciary
was 'beginning to look not unlike the 92 football league
managers', who were shown in a newspaper montage last
week as having almost no non-white members.
http://www.ft.com/cms/s/0/9aa80646-35b1-11dd-998d-0000779fd2ac.html |
9th June
Guardian UK'S CLIMATE CHANGE PLANS INCOHERENT, SAYS SCIENTIST
The UK will fall behind the rest of the world in developing
one of the key technologies in the fight against climate
change because of "incoherence and timidity"
by the government, according to a leading expert. Stuart
Haszeldine of the Scottish Centre for Carbon Storage at
the University of Edinburgh criticised the government
for its "clumsy" handling of a competition intended
to foster development of carbon capture and storage (CCS),
a technique to reduce the carbon emissions of power stations
run on fossil fuels. He said the policy is leaving the
UK behind its international competitors.
http://www.guardian.co.uk/environment/2008/jun/09/climatechange.scienceofclimatechange |
9th June
Guardian TRUMP SNUBS EXPERTS OVER GOLF COURSE THREAT TO
RARE DUNES
Donald Trump has rejected repeated warnings from his own
environment experts that his plans for "the world's
greatest golf course" will severely damage a rare
and legally protected stretch of dunes in north-east Scotland.
The billionaire property developer will fly into the UK
today to give evidence in person on the opening day of
a month-long public inquiry into his controversial plans
to spend £1billion building a golf resort with 950
timeshare flats, a 450-bed hotel and 500 homes on the
coastline north of Aberdeen. His proposals - narrowly
rejected last year by the local council - have met concerted
opposition from residents and conservation agencies because
the first of two 18-hole golf courses will be built over
part of a large but very fragile stretch of dunes - the
Foveran Links site of special scientific interest. He
is backed by Scotland's first minister, Alex Salmond,
local businesses and tourism agencies. http://www.guardian.co.uk/environment/2008/jun/09/conservation.endangeredhabitats |
9th June
Financial Times BUSINESS ANGRY AT EU WORK TIME OPT-OUT
DRAFT
A fresh row between business and ministers was brewing
on Sunday as it emerged that an attempt to secure Britain's
exemption from European Union maximum working hours rules
may involve new concessions on flexible working. After
four years of wrangling to try to strike a revised EU
deal, diplomats are cautiously hopeful of winning agreement
on a permanent UK exemption from the 48-hour limit on
the working week when employment ministers meet in Luxembourg
on Monday. Business groups, which have seen a recent draft
of a revised EU working-time directive, are concerned
that, while it enshrines Britain's right to opt out over
the 48-hour limit, a clause has been introduced that would
give all workers the right to 'request changes to their
working hours and patterns'.
http://www.ft.com/cms/s/0/990c0b66-35b1-11dd-998d-0000779fd2ac.html |
10th June
BBC NEW RIGHTS FOR TEMPORARY WORKERS
New measures giving Britain's temporary workers equal
rights to permanent members of staff have been agreed
by European Union employment ministers. The move aims
to give temporary workers the same rights in areas like
holiday and sick pay as permanent colleagues. The Luxembourg
talks also confirmed the UK's opt-out from the working
time directive and a maximum 48-hour week. Business Secretary
John Hutton described the 12-hour meeting's outcome as
"a very good deal for Britain". Under the deal,
Britain's 1.3 million agency workers will get the same
pay and conditions as permanent staff after being employed
for 12 weeks. http://news.bbc.co.uk/1/hi/uk/7445380.stm
|
11th June
Independent CHEF HITS TARGETS TO TAKE ON TESCO OVER CHICKEN
WELFARE
Hugh Fearnley-Whittingstall, the chef and food campaigner,
has raised the money he needs to put his concerns on animal
welfare to Tesco's shareholders.
http://www.independent.co.uk/news/uk/home-news/chef-hits-cash-target-to-take-on-tesco-over-chicken-welfare-844226.html
|
11th June
Corporate Responsibility. Net BURMA: 50 COMPANIES ADDED
TO TARGET LIST
The Burma Campaign UK produced a list of 154 companies
that it accuses of helping to finance Burma's military
dictatorship through a presence in the country, which
includes 50 companies that are new to the campaign's 'dirty
list'. The new companies, including Toyota, Tata, BBC
Worldwide and Kuoni, were accused as having commitments
to corporate social responsibility that were 'a hollow
sham'. However, a number of the companies protested the
severity of the charge. BBC Worldwide found itself on
the list because it has taken a stake in the Lonely Planet
guidebooks. Lonely Planet said that the act of producing
a guidebook about the country was not the same as supporting
the regime there. Toyota said that it sold around 40 vehicles
in Burma, mostly to embassies.
http://www.corporateresponsibility.net/2008/06/09/burma-50-companies-added-to-target-list/
|
11th June
Financial Times BIG BANKS WARN AGAINST EXCESSIVE REGULATION
Executives at some of the world's largest banks yesterday
warned the industry's business model was facing a "profound
shift" as they warned against the dangers of inconsistent
and excessive regulation.
Stephen Green, chairman of HSBC, warned institutions that
depended on increased leverage to deliver higher returns
would have to change. "That model is gone, bankrupt,"
he told an audience of banking executives in the City
yesterday. "This is not just the end of a bubble;
it's the end of the model." The comments reflect
an intense debate in many large banks about changes needed
after the credit crunch. http://www.ft.com/cms/s/0/3e4e7768-3750-11dd-bc1c-0000779fd2ac.html
|
12th June
Financial Times OIL INDUSTRY EXECUTIVES JAILED FOR PRICE-FIXING
Business leaders involved in price-fixing were warned
yesterday that they faced substantial prison terms, as
three oil industry executives were jailed for between
30 months and three years in Britain's first criminal
cartel case. The landmark Office of Fair Trading (OFT)
prosecution resulted in longer sentences for the three
businessmen than they received in the US after admitting
similar charges over the supply of marine equipment. As
part of their plea-bargain arrangement with US prosecutors,
they were allowed to return to the UK to plead guilty
to cartel offences and to serve their terms in a British
prison. Lawyers said the sight of executives being jailed
for cartel activity - as they have been for years in the
US - would be a shot across the bows for the City amid
the OFT's crackdown on price-fixing.
http://www.ft.com/cms/s/0/382f342c-3817-11dd-aabb-0000779fd2ac.html |
| continued
below ... |
12th June
Guardian EU AIMS FOR LOW-CARBON ECONOMY
The European commission yesterday called for a fuel summit
between the main oil-producing and consuming countries
to promote a better functioning of crude oil markets.
The commission will urge next week's EU summit to implement
greater transparency on Europe's commercial stocks of
crude oil and petroleum products to foil speculators.
The EU's executive body insisted that the main EU drive
should be to wean its citizens off oil-dependence and
point them towards a low-carbon economy. The commission
warned that fuel prices would remain high in the medium-
to long-term because of a structural shift in oil supply
and demand in the global economy, with energy demand set
to be 50% higher in 2030 than in 2007. http://www.guardian.co.uk/business/2008/jun/12/oil.economics |
12th June
Guardian WELSH WATER GIVES £27 MILLION BACK TO CUSTOMERS
Welsh Water's unique business model is enabling the company
to give
£27 million back to its customers after it reported
an improved financial performance in the last financial
year. The company announced yesterday that it would be
making a £21 dividend payment to each of its customers,
for a total of £27 million. The company, which was
acquired by Glas Cymru in 2001, is unique among UK utility
firms because it has no shareholders and reinvests all
its surpluses for the benefit of Welsh Water's customers.
http://www.guardian.co.uk/business/2008/jun/12/utilities.consumeraffairs |
12th June
Financial Times CORPORATE AMERICA CHIDED FOR RACE BAR
AT BOARD LEVEL
One of the most prominent African-Americans in US finance
has called for greater efforts to include people of colour
in senior corporate positions, saying there has been a
"stunning" lack of progress in this area. John
Rogers, founder and chief executive of Ariel Investments,
told the Financial Times: "There's just so many fields
that we're just not there. If you go down the lucrative
fields in our economy these days, you just see the lack
of progress is truly stunning." Mr Rogers, who also
co-chairs the Illinois campaign for Barack Obama, urged
people of colour who have made it to a boardroom or executive
suite to speak up; their silence would risk maintaining
the status quo.
http://www.ft.com/cms/s/0/a5c3d43e-3817-11dd-aabb-0000779fd2ac.html |
13th June
Financial Times COURT FIGHT OVER RIGHT TO BONUSES ON QUITTING
Seven brokers are suing ABN Amro for forcing them to forfeit
part of their bonuses because they were poached from the
bank by another company. The case brought by the brokers,
who now work for inter-dealer Tullett Prebon, challenges
one of the City's most contentious compensation practices.
Banks and financial services firms keen to tie in top
performers have long relied on schemes that require employees
to take a proportion of their annual bonuses in shares,
or company "units", instead of cash. http://www.ft.com/cms/s/0/d030d396-38e1-11dd-8aed-0000779fd2ac.html |
13th June
Financial Times O2 LOSES CASE OVER TRADEMARK ADVERTS
O2 has lost a four-year case against rival mobile operator
3, which used its trademark bubbles imagery in an advertisement
comparing the costs of calls. The ruling means advertisers
can continue to use rivals' trademarks in comparative
marketing, but leaves the door open to further civil cases
over misuse of copyrighted images and brands.
http://www.ft.com/cms/s/0/2b9ed814-38e1-11dd-8aed-0000779fd2ac.html
|
13th June
Independent HARRODS AND SELFRIDGES UNITE TO JOIN STAFF
BLACKLIST
Harrods and Selfridges are among two of Britain's best
known high street businesses to have signed up to a controversial
database for blacklisted staff that could affect the careers
of three million workers. Under the privately run scheme,
the names and personal details of former employees whose
behaviour has offended the companies will be placed on
the newly created National Staff Dismissal Register. Seven
businesses have so far signed up to the register, which
went live last month, according to the scheme's organiser,
Action Against Business Crime. They include Mothercare
and Reed Managed Services.
http://www.independent.co.uk/news/uk/home-news/harrods-and-selfridges-unite-to-join-staff-blacklist-846230.html
|
13th June
Times SILENCE OVER CONTRACT COSTS WOOLWORTHS AN FSA FINE
Woolworths has been fined £350,000 by the Financial
Services Authority (FSA) for waiting too long to disclose
price-sensitive information to the stock market. The fine,
relating to an incident in 2005, is the second-biggest
of its kind imposed by the regulator. http://business.timesonline.co.uk/tol/business/law/article4123604.ece
|
14th June
Independent CITY SHOCKED BY FSA PLAN TO CRACK DOWN ON
SHORT SELLING
The FSA stunned the City yesterday, demanding that investors
disclose significant short positions in companies during
rights issues in an attempt to stamp out market abuses.
The FSA said it would require investors to disclose short
positions of more than 0.25 per cent of shares in issue
on companies conducting rights issues, starting on 20
June. The move was seen as an emergency measure to support
banks' rights issues after their shares were battered
by speculation.
http://www.independent.co.uk/news/business/news/city-shocked-by-fsa-plan-to-crack-down-on-short-selling-847024.html |
14th June
Guardian GOVERNMENT OUTLAWS TAX AVOIDANCE SCHEMES·
The government is outlawing a number of offshore corporation
tax avoidance schemes, one of which has been operated
by Tesco, the supermarket giant has confirmed. The elaborate
scheme uses Tesco subsidiaries registered in Luxembourg,
the tiny EU state on the borders of Germany, Belgium and
France, long regarded as a tax haven. The tax loophole
is being outlawed in this year's budget. Treasury minister
Jane Kennedy described such a scheme to a House of Commons
committee earlier this month, and said it was one of a
number of "highly artificial tax avoidance schemes".
Tesco says that because the government has changed the
law its income from the Luxembourg entity, Armitage English
Partnership, will now be subject to UK income tax from
March 2008. http://www.guardian.co.uk/business/2008/jun/14/taxavoidance.tesco |
14th June
Times GOOGLE-YAHOO! DEAL UNDER COMPETITION SCRUTINY
The advertising and search deal secured on Thursday night
between Yahoo! and Google could still be unravelled after
the chairman of an anti-cartel Senate committee in Washington
pledged to launch an investigation into the transaction.
http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article4133270.ece
|
15th June
Sunday Times CYBER-SQUATTING POSTMAN CASHES IN ON SLOW
BUSINESSMEN
Duncan McDonald, a postman from Cardiff, is running a
lucrative sideline in his free time, holding businesses
to ransom by buying up their companies' names under their
noses. The 43-year-old scans the internet for announcements
about firms changing names or planning takeovers - and
within hours he has nipped down the road to the headquarters
of Companies House, which is based in the Welsh capital,
and claimed the title for himself. The process costs him
just £20, but when the businesses realise they can't
have the name they want, he demands up to £100,000
to sell it to them. The embarrassment that McDonald inflicts
on firms has ensured that his actions have largely been
kept under wraps by the business community.
http://technology.timesonline.co.uk/tol/news/tech_and_web/the_web/article4138794.ece
|
15th June
Sunday Times 'VULTURES' EXPOSE CORRUPTION
Critics of vulture funds say the pursuit of African debtors
forces them to resort to unconventional measures to protect
sovereign assets. Oxfam is among the charities to denounce
vulture funds for "profiting from poverty".
Elliott Associates, a $10 billion (£5 billion) hedge
fund that specialises in so-called "distressed"
debt, has in the course of its near-decade-long pursuit
of Congo, probably done more than any other national or
corporate entity to expose corruption in Africa. It has
identified the middlemen who facilitate corrupt payments;
it has traced the money trail from British oil traders
to luxury boutiques in Paris. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4138445.ece
|
16th
June Financial Times CAMERON WILL URGE BUSINESS TO WEAN
ITSELF OFF FOSSIL FUELS
David Cameron will today reject calls from the right of
his party to drop the Tories' plans for higher environmental
taxes in the face of the economic downturn, insisting
instead that Britain must "wean itself off fossil
fuels and go green". Business will face tougher environmental
standards under a Conservative government; the party leader
is expected to say in a speech in London. He will set
out proposals to require the next generation of coal-fired
power stations, including Eon's proposed £1.5 billion
new plant at Kingsnorth, to meet significantly lower emission
levels. http://www.ft.com/cms/s/0/afeda2e0-3b3d-11dd-b1a1-0000779fd2ac.html
|
16th June
Telegraph MINISTER'S BATTLE CRY FOR ETHICS IN ARMS INDUSTRY
Britain's defence industry should sign up to a new industry
code of conduct and raise its ethical standards in order
to avoid the sort of reputational damage done by the international
row over BAE Systems' dealings with Saudi Arabia, Business
and Enterprise Secretary John Hutton warns today. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/16/cnarms116.xml
|
16th June
Financial Times UK PLANS DELAYED TO AID PRICE-FIX CLAIMS
Plans to make it easier for the public to make damages
claims against companies involved in price-fixing have
been delayed amid disagreements over how far reforms should
mirror the consumer-friendly US system.
http://www.ft.com/cms/s/0/f90bf724-3afc-11dd-b1a1-0000779fd2ac.html |
16th June
Wall Street Journal HIGH COURT REJECTS EXXON APPEAL
The Supreme Court rejected an appeal in Exxon Mobil Corp.'s
bid to stop a lawsuit in U.S. courts over allegations
of violence by Indonesian soldiers it hired to guard a
natural gas plant in the Aceh province, The Wall Street
Journal reported. The lawsuit seeks to hold Exxon Mobil
accountable in the U.S. for alleged human-rights abuses
by the soldiers under the company's control during a time
of separatist unrest in Indonesia, but Exxon Mobil says
it can't be held responsible for the actions of the Indonesian
army. http://online.wsj.com/article/SB121362054597477141.html?mod=hpp_us_whats_news
|
16th June
Independent BORIS CHALLENGES CARBON OMISSION
London Mayor Boris Johnson, the telecoms group BT and
40 MPs have demanded that Gordon Brown introduces legislation
to make big companies report their carbon emissions.
http://www.independent.co.uk/news/business/news/boris-challenges-carbon-omission-847290.html
|
16th June
Financial Times DARLING TO SIGNAL BIG REGULATORY SHAKE-UP
Alistair Darling will this week signal the biggest shake-up
in Britain's financial architecture in a decade, admitting
that the system put in place by Gordon Brown is showing
its age.The chancellor will tell a City audience that
the Northern Rock collapse was a warning and that reforms
to the so-called tripartite system - set up by Mr Brown
in 1997 - will go further than initially expected. http://www.ft.com/cms/s/0/10c29eb4-3b29-11dd-b1a1-0000779fd2ac.html
|
16th June
Guardian DOCTORS RAISED FEARS OVER NEW PLACEBO PILL FOR
CHILDREN
A fruit flavoured placebo pill that tricks small children
into thinking they are getting medical treatment is to
be launched in Britain despite concerns from child care
experts. Manufacturers of the sugar pill Obecalp -placebo
spelt backwards -say it helps soothe the pains of childhood
without resorting to drugs with potentially harmful side
effects, but doctors fear it increases reliance on medication
and could stop parents seeking help when necessary.
http://www.guardian.co.uk/society/2008/jun/16/health.children?gusrc=rss&feed=uknews |
16th June
Financial Times GSK LEADS PACK IN BRINGING DRUGS TO THE
POOR
European pharmaceutical companies - led by GlaxoSmithKline
- outperform their US peers in efforts to make medicines
available and affordable to the poor, according to an
analysis to be released today. The Access to Medicines
Index, which ranks the companies based on an independent
assessment of eight aspects of their activity, is a first
attempt to quantify the rhetoric of corporate responsibility
and allow comparisons between them. http://www.ft.com/cms/s/0/d28e02fe-3b3d-11dd-b1a1-0000779fd2ac.html |
16th June
Financial Times WORLD'S BANKS ON TRACK TO MEET REFORMS
DEADLINE
The world's banks and financial regulators are "on
track" to complete the initial implementation of
financial system reforms, Mario Draghi, governor of the
Bank of Italy and chairman of the Financial Stability
Forum, said at the weekend meeting of the Group of Eight
finance ministers in Osaka. Mr Draghi said a "fragile
stability" had returned to markets, commended big
banks on the improved transparency of their financial
reporting and added that regulators would provide new
guidance on liquidity and accounting standards within
the 100-day deadline the group had set in April. http://www.ft.com/cms/s/0/e0b3353e-3b3d-11dd-b1a1-0000779fd2ac.html |
16th June
Reuters MORE FIRMS SPLIT CEO AND CHAIRMAN ROLES: STUDY
More U.S. companies are splitting the roles of chairman
and chief executive among different people, with the telecommunications
and media industries in the lead, Reuters reported. Fifty-two
percent of the U.S. companies tracked by GovernanceMetrics
International, a corporate governance research and ratings
service, had a combined chairman and CEO, compared with
62 percent three years ago. http://uk.reuters.com/article/rbssEnergyNews/idUKN1634597920080616
|
17th June
Financial Times PRIMARK TAKES ACTION OVER CHILD LABOUR
Primark has stopped buying from three suppliers it found
was using child labour to embroider clothes it had sold
in its stores. The discount fashion retailer owned by
Associated British Foods said the three factories in India
were found to have subcontracted work to home workers
who had used children. One of the factories had been supplying
Primark for 12 years. Primark has removed the clothes
from sale and said it would refund customers who returned
them. It has told other suppliers it 'would not tolerate
this type of subcontracting'. Primark said it would appoint
a 'reputable non-governmental organisation in southern
India to act as its eyes and ears on the ground'. The
company is setting up a charity to improve the lives of
young people in the areas it sources products from.
http://www.ft.com/cms/s/0/7821ffdc-3bd8-11dd-9cb2-0000779fd2ac.html
Times THE DILEMMA OF ETHICAL CLOTHING AT PRIMARK
http://women.timesonline.co.uk/tol/life_and_style/women/fashion/article4150771.ece
|
17th June
Telegraph TAP WATER CAMPAIGN CHALLENGES BOTTLED WATER
A campaign aimed at persuading consumers to reject bottled
water in favour of tap water has been launched. Despite
having some of the highest quality tap water in the world,
Britain still spends £1.5 billion per year on designer
label water. The Tap campaign aims to break the habit
by demonstrating that tap water is just as beneficial
and tastes as good - if not better than - bottled. It
is taking on the big companies such as Evian, Highland
Spring and Volvic with DIY Bottled Water.
http://www.telegraph.co.uk/earth/main.jhtml?xml=/earth/2008/06/16/eawater116.xml |
17th June
Independent SPY SATELLITE WILL MONITOR ILLEGAL LOGGING
ACROSS SIX AFRICAN COUNTRIES
A spy satellite is to be trained on the vast rainforests
of central Africa as part of a British project designed
to protect them from illegal logging under plans to be
unveiled today. The £1 million high-resolution camera
will beam images of the Congo Basin Rainforest to a new
ground station to allow governments, NGOs and local communities
to prevent the rainforests being lost. The equipment,
which can photograph objects as small as 10 metres across,
will hover 650km (400 miles) above the rainforest to track
illegal logging operations, as well as monitor pollution
levels and help monitor agriculture. A £1.5 million
satellite ground station will also be built in the region
as part of an £8 million package of measures to
be announced today to prevent dangerous deforestation
in the region.
http://www.independent.co.uk/environment/nature/spy-satellite-will-monitor-illegal-logging-across-six-african-countries-848506.html
|
17th June
Independent CONFLICTS FUELLED BY CLIMATE CHANGE CAUSING
NEW REFUGEE CRISIS, WARNS UN
Climate change is fuelling conflicts around the world
and helping to drive the number of people forced out of
their homes to new highs, the head of the UN's refugee
agency said yesterday. After a few years of improvement,
thanks mainly to large-scale resettlement in Afghanistan,
the numbers of civilians uprooted by conflict is again
rising. During 2007 the total jumped to 37.4 million,
an increase of more than 3 million, according to statistics
published today. The figures, described as "unprecedented"
by the UN, do not include people escaping natural disasters
or poverty - only those fleeing conflict and persecution.
http://www.guardian.co.uk/environment/2008/jun/17/climatechange.food
|
17th June
Guardian ARROGANT BP HAS UNDERPERFORMED AND BROKEN RUSSIAN
LAW, CLAIMS OLIGARCH PARTNER FRIDMAN
BP's reputation in Russia came under attack yesterday
when the billionaire oligarch at the centre of a row over
the company's troubled Russian joint venture accused BP
of "arrogance" and Nazi-style behaviour. http://www.guardian.co.uk/business/2008/jun/17/bp.oil
|
18th June
Independent INQUIRY INTO PIGS AT BRITISH FARMS COVERED
IN EXCREMENT AND SORES
Government vets have launched an investigation into Britain's
pig farming industry after disturbing images showing dead
and diseased animals were passed to The Independent. Pork
farmers have been conducting a high-profile advertising
campaign to encourage consumers to buy more expensive
British produce, claiming that standards are higher than
they are on the Continent. But the images, taken at farms
linked to leaders of the industry, raise serious concerns
about the welfare of the majority of the country's 8 million
pigs.
http://www.independent.co.uk/life-style/food-and-drink/news/inquiry-into-pigs-at-british-farms-covered-in-excrement-and-sores-849200.html |
18th June
Independent SUPERMARKETS RESIST HYGIENE RATINGS PLAN
The UK's three biggest grocers have lambasted the Food
Standards Agency's (FSA) controversial proposals for supermarkets
to be covered by a UK-wide rating system measuring food
hygiene standards. The FSA has proposed that its Scores
on the Doors scheme -which is carried out by local authorities
and already covers some of the UK's best-known restaurant
and sandwich chains -is extended to supermarkets. Sainsbury's,
Asda and Tesco have described the proposed initiative
as "confusing", adding that it is subjective
and riddled with inconsistencies.
http://www.independent.co.uk/news/business/news/supermarkets-resist-hygiene-ratings-plan-849293.html |
18th June
Independent MOBILE OPERATORS BRACED FOR BRUSSELS REGULATION
OVER DATA AND TEXT CHARGES
Britain's mobile phone giants are baulking at the likelihood
of a major pricing shake-up planned by Viviane Reding,
the European telecoms commissioner.
http://www.independent.co.uk/news/business/news/mobile-operators-braced-for-brussels-regulation-over-data-and-text-charges-849296.html
|
18th June
Guardian ENERGY WATCHDOG INVESTIGATES NPOWER BILL ERRORS
The energy regulator Ofgem is to investigate whether npower
deliberately overcharged gas customers to the tune of
£60 million after it made several unannounced changes
to the way it calculated bills. The investigation was
launched yesterday after a number of errors were identified
by customers after checking their bills and found they
had been charged £27 too much. In a brief statement,
Ofgem said it was now formally investigating whether npower
had complied with standard condition 44 of its gas supply
licences - the second inquiry it has launched into the
company's behaviour in recent months.
http://www.guardian.co.uk/business/2008/jun/18/regulators.utilities |
18th June
Financial Times NORTHERN ROCK PROBES PREVIOUS BOARD
The new management of Northern Rock has launched an investigation
into whether there are grounds for bringing legal action
against the board who presided over the bank's near collapse
last September. Ron Sandler, the executive chairman, told
the Financial Times that he and Northern Rock's lawyers,
Freshfields, were conducting a review of the conduct of
the previous board to see if action should be taken against
executives including Adam Applegarth, the former chief
executive widely seen as a key architect of the bank's
failed strategy.
http://www.ft.com/cms/s/0/52235354-3ca9-11dd-b958-0000779fd2ac.html
|
18th June
Times TESCO CRIES FOUL AS CELEBRITY CHEF ENLISTS HEAVYWEIGHT
SUPPORT FOR CHICKEN COUP
Public sector pension funds across the UK are being urged
to back Hugh Fearnley-Whittingstall, the food campaigner
and celebrity chef, in his call for Tesco to raise welfare
standards for chicken.
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article4160018.ece
|
18th June
Times BANKS AND STORES UNDER ATTACK FOR RECKLESS CREDIT
CARD LENDING
The price comparison website uSwitch.com has accused high
street banks of acting irresponsibly in issuing millions
of credit cards without checking customers' financial
status. It said that 4.8 million cards had been issued
in the past 12 months, with less than 10% of borrowers
being asked for the most basic proof of income, such as
a payslip. Simeon Linstead, head of personal finance at
uSwitch, said: 'In a deteriorating economy, affordability
checks should be the No 1 priority. Further checks could
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