THEFT, FRAUD AND ERROR TAKE £4.9BN TOLL ON SHOPS
Shoplifting, employee theft and error have cost UK retailers an estimated £4.9bn in the past year, the highest figure ever recorded, as worsening economic conditions fuel rising levels of crime in the retail sector. In the year to June 30, losses relating to theft, fraud and error in the UK retail sector increased by 6.2 per cent, according to the Global Retail Theft Barometer.
WEAVERING FOUNDER FACES FUND FRAUD CLAIMS
The founder of Weavering Capital (UK), one of London’s oldest hedge fund managers which collapsed in 2009, was the “chief architect of a $600m (£380m) hedge fund fraud” the High Court was told yesterday. MCR, the joint liquidators of Weavering, began a civil lawsuit against Magnus Peterson, the founder and chief executive of the hedge fund, and against other former employees including Mr Peterson’s wife Amanda, a former director of Weavering who is facing claims that she breached her duty as a director.
BIG OIL SNUB TO OFFSHORE IRELAND
Twelve companies have won licensing options to explore Irish coastal waters for oil and gas. But in a blow to the Irish government’s drive to increase offshore exploration, none of the world’s oil majors applied.
COMPANIES EXPECT MORE LAWSUITS
A boom in corporate litigation is expected in the US and UK due to increased regulation and whistleblower complaints, a transatlantic survey of top in-house lawyers by the law firm Fulbright & Jaworski has found. More than 90 per cent of US companies and 85 per cent of UK companies are expecting lawsuits to stay the same or rise next year.
EQUITABLE LIFE GROUP ATTACKS ‘INCOMPETENT’ TREASURY
Thousands more Equitable Life policyholders could die before they receive compensation amid continuing government “incompetence”, the mutual’s chief campaign group has warned. According to the Equitable Members Action Group, the Treasury has rejected an up-to-date list with the names and addresses of 322,000 policyholders, citing data protection legislation.
PRESIDENTIAL CANDIDATE VOWS TO TAX REDUNDANCIES
British companies that invest in France could be hit by a series of measures pledged by François Hollande, who is to stand for the Socialist Party in next year’s presidential election. He wants penalties for companies that make staff redundant while recording a profit.
The Daily Telegraph
LIAM FOX INQUIRY FAILS TO IDENTIFY ADAM WERRITTY BACKERS
An official report to be published today will not identify those who funded Dr Liam Fox’s self-styled adviser, The Daily Telegraph can disclose. Sir Gus O’Donnell, the Cabinet Secretary, is expected to rule that the former Defence Secretary broke the ministerial code of conduct by failing to declare the arrangements surrounding Adam Werritty. However, the report, set to run only to about 10 pages, will conclude that there is no evidence that Dr Fox personally profited from the arrangement.
HARTNETT PLEDGES TO ANSWER QUESTIONS ON 'ODD' TAX DEALS
The top taxman at HM Revenue & Customs has pledged to report by tomorrow the level of detail he can reveal about two tax settlements with Goldman Sachs and Vodafone.
THE WALL STREET JOURNAL
CHINA EASTERN CANCELS ORDER FOR 24 BOEING 787 DREAMLINER JETS
China Eastern Airlines Corp, citing delivery delays by Boeing, canceled an order for two dozen 787 Dreamliner jets and instead will buy 45 of the US company's smaller 737 aircraft. The shift, disclosed in a regulatory filing in Hong Kong yesterday, marks one of the biggest order cancellations for Boeing's first all-new airliner in 16 years.
ALLEGATIONS OF FIRMS' ABUSES ABROAD TO GET COURT HEARING
The Supreme Court said yesterday it will consider a lawsuit against Royal Dutch Shell to decide whether corporations can be sued in US courts for allegedly aiding human-rights abuses overseas. The case examines whether corporations can be held liable under a 1789 law passed by the first US congress.