Firms to disclose government fees
Oil and mining groups with US listings will have to disclose payments to foreign governments afte US regulators rejected most of the industry’s efforts to water down new rules intended to combat corruption. It will affect firms such as ExxonMobil, BP and Rio Tinto and oblige manufacturers such as Apple to verify the source of minerals used in products.
Vestas to cut 1,400 more jobs
Vestas, the struggling Danish wind turbine manufacturer, warned that next year could be the toughest yet for the renewables industry as it cut a further 1,400 jobs in its fight for survival. The world’s largest wind company by sales added to the 2,335 job cuts announced earlier this year as it lifted its cost savings target by €100m to more than €250m.
Exchanges hit again by trading error
Nasdaq and other US exchanges cancelled trades in a security yesterday after erroneous orders triggered a steep rise in its share price in a matter of seconds. Shares in Peet’s Coffee and Tea jumped nearly five per cent on unusually high volume just after the exchange opened.
Taxman hit by multinationals reform
The Treasury is facing criticism for its plans to relax tax rules for multinational companies. The move (currently going through parliament) will cost the Exchequer £1bn in revenue, and is being done to make Britain “more competitive”.
Victims of Madoff are called greedy
Victims of Bernard Madoff’s Ponzi scheme were accused of greed over their demand for interest to be paid on any compensation as a showdown reached court.
The Daily Telegraph
Schools face axe as GCSE grades stall
Hundreds of schools are facing the threat of closure following the introduction of tough new GCSE exam standards. This year all schools have been forced to ensure that 40 per cent of pupils gain at least five good grades. Experts fear that as many as 250 schools will fail to hit the benchmark.
Just one in ten Spotify users pay
Spotify is earning 80 per cent of its revenue from just eight per cent of its users. Only 2.6m of its 32.8m users pay anything to the music streaming service.
THE WALL STREET JOURNAL
Crisis hits Swiss machinery sector
The European Union’s economic problems are taking their toll on the Swiss machinery industry, which expects sales and profits to fall heavily this year after orders from abroad declined close to 13 per cent in the first half.
Delhaize takes chance on Greece
Delhaize has been ramping up investments in Greece thanks to the Belgian retailer’s ability to offer cheap, local products even as many foreign companies have fled the country.