Google and Starbucks face grilling
Google and Starbucks will be subjected to parliamentary scrutiny over their tax affairs on Monday with the public accounts committee demanding the two US corporate giants give evidence. The committee has agreed to call in the two companies to give evidence at a session into Revenue & Customs where inspectors will be asked about their contributions to the exchequer. “We want to ask them for an opportunity to explain why they don’t pay proper levels of tax in the UK,” committee chair Margaret Hodge said.
China hit by unpaid bills
Chinese listed companies have reported a sharp rise in unpaid bills during the third quarter, in one of the clearest signs yet of the toll that China’s economic slowdown is taking on corporate balance sheets, according to an FT report.
TomTom steers solid course
Dutch navigation company TomTom, which earlier this year signed a deal to provide its maps data to Apple, said earnings margins held steady in the third quarter despite rapidly falling revenues. Sales fell 19 per cent to €274m (£220.8m).
ARM Holdings fends off Intel
ARM Holdings is to keep ahead of its rival, Intel, by launching processors to power a new generation of “superphones”. The processors will be built into phones and tablets that will hit the market from 2014.
High Court rejects Berezovsky case
A High Court judge has dismissed a £15m case brought by Aeroflot against exiled Russian oligarch Boris Berezovsky relating to an alleged fraud against the part state-controlled airline in the 1990s.
The Daily Telegraph
Death knell for wind farms
Wind farms have been “peppered” across Britain without consideration for the countryside and people’s homes, senior energy minister John Hayes admitted last night as he warned “enough is enough”.
Child benefit cuts could hit overtime
Controversial cuts to child benefit may hit the economy as thousands of middle-class workers could opt out of doing overtime to avoid crossing the level at which the cut kicks in, experts have warned.
THE WALL STREET JOURNAL
Finalists rise for Bank job
The government is closer to picking the next Bank of England governor, having whittled applicants down to a shortlist and begun the interviewing process, according to people in the Treasury.
Apple exec Forstall left over maps
Apple executive Scott Forstall was asked to leave after he refused to sign his name to a letter apologising for shortcomings in Apple's new mapping service, according to people familiar with the matter.