Nestlé liable over spying on NGO
Nestlé, whose clashes with activists over sales of baby milk formula in Africa led to widespread boycotts in the 1980s, has been found liable in a civil case over the secret infiltration of a non-governmental organisation. A Swiss court last week ordered Nestlé and the Swiss security company Securitas AG to pay compensation following revelations that an infiltrator had attended “workgroup” meetings of Attac, an anti-globalisation group. Some of those meetings took place at members’ homes.
Hasenstab issue debt warning
Investor Michael Hasenstab, who made some of the boldest contrarian bets in the bond market last year has a new message for investors: get out of supposedly safe government debt now, before it is too late. Hasenstab oversees $175bn in bonds for Franklin Templeton.
Brussels blocks UPS takeover of TNT
Brussels formally blocked UPS’s aborted takeover of TNT Express yesterday, while expressing “surprise” that the US delivery group abandoned efforts to win approval before its negotiating time was up.
Huge charity tax scam exposed
One of Britain’s biggest charities is a front for tax avoidance. Wealthy donors used the Cup Trust to avoid £46m in tax in an extensive abuse of Gift Aid incentives designed to encourage charitable giving. The Cup Trust declined to comment.
Shell counts cost of Nigeria damage
A Dutch judge has ordered Shell to pay compensation to a Nigerian farmer whose livelihood was wrecked by oil spilling from a well abandoned by the group.
The Daily Telegraph
Bundesbank wants competitive EU
Bundesbank President Jens Weidmann has agreed with David Cameron that the EU must be more open and competitive.
Weidmann said bailouts in the Eurozone can ease the pain felt by austerity, but they “cannot replace” the need for reform.
Alex opens London Stock Exchange
Actor Robert Bathurst, who played the fictional City character Alex in a one-man show, opened the London Stock Exchange yesterday.
THE WALL STREET JOURNAL
Germany to isolate bank risk
Germany plans to isolate banks’ risky activities from customer deposits, according to a draft law. Banks with risky operations that make up 20 per cent of the balance-sheet value will have to transfer the business into separate units.
Bayer Faces Halt To Acne-Drug Sales
France is taking steps to halt sales of an acne treatment used as a contraceptive, after Diane 35 – made by Bayer AG Germany—was linked to four deaths.