IT groups’ tax accounts face scrutiny
MPs are preparing to scrutinise the tax affairs of IT companies that supply the public sector before a crackdown on aggressive avoidance by contractors that receive billions from taxpayers. The public accounts committee has confirmed that it is considering calling in some of the IT sector’s biggest companies, as a Financial Times investigation into nine government suppliers shows they use a range of methods to keep taxes low, including recording UK sales in low-tax jurisdictions.
Rush to invest in Yorkshire potash
The latest discovery under the county’s rich soil has sparked their biggest investment frenzy since the rhubarb boom of the interwar years. This time the commodity is potash, a vital ingredient for the fertiliser needed to feed the world’s growing population.
CBI lowers growth forecast
A leading trade body for business has cut its forecast for UK growth but expects Britain to avoid a triple-dip recession. The CBI said it expects the UK economy to grow one per cent this year.
Bonus up for BP’s chief executive
Bob Dudley has been awarded a bonus of £2.6 million in cash and shares, despite presiding over a 20 per cent slump in profits at BP last year.
Iberia to jettison 3,800 jobs
Iberia today announced a plan to cut 3,807 jobs as it attempts to stem losses which have reached €850 million (£731 million) over the past four years.
The job losses, which represent about 19 per cent of the workforce, were reduced from an original figure of 4,500.
The Daily Telegraph
Rogue trader sues Societe Generale
French rogue trader Jerome Kerviel is trying to render meaningless the €4.9bn in damages he owes to Societe Generale by seeking the same amount from the bank in a labour court.
Economic hopes rise on oil demand
The outlook for the global economy appeared to brighten as OPEC, the cartel of oil-producing nations, predicted the world will consume more oil this year than previously thought.It cited better than expected growth at the end of last year.
THE WALL STREET JOURNAL
Intel to launch web TV service
Intel confirmed plans to offer a paid Internet video service and accompanying set-top box, an unusual gamble for a chip maker that has rarely marketed directly to consumers.
Lehman in $800m property deal
Lehman Brothers Holdings has agreed to sell the Manhattan office tower at 237 Park Ave. to a venture of RXR Realty and Walton Street Capital in what would be one of the largest sales in Manhattan in the past year.