British businesses urged to ‘show leadership in charity work and philanthropy’
According to a report from the Charities Aid Foundation (CAF), UK businesses need to place charity and philanthropy at the heart of company cultures and could simultaneously benefit economically as a result. The Creating an age of giving report’s series of recommendations are a result of an all-party parliamentary inquiry and include the Treasury improving incentives for businesses to increase support for charities by matching donations made by employees. The report found that aside from allowing a business to have a positive impact, charitable giving can also benefit a business’ wider operations and reputation, particularly among young people. A survey for CAF found that nearly two-thirds of 18-24 year-olds said they would be more incentivised to buy a product or service from a company that makes donations to charity, compared with 51% of the general public. Additionally, 61% of young people said they are more likely to want to work for a business that supports charities, suggesting that businesses that place philanthropy among their values will be able to attract the best talent. (Blue and Green Tomorrow)
Employees
Singapore firms prepare for extension of re-employment age
Work is underway in Singapore to prepare unionised companies for the day when new laws kick in to extend the re-employment age beyond 65. The Retirement and Re-Employment Act, which was introduced in 2012, made it mandatory for companies to offer re-employment beyond the statutory retirement age of 62, up till 65.The government is now considering raising the re-employment age to 67. Employers in Singapore are increasingly allowing workers to continue to be with them beyond the age of 65, with the employment rate for this group at an all-time high of 22.9%. “Not everybody is rich in Singapore, first of all. Secondly, they may retire from their first job, they may not have enough money. At least (with) the second employment… they don’t get into debts,” said Louis Hendricks, one 70-year-old worker. (Channel NewsAsia)
Environment
Air conditioning raising night-time temperatures in the US
Researchers in the US have reported in the Journal of Geophysical Research Atmosphere that heat from cooling systems now raises some urban temperatures by more than 1°C at night. Due to increasing city temperatures, residents are increasingly investing in air-conditioning systems. The vicious circle effect is that cities are getting warmer, making air conditioning even more attractive to residents. At present, 87% of US households have air conditioning, and the US uses more electricity to keep cool than all the other countries of the world combined. However, demand for air conditioning is expected to accelerate in India, China and other emerging economies. “Sustainable development and optimisation of electricity consumption would require turning wasted heat from air conditioning into useful energy, which can be used inside houses for various purposes − including, for example, water heaters” stated Francisco Salamanca, the report’s lead author. Such actions would reduce local air temperatures: in Phoenix alone, they could directly save more than 1,200 Megawatt hours of electricity per day. (The Guardian)
Southampton company creates plastic from trees
Southampton-based start-up, Biome Bioplastics, plans to produce a new bioplastic that eliminates the use of oil in favour of waste products from the pulp and paper industry. The company will confirm today that it has already started to produce small pieces of bioplastic in laboratories at Warwick University, having demonstrated that it can control the breakdown of a hydrocarbon found in plants known as lignin. Using bacteria found in termites’ stomachs, lignin can be broken down to produce a chemical that could be used to form bioplastics. Paul Mines, chief executive of Biomes Bioplastics, said he hopes the company will be able to commercialise the technology within the next three to five years. In the longer term, Mines hopes to partner with a company in the pulp and paper industry that could supply a steady flow of sustainable raw material for plastic production as the company seeks to create a low cost alternative to fossil fuel-derived plastics. (BusinessGreen)
Tax
Britain becomes haven for US companies keen to cut tax bills
In the last year around a dozen major US companies including media group Liberty Global, banana group Chiquita and drug maker Pfizer have unveiled plans to shift their tax bases overseas outside the United States. Historically, when US companies wanted to cut their tax bill they have reincorporated in Caribbean Islands or Switzerland. However, following recent legal changes whereby Britain largely stopped seeking to tax corporate profits reported in other countries, including tax havens, companies are increasingly choosing the UK as a corporate base. President Barack Obama and Congressional Democrats have proposed measures to stem the flow of so-called “inversions”, although Congressional gridlock on tax reform means new barriers to overseas moves are unlikely anytime soon. British finance minister George Osborne has welcomed the trend of US companies such as insurance group Aon re-domiciling to Britain, saying it reflects how the government has made the country a more attractive place to do business. (Reuters)
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