Bid to stamp out corporate tax avoidance unites political parties in the UK
The abolition of corporation tax is to be considered by a new UK cross-party group of members of parliament and peers who will subject ministers and business leaders to public interrogations in a bid to secure fairer and more responsible tax policies. The all-party parliamentary group on responsible taxation will bring together senior Labour and Tory parliamentarians determined to keep up pressure on ministers to ensure multinationals and others pay their fair share. The group will begin work in the New Year. In a departure for parliamentarians, it will hold meetings in public and ask ministers, tax experts and business people to attend for questions and debate. The first item on the agenda will be how to respond to G20 recommendations to crack down on corporate tax avoidance. With evidence growing that the current tax on profits is unfair and too easily avoided, the group wants to debate whether it should be replaced by a new tax on location of activity and sales. (Guardian)
Campaigns
Singapore’s first EcoBank launched to reduce and reuse for good
City Developments Limited, Singapore’s leading eco-developer, and Eco-Business are launching a new initiative; called EcoBank, to mark the arrival of 2016 and help Singaporeans celebrate the holiday season more sustainably. The initiative aims to raise funds for disadvantaged and vulnerable women as well as their children in Singapore by collecting pre-loved items such as clothing, toys and books from the public. Capping the campaign will be the EcoBank Bazaar at City Square Mall – Singapore’s first eco-mall – where carefully curated items will be sold to the public to raise funds for the Singapore Council of Women’s Organisations (SCWO). The initiative will increase public awareness of sustainable consumption in Singapore by encouraging the public to buy responsibly during the festive season – then extending the lease of daily items they no longer need by donating them. EcoBank complements Singapore’s sustainable development strategy to reduce energy use, increase recycling rates and change public behaviour, among others. (Eco-Business)
Governance
China Telecom chairman Chang Xiaobing under investigation
The chairman of one of China’s largest state-owned mobile operators, China Telecom, is being investigated by the country’s anti-corruption watchdog. Chang Xiaobing is “suspected of serious violation of discipline”, according to a statement on the Central Commission for Discipline Inspection website. The executive was reported missing by local media. He is the latest in a series of high-profile executives to become embroiled in Beijing’s crackdown on corruption. The government’s ongoing anti-corruption drive resulted in more than 70 senior officials at state firms being investigated in 2014. Little information was given on the investigation involving Mr Chang, but the statement mentioned his position as the former chairman of the country’s second-largest mobile operator China Unicom. The 58-year-old became the chairman at China Telecom in August. Earlier this year, there were reports that the government was considering merging the two telecom giants. Government scrutiny of the top firms in the world’s second largest economy has spread beyond state-owned enterprises. (BBC)
Energy
Legal & General announces investment in €250 million onshore wind fund
Financial services firm Legal & General has announced plans to invest up to €118 million in a clean energy fund dedicated to onshore wind as part of a its plan to drive down costs and accelerate the deployment of clean energy. The fund, which will be managed by renewable energy investment managers NTR, aims to raise a total of €250 million in order to add 270 megawatts of onshore wind capacity across the UK and Ireland. In a statement Legal & General said it would contribute up to 47.5 percent of the €250 million target for the fund – the equivalent to €118.75 million if the fund reaches its goal – while NTR will invest €50 million. Other investors are expected to join in early 2016. NTR has already acquired the first four assets for the fund – €62m worth of proposed wind farm developments across Scotland, Northern Ireland and the Republic of Ireland with land, grid connections and planning consent in place. John Bromley, head of clean energy at Legal & General, said the fund will create a platform for institutional investors with an interest in the clean energy sector. (Business Green)
Corporate Reputation
Whole Foods to pay $500,000 to New York City for overcharging allegations
Whole Foods said it will pay New York City $500,000 to settle allegations it overcharged customers for pre-packaged foods. The city’s department of consumer affairs said the settlement also requires Whole Foods Market to conduct quarterly audits to ensure products are accurately weighed and labelled. The city had said in June that its investigation tested 80 different types of pre-packaged food at Whole Foods and found mislabelled weights on every one. The overcharging included $4.85 for a package of chicken tenders and $14.84 for coconut shrimp, the city said. The investigation generated national headlines, prompting Whole Foods co-CEOs John Mackey and Walter Robb to apologize in an online video. Still, Whole Foods said the bad publicity ended up pinching sales. Mackey had previously expressed bewilderment over why “Whole Foods was singled out for this attention” saying that he does not think the company’s track record on the matter is any different from other supermarkets. The grocery chain had nevertheless said over the summer that it would take steps to prevent overcharging, including training for workers, and pledged to give away products if customers discovered they were mispriced. (Guardian)
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