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Tech Giants Targeted To Pay More In Tax

Written By Unknown on Kamis, 04 Desember 2014 | 00.12

By Tom Cheshire, Technology Correspondent

Chancellor George Osborne singled out the low taxes being paid by tech giants in his Autumn Statement and vowed to tax them.

The "diverted profits tax" will target those companies that use elaborate off-shore mechanisms to pay minimum UK tax and apply a 25% rate.

"Some of the largest companies in the world, including those in the tech sector, use elaborate structures to avoid paying taxes," Mr Osborne said.

"That's not fair to other British firms. It's not fair to British people either. Today we're putting a stop to it.

"My message is consistent and clear: 'Low taxes, but low taxes that will be paid'."

Tech firms have come under criticism for the meagre tax they paid to the UK Treasury.

Facebook paid just £3,169 in 2013. Amazon paid £10m, Apple paid £11m and Google paid £11.6m.

The cumulative revenues of these four companies in the UK is more than £17bn.

However, it does not appear that the tax will claim a significant portion of those figures.

The Treasury said the tax would raise only £360m per year by 2016-2017, and said: "A behavioural adjustment is also made to reflect groups that attempt to mitigate the tax impact."

Stella Amiss, corporate tax partner at PwC, said: "The diverted profits tax on multinationals appears narrowly focused as it will raise about £300m a year."

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Autumn Statement: The Key Points At A Glance

The main measures and forecasts as outlined by the Chancellor George Osborne in his Autumn Statement:

TAX

:: Stamp Duty rates overhauled. Top rate now 12% on properties worth more than £1.5m effective from midnight Wednesday. There will be no duty on properties worth up to £125,000 then 2% rate on the portion up to £250,000 then 5% up to £925,000, then 10% up to £1.5m.

:: Higher rate income tax threshold to rise to £42,385 next year.

:: Income tax-free personal allowance to rise to £10,600 rather than the planned £10,500 next year, giving wage boost of £825 a year.

:: ISAs can be inherited tax free.

:: Fuel duty remains frozen.

:: People who die under 75 to be able to pass on annuities, tax free.

CORPORATE TAX

:: A so-called 'Google Tax' will introduce a levy of 25% on profits shifted abroad by multi-national firms. The Diverted Profits Tax aims to raise more than £1bn over five years.

:: Banks to pay almost £4bn more in tax over next five years, with profits which can be offset by losses for tax purposes to be limited to 50%.

:: Inflation-linked increase in business rates capped at 2% and discount for shops, pubs and cafes increased by 50% to £1,500.

SAVINGS

:: Limit on saving in New ISAs to rise to £15,240

DEVOLUTION & 'NORTHERN POWERHOUSE'

:: Business rates for Wales to be devolved to Welsh Government.

:: Plans law to devolve corporation tax to Northern Ireland if the Northern Ireland executive shows it can manage the financial implications.

:: Investment of £250m in new advanced material science institute in Manchester with branches in Leeds, Sheffield and Liverpool. Tendering for new franchises for Northern Rail and Trans-Pennine Express to ensure modern trains.

EDUCATION

:: Government-backed student loans of up to £10,000 are to be made available for postgraduates.

TRAVEL

:: Air Passenger Duty for under-12s abolished from May 2015. Scrapped from 2016 for under-16s.

SAVINGS

:: A further £10bn of Whitehall efficiencies is planned while £5bn more is sought from crackdown on tax evasion and avoidance.

:: Public service pension reforms will be completed, saving £1.3bn annually.

SPENDING

:: NHS gets additional £2bn every year for frontline services. A £1.2bn investment in GP services will be paid for from foreign exchange fines.

:: Government spending £10bn less than forecast this year but warns the coming years will require "very substantial savings in public spending."

PUBLIC FINANCES

:: Office for Budget Responsibility (OBR): Forecast 2014 GDP growth upgraded to 3% from 2.7%. 2015 forecast raised to 2.4%.

:: "Deficit is falling this year and every year." Deficit now cut in half. OBR forecasts borrowing to fall from £97.5bn in 2013/14 to £91.3bn in 2014/15 (£5bn above annual target). Budget surplus of £23bn predicted for 2019/20.

:: Osborne says deficit reduction better than some predicted as welfare spending is lower and interest paid on national debt is considerably lower.

:: OBR predicts wage growth above inflation for the next five years.

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Ladbrokes Begins Search For New Chief Exec

Ladbrokes is beginning a search for a new chief executive as Richard Glynn prepares to leave the business.

The bookmaker made the unusual announcement in a statement to the stock exchange which confirmed he intended to remain in charge until a successor was appointed next year.

He has been at the helm for five years, during which time the industry has undergone a mobile betting and gaming revolution.

Ladbrokes has invested heavily in its digital offering amid criticism it was struggling to keep pace with market leader William Hill.

The company said that from the start, Glynn's mission had been to turn around the company within a five-year term, a process the board insisted was on track.

The statement said: "The board will shortly start a process to identify his successor and the search will evaluate both internal and external candidates."

Ladbrokes said its trading remained within its previous expectations.

Its profits halved in the first six months of 2014 to £27.7m - a result of its investment in digital and gaming - but said in August it was now ready for growth.

Ladbrokes said it had delivered on all its key operational objectives during the period, which included switching its gaming products to a new system and replacing 9,000 gaming machines with more sophisticated models.

The company has also been closing down unprofitable betting shops - with a total of 50 to be lost this year.

Mr Glynn said: "Everyone at Ladbrokes has worked incredibly hard over the past nearly five years to deliver the transformation programme.

We have faced significant operational challenges, as well as economic and regulatory headwinds.

"However, I am pleased that the business is fundamentally stronger than it was and now has the operational and digital capabilities to compete effectively.

"We have delivered against all of the recent milestones and increasingly shown real competitive momentum."

"It has been a privilege to lead Ladbrokes over this crucial phase. I am very proud of the resilience and professionalism the team has shown during this intense period of activity.

"It is the right time for Ladbrokes to identify my successor. I will continue to serve the company to help ensure a smooth succession.

"I look forward to the company, the shareholders, our partners and, in particular, everyone in the team reaping the benefits over the next few years of all that has been sown."

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Russell Brand Threatens To Sue Over Rent Row

Actor and comedian Russell Brand has threatened to take legal action over a report containing claims about his housing arrangements.

The comedian and actor, who has been campaigning over the rising cost of homes in the UK, has been also been adding his voice to anti-capitalist protests.

A report in The Sun newspaper made claims in connection with the home Brand rents in London and a firm registered in the British Virgin Islands, a region considered a tax haven.

In a post directed at the paper and owner Rupert Murdoch - chairman and CEO of 21st Century Fox, which owns a 39.1% stake in Sky, parent company of Sky News - Brand wrote: "Hey... I'm gonna sue you and give the money to #NewEraEstate and JFT96."

Earlier this week, the author of the best-selling book Revolution joined hundreds of residents and supporters of the New Era estate in east London, to protest against a takeover by a US investment firm which, the residents fear, could lead to a huge hike in rents.

JFT96 stands for justice for the 96 in reference to the number of football supporters who died in the Hillsborough disaster.

Brand, 39, was caught up in a row with Channel 4 journalist Paraic O'Brien at Downing Street when the reporter asked how much Brand himself paid in rent and suggesting the housing problem was being worsened by the super-rich buying property in London.

The celebrity became agitated at the challenge and pointed his finger in the journalist's face, calling him "a snide".

During the interview, Brand told the reporter: "I'm not interested in talking to you about my rent, mate. I'm here to support a very important campaign."

When asked about the value of his home, he went on: "It's rented. We don't know the value, you would have to talk to my landlord.

"Blessedly, I can afford my rent and I'm prepared to stand up for people that can't."

Brand later discussed the interview on his YouTube news channel, likening it to a "quarrel at a jumble sale".

The comic and actor said: "I shouldn't be allowed on television. I'm so easily wound up. What does it matter to me, what have I got to lose, just from this one bloke?

"But I'm a volatile person."

He went on: "When you talk to a journalist I sort of think it's a combination of boring and really annoying, and my personality type is not well suited to that kind of environment."

O'Brien wrote on Twitter: "Is it my job to test tension between private circumstances and publicly held views of celebrities? Yes."

Westbrook Partners, the US investment firm involved in the New Era buyout, responded on Monday to claims of "social cleaning... forcing ordinary, working-class people out of London".

In a statement, the company said: "There will be no changes to their residential leases and no increases in rents during the first half of 2015."

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Union Secures Jaguar Land Rover Pay Deal

UK workers at Jaguar Land Rover (JLR) are to be balloted on a new pay offer, weeks after talks broke down and sparked threats of industrial action.

Staff affiliated to the union Unite had reportedly demanded a bonus and a salary increase of more than 3% over the next three years, arguing they deserved a better reward for their contribution to the firm's turnaround.

JLR, owned by Indian firm Tata Motors since 2008, has enjoyed a resurgence in profits - doubling in three years to £2.5bn - thanks to strong demand for luxury, especially in China, where it has just opened its first plant.

The carmaker, which built almost one in three of Britain's 1.5 million cars in 2013, said it had revised its original offer with a pay increase of 4.5% in the first year of a two-year deal, plus a bonus payment of £825 per employee.

In the second year, workers will receive the higher of either 3% or the Retail Price Index measure of inflation plus 0.5%.

Around 15,000 union members would benefit from the deal, according to Unite.

A joint statement from Jaguar Land Rover said: "A revised offer has been made by the company that will be unanimously recommended by Unite to its members."

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UK Households Spend More Than They Earn

Households with a single bread-winner spent more than they earned last year, as the typical outgoings of families increased, official figures show.

The Office for National Statistics (ONS) said its Family Spending report found that households spent £517.30 per week in 2013, a rise of more than £16 on the previous year when adjusted for inflation but below 2006 levels.

Income data had previously shown average weekly earnings at £517 per person during the period.

Housing, fuel and power costs overtook transport to become the biggest area of spending at a record £74.40 per week.

And it seemed people put a higher price on having a good time ahead of debt worries as recreation and culture was the third largest spending category, with an average £63.90.

It includes spending on TVs, computers, newspapers, books, leisure activities and package holidays.

The ONS said average weekly expenditure on food and non-alcoholic drinks in 2013 was £58.80 - with £15.60 of this being spent on meat and fish, £4.30 on fresh vegetables and £3.30 on fresh fruit.

The figures showed around £22.60 is spent on clothing and footwear.

There was a North-South divide when it came to the regional breakdown of the statistics.

Householders in South East England spent more than Londoners by an average £6 extra at £585.40, partly reflecting higher commuter costs.

The North East spent the least at £424.60 per week.

The figures were compiled at a time when inflation easily outstripped earnings growth, further eroding family spending power.

Rises in the cost of living are currently more evenly matched to wage increases.

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Big Tobacco Firms Offer 'Misleading Evidence'

Most studies that show the negative impact plain cigarette packets would have on the economy are funded by "big tobacco" firms, according to a damning report.

Such companies have warned standardised packaging would fuel a black market in cigarettes – citing research that echoes their concerns.

But the University of Bath claims more than 50% of such evidence comes from reports commissioned by the industry itself – or from third parties with financial connections to it.

The Tobacco Control Research Group, funded by Cancer Research UK, also found 66% of the industry's claims were just opinions – and that of the 51 MPs opposed to plain packaging, seven of them had accepted hospitality from the sector.

George Butterworth, from Cancer Research UK, said: "By failing to disclose financial links to misleading evidence, this is lobbying at its worst.

"For years, misinformation has been their currency, but as the success of plain, standardised packaging in Australia becomes clear – now with record low smoking rates – 'big tobacco' is looking spent.

"Independent evidence consistently demonstrates the role that standardised packaging can play in protecting children from a deadly addiction.

"Now, the UK Government must treat the tobacco industry's spin with the contempt it deserves – and introduce regulations without delay."

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Osborne Announces Historic Stamp Duty Reform

Historic changes to one of the UK's "most damaging" taxes have formed the centrepiece of George Osborne's Autumn Statement.

The Chancellor said he was abolishing the "slab rate" of stamp duty - which means huge increases in tax when house values enter a new band.

In future, he said, the tax would apply progressively to the part of the property in each band, like income tax.

The new rates will see house-buyers pay 0% on the first £125,000 then 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5m and 12% on anything above that.

Mr Osborne said the changes - effective from midnight - would save £4,500 on the cost of an average home and cut stamp duty for 98% of house-buyers.

He said: "It is a fair, workable, lasting reform to the taxation of housing."

The changes will cost the Treasury "nearly £400m" over the next four months, according to the Office for Budget Responsibility.

The Chancellor also announced a plan to cut the cost of air travel for millions of families by abolishing air passenger duty for children under the age of 16 over the next two years.

He also pledged to freeze fuel duty.

Mr Osborne said some death taxes would be abolished - allowing savers to pass on pensions and ISAs to loved-ones tax fee.

And he promised to "revolutionise" support for post-graduate students with the introduction of government-backed student loans of up to £10,000.

The Chancellor used the statement to trumpet the Conservative-led Government's economic credentials, telling Parliament: "Our long-term economic plan is working."

He said the Office for Budget Responsibility (OBR) had revised up the British economy's growth forecast to 3% and told MPs the UK was now enjoying "more balanced" growth.

On the controversial issue of the deficit, Mr Osborne was cheered by his own MPs and jeered by the opposition as he revealed better-than-expected figures.

He said the OBR's forecasts show borrowing is falling and would continue to fall until a budget surplus is achieved in 2018/19.

Labour Shadow Chancellor Ed Balls said the Chancellor's policies had left workers £1,600-a-year worse off.

He said: "For working people there is a cost-of-living crisis and that squeeze on living standards is not only hitting family budgets - it has also led to a shortfall in tax revenues."

He accused Mr Osborne of missing his targets on clearing the deficit and reducing the national debt, but not telling MPs by how much.

The Chancellor warned that in the coming years there would have to be "very substantial" spending cuts.

He vowed to claw back money from those who pay "paid too little" tax - including multinational firms, who will face a 25% tax on profits generated in the UK, which are then shifted overseas.

He claimed the tax would raise £1bn over the next five years, while changes to tax rules for banks would raise another £4bn over the same period.

He said the Government's policies would mean the richest 20% paying more tax than the remaining 80% put together - which he claimed proved the Tory slogan: "We're all in this together."

There was a promise of help for small businesses - with a doubling of Small Business Rate Relief and a review of the structure of business rates.

Many of the measures announced had been trailed ahead of the speech - such as a plan to repay the national debt incurred to fight the First World War, road building schemes, flood defences and investment in the NHS.

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Shawbrook Bank Eyes Float After Osborne Boost

By Mark Kleinman, City Editor

One of the fastest-growing lenders to small and medium-sized companies (SMEs) is poised to accelerate plans for a stock market listing in the wake of fresh Government support for the sector.

Sky News has learnt that Shawbrook, which was set up in 2011 to take advantage of declining SME lending by the major high street banks, has appointed Bank of America Merrill Lynch and Goldman Sachs to prepare a public flotation.

The listing is expected to take place during the course of 2015, and could see Sir George Mathewson, the former chairman and chief executive, return to the helm of a listed company.

Sir George, 74, is Shawbrook's chairman, and he and the bank's board are understood to be open-minded about whether he will remain in the role through the process of a flotation.

Shawbrook's prospects as a public company are likely to be boosted by the announcement on Wednesday that the Funding for Lending Scheme overseen by the Treasury and Bank of England is to be extended and refocused towards SME lending.

George Osborne, the Chancellor, also said on Wednesday that the Government's Business Bank would receive additional investment.

Shawbrook said in September that it had grown total lending during the first half of the year by 91% compared to the same period in 2013.

It specialises in areas such as commercial mortgages and asset finance, and funds its lending activities from retail deposits.

The bank is majority-owned by Pollen Street Capital, an investment vehicle previously owned by RBS.

The taxpayer-backed lender remains an investor in Pollen Street's fund but has no role in its management or strategy.

Shawbrook is expected to be valued at several hundred million pounds if it goes public, which would potentially coincide with share offerings by a number of other so-called 'challenger banks'.

Virgin Money recently revived plans for a listing, while Aldermore shelved its flotation following stock market volatility in October.

Metro Bank has signalled to its shareholders that it is likely to pursue a public offering by the end of 2016.

Last year, Shawbrook brought in external investors for the first time, recruiting CarVal, another investment vehicle, through the issuance of new debt.

Announcing half-year results in September, Richard Pyman, Shawbrook's chief executive, said:

"We continue to see strong demand from credit-worthy SMEs and individual customers who are seeking a straight-forward, quality relationship with their bank.

"Our focus on specialist teams and a human approach to decision making to deliver excellent customer service has enabled us to grow our lending to small businesses by £685m in the twelve months to June 2014."

Shawbrook and Pollen Street Capital declined to comment on the appointment of BAML and Goldman.

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Security Threat Fear Over Mobile Blackspot Plan

Written By Unknown on Kamis, 06 November 2014 | 00.12

New laws which would force mobile firms to improve coverage in signal blackspots could threaten national security, the Home Secretary has claimed.

Theresa May has raised concerns over the plans to force companies to allow users to switch between networks if a signal is not available in a "national roaming" policy.

It would work in a similar way to the way roaming between networks does abroad.

However, Mrs May has voiced fears the move could have a "detrimental impact" on the work of police and intelligence agencies in accessing information "crucial to keeping us safe".

The Home Secretary has expressed her reservations in a letter to David Cameron, which was leaked to The Times.

It puts her on a collision course with the Culture Secretary Sajid Javid, who is unveiling his plans later.

Video: Operator Backlash At Roaming Plans

Mr Javid made clear his intention to tackle the problem of poor mobile phone coverage, which affected a fifth of the country, when he took up his ministerial position in April.

Attempts to get agreement from the big mobile phone providers EE, O2, Three and Vodafone failed so Mr Javid is looking to legislation to force network sharing.

Mr Javid said: "I'm determined to ensure the UK has world-class mobile phone coverage as investment in infrastructure will help drive this government's long-term economic plan.

"It can't be right that in a fifth of the UK, people cannot use their phones to make a call. The Government isn't prepared to let that situation continue."

Other options being considered are:

:: Networks compelled to share equipment such as phone masts

:: Firms such as Tesco and Virgin allowed to sell packages offering access to all networks

:: Mobile phone firms forced to cover a certain percentage of the UK.

Mr Javid told Radio 4's Today programme: "The Home Secretary like every other member of the Government fully supports the strategy that we are setting out today."

Disclosure of Mrs May's intervention comes two days after the resignation of Lib Dem Home Office minister Norman Baker, who resigned after a series of run-ins.

Mr Baker said the Home Secretary was a "formidable woman" but accused her of putting obstacles in his way and regarding the Coalition as a Conservative government.

Shadow culture secretary Harriet Harman said: "Rather than briefing against each other as part of the ongoing Tory leadership squabble to replace David Cameron, Cabinet ministers should be making clear what the impact will be on 4G services for consumers and the emergency services, as well as any possible implications for national security and the fight against serious crime."

A spokesman for EE said: "We welcome the Government's consultation and an opportunity to examine the best way to improve voice coverage, as well as share our own plans to bring better voice call service to the UK. However, we have concerns about the feasibility of some of the proposals and their potentially damaging impact on consumers, competition and investment."

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Credit Threat To Child Maintenance Dodgers

Parents who refuse to pay child maintenance face being turned down for credit cards and mortgages.

Under government plans, details of those who default on contributions towards their child's upbringing will be shared with credit reference agencies, threatening their credit score.

Having a weak credit rating can mean people are refused forms of financial credit such as personal loans, mortgages, credit cards, hire purchase finance arrangements and mobile phone contracts.

Even if someone is not turned down for credit, a blotted history could mean that they are given a smaller credit limit or charged a worse rate of interest.

Information about non-payment of child maintenance could be shared with credit reference agencies at the point where a liability order is made against a parent.

These are granted after an application is made to a court for legal recognition of a debt.

Just under 1.5 million child maintenance cases are being overseen by the Child Maintenance Service and the Child Support Agency and in the majority of cases, parents who no longer live in the family home do contribute towards their child's upbringing.

Between April 2013 and March 2014, 12,410 liability orders were granted.

The new powers, which are subject to parliamentary approval, will also mean that parents with a good payment record can ask that this information is shared if they feel that it could boost their ability to get credit.

Child Maintenance Minister Steve Webb said: "For too long, a minority of absent parents have got away with failing to pay maintenance, leaving families without that financial support.

"This Government is determined to take action to tackle this kind of irresponsible behaviour and support families.

"I would hope that we see this power used very little, because the deterrent effect of a possible negative mark on a person's credit rating will convince those who have previously failed to pay towards their children's upbringing to do the right thing."

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Interest Rate Hike 'Knocked On The Head'

A slowdown in the UK's economic recovery means there is no prospect of an interest rate increase, according to a closely-watched report on activity.

The Markit/CIPS services purchasing managers' index (PMI) for October came in at a 17-month low with growth weaker than even the gloomiest forecasts had suggested.

The survey found that mounting economic uncertainty was hitting confidence, with stagnation in the eurozone, China's slowdown and the shaky recovery in the US all highlighted as factors.

Markit said a weakening of its composite PMI, which also took in the construction and manufacturing sectors, and an absence of inflationary pressure suggested that the Bank of England would wait to raise borrowing costs.

Its chief economist, Chris Williamson, said: "Slower service sector growth knocks the prospect of interest rate hikes firmly on the head.

"An increasingly downbeat flow of economic data in recent weeks ...has thrown a cloud of uncertainty over the outlook."

The report suggested Britain was on track to record GDP growth of 0.5% in the fourth quarter of the year - down from the 0.7% recorded in the previous three months.

The Bank of England said last month that it expected growth of 0.8% between October and December.

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Flood Defences At Risk With Funding Squeeze

A lack of cash for flood defences is increasing the risk of serious problems in many areas if winter storms hit, a spending watchdog has warned.

The National Audit Office (NAO) says half of the country's flood defences - more than 1,300 schemes - are only being maintained to a "minimal level".

But the Government insists there has been a real-term increase in flood defence funding.

Whitehall made an extra £270m available following the winter storms last year, which saw widespread flooding during the wettest winter on record, including an additional £35m in each of the next two years for maintaining defences.

The NAO report said the additional money restored funding for maintaining defences to 2010-11 levels in cash terms.

Video: Feb 21: UK Flooding View From Above

But in real terms - adjusted for inflation - the report found it represented a 6% drop in spending for maintenance since the Tory-led coalition took office.

Without the extra cash from the Government following the winter floods, total funding for flood protection has fallen by 10% since 2010.

While the Environment Agency has improved efficiency, the increased risk of extreme weather events as a result of climate change means current budgets will be under pressure, the NAO said.

The winter storms flooded 7,700 homes and 3,200 commercial properties, as well as cutting off power to hundreds of thousands more households and flooding 49,000 hectares of agricultural land, with areas such as the Somerset Levels particularly badly hit.

Video: Flood-Hit Family Put Home On Stilts

Responding to the report, chairwoman of the Commons Public Accounts Committee Margaret Hodge, said: "I am deeply concerned that current levels of spending are not enough to maintain flood protection, with five million homes at risk of flooding and people's livelihoods in jeopardy.

"It is alarming that the Department for Environment, Food and Rural Affairs has cut spending on flood protection by 10% between 2011-12 and 2014-15 and it had to react with an emergency bailout of £270m following the winter floods in 2013."

Amyas Morse, head of the National Audit Office, said: "The agency, as it recognises, will need to make difficult decisions about whether to continue maintaining assets in some areas or let them lapse, increasing in future both the risk of floods and the potential need for more expensive ad-hoc emergency solutions."

But Floods Minister Dan Rogerson said: "The NAO has drawn conclusions on funding based on inappropriate comparisons.

Video: Feb 11: Hammond Cornered On Floods

"We have invested £3.2bn in flood management and defences over the course of this parliament which is a real term increase and half a billion more than in the previous parliament.

"Not only are we spending more than ever before, but we are also ensuring that our investment strategy will deliver long-term value for money."

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Dating Site For People With STIs Fined Â£10m

A dating website for people with sexually transmitted infections has been ordered to pay out $16.5m (£10.3m) after sharing a user's profile with millions of people despite promising confidentiality.

A lawsuit alleged that the plaintiff - known only as John Doe - and other members of the Positive Singles site were misled about their privacy when they joined the site.

The service promised full confidentiality, saying it would not share data with third parties.

But parent company Successful Match mined profiles and displayed members' images and other information on its subsidiary websites.

In the original complaint, Mr Doe said users were lured in with "empathetic sounding statements like 'you feel like you are all alone in the world, do you wish there was a place where you didn't have to worry about being rejected or discriminated'."

The website describes itself as a "warmhearted and exclusive community for singles and friends with STDs" that "cares about your privacy more than other sites".

A jury agreed with Mr Doe's claim, and ordered the dating company to pay $1.5m (£940,000) in compensation to him, plus $15m (£9.4m) in punitive damages.

A similar case against the websites filed by two women from Canada and Washington state is ongoing.

Successful Match's network of sites have a total of 732,000 users.

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EU Migrants Pay In More Than They Take - Study

EU migrants contribute more to the UK in taxes than they receive in benefits and services, according to new research.

But the study showed those arriving from outside Europe over a 17-year period took more from the public purse than they put back in.

The findings come as David Cameron moves to tighten the UK's immigration controls by limited EU migration in the face of the growing popularity of UKIP.

The Prime Minister is aware of the need to calm Tory jitters ahead of this month's crunch by-election in Rochester and Strood, where the party is desperate to prevent a second seat falling to UKIP.

The University College London (UCL) report revealed European immigrants made a positive financial contribution of £4.4bn to the UK between 1995 and 2011.

Video: Immigration: Study Out Of Date

However, immigrants from outside the European Economic Area (EEA) made a negative contribution of £118bn.

Over the same period, UK-born workers made a negative contribution of £591bn.

The figures improved for more recent arrivals with EU migrants between 2001-11 making a positive contribution of £20bn, and those from outside Europe £5bn.

Professor Christian Dustmann, director of UCL's Centre for Research and Analysis of Migration (Cream) and co-author of the study, said: "A key concern in the public debate on migration is whether immigrants contribute their fair share to the tax and welfare systems.

"Our new analysis draws a positive picture of the overall fiscal contribution made by recent immigrant cohorts, particularly of immigrants arriving from the EU."

He added: "European immigrants, particularly, both from the new accession countries and the rest of the European Union, make the most substantial contributions.

"This is mainly down to their higher average labour market participation compared with natives and their lower receipt of welfare benefits."

Immigration Minister James Brokenshire told Sky News the focus of the report was too narrow and not up-to-date.

Video: Report: Migrants Boost UK Economy

He said: "In respect of the time period that it talks to, it ends in 2011 whereas we have seen the pressure from EU migration - net migration, those who are coming versus those who are going out - over the course of the last 18 months it has more than doubled during that period.

"It also does not take into account pressure on schools, roads, housing services, those things that really matter to people in their communities."

Deputy Prime Minister Nick Clegg said the report showed the balance on immigration was wrong and there needed to be proper border controls but that Britain must remain an "open economy".

He told ITV's Lorraine programme: "If we were simply to turn our back on the world, which is what UKIP and the Conservative Party and others want, as a country we would be poorer."

UKIP Migration spokesman MEP Steven Woolfe, said: "What this study doesn't do is to show what wealth our own people could have generated if they weren't subjected to wage-reducing, employment-displacing mass immigration from the EU. Nor does it truly take into account the opportunity costs to the UK of substituting large sections of Britain's workforce with migrant labour."

Responding to the report, chairman of the MigrationWatch UK think tank Sir Andrew Green said: "This report confirms that immigration as a whole has cost up to £150bn in the last 17 years.

"As for recent European migrants, even on their own figures - which we dispute - their contribution to the exchequer amounts to less than £1 a week per head of our population."

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Christmas Costs 'Falling' Amid Price War

A retail industry body has said Christmas shoppers look set to benefit this year as it charts falling shop prices, with food costs growing at their lowest level since at least 2006.

The British Retail Consortium's (BRC) shop price index for October, compiled by Nielsen, showed that the battle for customers between discounters and the major supermarket chains was providing benefits for consumers.

It measured falls in the price of kitchen essentials such as milk, cheese and eggs for the first time since February 2010.

The BRC said convenience food was also cheaper than it was a year ago.

Total food inflation stood at just 0.1% in October, the lowest rate since the index began in 2006, after three consecutive months at 0.3%.

Overall, shops reported deflation for the 18th-consecutive month, accelerating to an annual rate of 1.9% in October from 1.8% in September as key agricultural commodity costs fell further amid market concern about the world economy.

The report said that in addition to that, discounts on clothes and electrical goods also continued to have an impact.

BRC director general Helen Dickinson said: "With the current competitive environment, retailers are passing most of these savings on to consumers.

"This should mean great deals for shoppers as they start stocking up on seasonal fare.

"As Christmas swiftly approaches, there is plenty of evidence to suggest that budgets will go a little bit further this year."

00.11 | 0 komentar | Read More

Chinese Tycoon Buys Van Gogh Poppies For Â£39m

A rare piece of art by Vincent van Gogh has reportedly been sold to one of China's richest men for £39m ($62m).

Wang Zhongjun, chairman of the high-powered Huayi Brothers film studio, has become the latest businessmen to pay an eyebrow-raising amount for a painting, according to Shanghai-based news site The Paper.

The 1890 painting - Still Life, Vase With Daisies And Poppies - was expected to fetch between $30m and $50m at Sotheby's in New York, but sold for $61.8m.

The auction record for a van Gogh is $82.5m.

Last year, tycoon Wang Jianlin's Wanda Group bought the 1950 Pablo Picasso painting Claude And Paloma for $28m, more than double the high estimate of $12m.

At the time, the company came under fire for the extravagant purchase, with some Chinese internet users questioning Wang Jianlin's patriotism and the painting's value.

Wang Zhongjun has come under similar criticism.

"One madman buying a painting by another madman," one user wrote on Sina Weibo, the Chinese equivalent of Twitter.

"This is how he spends all the investors' money? What a waste," wrote another.

The auction also brought in £63.5m ($101m) for Chariot, a rare sculpture by Alberto Giacometti.

The 1951 bronze sculpture features an elongated, goddess-like figure perched atop a wheeled chariot. The price almost broke the $104.3m record for the artist.

Amedeo Modigliani's Tete sculpture sold for £44.4m ($70.7m), just topping the previous auction record for the artist at $69m.

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Ex-Swinton Execs Fined Over Mis-Selling

The City regulator has fined, and banned from top financial services jobs, three former executives at Swinton Insurance over historic mis-selling scandals.

The Financial Conduct Authority (FCA) announced the penalties against the individuals after the company was previously fined more than £8m.

The action followed investigations which found failures in its sales of payment protection insurance in 2009.

Four years later the insurer was ordered to pay £7.4m as "aggressive" efforts to hit bonus-linked profit targets resulted in "mis-sales of monthly add-on insurance policies."

The FCA said on Wednesday that former chief executive Peter Halpin was to pay £412,700 and had been banned from acting as chief executive of a financial services firm.

Anthony Clare, the ex-finance director, and former marketing boss Nicholas Bowyer were banned from "performing significant influence functions at financial services firms."

They were ordered to pay £208,600 and 306,700 respectively.

Tracey McDermott, the FCA's director of enforcement, said: "A culture was allowed to develop within Swinton that pushed for high sales and increased profit without regard to the impact on the firm's customers.

"We expect firms to put customers at the heart of their business. These three directors should have recognised the risk to customers and redressed the balance so that the drive to maximise profits did not jeopardise the fair treatment of customers.

"Today's enforcement action should serve as a timely reminder to those at the very top of firms that the FCA is determined to hold individuals to account where they fall short of the standard we require."

The FCA said that Swinton's participating directors at the time of the failures collectively stood to gain a bonus of approximately £90m under the directors' share scheme if operating profits reached £110m in 2011.

It said that Halpin, Clare and Bowyer would have "benefited significantly" under the scheme had the target been met.

00.11 | 0 komentar | Read More

M&S Profits Up But Warm Autumn Hits Clothing

M&S has reported a 2.3% rise in half-year profits, but said its troubled clothing division was hit by an unseasonably warm September.

The retailer's latest results marked a 13th consecutive quarterly fall in underlying sales of general merchandise, which include clothing, while web sales fell more than 6% in the six-month period.

M&S said its margins improved in the first half, helping it drive underlying profits higher for the first time in four years to £268m, and it signalled that shoppers should not expect discounting ahead of Christmas by raising its non-food margin projections.

The food business, which has been growing steadily against a backdrop of struggles elsewhere, continued to impress in the 26 weeks to 27 September with sales up 3.6%.

M&S said the success of its Simply Food stores meant it was planning to open 200 new outlets over the next three years.

The company insisted that it had turned around womenswear - with sales rising 1.3% over five months and improved customer feedback.

Video: Expert Opinion On M&S Website Woes

But it did not provide a six-month figure - choosing to omit September's sales because it was "an unseasonable month."

Nevertheless, Chief executive Marc Bolland told Sky News he was pleased by the performance, saying "style is back" and "wraps are in".

Mr Bolland, who took over in 2010, said the group was improving "step by step", but a new clothing team he set up in 2012 had so far failed to deliver a sustained increase in sales.

M&S estimated a 1.3% hit to clothing from "unseasonal conditions" in September - with the mild weather, also charted by rival Next, not helpful for shifting high-margin winter coats, knitwear and boots.

Mr Bolland has spent over £2.3bn to address decades of under-investment, overseeing the revamp of products, stores, a new website and marketing.

He said the disappointing internet sales figure was a consequence of the new website, which has cost M&S £150m.

Mr Bolland blamed a "massive change, moving to a new platform".

Shares in M&S, which were down almost a fifth over the past year ahead of today's results, rose 6.5% when trading began on the FTSE 100.

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RBS Seeks To Shut Down Payday Loan Brokers

Written By Unknown on Kamis, 30 Oktober 2014 | 00.12

Royal Bank of Scotland (RBS) has told Sky News it is actively working to close payday loan brokers.

The group, which includes the Natwest and Ulster Bank brands in its stable, said that between July and August alone it was receiving 650 complaints a day from its customers about payday brokers.

It said one million attempts were being made a month to remove money from RBS or Natwest accounts and said that one customer of a payday broker who was seeking a £100 loan was charged £700 in fees.

Brokers are web-based and do not lend money themselves but often charge fees even if their attempts to find a lender are unsuccessful. Fees usually range between £50 and £100.

The Guardian reported on Tuesday that, in the worst cases, brokers have passed a person's bank details to others which then also attempt to charge the individual for a service.

Its story prompted the Financial Ombudsman to issue a new warning about the use of payday brokers, saying nearly 11,500 people had contacted the service to complain about credit-brokering websites since April alone.

In two-thirds of complaints it investigated, the ombudsman agreed that the consumer had been treated unfairly. Fees were refunded in the remainder of cases.

The ombudsman said many people using the websites thought they were applying for a loan directly and did not realise that they were paying a middleman and loans would not materialise.

Senior ombudsman Juliana Francis said: "In too many of the cases we sort out, no loan is provided and people's bank accounts have been charged a high fee, often multiple times.

"If money has been taken from your account unfairly or without warning, the good news is the ombudsman is here to help."

The Consumer Finance Association (CFA), which represents some of the best known payday lenders but does not represent brokers, said: "Brokers do not lend any money - they are simply the middlemen.

"There is no need to pay a fee to arrange a loan. You can go direct to reputable lenders who have new rules that ensure they will be clear and up front about costs and they cannot make more than two attempts to collect your loan payments from your account.

"Many brokers have no such rules and will keep dipping into your account to take arrangement fees."

Sky News revealed last month how the Competition and Markets Authority was changing the scope of its clampdown on payday lenders to include a greater focus on the brokers too.

Previous regulatory reforms within the short-term credit industry have included rules on capping daily rates and stricter advertising.

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Yorkshire Building Society Fined Â£4.1m

The City watchdog has fined Yorkshire Building Society (YBS) more than £4.1m for failures in its dealings with thousands of mortgage customers.

The Financial Conduct Authority said that between October 2011 and July 2012, short-comings by call handlers dealing with customers in payment difficulties meant there were "significant delays" in determining appropriate payment solutions.

It said that while YBS properly viewed repossession as a last resort, the failures meant some customers incurred increased fees and associated interest - money it is already refunding.

Tracey McDermott, FCA director of Enforcement and Financial Crime, said: "Customers in financial difficulty need to be treated fairly and sensitively.

"Firms must ensure that they are taking into account the particular circumstances affecting customers who find themselves in difficulty.

"By allowing cases to drift without agreement, YBS's actions meant that customers in vulnerable circumstances risked falling into further financial difficulty."

The FCA said its investigation found that insufficient training and fragmented guidance meant that call handlers did not consistently probe customers' circumstances and identify the cause of their problems.

A redress scheme means approximately 33,900 customers will be repaid a total of £8.4m at an average payment of £247.

Chris Pilling, YBS chief executive, said: "As a mutual organisation owned by our members, the service we give to customers is fundamental to us and we are very sorry for letting them down.

"I hope the refunds we have voluntarily given to customers and the changes we have made demonstrate how seriously we have taken this issue and our commitment to put things right."

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Energy Crunch: Don't Expect Return To 1970s

Are you ready for winter?

This question is at the heart of today's National Grid Winter Outlook report.

The weather is predicted to reach around 20 degrees in some parts of the UK on the final day of October this year so it's no wonder consumers aren't planning how to manage their energy use for the winter ahead.

But while customer use or demand is an important part of the equation – power supply is the key – and that's where the UK's plan falls apart.

In the past year, several power plants have experienced unexpected shutdowns due to fire, breakdowns and accidents.

Video: Why The Winter Lights Could Go Out

At the same time, the building of new plants has been terribly slow and faced numerable delays.

Which is why today National Grid is warning that our electricity supply margin has narrowed from last year, to the lowest level since 2007.

Which means, technically, the risk of blackouts, and brownout (where power use is limited, but not cut off completely) is increasing.

But asking three, more detailed questions, reveals that there isn't call for panic just yet and the prospect of a return to rolling blackouts last seen in the mid-1970s.

:: What is the likelihood of blackouts actually occurring?

The National Grid says that in the event of the UK experiencing the coldest snap in 20 years, then electricity supplies would not meet demand for up to two weeks in January.

But there is only a 5% chance of this cold snap even happening. And not meeting demand, is not the same thing as a blackout. Which brings us to the next question.

:: How would it work?

Consumers and businesses would be encouraged to iron-out their electricity consumption across the full day, rather than all pile in at peak times.

This would reduce the likelihood of a total collapse at any one point in the day though whether families want to get up to put the dryer on at 3am is a question not addressed in National Grid's report.

Energy intensive business may be able to reorganise themselves to do this more easily, which leads nicely to – the final question.

:: Are emergency measures put in place by National Grid sufficient?

National Grid had started a programme to PAY some businesses to reduce their energy consumption, and time it more evenly with periods when consumer demand is not lower.

In addition, they are un-mothballing some plants previously marked for closure, to have them on standby should that mythical cold snap happen.

The Grid says these plans will lift the electricity margin back up to 6.1% from the 4.1% it is warning is the level at present.

And though it's not a pleasant thought, consumers must remember that behind all the statistics and warnings there is electricity to be had, no matter how cold the weather gets.

It will just cost more.

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Lloyds Cuts 9,000 Jobs And 200 Branches

Lloyds Banking Group has confirmed 9,000 job losses and 200 branch closures as it moves to bolster its digital banking offering through a £1bn investment over three years.

The bank - 25%-owned by the taxpayer - said the job and branch cuts would take place as consumers' habits continued to shift towards online banking services.

Lloyds said it would be investing in remote advice services for customers, who would be increasingly expected to use online banking or self-service facilities within branches instead of dealing with staff face to face.

More than 10 million Lloyds Banking Group customers currently bank online while five million use its mobile banking services.

The news was contained in its latest results which showed a nine-month profit before tax of £1.61bn - 5% down on the same period last year.

Lloyds said the figure included an extra £900m provision for the costs associated with the payment protection insurance mis-selling scandal.

Sky News reported on Monday night that Lloyds and other major banks were all planning to put aside extra funds, giving them a combined provision of more than £22bn.

Video: How Do You Use Your Bank?

Lloyds accounts for half the total.

Underlying profits for the business, which includes Halifax and Bank of Scotland, rose 41% to £2.2bn in the third quarter.

Sources at the bank told Sky News it had already shed 45,000 jobs since its bailout at the height of the banking crisis.

Video: The Cost Of Banking To The Banks

The latest cuts represent around 10% of its current workforce of 88,000 and form part of its plans to "digitise" the bank.

Earlier this year, the British Bankers' Association published research showing that UK-based customers conducted almost 40 million mobile and internet banking transactions each week in 2013, a huge increase on the previous year.

The branch closures will mainly affect urban areas where there are already high concentrations of Lloyds branches.

Video: 1964: Banking For the Ladies

Chief executive Antonio Horta-Osorio said: "Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK-focused retail and commercial bank.

"The next phase of our strategy will use these strong foundations as a basis for meeting the rapidly-changing needs of our customers, and sets out how we will grow the business in a way that will deliver increasing and sustainable returns for our shareholders."

Shares have been under pressure since the results of a European stress test to see how lenders would cope in maintaining the buffer of capital they hold in the event of a financial crisis.

Video: Banks To Use Twitter Cash Transfers

Lloyds passed the test but performed the least well among UK banks, adding to fears that it may struggle when details of a further exercise by the Bank of England are published in December.

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Energy Crunch: Plan To Keep The Lights On

National Grid has warned the UK may be forced to resort to emergency measures to keep the lights on if bad weather strikes this winter, with households picking up the bill.

Its annual Winter Outlook report looking at the capacity margin - the gap between total electricity generating capacity and peak demand - was compiled as the country misses output from five key power stations following fires or safety checks.

The network operator put the figure at just 4.1% - its narrowest since 2006/7 - and said that margin of spare capacity could fall further to just 2.8% if weather conditions took a turn for the worse.

Such a scenario would mean the grid failing to meet its "basic reserve requirement" of spare capacity needed to run the system, forcing it to adopt contingencies such as paying factories to shut down and supplying reserves from mothballed power stations.

National Grid said it was finalising contracts with three sites, Littlebrook in Kent, Rye House in Hertfordshire and Peterhead in Aberdeenshire, to provide reserve capacity that would widen the margin by 2%.

Having to use these power stations would add £1 to the average family bill, the operator confirmed, as it would cost £25m.

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Gallery: Blackout Britain: 1970s Power Cuts

Paul Caldecott, six, was forced to stay at school because his parents couldn't pick him up
Four women work in a Slumberdown office in Bond Street, London, during a miners' strike in 1973
A woman breastfeeding her baby during a blackout at St Andrews Hospital, Dollis Hill, northwest London
Working for Slumberdown had its advantages, as these women could wrap themselves in quilts to keep warm during a blackout
Customers and staff at an HMV shop in Oxford Street, London, during a power cut in December 1973

The prospect of an electricity crunch has risen since the summer, when a key measure of risk, called Loss of Load Expectation (Lole) was forecast at 0.5 hours for the coming winter.

Since then the Lole risk measure has risen to 1.6 hours, factoring in the fires that have caused the permanent shutdown of Ironbridge in Shropshire and the temporary closure of Ferrybridge in West Yorkshire.

A power station in Barking will also close, while a planned return to service for four EDF nuclear reactors at Heysham in Morecambe, Lancashire, and at Hartlepool, will see them return at only 75% capacity.

A fire earlier this month put half of operations out of action at Didcot B power station in Oxfordshire - which has capacity to supply a million homes.

The part of the site affected by the blaze is expected to return to around 50% service this week.

The Grid report said gas supplies were well ahead of expected peak demand but warned of the uncertain impact of tensions over Ukraine, which could strangle availability from the continent.

Video: Warning Expected Over Blackout Risk

The report warned that in the "extreme scenario" of cold winter conditions and Russia cutting off supplies, the UK may have to arrange factory shutdowns as well and rely on expensive imports from markets further afield such as Asia and South America.

Cordi O'Hara, director of market operation, said: "The electricity margin has decreased compared to recent years, but the outlook remains manageable and well within the reliability standard set by Government.

"As system operator, we have taken the sensible precaution to secure additional tools to bolster our response to tighter margins."

Energy Minister Matt Hancock said lights would stay on across the country.

He told BBC Radio 4: "There will be secure energy supplies this winter. There will be no power cuts to householders."

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Facebook Shares Slip On Cost Growth Warning

A leap in mobile advertising revenue helped Facebook almost double profits in its third quarter but shares fell 10% after it warned about higher costs ahead.

The social network's figures, which confirmed profits at $801m (£496m) and a 59% jump in total revenues to $3.2bn (£1.98bn) over the three months, were well above analysts' expectations.

Mobile advertising revenue made up 66% of total ad revenue in the period - indicating Facebook is succeeding in steering advertisers to its mobile platform at a time when most of its users are using Facebook on phones and tablets.

Though Facebook's results surpassed expectations, investors sent the company's stock down by almost 11% in after-hours trading - spooked by comments during a conference call that 2015 would be a "significant" year for expenses.

Facebook said it expected costs to grow by 55% to 75% next year as it ramps up investment in its workforce, grows existing products and invests in new areas such as WhatsApp, Oculus and video.

This year, Facebook spent $22bn in cash and stock to buy the messaging service WhatsApp and about $2bn on virtual reality company Oculus.

It also re-launched Atlas, a tool for marketers to better target people across "devices, platforms and publishers" and to measure how well the ads work.

Facebook's share price had hit a record high of $81.16 on Tuesday before the results came out.

The figure is more than double its flotation price of $38.

Facebook had 1.35 billion average monthly users as of 30 September, an increase of 14% from a year earlier.

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Nintendo Makes Surprise Return To Profit

Nintendo achieved a surprise return to profit in its second quarter following four years of annual losses.

The struggling Japanese video game maker made an operating profit of 215m yen (£1.2m) for the period between July and September, compared with an 18bn yen loss in the same quarter a year earlier.

The company credited a significantly weaker yen for boosting its bottom line.

A weaker yen helps make Japanese exporters more competitive overseas and inflates the value of their repatriated profits.

The currency boost offset slowing sales, though Nintendo has seen strong demand for new games on the Wii U console such as Super Smash Bros and Mario Kart 8.

It maintained its annual profit guidance of 40 billion yen (£229m).

The Kyoto-based firm - best known for its Super Mario and Pokemon franchises - has been battling intense competition from rivals as consumers flock towards downloadable games for smartphones and other mobile devices.

It has also struggled in its console market, with Sony outselling it for the first time in eight years because of the popularity of the Playstation 4.

Demand for Nintendo's latest console - the Wii U - has lagged behind the original Wii, the most popular console of the last generation.

The company blamed weak sales of the Wii U and its handheld 3DS device for its last annual loss.

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Bankruptcies At Lowest Level Since 1999

The number of bankruptcies has fallen to its lowest level since 1999, according to official figures.

The Insolvency Service charted steep drops in both company and personal insolvencies in the third quarter of the year compared to the same period last year.

It said company liquidations in England and Wales decreased by 11.7% and administrations fell by 18.8%, with company voluntary arrangements and receiverships also down.

The number of people who became insolvent decreased by 4.6%, driven by a 19% drop in bankruptcy orders in particular.

Individual voluntary arrangements were down 1.9% to 13,143 cases while debt relief orders increased by 2.7% compared with July to September 2013 - highlighting further progress in efforts to prevent those struggling under the weight of their debt being declared insolvent.

The figures showed that 6,808 people took out a debt relief order in the period.

With expectations that the Bank of England base rate is likely to start moving off its historic 0.5% low at some point next year, people have been warned to prepare for the prospect of their borrowing costs increasing.

The Insolvency Service said anyone who is experiencing financial difficulties should get help early from a body such as the Government-backed Money Advice Service.

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Warm Weather Deals Blow To Clothing Retailers

Shares in the UK's biggest clothing retailers have been hit after Next reduced its full-year profits guidance by £25m blaming unseasonably warm weather.

The country's second-largest clothing retailer, which had warned one month ago that a lack of typically autumnal conditions in October would result in lower profit expectations, said third-quarter sales still grew by 5.4%.

But the growth was almost half the 10% it had previously forecast as demand for winter wear remained weak.

It signals troubles for the wider sector in the run-up to the Christmas trading season because Next has largely outperformed its rivals for a decade.

Its share price fell 3% in early trading on the FTSE 100 while M&S and Debenhams also took hits to their values.

Official figures recently showed UK retail sales fell more than expected last month, with clothing demand hindered by the driest September since records began in 1910.

October is currently on track to be one of the warmest on record - if not the warmest.

Next, which trades from over 500 stores in Britain and Ireland, about 200 stores overseas and through its Directory internet and catalogue business, said: "Whilst a cool August meant that the season started well, this was more than offset by much weaker sales in September and October.

"Given the volatility of current trading and the very strong fourth quarter performance last year, we have moderated our expectations for the fourth quarter this year.

"We are now budgeting for full price sales in the final quarter to be within a range of -2% to +4%, with our central profit forecast for the year based on final quarter sales of +1%.

"We have reduced our central profit guidance by 3% to £770m (previously £795m)."

The forecast meant that much depends on the Christmas shopping season.

Next said it would update investors on its performance on 30 December.

While warm conditions are proving bad for clothing specialists, a number of retail sectors have benefited from the extended warmth.

The UK's strawberry industry has produced a record harvest of 60,000 tonnes since March and said it expects the growing use of polytunnels to enable crops for Christmas.

Coastal holiday resorts are expected to report stronger visitor numbers, with outside attractions reportedly proving popular too.

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Tesco Faces Criminal Probe Over Profits Crisis

The Serious Fraud Office (SFO) has launched a formal criminal probe into Tesco's accounting crisis that led the UK's biggest retailer to overstate profits by £263m.

The news was confirmed by both the supermarket chain and SFO, hours after Sky News first revealed details of the investigation.

The company said: "Tesco confirms that it has been notified by the SFO that it has commenced an investigation into accounting practices at the company.

"Tesco has been co-operating fully with the SFO and will continue to do so.

"Tesco has been notified by the Financial Conduct Authority that, in light of the SFO investigation, its investigation will be discontinued."

Video: Tesco's Woes In Detail

The SFO probe, while not entirely unexpected, adds to the sense of crisis at Tesco.

The company, which has lost more than half its value during the last year, has been hit by unprecedented boardroom turmoil, with the chairman, Sir Richard Broadbent, planning to quit next year.

Eight executives, including UK managing director Chris Bush, have been asked to stand aside pending the outcome of investigations into the accounting mis-statement, which relate to payments from major suppliers.

Deloitte, the accountancy firm, and Freshfields, Tesco's legal adviser, undertook a preliminary probe, which was handed to the retailer's board last week.

That report has been handed to the Financial Conduct Authority (FCA), with which Tesco said earlier this month it is co-operating.

Dave Lewis, the new Tesco chief executive, last week unveiled a fall in half-year profits of more than 90% as the company battles to recapture market share lost to discounters such as Aldi and Lidl.

Tesco has also been deserted by some of its leading shareholders, including the US-based Harris Associates and Warren Buffett's Berkshire Hathaway, amid concern over its strategy and the state of its balance sheet.

The turmoil has forced Tesco to shore up its financial position by turning to five banks to lend the company £1bn each in order to head off the prospect of lenders calling in existing loans.

The Daily Telegraph reported on Wednesday that major consumer goods companies which supply Tesco have asked auditors to scrutinise their dealings with the retailer.

The SFO, which has powers to prosecute companies as well as individuals, has been pursuing high-profile cases against Barclays, GlaxoSmithKline and Rolls-Royce, among others.

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Tesco Yet To Hand Finance Chief Â£1m Payoff

Written By Unknown on Kamis, 23 Oktober 2014 | 00.11

By Mark Kleinman, City Editor

Tesco has not yet handed over a near-£1m payoff to its former finance director just days before a deadline for the UK's biggest retailer to compensate him under the terms of his contract.

Sky News has learnt that Tesco is still to make a "termination payment" of £970,800 to Laurie McIlwee, who resigned as the company's chief financial officer in April amid a strained relationship with Philip Clarke, the then chief executive.

Sources said that the payment, which is due to be made by the end of this month, could be withheld until after the conclusion of an investigation into the misstatement of Tesco's half-year profits by a figure estimated in September at £250m.

Ahead of Tesco's delayed interim results on Thursday, Sky News can also reveal that:

:: Directors are being pressed by leading shareholders to make a swift decision over a timetable for replacing Tesco's chairman, Sir Richard Broadbent, with one source saying an announcement about a succession process could be made as soon as this week.

:: A key industry survey of supermarkets' relationships with suppliers, handed to retailers by researchers Advantage Group in recent days, rated Tesco poorly against many of its peers, underlining the scale of the task confronting Dave Lewis, the company's new chief executive.

:: Board-level executives at Tesco have been paid at least £75m during the last five years, a period in which its market share has slipped and its share price has also slumped, wiping billions of pounds from its value.

Eight Tesco executives have been asked to stand aside during the investigations into the accounting issues, which largely relate to the timings of payments booked from suppliers.

An update is due to be given on Thursday but the probes are still under way, meaning that Mr Lewis is expected to stop short of a detailed report on the issue.

The profit shortfall is expected to be smaller than the £250m initially feared.

Mr McIlwee, who did not go to Tesco's head office after his resignation, is understood not to have been contacted by Deloitte or Freshfields since they were commissioned by Tesco to undertake their inquiry.

Published earlier this year, Tesco's annual report said Mr McIlwee would cease to be employed by Tesco on 3 October.

"On termination of employment, in accordance with the terms of his contract, Laurie will receive a termination payment of £970,800 consisting of 12 months base salary (£886,420) and benefits (£84,460 consisting of staff discount, private healthcare and health insurance and car and car related benefits)."

The news that the payment has not yet been made comes weeks after Sir Richard's judgement was called into doubt over comments about Mr McIlwee's availability during his notice period.

Tesco refused to comment, while Mr McIlwee could not be reached.

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Government Failing To Deport Foreign Criminals

By Tom Parmenter, Sky News Correspondent

The Government has come under fire from victims of crime for failing to deport hundreds of foreign criminals.

A damning report by the National Audit Office (NAO) revealed 760 foreign national offenders awaiting deportation have absconded and 395 of those have been missing for more than four years.

Some 58 of these offenders are described as "high harm" and present a serious danger to people or property.

David Cameron admitted "the buck stops with me" during Prime Minister's Questions, but he also appealed for support from the other parties over what he called the "obstacles" of human rights legislation.

"We've deported 22,000 foreign national offenders since I've become Prime Minister," he said.

Video: How Police Stop Foreign Criminals

"The report is very clear that since 2013 for the first time we've got a proper cross-government strategy to deal with this."

Home Secretary Theresa May told MPs she is acting to end the abuse of the legal process.

She said: "As the report makes clear, this is a problem that has beset successive governments. It falls to this government to tackle the problems of the past.

"Quite simply, the Home Office did not prioritise the removal of foreign national offenders before 2005."

The report reveals the case of a foreign national whose UK visa had expired, yet authorities took no action over 14 years to remove him.

Even when the Government first began extradition proceedings in 2007 when he was convicted of a string of sex offences, he launched a series of appeals that delayed proceedings for another seven years.

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Gallery: Britain's Most Wanted Fugitives

Dritan Rexhepi is wanted over the deaths of two men in Albania. He's also accused of carrying out a burglary in Belgium, where the home occupants were tied up and threatened at knife point.
Pawel Chmielorz was convicted of a string of violent offences in Poland, which resulted in his victims sustaining serious head injuries. He should be serving two-and-a-half years in prison.
Robert Grygoruk is wanted for 24 offences including possession of a handgun, producing and supplying amphetamine, supplying 5kg of cannabis, fraud and burglary.
Evaldas Rabikauskas is wanted for questioning over allegations he raped an intoxicated girl at a house in Lithuania in 2007. He is believed to have links to Hertfordshire.
Ioan Cretu, 36, is wanted for murder alleged to have been committed in Romania in 2005. It is thought he may have links to London, particularly the Waterloo area.
Dariusz Glowacki is wanted on suspicion of child rape in Poland. Police say he may be responsible for two other sex attacks and has links to the Acton and Slough areas.
Constantin Niciu is wanted in connection with the abduction of two men who apparently refused to take part in a human trafficking operation. They were tied up and beaten with a plank of wood.
Costin Stoica is alleged to have been in the company of others who sprayed a woman in the face with a noxious substance before stealing her handbag in Romania in 2002.
Krzysztof Zakrewski is alleged to have robbed and beaten a man with an accomplice in Poland in 1992.
Serhat Aslan is wanted in connection with the fatal stabbing of a 19-year-old man in Turkey in 2004 following an argument.
Michal Smolen is wanted for questioning over an assault alleged to have taken place in Poland in 2009.

It is estimated that public bodies spent £850m in 2013/14 managing and removing foreign national offenders, working out at around £70,000 per offender.

Meanwhile, the number of foreign prisoners has risen 4% from 10,231 to 10,649 since 2006, the NAO said.

The number of those removed has fallen to 5,097 from a peak of 5,613 in 2008/09.

The time it takes to deport an overseas criminal has been revealed to be 319 days.

This comes despite a 10-fold increase in the number of Home Office staff working on foreign national offenders (FNOs), from 100 to more than 900.

Amyas Morse, of the NAO, said: "It is no easy matter to manage foreign national offenders in the UK and to deport those who have completed their sentences.

Video: Romanian Police Fighting UK Crime

"However, too little progress has been made, despite the increased resources and effort devoted to this problem."

Conservative MP Philip Hollobone has long raised concerns about the number of foreigners in UK prisons and failures to deport them.

He said: "Most people will be staggered that despite increasing its staffing for deportations from 100 to 900, the Home Office is not actually deporting any more FNOs than it was before.

"My view is that if you are a foreign national who commits a crime in the UK, you should be caught, convicted and sentenced with your sentence served back in your own country at the expense of your fellow nationals."

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Keystone Pipeline A Nasty Headache For Obama

By Hannah Thomas-Peter, Sky Correspondent In Nebraska

The proposed Keystone XL oil pipeline is one of the most controversial projects on American soil, and a nasty headache for Barack Obama.

He must approve it because it runs across a national border, from Canada to oil refineries in Texas.

Say yes and critics will say he is breaking his pledge to combat climate change.

Say no and he will be accused of being anti-jobs, progress, and energy security.

His decision has been six years in the making, postponed multiple times.

Now Keystone XL symbolises the fight over America's energy future, at a time when oil prices have hit a two-year low, driven in part by a North American production boom.

Video: Native American Anger At Pipeline

Speaking at an anti-pipeline concert in Nebraska, musician Willie Nelson told Sky News: "I want the President to be watching what's going on here today, learn something, and do the right thing: stop the pipeline."

In part Mr Obama is waiting to see what happens in Nebraska before he makes a decision.

Although there are many who support the pipeline in this state, the anti-Keystone movement has forced a legal battle over the proposed route, stalling the whole process until the local courts make a decision.

Keystone XL would run for more than 1,000 miles, cutting through Nebraska's prime farmland.

Opponents say they oppose a foreign corporation building a pipe through their land.

Many worry that spills could threaten Nebraska's vast underground reservoir, and that the pipeline would increase global dependence on fossil fuels.

The company building the pipeline is Transcanada.

It says Keystone XL will be one of the safest ever built.

It has promised thousands of jobs, and changed its route to minimise impact on environmentally sensitive areas.

Transcanada's pipeline would start in the Alberta oil sands.

Video: How The Oil Is Extracted

It is the third largest proven oil reserve in the world behind Saudi Arabia and Venezuela, producing almost two million barrels of oil every day.

Cenovus energy company spokesperson Al Reid took us on a guided tour of one of his oil extraction operations.

He said: "Before we even produce oil in Alberta at a facility like this, we go through a two to three-year regulatory process that looks at all the environmental and social aspects of what we're going to do."

But critics say the bitumen underground there is 'dirty' oil.

It needs heating to be extracted and transported which can emit more greenhouse gasses than with other similar fuels.

But a recent State Department report said that building Keystone XL would not have a significant impact on climate change, in part because oil sands development will happen anyway.

Heritage Foundation energy policy expert Nick Loris said: "It's a great idea.

"You have a pipeline that's bringing up to 830,000 barrels of oil a day and it's coming from a safe reliable trading partner.

"Because oil is a globally traded commodity, the more oil we put in the market, the better Americans will be whether that is exported or not."

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Breaking Bad Dolls Pulled By Toys R Us

Toys R Us has responded to calls from Florida mothers and has removed its four collectible Breaking Bad dolls from the shelves.

The dolls are based on the series about Walter White, a high school chemistry teacher who turns into a crystal meth dealer, and his sidekick Jesse Pinkman. The figures have a detachable bag of cash and a bag of methamphetamines.

The toy company said the dolls are being removed immediately from its website and US stores.

"Let's just say, the action figures have taken an indefinite sabbatical," Toys R Us said in a statement.

The retailer had maintained that the figures were sold in limited quantities in the adult-action-figure area of its stores.

However, a petition launched on change.org last week said the dolls are a "dangerous deviation from their family-friendly values".

"While the show may be compelling viewing for adults, its violent content and celebration of the drug trade make this collection unsuitable to be sold alongside Barbie dolls and Disney characters," the mother, identified as Susan Schrivjer, wrote.

Bryan Cranston, the actor who played White, responded to the controversy, tweeting, "I'm so mad. I am burning my Florida mom action figure in protest."

The debate has also spurred die-hard adult figure collectors to rally behind Toys R Us.

Daniel Pickett, of Manhattan Beach, California, launched a petition on change.org in favour of the toy seller keeping the dolls. So far, it has collected nearly 3,000 signatures.

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PM Praises 'Northern Powerhouse' Vision

A blueprint to boost the economic might of cities in northern England has won support from David Cameron.

The Royal Society's City Growth Commission report says cities such as Manchester, Liverpool, Leeds and Sheffield should set their own tax, immigration and infrastructure policies in line with Scotland getting greater powers.

The report says the plan could boost UK productivity by 5% annually and increase economic growth by £79bn a year by 2030.

The commission's chair, former Goldman Sachs economist Jim O'Neill, told Sky News that while devolving powers from Westminster was long overdue, the critical issue was solving a "hopeless" infrastructure.

Among the proposals was an Oyster Card for the north, similar to London's integrated transport card, a high-speed tube system and super-fast broadband.

"It's not just about devolving power. More boldness from other authorities including central government is needed," he said.

"Ask anybody that ever contemplates going from Hull to Liverpool or Leeds to Manchester or the other way, our modern infrastructure is just hopeless here compared with many other parts of the world.

"Controversially, as we concluded pretty early on, doing something to give a state-of-the-art infrastructure between those close geographic northern cities is probably way more important for them than HS2 in terms of the economic connectivity of the people in those cities."

The devolution aspect - dubbed "devo met" by the commission - could see new powers overseen by a directly elected mayor.

Mr Cameron welcomed what he called the think tank's "northern powerhouse" proposals at Prime Minister's Questions, in the wake of the referendum on Scottish independence and his pledge to devolve more powers to Edinburgh.

"I think Jim O'Neill has done an absolutely first-class job," Mr Cameron said.

"I think there's a real opportunity here... to create a northern powerhouse by looking at how we can use high-speed rail and other infrastructure to link up our great northern cities so that we really have a proper rebalancing of our economy."

The Tories are currently pushing to exclude Scottish MPs from voting in the Commons on English only laws but have no concrete proposals on devolution.

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Apple Warns Users Over Chinese iCloud Attack

Apple has acknowledged the iCloud security threat for the first time, posting a new security warning for users of its online service.

In a post on its support site the technology giant said: "We're aware of intermittent organised network attacks using insecure certificates to obtain user information, and we take this very seriously.

"If users get an invalid certificate warning in their browser while visiting www.icloud.com, they should pay attention to the warning and not proceed."

Attempts to log in to Apple's iCloud service in China have seen users directed to a spoof website which may be harvesting passwords.

Web connections to the login page are blocked and a dummy site that looks virtually identical is presented instead.

Those using Chrome and Firefox browsers are automatically notified that they are no longer on Apple's website, but users of Chinese browser Qihoo will see no indication of the issue.

Apple said its servers have not been compromised in any way.

Since details of the attacks first emerged, some internet activists have claimed that China is behind them.

However, Hua Chunying, a spokesman for China's foreign ministry, said the government was "resolutely opposed" to hacking.

State-owned internet provider China Telecom added that the accusation was "untrue and unfounded".

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China Growth Weakest Since Financial Crisis

The slump in China's property market contributed to a further slowdown in the country's economic output in the third quarter of the year.

Official figures showed GDP growth at its weakest level since early 2009 during the period, rising by 7.3% on an annual basis.

The performance, while better than some analysts had expected, followed growth of 7.5% in the previous quarter, and the slowdown reinforced expectations that Beijing would announce more targeted stimulus measures.

Communist leaders are trying to steer China toward growth based on domestic consumption instead of over reliance on trade and investment but the deterioration in output growth raises fears of politically dangerous job losses.

Premier Li Keqiang has stated repeatedly that the country can tolerate slightly lower growth.

The Chinese economy - while still growing an an enviable rate - has a number of problems with the collapse in property values currently at the top of the list.

The government took action to help arrest house price declines and falling construction last month by cutting mortgage rates for some home buyers for the first time, though it was too early for the impact of those measures to be felt in the third quarter.

Developers have huge inventories of unsold homes, and increasingly risk-averse banks are wary about financing new mortgages which would only increase their exposure to the weakening sector.

Separate property data for September also released on Tuesday showed that the slowdown had deepened in the quarter, with real estate investment falling compared with a year ago, while revenue from property sales dropped 8.9%.

High infrastructure spending has helped maintain robust employment but that mini-stimulus is now fizzling out - hence the focus now on Beijing's policymakers.

A majority of economists do not see aggressive action, in the form of interest rate cuts, in the short term.

Leaders have previously ruled out massive stimulus as China is still struggling with a mountain of local government debt built up in 2009 when Y4trn (£401bn) was spent to cushion the impact of the global financial crisis.

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