Nine out of 10 MPs say the UK’s air links are more important than ever before

Nine out of 10 MPs say the UK’s air links are more important than ever before Similarly, 82 per cent said the continued ability for airlines to fly between both the UK and the EU, and other non-EU members, should figure highly in the UK’s negotiations.Read More: London airports soar to new highs as UK shows Brexit “economic resilience”At present air service agreements provide a legal framework to travel between countries, with EU-level deals also opening passage between member states and the US and Canada, among other destinations.Such deals can include anything from the specific destinations to which flights can arrive, to the number of services which can operate.AOA chairman Ed Anderson said: “International aviation connectivity will the foundation upon which a truly global Britain is built, with already nearly three-quarters of visitors to the UK and 40 per cent of the UK’s trade by value travelling by air.” Read More: Majority of UK public thinks Heathrow expansion will be a post-Brexit boostIt comes less than two weeks after the government launched its consultation on a third runway at Heathrow with the publication of its national policy statement.A 16 week national consultation will mark the first phase of a year-long series of approvals for construction at the West London site. whatsapp Mark Sands Tuesday 14 February 2017 5:42 pm Almost nine out of 10 MPs say the UK’s air connectivity is more important than ever before, and a large majority say the issue should be a top negotiating priority for the government after Brexit.A survey commissioned by the Airport Operators Association found that 86 per cent of MPs agreed on the increased significance of air links for travel and trade in and out of Britain. Share whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comWhy people are finding dryer sheets in their mailboxesnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKansas coach fired for using N-word toward Black playerthegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com read more

Britain must boost investment in skills beyond apprenticeship levy to compete with Europe after Brexit, according to report

whatsapp The UK government has identified productivity improvements as one of its signature economic policies, with chancellor Philip Hammond announcing a £23bn national productivity investment fund during the Autumn Statement, mainly targeted at infrastructure improvements.Read more: Labour shortages start to bite in UK sectors employing many EU nationalsHowever, the government’s attempts to address the lack of investment in skills have been criticised, with the apprenticeship levy slammed as a “stealth tax” by business groups after an independent report by the Institute for Fiscal Studies (IFS) found most of the payroll tax would not be used for training investment.Hang Ho, regional head of philanthropy at JP Morgan, which backed the research, said: “It is critical that the UK workforce has access to a wide range of skills which are relevant to the labour market and that bolster the long-term health of the UK’s economy.”The IPPR advocates a “skills levy”, replacing the apprenticeship levy with a broader scheme that incentivises companies to invest in training beyond apprenticeships.Clare McNeil, IPPR associate director for work and families, said: “Britain’s economy can’t survive outside the European Union without bringing investment in skills into line with our competitors and making sure employers are making better use of workers’ skills.” Share whatsapp Employers in the UK spend £5.1bn less on training in real terms at today’s prices than it did a decade ago, according to IPPR analysis, before the financial crisis caused a big drop-off in business investment of all kinds.Read more: The apprenticeship levy – little more than a stealth tax?British productivity levels have lagged behind other developed countries since the financial crisis, despite GDP growth that has outpaced every other G7 developed nation.Productivity in the grew for four quarters in a row for the first time in more than five years in 2016, but growth still lags behind competitors such as Germany, with the Bank of England blaming a “fat tail” of less productive firms counteracting the big improvements of firms closer to the technological frontier.Britain’s employers spend half the amount per employee than the EU average for continued vocational education, according to the latest European Commission data from 2010. The UK must significantly increase its skills investment beyond plans for the apprenticeship levy if it is to compete with European rivals in the post-Brexit world economy, according to a new report.The government’s new apprenticeship levy will not bring employer investment in skills up to levels seen before the financial crisis, according to the Institute for Public Policy Research (IPPR). Jasper Jolly Saturday 18 February 2017 4:56 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeJournalistateThese Neglected Foods May Help Unblock ArteriesJournalistateHealthWatchThis Start Up Is Bringing Advanced Health Technology To Consumers With This SmartwatchHealthWatchCookingAmour12 Best Natural Immunity Boosters For Cold And Flu This WinterCookingAmourthedelite.comSo Long Olive Garden? Restaurants Closing (Full List)thedelite.comThe-best-info.xyz16 Japanese Cars That Need To Make A ComebackThe-best-info.xyzYahoo! SearchSearch For Great 5g Seniors Cell Plans Deals, You Might Be Surprised!Yahoo! Searchtibgez10 Things You Should Know about Lewy Body DementiatibgezBuzzAuraClint Eastwood’s $9.75M Pebble Beach Mansion Is A Real ParadiseBuzzAuraEveryday WellnessWhat Happens To Your Body When You Eat Two Bananas A DayEveryday Wellness Britain must boost investment in skills beyond apprenticeship levy to compete with Europe after Brexit, according to report read more

Tom Hayes’ lawyer slams lack of disclosure around $100m Citi settlement over Libor rigging in US

The lawyer for Tom Hayes, a former Citi banker jailed for rigging the London Interbank Offered Rate (Libor), has slammed the Serious Fraud Office (SFO) for failing to disclose the bank’s recent settlement with a group of US states over allegations it manipulated the interest rate benchmark.The banking giant reached a $100m (£76m) settlement with US states on Friday, which were pursuing the bank for “misrepresenting the integrity of the benchmark” for commercial gain. Among the allegations was that Citi’s USD Libor submitters asked personnel from other desks or divisions to avoid offering higher interest rates to clients in order to secure funding because it could bring negative attention in the media. Todner told City A.M: “Tom Hayes has been a scapegoat for what is clearly an institution-wide problem. This document and any investigation have never been disclosed to Tom either before his trial or after.”The SFO has an ongoing duty of disclosure. This should have been disclosed.”Todner said the settlement would be flagged before the CCRC, which has been looking into Hayes’ case for 15 months.A spokesperson for the SFO said: “The Criminal Cases Review Commission is examining this and we stand ready to assist them.”Citi was contacted for comment but did not respond in time for publication. Alexandra Rogers More From Our Partners Biden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comWhy people are finding dryer sheets in their mailboxesnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Share Read more: Lawyers slam SFO for ‘miscarriage of justice’ in Tom Hayes case Tom Hayes’ lawyer slams lack of disclosure around $100m Citi settlement over Libor rigging in US whatsapp whatsapp As part of the settlement, Citi said it neither admitted or denied the allegations but had entered into the voluntary settlement “solely for the purpose of resolving the claims and causes of action against Citi”.Read more: Ex-Barclays trader accused of Euribor fraud was ‘lowballing’ whistleblowerHayes was the first person to be convicted of Libor rigging in the UK. After his case was referred to the Court of Appeal and subsequently rejected, it now lies in the hands of the Criminal Cases Review Commission (CCRC), a body that investigates potential miscarriages of justice.Hayes is currently serving an 11-year prison sentence at Lowdham Grange prison in Nottingham.Hayes’ lawyer, Karen Todner, said none of the evidence regarding the Citi settlement was disclosed before his trial or in the aftermath to the CCRC, despite his defence resting on the assertion that Libor rigging was an “industry-wide practice”. Wednesday 20 June 2018 4:56 pm read more

United Nations to investigate how financial sector can fight modern slavery

first_img Share whatsapp Monday 24 September 2018 12:29 am whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorymoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comVitaminewsShe Had No Clue Why The Crowd Started Cheering HerVitaminewsOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstBetterBe20 Stunning Female AthletesBetterBeZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldRest Wow68 Hollywood Stars Who Look Unrecognizable NowRest WowMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPail The Financial Sector Commission on Modern Slavery, launched today, will examine the ways in which financial services can come into contact with connected crimes. Known as the Liechtenstein Initiative (LI), the commission says it will examine how the financial sector’s “global reach” can be used to detect and disrupt financial flows associated with trafficking.The LI, formed as a partnership between Liechtenstein, the Austrian government and the United Nations University, said the financial sector is “pivotal” to efforts to fight abuses.Read more: Sweden launches campaign to host drugs agency post-BrexitEstimates suggest that annual proceeds from forced labour run to over $150bn (£114.7bn). According to UN’s International Labour Organisation (ILO) and the Walk Free Foundation over 40.3 million men, women and children experienced modern slavery or trafficking in 2016 – equating to 1 in every 185 people. The majority of slave labourers are exploited through non-payment of wages and debt bondage.In 2015, 193 countries to pledged to take action to end both types of abuse by 2030, and there has been an increasing effort to engage the private sector with efforts. Louis Ashworth  Leaders from the financial sector, global regulators and non-governmental organisations will work alongside survivors as part of a new United Nations (UN) commission which aims to explore the role of the financial sector in fighting human rights abuses. Tags: Trading Archive United Nations to investigate how financial sector can fight modern slavery More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Read more: Major report recommends end to migration cap for highly skilled workersFiona Reynolds, chair of the LI and chief executive of Principles for Responsible Investment (PRI), said: “The financial sector has a significant role to play in working to eradicate modern slavery and human trafficking. The Financial Sector Commission is the first of its kind to leverage expertise from all parts of the sector to take coordinated and comprehensive action on these pervasive human rights abuses.”“The outcome of the Commission will outline practical, relevant and actionable steps forward in this fight,” she added. last_img read more

Barclays fights off cyber attack attempts every day, says digital defence head

first_img Jessica Clark However, the attacks vary in degree with the most common being malicious emails, Gillen added.Over the summer Barclays launched a nationwide campaign to help UK firms tackle cyber crime and fraud after it posted research with YouGov that showed almost half of all small and medium-sized enterprises had been targeted by fraudsters, with the average cost of a fraud to a business hitting almost £35,000.“We have gone for a holistic approach [to cyber security],” Gillen said, speaking at a Cyber Security Challenge UK event at the bank’s Canary Wharf headquarters, “to make sure that all the systems of the bank are working properly”.“We play an instrumental role in improving the security of the supply chain…and other people benefit from that,” he said. “We do see what we do as a service.”“You have got the top tier of banks taking a fairly similar approach,” Cyber Security Challenge chief executive Colin Lobbley said, adding that mid-tier and smaller banks struggle to afford the investment. Monday 26 November 2018 3:54 pm Share Barclays fights off attacks from cyber criminals every single day, according to the head of the bank’s cyber security operations centre.Former Europol cybercrime centre head of operations Paul Gillen told City A.M. that the number of attempts against the lender each day was “substantial”. whatsapp Tags: Bank of England Barclays Company Cybercrimecenter_img Barclays fights off cyber attack attempts every day, says digital defence head Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoScientific MirrorLily From The AT&T Ads Is Causing A Stir For One ReasonScientific MirrorUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It LoveUndo whatsapp Earlier this month the Bank of England tested the financial industry’s ability to withstand a major cyber attack as the risk of such an event increases, with the results set to be released later this week.“This exercise forms a vital part of the sector wide biennial process that seeks to ensure the industry is prepared for – and can respond effectively to – any major disruption stemming from a cyber incident, protecting the financial system on which the public relies,” the Bank of England said.“The exercise will help authorities and firms identify improvements to our collective response arrangements, improving the resilience of the sector as a whole.”In 2014 there were five reports of cyber attacks to the Financial Conduct Authority (FCA), 27 in 2015 and 89 in 2016, the City watchdog revealed.Earlier this month, another FTSE 100 boss told City A.M. that their company is under constant attacks that range from “the malicious” to “more serious and hostile”. last_img read more

Theresa May: Parliament risks no-deal Brexit if it does not vote for withdrawal agreement

first_img More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Prime Minister Theresa May today said if parliament does not vote for her deal next Tuesday it either risked a no-deal Brexit or no Brexit at all.She said the agreement she negotiated with the EU was “a good deal and one that delivers on the referendum.” James Booth whatsapp Share Thursday 6 December 2018 9:27 am whatsapp She said she understood there were concerns from MPs in Parliament over the backstop, a failsafe that would prevent a hard border between Northern Ireland and the Republic of Ireland.”I recognise there are concerns from colleagues over the role of parliament and the sovereignty of the UK in relation to that issue,” she told the BBC.She said MPs may have a role to play on deciding whether the UK would enter the backstop or extend a possible transition period – but she gave few details.May also took aim at those in Parliament that she said were trying to “frustrate Brexit”.”There are those who just want to frustrate Brexit and overturn the vote of the British people. That’s not right,” she said. Theresa May: Parliament risks no-deal Brexit if it does not vote for withdrawal agreement She also ruled out a second referendum, arguing that those who were calling for one were doing so in the hopes that Brexit could be stopped.Those calling for a second referendum “want that because they hope there is going to be a different answer – I don’t think that’s right,” she said. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyGive It LoveThese Twins Were Named “Most Beautiful In The World,” Wait Until You See Them TodayGive It Lovemoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.com Tags: Brexit People Theresa Maylast_img read more

The world’s booming middle class still holds the key to the City’s future

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen Heraldinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostFinancial 10NHL Player’s Wife Is Hands Down The Most Beautiful Woman In The WorldFinancial 10bonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal Past whatsapp Tuesday 5 February 2019 12:53 am Tags: People Philip Hammond Tidjane Thiam Billions of people have escaped poverty over recent decades, in what is arguably humanity’s greatest success story.Figures last autumn, moreover, estimated that five people join the world’s burgeoning middle class every second. More From Our Partners Colin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFort Bragg soldier accused of killing another servicewoman over exthegrio.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKansas coach fired for using N-word toward Black playerthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com The world’s booming middle class still holds the key to the City’s future With its time zone, language, rule of law, vast depth of expertise and broad ecosystem of financial and related professional services, London is perfectly positioned to take advantage of not only the Asian revolution, but growth stories across the globe in the coming decades.Visionary financier Tidjane Thiam told a business audience five years ago that just as the current period is known as the Asian century, “I am happy to go on the record and say that the 22nd century will be the African century.”Thiam added: “This [London] is a very good place from which to take on the possibilities and opportunities of the changing world.”His words ring as true today as they did at the time. And that is one reason, at least, to see past the current political and economic headwinds and be confident about the City’s future. Julian Harris Share whatsapp Much of the success is concentrated in Asia, a picture that looks set to continue according to fresh data published by PwC this morning. The accountancy giant’s beancounters forecast massive real wage growth between now and 2040, with India leading the way with an astonishing 222 per cent expected jump in dollar-terms real wages, followed by Malaysia (184 per cent), Indonesia (176 per cent) and China (145 per cent).The numbers will come as little surprise to the business world, in which many sectors have been positioned eastwards for some time now. Nonetheless, they are a reminder of the inevitable (and welcome) narrowing of the gap between emerging and advanced economies. French wages are expected to rise merely 21 per cent between now and 2040; US wages, just 22 per cent.It was heartening, therefore, to hear one of Westminster’s current protagonists – chancellor Philip Hammond – acknowledge the changing shape of the world during his speech at a Square Mile dinner last week.”Emerging and developing economies together are home to 85 per cent of the global population and 90 per cent of people under 30 and their economies already account for nearly 60 per cent of global economic activity,” Hammond told TheCityUK lobby group.”But they account for just 10 per cent of the global financial system. So, as savings accumulate and the new middle class grows exponentially there is an enormous opportunity for the City.”last_img read more

Confidence in UK among European business leaders has collapsed due to Brexit, says survey

first_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.com whatsapp Tags: Brexit Credit Suisse Confidence in UK among European business leaders has collapsed due to Brexit, says survey Tuesday 30 April 2019 6:00 pm The confidence of European business chiefs in the UK economy has evaporated due to Brexit, causing them to slash their investment intentions, a new report by investment bank Credit Suisse has revealed.Read more: Investors withdrew savings from UK funds in lead up to Brexit deadlinecenter_img Harry Robertson Share whatsapp Over 65 per cent of European business leaders said the political wrangling had made them less likely to invest in Britain, according to a survey of 90 bosses by Credit Suisse which was released today.The gloomy news comes as Westminster gears up for European Parliament elections at the end of May and after Britain’s membership of the European Union was extended until 31 October unless a deal is reached.Over fifty per cent of the business leaders polled said Brexit was their main concern, ahead of the outlook for the Chinese economy and rising protectionism under Trump.Credit Suisse found that the UK was seen as the centre of a slowing trading environment. Of those who said they had seen a slowdown in the last six months, nearly 70 per cent said Britain was the most impacted region.Richard Kersley, head of global thematic research at Credit Suisse, said: “The uncertainty surrounding the UK’s position in the EU is the biggest concern for European executives.” He said: “This has had both a short and a long term investing impact as companies await greater clarity to see how Brexit plays out.”Amid a struggling European economy, the survey found that corporate spending plans had weakened for most sectors. The number of managers saying they would increase spending fell for the second successive survey.Read more: UK economy’s strong start to year likely a ‘false dawn’, forecaster saysFewer corporate leaders thought that labour costs would be higher over the next six months in a sign that Europe’s tight jobs market could be reaching its peak. last_img read more

Deutsche Bank scandal: Courts still chasing billions through tax scams and carbon credits

first_img Major banks enabled fraudsters to steal billions of pounds of public money through VAT scams, according to documents obtained by the Bureau of Investigative Journalism.A decade later, tax authorities are still chasing the money through the courts. Bureau of Investigative Journalism Tags: Trading Archive whatsapp Traders in London facilitated the so-called “carousel” fraud by organised crime gangs in 2009, which involved the trading of carbon credits, permits which allow a country or organisation to emit greenhouse gases.The gangs imported millions of carbon credits from outside the UK before selling them on in Britain, charging VAT to the customer but disappearing with the money instead of passing it on to HMRC. These credits were eventually bought and sold by Deutsche Bank, Royal Bank of Scotland (RBS) and Citibank among others, a key step in the fraudsters’ plans, court documents show.To hide the scam, the fraudsters set up a chain or “carousel” of bogus companies which traded the carbon credits, before selling them on to major banks through brokers. The carousel allows criminals to recycle the carbon credits and then re-sell them, allowing the fraud to continue for longer.The fraudsters moved their operations from country to country. Now, German non-profit media organisation Correctiv has coordinated 28 newsrooms across Europe to put the jigsaw together. Teams of journalists including the Bureau have scoured thousands of newly obtained documents and talked to some of the participants as part of a project called Grand Theft Europe.The documents reveal in great detail the allegations made against Deutsche Bank, RBS and Citibank and the broker companies who sold them the carbon credits. It is alleged the banks and brokers did not do enough to ensure the credits they traded were not connected to fraud. Tuesday 7 May 2019 12:01 am Share This pushed the fraud to the UK – where VAT was still charged on sales of carbon credits – and HMRC had been given only a day’s notice about the changes in France.An internal RBS email sent in early July said “it seems the UK’s carbon emissions market is rotten” and “is being targeted by carousel trading fraudsters”. RBS said this email reflects that individual’s opinion and not the wider team’s.A summer spreeShortly after the Bluenext Exchange reopened on 9 June 2009, court documents show an associate at Deutsche Bank London’s carbon trading desk, a trader, messaged a broker about the closure. “The whole carousel/VAT scam is a bit troubling,” they wrote, “maybe it really is a scam, and clearly illegal and clearly troubling”.In any case, the trader predicted a “summer slowdown” on trades “as we all take holiday”. But in reality, over the next seven weeks trading suddenly exploded as fraudsters cashed in on the UK carbon credit market.In mid-June Deutsche Bank was approached by SVS Securities, a broker with whom Deutsche had not dealt before. It had carbon credits to trade and expected to grow its business.SVS was soon providing Deutsche Bank with many more carbon credits than expected. On 2 July, SVS sold 842,000 credits to the bank, three times the amount it had initially estimated it could supply. In its defence SVS said this was because the initial volume was calculated by an intern. It said the sudden increase can only be said to “appear illegitimate with the benefit of hindsight”.The bank asked SVS for a reason behind the spike in carbon credits. SVS brokers met Deutsche Bank traders at a Corney & Barrow wine bar, and gave a plausible explanation for the uptick in business, according to Deutsche Bank.SVS said another broker, Tradition Financial Services (TFS), had approached it with an influx of clients from Eastern Europe wanting to sell carbon credits, and that SVS and TFS introduced them to Deutsche Bank and split the commission.SVS denies it ever gave the bank this explanation and said the meeting was simply a social occasion.SVS and TFS’s clients were not in fact genuine Eastern European suppliers. They were the “missing traders” who disappeared with the VAT once Deutsche Bank sent in a claims form to HMRC, according to a witness statement given by Rod Stone, a fraud investigator at HMRC, during the German authorities’ investigation.After the meeting trading resumed, and over the next 23 days Deutsche Bank bought more than 24m credits from SVS.The documents reveal that during this summer spree traders at SVS and TFS were raising their own concerns about the carbon credits they were selling on to the banks.Phone calls between Simon Fox, a trader at SVS, and Luca Bertali from TFS reveal they had never met anyone from one of the companies they were trading with and Bertali said one of them “could be an axe murderer”. Fox also questioned whether the company could “do a runner”.After hearing of a presentation by Barclays Bank about how to detect VAT fraud, Bertali phoned Fox and asked: “What are we going to do?… I hope to God they’re not all dodgy, I can’t imagine every single one of these people being fucking dodgy.”In another phone call between two unidentified SVS and TFS employees, the two agreed “the shit” will come down on carbon credit trading.The Bureau spoke to Bertali, who left TFS in 2014 and now owns a yoga studio in Shoreditch, east London. He said he believed the market for carbon credits was genuine, and that clients came to brokers like TFS who took less of a cut of profits than a bank.“It’s very easy to say with hindsight. We were just doing what we thought was the right thing,” he said. “We weren’t the ones stealing the VAT.”A member of the emission trading desk at Deutsche Bank in London claims to have raised concerns about SVS’s trading, though it is unknown exactly when. The trader said she had queried the high volumes of credits coming from SVS.During the civil case in the UK the lawyers acting on behalf of SVS and TFS’ creditors, Grant Thornton, alleged Deutsche Bank should have questioned SVS’s purported business model as it “made no commercial sense”. No other financial institution experienced such a spike in trading.Deutsche Bank London bought increasing numbers of credits from SVS at favourable prices while knowingly failing to investigate SVS’s business properly as it was not in its financial interest to do so, the lawyers allege.They were “wilfully shutting their eyes to the obvious, which was that there was no legitimate explanation for the trades such that there was a significant and unexplored risk that they were connected with criminal activity and in particular VAT fraud,” the claimants allege.While Deutsche Bank settled, Grant Thornton lawyers are still seeking £50m from SVS, two of its former employees and TFS. The case will be heard in March next year.In its defence, SVS said it denies being a knowing party in the fraud and denies that its traders “deliberately closed their minds or failed to ask questions”. They are “not culpable” for any fraud against companies or HMRC, it added.TFS also denies assisting alleged VAT fraud but that if it did assist “it did so unwittingly and not dishonestly”.Suspicions about Deutsche Bank’s trading were later raised at HMRC when in September 2009 the bank submitted a VAT refund claim for £48m, while prior to January 2009, the London branch would normally have paid VAT to HMRC. On investigators’ instruction, HMRC withheld the claim.By this time, carbon credits were no longer charged VAT, putting an end to the fraud in the UK. RBS and Citibank stopped trading with SVS in July over concerns of fraud.Despite this, Deutsche Bank London carried on trading: it stopped buying carbon credits from SVS and started selling to them instead.These credits were coming from the bank’s Frankfurt branch and fraudsters were now stealing from German tax authorities, where VAT was still being charged. Deutsche Bank declined to comment further.Almost a decade after the first suspicions of fraud emerged at HMRC, it has still been unable to recoup the full amount stolen from British taxpayers, estimated to be up to £300m. Even if it wins in court, it’s likely HMRC will only get back around half of what it is owed.For Grand Theft Europe, the Bureau of Investigative Journalism teamed up with a network of 35 European media partners from every European country, coordinated by the German non-profit newsroom Correctiv, to investigate VAT carousels, the biggest ongoing tax fraud in the EU. Read more at grand-theft-europe.com center_img Court documents reveal allegations that the fraud uncovered in Germany had its seeds in the UK in the months before the raids.Seven Deutsche Bank employees in Germany have been prosecuted to date. None of the traders in Deutsche Bank’s London office have faced criminal charges so far.The documents piece together how the carbon credit carousel fraud began in France, moved to the Netherlands and the UK, before migrating to Germany and Italy, in a pan-European fraud that is estimated to have cost EU governments €5bn.By early June 2009, a series of scandals meant it was widely known across Europe that the market for carbon credits was teeming with frauds. The Paris-based Bluenext Exchange, the main trading exchange for carbon emissions, closed for two days on 8 and 9 June as the French tax administration opted to charge a zero rate of VAT on carbon credits to prevent carousel fraud.A few days later, the Paris prosecutor’s office admitted it was investigating a multi-million-euro VAT fraud in the French carbon emissions market. Within a week, the Netherlands had also introduced a mechanism to combat the fraud. Deutsche Bank scandal: Courts still chasing billions through tax scams and carbon credits whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaUndoMike HistoryBruce Willis Is Nearing 70 & This Is The Car He Has TodayMike HistoryUndoScalp Psoriasis SearchWhat Exactly is Scalp Psoriasis? See the SignsScalp Psoriasis SearchUndoHealth Gut BoostRandy Jackson: This 3 Minute Routine Transformed My HealthHealth Gut BoostUndoReportinglyAt 106, She Is Probably The World’s Oldest Living Golden Age StarReportinglyUndoBuzzDestination7 Types of Men Who Are Not Made For RelationshipsBuzzDestinationUndocutenova.com10 Dreamiest Celeb Houses We’d Like To Live Incutenova.comUndoAir Ambulance CompaniesAmbulance Services Prices in Scottsdale Might Surprise You!Air Ambulance CompaniesUndowomengetfreebies.comGet free samples sent to your home. 100% free. Sign up Nowwomengetfreebies.comUndo Deutsche Bank settled in the UK in May last year, without admitting liability. It has refused to tell the Bureau how big the settlement was. Deutsche Bank told the Bureau it “exited carbon emissions trading in 2010 and reimbursed the German state”.The current civil cases involve RBS – now called Natwest Markets – and Citibank, who are being sued for £71.4m and £14m respectively by liquidators of a string of companies involved in the fraud. The firms that absconded with the VAT have gone into liquidation. Accountancy firm Grant Thornton is acting on behalf of the companies in an attempt to recover the money.Citibank said it considers the claim to be “fundamentally misconceived and entirely without merit”. It is “vigorously defending against the allegations”.Natwest Markets said it “denies the allegations and defended them in court in 2018. This is a long-running claim and we are expecting judgment to be handed down shortly.”Raids at Germany’s biggest bankIn April 2010 EU police and tax investigators raided hundreds of offices and homes across Germany, including those of Deutsche Bank in Frankfurt. The bank was ordered to repay €145m (£124m) of lost VAT on trades between August 2009 until the raids in April 2010 that were connected to fraud.last_img read more

Heidi Allen: Legal attempt to force Brexit extension is ‘watertight’

first_img“It’s time now for me to look at how to best represent my constituents who are very heavily remain.” Heidi Allen: Legal attempt to force Brexit extension is ‘watertight’ – despite Johnson’s plans to ‘scupper’ it Read more: Downing Street: Anti-Brexit countries will ‘go to bottom of queue’ in future talks whatsapp Boris Johnson’s plan to get around a law which delays Brexit past 31 October is going to fail, according to the latest MP to join the Lib Dems, Heidi Allen. Tuesday 8 October 2019 10:14 am Alex Daniel (Getty Images) However, Allen told Sky News this morning: “Despite all the clever words of Boris Johnson, legally we feel that is absolutely watertight.” whatsapp Former Labour MPs Chuka Umunna, Angela Smith and Luciana Berger also joined the Lib Dems in recent months. Sharecenter_img Read more: Ex-Tory MP Heidi Allen joins Liberal Democrats Tags: Brexit The act was passed last month, and looks to stop the Prime Minister from taking Britain out of the EU without a deal at the end of October if he can not strike one with the bloc by then. Allen, a former Tory MP who announced she had joined the Lib Dems last night, said the Benn act was legally watertight. Allen said this morning she would fight the Conservatives in her South Cambridgeshire constituency. She headed up a new Change UK party before quitting in June after its poor performance European elections to build a “Remain Alliance” of anti-Brexit independent MPs.   But a Downing Street source told the Spectator last night the PM had received legal advice that he could do “all sorts of things to scupper delay [the Benn act]”. Instead, it looks to force him to ask the EU for another extension to negotiate a deal. Allen, a staunch remain supporter, has followed three former Tory colleagues to join the Lib Dems, after Sarah Wollaston, Philip Lee and Sam Gyimah joined the pro-Remain party.  More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Last month City A.M. revealed that one favoured option is to invoke EU law, which ministers believe trumps British law. last_img read more