The European Commission has started a formal inquiry into claims that BT has received illegal tax breaks in the UK worth billions of pounds.
The investigation, focusing on the way business rates are levied, follows a complaint from a rival telecoms firm.
Vtesse says BT and Hull-based Kingston Communications have had an unfair advantage over other companies in the sector since 2000
A tribunal is to cut Legal & General’s £1.1m ($2m) fine for mis-selling but upheld a Financial Services Authority ruling that the insurer mis-sold endowments.
The Financial Services and Markets Tribunal, which reviewed L&G’s appeal, said L&G was guilty of mis-selling
The New York Stock Exchange (NYSE) has hit US investment bank Morgan Stanley with a record $19m (£10m) fine.
The penalty, the largest so far imposed by the exchange, was the result of regulatory and supervisory lapses at Morgan Stanley, the NYSE said.
The NYSE said it had discovered “supervisory, operational and technological deficiencies” in some of Morgan Stanley’s operations
Two former executives at America Online face criminal charges after an FBI investigation into claims of fraudulent transactions with a software supplier.
The duo – Kent Wakeford and John Tuli – have been charged with conspiracy, securities fraud, wire fraud and making false statements.
Prosecutors claim the pair colluded with executives at PurchasePro to inflate revenues at the two firms
National Grid, the firm in charge of supplying electricity to England and Wales, could face fines of up to $20m (£12m) a year in the event of major power cuts.
Regulator Ofgem announced the penalties as part of an incentive scheme to improve the firm’s record on blackouts.
The move follows Ofgem’s investigation of two large power cuts in the South East and West Midlands in 2003
Eighteen former Enron directors have agreed a $168m settlement deal in a shareholder lawsuit over the collapse of the energy firm.
Leading plaintiff, the University of California, announced the news, adding that 10 of the former directors will pay $13m from their own pockets.
The settlement will be put to the courts for approval next week
Judy Boynton, Shell’s former finance director who was criticised over the oil group’s massive reserves scandal, will receive a $1m (£535,000) cash pay-off, plus shares and pension worth a further $2.4m.
Shell said Ms Boynton, who “stepped aside” from her board-level position in April, would get a $1m severance payment in line with the terms of her contract
UK employees who did unpaid overtime in 2004 would have each earned £4,650 for their efforts if they had received a wage, a new report from the TUC says. The union body said its research indicated many firms now relied on staff putting in extra hours. Data showed workers across the UK put in a […]
US securities regulators have started an informal inquiry into stun gun maker Taser following statements the company made over safety of its products.
Taser shares fell 17.74% to $22
BT customers will have to pay more for early morning calls from 16 February.
About three million BT customers could see their bills rise as it shifts the start of its more costly daytime call rate from 8am to 6am.
Customers on BT’s Together Option 1 package will see the cost of landline calls made between 6am to 8am rise from 5