These are my links for August 18th:
- Commodities: BHP bullish on world demand as it unveils a surge in profits | Business | guardian.co.uk - Profits rise by 22%. Please don't tell me that's entrepreneurial skill. This is economic rent, and that needs an additional tax.
- re: The Auditors: Improving Contingency Disclosure? Just Keep Doing The Shuffle - "How can a firm continue as auditor when its own clients, the shareholders, are suing them for approving misleading financial reports. That would seem to me to be the epitome in independence violations."
Francine McKenna, on the ball
- Minister slapped down for 'tax the rich' article | Politics | guardian.co.uk - "Ivan Lewis, a health minister, has been slapped down for suggesting that the government should consider raising taxes on high earners.
Government sources have briefed that Lewis could be sacked if he continues floating policy ideas in this way."
Heaven forbid a Labour MP might believe in redistribution
- Yvette Cooper: The Tories don't add up | Comment is free | The Guardian - "The challenges facing the world economy are, in the words of the IMF, the most serious since the great depression. Cameron would prefer to duck the serious issues. For the sake of long-term economic prosperity, Labour must ensure he doesn't get away with it."
But will they?
- Pay-rises of non-execs continue to slow - Accountancy Age - "In 2005-06 fees rose by 25% and slowed to 16.7% from 2006-2007. This year the fees have risen by just 15.6% the Financial Times reported."
I'm sorry: are we meant to assume pay raises four times greater than average are a problem.
- Brazil turns on its uppity dispossessed | Features | The First Post - Capita using the law to oppose social justice
- Tax Justice Network: Are investment banks bad taxpayers? - The Tax Justice Network analysis
- FT.com / World - OECD attacks UK failure on corruption - "Leading industrialised nations have fired a stinging broadside at Britain over its failure to tackle corporate bribery overseas, at a time when other countries are pursuing big-name multinationals.
The anti-bribery working group of the Organisation for Economic Co-operation and Development attacked London’s performance in a letter delivered to the government in June, the Financial Times has learned."
Could that just be because we have so many tax havens?
- FT.com / Home UK / UK - The money heads for Panama and Singapore - "Singapore, the world's fastest-growing private banking centre, expected to gain from Liechtenstein's troubles, Daniel Truchi, global head of Société Générale's private banking business, told the FT in March. "Because of what happened in Liechtenstein, we will see a higher flow of funds into Singapore. The momentum is accelerating." "
Banks know no limit in their desire to undermine democratic government and the structure in which free markets survive
- FT.com / Companies / Financial services - Moulton warns buy-out groups over debt - New dimensions in business ethics
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