British outsourcing group G4S says its chief executive will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence. More »G4S Chief Nick Buckles Quits After Setbacks
High street retailer Marks and Spencer has announced a fall in profits after a slump in clothing sales. More »Marks And Spencer: Lowest Profits Since 2009
By Kate Holton and Paul Sandle LONDON (Reuters) - Vodafone boss Vittorio Colao staked his reputation on selling the group's prized stake in U.S. operator Verizon Wireless at the right time and right price, saying on Tuesday he would not bow to pressure to do any deal. Contemplating what could be the world's third-largest ever corporate deal, Colao and his number two Andy Halford said they were happy holders of the 45 percent stake, following increasing demands from majority owner Verizon Communications Inc for a sale. ... More »Vodafone chief Colao says happy with Verizon stake
By James Davey LONDON (Reuters) - British retailer Marks & Spencer posted its lowest annual profit since 2009 on Tuesday, hit by a drop in clothing sales, and said growth this financial year would be held back by investments online and in logistics. The 129-year-old firm, battling to reverse seven straight quarters of falling underlying sales in clothing and homewares, said it expected a stronger performance next fiscal year, when new fashion ranges deliver results and capital spending falls. At that point, it would look at improving returns for shareholders, it said on Tuesday. ... More »Marks & Spencer says investment to hold back profits
By Conor Humphries and Padraic Halpin CORK/DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low. ... More »Ireland rejects blame for Apple's low tax rate
By Tom Bergin LONDON (Reuters) - Apple's ability to shelter billions of dollars of income from tax has hinged on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation has revealed that Apple, maker of iPhones, iPads and Mac computers, had channelled profits into Irish-incorporated subsidiaries that had "no declared tax residency anywhere in the world". ... More »The Irish loophole behind Apple's low tax bill
VATICAN CITY (Reuters) - Pope Francis criticised what he called "savage capitalism" on a visit to a food kitchen on Tuesday, in an address in which he called for the values of generosity and charity to be revived. "A savage capitalism has taught the logic of profit at any cost, of giving in order to get, of exploitation without thinking of people... and we see the results in the crisis we are experiencing," the pope said. Francis greeted the men and women coming to the 'Gift of Maria' food kitchen, located at the walls of the Vatican. ... More »Pope criticises "savage capitalism" on visit to food kitchen
By Patrick Temple-West and Kevin Drawbaugh WASHINGTON (Reuters) - Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence. ... More »Apple CEO makes no apology for company's tax strategy
DUBLIN (Reuters) - An Irish opposition party called on Tuesday for Irish-based multinationals to be questioned on corporate tax by a parliamentary committee as debate raged over how much tax the companies actually pay. Ireland has been defending its corporate tax rate after the U.S. Senate said on Monday that Apple paid little or no tax on tens of billions of dollars in profits in Irish subsidiaries and that it had negotiated a special corporate tax rate of less than 2 percent. (Reporting by Padraic Halpin; Editing by Jon Hemming) More »Irish opposition calls for multinationals to face parliament
By Matthew Mpoke Bigg and Kwasi Kpodo ACCRA (Reuters) - Oil brought riches to Nigeria but also ravaged its economy and fuelled corruption and conflict. Now nearby Ghana has begun production and wants to take the wealth but dodge the oil curse. Ghana is used to resource riches: it is already the world's number two cocoa producer and Africa's second-largest gold miner. But there are signs it is struggling to manage the new oil money and some people are disappointed. ... More »Ghana hopes to shield economy from African oil curse
Royal Mail unveiled a big jump in profits to £440m as it took another step towards a possible stock market flotation later this year. More »Royal Mail Float Looms After £440m Profits
By Bill Rigby and Malathi Nayak REDMOND, Washington (Reuters) - Microsoft Corp unveiled the "Xbox One" on Tuesday, its first new gaming console in eight years, and its strongest push so far to dominate consumers' living rooms with an array of exclusive media content. The Xbox One took four years to develop and will be the launchpad for a "Halo" live-action video series produced by Steven Spielberg. It will be sold worldwide "later this year," games unit chief Don Mattrick told reporters at an event at the software company's campus near Seattle, without providing details on timing or pricing. ... More »Microsoft unveils Xbox One with Spielberg, Activision tie-up
By Patrick Temple-West WASHINGTON (Reuters) - Apple Inc's chief executive officer defended the company's tax record at a Tuesday Senate hearing where lawmakers said the maker of iPads, iPods and Mac computers kept billions of dollars in profits in Irish subsidiaries to avoid U.S. taxes. The hearing marked another foray by the Senate's most powerful investigative committee into corporate offshore tax avoidance, which is increasingly a target of many governments from the United States to Western Europe. ... More »U.S. Senate panel peels back Apple's offshore taxes
JERUSALEM (Reuters) - Israel on Tuesday expanded the distance it permits Gaza fishermen to head out to sea, restoring a limit it cut in half two months ago in response to rocket fire from the Palestinian enclave. The Defence Ministry announced the decision two days before a visit by U.S. Secretary of State John Kerry, who is trying to revive Israeli-Palestinian peace talks stalled since 2010. Prime Minister Benjamin Netanyahu approved the expansion of the zone from three to six nautical miles (5.5 to 11 km), a statement said. ... More »Israel extends Palestinians' Gaza fishing zone
By William James LONDON (Reuters) - Ending Britain's 306-year rule would allow Scotland to reverse generations of economic mismanagement and free its lawmakers to boost economic growth, say Scottish nationalists campaigning to split from the UK. Independence would not only bring the long-standing and sometimes-troubled union to an end, but allow tax cuts and investment focused on boosting exports to spur growth on the Scottish side of the border. ... More »Scotland says better off without Britain, but with the pound
Tim Cook has said Apple complies with the spirit and the letter of the law and denied the firm's tax regime is a "sham". More »Apple Tax: CEO Tim Cook Denies 'Gimmicks'
By Marcus George DUBAI (Reuters) - Iranian authorities barred two potentially powerful and disruptive candidates from running in next month's presidential election on Tuesday, ensuring a contest largely among hardliners loyal to the clerical supreme leader. Akbar Hashemi Rafsanjani, a veteran companion of the Islamic Republic's founder, a former president and thought potentially sympathetic to reform, was denied a place on the ballot by the Guardian Council of clerics and jurists, state media said. ... More »Iran bars candidates for presidential election
Microsoft has debuted its new Xbox One, announcing that the company's first gaming console in eight years will come with exclusive video and software content. More »Xbox One Console Unveiled By Microsoft
DUBLIN (Reuters) - Ireland does not cut special tax deals with foreign companies and a U.S. Senate report saying it did so for Apple Inc is incorrect, Irish Prime Minister Enda Kenny said on Tuesday. Ireland has been defending its corporate tax rate after the U.S. Senate said on Monday that Apple paid little or no tax on tens of billions of dollars in profits in Irish subsidiaries and that it had negotiated a special corporate tax rate of less than 2 percent. ... More »Irish PM says U.S. Senate's Apple tax claims incorrect
Britvic, the soft drinks producer behind Robinson's squashes, will on Wednesday outline plans for tens of millions of pounds in annual cost savings amid growing doubts about its proposed merger with rival AG Barr. More »Britvic Prepares To Call Time At Barr