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Lion Air families told of fatal Boeing 737 crash causes

Lion Air families told of fatal Boeing 737 crash causes

Business
Mechanical and design problems with the flight control system were among the causes of last year's Lion Air crash, families of the victims have been told.Indonesian investigators focused on a system used to improve handling and prevent stalling on the Boeing 737 Max, which crashed killing 189 people.The 737 Max model was grounded after an Ethiopian Airlines crash in March 2019.On Tuesday, Boeing's Kevin McAllister was ousted, the most senior executive to go in the wake of the crashes.Boeing did not comment ahead of formal publication of the report into the Lion Air crash, which took place 13 minutes after take-off from Jakarta on 29 October.The US company's third-quarter results, due later on Wednesday, are expected to be dominated by the fall-out from th...
Auditors ‘complicit’ in UK corporate failures, MPs say

Auditors ‘complicit’ in UK corporate failures, MPs say

Business
By Wale Azeez, business reporter MPs have accused auditors of being "complicit" in the recent failure of British corporate giants, after it emerged that Thomas Cook paid PwC up to £21m in consultancy fees.The travel group which collapsed last month, putting 9,000 UK jobs in jeopardy, had paid the sum to its former auditor for consultancy and non-audit work between 2007 and 2016, MPs were told on Tuesday. During an evidence session of auditors facing the Commons Business, Energy and Industrial Strategy (BEIS) committee, PwC's head of audit, Hemione Hudson, told MPs that the firm also earned £4m from providing the travel company with advice on pay levels for executives, at the same time as auditing the accounts between 2007 and 2012.Thoma
Airbnb probed by UK tax authorities

Airbnb probed by UK tax authorities

Business
Home rentals site Airbnb has warned a tax inquiry by HM Revenue & Customs could lead to legal proceedings.A note in newly filed accounts for Airbnb UK said it had been contacted by HMRC over "tax laws or regulations impacting the company's business". "The company is also subject to tax inquiries and proceedings concerning its operations and intra-company transactions," it added."Some of these matters may result in litigation."The San Francisco-based company has two UK entities - Airbnb UK, which markets and supports the business, and Airbnb Payments UK, which processes payments between Airbnb hosts and guests outside the US, China and India. Last year, Airbnb UK paid tax of £146,059 on profits of £455,076 and a £14.2m turnover. The payments arm had a
Drugs firms reach $260m US opioid settlement

Drugs firms reach $260m US opioid settlement

Business
Four drugs companies have reached a $ 260m (£200m) deal with two Ohio counties over their role in fuelling the US opioid crisis.The agreement averts a trial that had been scheduled to start in Cleveland.The counties had been seeking billions from Israel-based drugmaker Teva and drug distributors AmerisourceBergen, Cardinal Health and McKesson.A trial for Walgreens Boots Alliance, which had also been accused, will be rescheduled.The last-minute deal was announced on Monday by the judge overseeing the trial in Cleveland. Talks over a bigger settlement, which would have resolved claims brought by thousands of other cities, counties and states, had collapsed on Friday. The companies, which have denied wrongdoing, are accused of ignoring suspicious orders and
Brexit deal acceptable, says top Barclays banker

Brexit deal acceptable, says top Barclays banker

Business
Prime Minister Boris Johnson's Brexit deal is "acceptable" and the country should push ahead with it, leading banker Sir Ian Cheshire has said.Sir Ian, chairman of Barclays' UK operations, told the BBC that business leaders wanted to see certainty.He added that it was "extremely unlikely" further negotiations with the EU would produce a different outcome.However, some UK business groups were more sceptical, with one calling it "a step backwards for frictionless trade".Confidence sufferingSpeaking to the BBC's Today programme, Sir Ian said: "No deal is perfect, but this deal is actually doable,"It is, I think, very frustrating to see what appears to be a protracted process when most business leaders would like to see some certainty and get on."The chances ...