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Ex-Sainsbury's boss: 'Make Amazon pay fair share of tax'

Ex-Sainsbury's boss: 'Make Amazon pay fair share of tax'

Business
One of Britain's best-known retailers says Britain's tax system should be radically changed to stop online companies having "an unfair advantage", and being subsidised by the taxes of their rivals. Justin King, former chief executive of Sainsbury's, has called for business rates to be halved, with the lost revenue replaced by a 2% increase in VAT.He says those changes would not increase shop prices, but would mean companies such as Amazon paying a fairer share of tax.He has also suggested that the Government should consider a "delivery tax" on online retailers that "bypass retail space".Mr King was boss of Sainsbury's for a decade until stepping down in 2014. Image: The high street has suffered because of growing online sales ...
Carillion demise spurs share sale clampdown

Carillion demise spurs share sale clampdown

Business
The bosses of Britain's biggest public companies‎ could be forced to hold onto shares for years after they retire under new corporate governance rules to be unveiled next week. Sky News has learnt that executives will face a ban on the sale of shares awarded under long-term incentive plans for up to five years as part of a clampdown aimed at rebuilding public trust in business.Sources said that the Financial Reporting Council's (FRC) revamped Corporate Governance Code would impose a new provision for remuneration committees to consider whether executives should be required to continue to hold shares for a period after their employment ends.That would represent a departure from current policy, and will be seen as a response to public and political anger over the conduct ...
TCS share buyback: Should you tender shares?

TCS share buyback: Should you tender shares?

Finance
NEW DELHI: Software services behemoth TCS has announced a mega Rs 16,000 crore buyback under the tender route. The question is should you tender your shares. The buyback -- at a price of Rs 2,100 per share -- accounts for 38 per cent of the IT major's cash balance and 18 per cent of net worth. According to Sebi regulations, 15 per cent of the offer size -- that is, 2,400 crore in this case -- will be reserved for small shareholders holding shares up to a value of Rs 2 lakh as on the record date. The latest shareholding pattern of the company suggests that the 15 per cent reserved shares i.e. 1.14 crore account for 8.5 per cent of the total retail investors held. This means that if all the retail shareholders of the IT firm decide to tender their shares, the acceptance ratio would be in ex...
Tesla to be 'reorganised' as share price falls

Tesla to be 'reorganised' as share price falls

Technology
Tesla's chief executive Elon Musk has told staff the firm is undergoing a "thorough reorganisation" after two of its cars were involved in crashes last week. The tech billionaire's email to employees also comes amid production problems and senior staff departures, with shares falling 2.1% to $ 297 on Monday.Mr Musk said the restructuring plans involve "flattening the management structure to improve communication", as well as trimming activities "not vital to the success of our mission".Tesla confirmed the contents of the email after they were reported by the Wall Street Journal.Mr Musk is trying to fix production headaches that have slowed the roll-out of its Model 3, a mid-market car seen as key to the company's success.The chief executive said in his email that Tesla will...
NASA share photo from Operation IceBridge flight

NASA share photo from Operation IceBridge flight

Science
April 27 (UPI) -- NASA scientists conducted the longest flight of the Operation IceBridge mission's spring campaign this week. On Friday, the space agency shared a photo captured during the flight.The image features a ridge in Greenland dividing a pair of glacial valleys. The deep blue of a fjord and the Arctic sky interrupt the snow-capped mountains.The most recent Operation IceBridge flight lasted 8.5 hours, allowing scientists to collect data on several glaciers and other points of interest.The IceBridge mission is the largest airborne polar survey yet undertaken. Flights over Greenland will continue through May. In October and November, scientists will survey Antarctica."It is yielding unprecedented three-dimensional views of Arctic and Antarctic ice sheets, ice shelves and sea ice," N...