(Bloomberg) — A conman posing as a millionaire London trader who defrauded a Dutch shipping company of 100 million euros ($113 million) was sentenced to 14 years in prison by a U.K. court.
Portuguese national Luis Nobre persuaded Allseas SA, which was trying to raise capital, to transfer the 100 million euros into his control, the Metropolitan Police said in a statement Tuesday. The Wembley resident, who presented himself a financier with access to billions from connections to the Vatican and Spanish aristocracy, was found guilty of the 2011 fraud at a London court on Friday.
"The revelation that Volkswagen cheated emissions tests is the latest in a line of scandals that have dented the public's faith in business since 2008's financial crisis.
It was seen as a betrayal of trust. But just what is trust and how important is it in business? And, once it has been lost, can it ever be won back?
The editor of Management Today, Matthew Gwyther, interviews Rupert Stadler, the chairman of Audi - which is part of the VW group. He also speaks to the chairman of the John Lewis Partnership, Charlie Mayfield, and former chief of Severn Trent Water and Jaguar, Sir John Egan.
The former EMEA head of public relations firm Edelman, Robert Phillips, explores PR's influence on trust and Nobel Prize winning economist and author Professor Robert Shiller gives his thoughts.
Amid all the negativity about business, Rachel Botsman - who is an expert on the collaborative economy - offers some hope."
News of the poisoned water crisis in Flint has reached a wide audience around the world. The basics are now known: The Republican governor, Rick Snyder, nullified the free elections in Flint, deposed the mayor and city council, then appointed his own man to run the city. To save money, they decided to unhook the people of Flint from their fresh water drinking source, Lake Huron, and instead, make the public drink from the toxic Flint River.
When the governor's office discovered just how toxic the water was, they decided to keep quiet about it and covered up the extent of the damage being done to Flint's residents, most notably the lead affecting the children, causing irreversible and permanent brain damage. Citizen activists uncovered these actions, and the governor now faces growing cries to resign or be arrested.
Poor, heavily Hispanic neighborhoods shoulder a disproportionate fracking wastewater burden in Texas' booming Eagle Ford
February 3, 2016
By Brian Bienkowski Environmental Health News
Chavel Lopez lives just a few miles north of Texas' Eagle Ford—one of the many regions in the country recently given a makeover from the fracking industry. "I just have to drive a bit south and see the wells and the flames," he said.
For Lopez, rather than a booming industry, these are signs of yet another pollution burden for the region's people of color.
"We already had issues. Right here in San Antonio, fuel storage tanks were all located on the eastside, predominantly African American neighborhoods," he said. "For some of these Hispanic neighborhoods, they were already dealing with uranium mining impacts and now the fracking of oil and gas."
And new evidence supports his fears: Poor and minority neighborhoods bear a disproportionate share of fracking wastewater wells in South Texas' Eagle Ford play, according to a new study.
This focus on campaigns and elections tends to exclude coverage of the political agenda itself. In other words, what is it that Congress and the regulatory agencies are thinking about and, just as importantly, not thinking about? And so this focus has missed one of the most fundamental transformations within our political system: the way in which corporate interests have moved the playing field away from party politics and into the bowels of agencies, courts, and Congress. The media have yet to figure out how to keep score. Author and journalist Alyssa Katz, in her new book The Influence Machine, charts the history and measures the power of one of the leading drivers of this shift, the U.S. Chamber of Commerce, which she calls the “single most influential organization in American politics” (as would anybody else writing a book on it).
CROSS POSTED ON BYLINE.COM An extraordinary report published by the National Audit Office today on " Just Solutions" - the commercial arm of the Ministry of Justice set up by former Lord Chancellor Chris Grayling- reveals that taxpayers have lost over £1m on the failed venture. Remember this was set up by Grayling so the…
“At the parliament of animals, the rabbits demanded equal rights, and the lions replied, ‘But where are your claws?’”
We often hear it reported that in some benighted countries the people believe that “Democracy is a nice idea, but it’s not for us. We need a strong guiding hand.” So convinced of this are these people that, given the opportunity, they will in fact vote for this strong hand and all that comes with it, making democracy an oxymoron.
We tend to think that these foreign skeptics just don’t understand, and so some of us think that we ought to help them to understand. As my representative, freshman Republican Darin LaHood, said during a recent visit to a local high school, “The goal of our foreign policies is to try to make the world more like us.” (LaHood, son of Ray LaHood, was elected to the seat vacated by disgraced Republican Aaron Schock, he of the Downton-red office walls.)
In his recent book "Economics Rules," Harvard economist Dani Rodrik laments how economists often portray a public consensus while disagreeing strongly in private. In effect, economists behave like scientists behind closed doors, but as preachers when dealing with the public.
Nowhere is this evangelism clearer than on the issue of trade. Ask any economist what issue they agree on, and the first answer you’re likely to hear is “free trade is good.” The general public disagrees vehemently, but economists are almost unanimous on this point.
UNITED NATIONS, Feb 9 (Reuters) – A U.N.-blacklisted North Korean shipping company continues to evade sanctions through its use of foreign-flagged ships, name changes and other means of obfuscation, according to a new report by United Nations monitors.
The U.N. Security Council’s Panel of Experts on North Korea, which monitors implementation of sanctions on Pyongyang, also said the reclusive communist nation has continued to export ballistic-missile technology to the Middle East and ship arms and materiel to Africa in violation of U.N. restrictions.
“Given the stated intentions of (North Korea), it continued efforts to enhance the scope of its nuclear and missile programs … there are serious questions about the efficacy of the current United Nations sanctions regime,” the panel said in its latest confidential report, seen by Reuters on Tuesday.
The ongoing EU-US trade negotiations, TTIP, seek to bring rules on both sides of the Atlantic together by means of so-called regulatory cooperation. This part of the talks involves dismantling existing “regulatory barriers” and preventing new ones from emerging with public interest regulations having to go through lengthy procedures, including vetting by business for possible impacts on trade. It has sparked concerns that the trade deal will lead to attacks on environmental protections, safety at work regulations, and laws to defend public health and food safety– to name but a few. Our latest report finds that regulatory cooperation procedures have already been used to delay, water down and prevent legislation in the public interest. It thus confirms this critique.
LONDON — European officials knew that Volkswagen diesels fell short of pollution limits years before the company became engulfed in an emissions cheating scandal, records show.
And they also knew that diesels across the industry had problems that were similar, if not worse.
The European Commission, the European Union’s executive branch, performed road tests on emissions from seven diesel cars starting in 2007, but it did not reveal what cars or manufacturers had been involved in the tests when it published the results in 2011 and 2013. Internal documents obtained through the European equivalent of a Freedom of Information request, along with records recently made public by the commission, detail the results.
Former Petrobras Exec Sentenced Over Vantage Drilling Contract February 1, 2016 by Reuters
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Titanium Explorer. File photo credit: Marin Bustraan/MarineTraffic.com SAO PAULO, Feb 1 (Reuters) – A Brazilian judge sentenced the former head of state-run oil company Petrobras’ international division to 12 years and two months in jail for corruption and money laundering on Monday, part of the country’s largest-ever graft investigation.
Federal judge Sergio Moro said Jorge Zelada had unduly awarded U.S. company Vantage Drilling a 2009 contract with Petrobras for the drillship Titanium Explorer in exchange for bribes stashed in undeclared accounts in Monaco and Switzerland.
Moro also convicted former Petrobras executive Eduardo Musa and lobbyist Hamylton Padilha, though their sentences were reduced because they signed plea agreements.
As Silicon Valley firms look to destroy ‘the existing order’, some European leaders are fighting to develop the industry’s moral compass. This is a real chance to make better decisions, fight fatalism and build a humane future
On Thursday, a 43-year-old captive female elephant died in Vietnam.
The elephant — named Na Lieng — was forced to work in the tourist industry, giving "holidaymakers" rides on her back. She likely died, Thahn Nien News reported, from exhaustion.
Sadly, the animal's death wasn't an anomalous event. In March, a 40-year-old captive male elephant also died from severe exhaustion and overwork in the tourism industry, according to local news reports. A 36-year-old male elephant collapsed in January for the same reason: he was found dead with chains still on his front leg. In 2013, two female elephants also died in Vietnam — again, from overwork and hunger.
Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co, gave a talk on how the world’s wealthy elite can avoid paying taxes\. His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments\. Some are calling it the new Switzerland\. After years of lambasting other countries for helping rich Americans hide their money offshore, the US is emerging
The inspection and auditing system for global supply chains is ‘working’ for corporations, but failing workers in developing countries and the planet Exclusive interviews reveal that labour abuses, poor working conditions and environmental degradation within global supply chains remain widespread
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