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Companies bow to calls for more tax transparency
Demands for greater transparency from business about their tax affairs have prompted more than half of all FTSE 100 companies to disclose information about their approach to taxation, compared with fewer than a third two years ago.
CBI cuts growth forecast and warns of ‘uncertainty’ over EU
The Confederation of British Industry has cut its growth forecasts for the UK as it warns that uncertainty over Britain’s membership of the EU risks undermining the recovery.
The group expects the economy to grow by 2.4 per cent this year and 2.5 per cent in 2016, compared to Februrary estimates of 2.7 per cent and 2.6 per cent.
Mars warns Brussels’ financial market rules shake-up will affect consumers
A visit to the petrol station for chocolate and fuel may become more expensive if proposed revisions to European financial market rules are implemented, industry executives warn.
Mars, the chocolate company, has formed an unlikely alliance with the world’s largest oil traders to oppose European financial market regulations which they argue would increase volatility and reduce liquidity in raw materials markets- in turn hitting the price of consumer goods from food to energy.
Along with the European Cocoa Association and oil groups BP and Royal Dutch Shell, and Vitol, the commodity trader, Mars has signed a letter to the European Commission that noted a “significant unintended risk of damaging the markets”.
Renault launches UK retail savings venture
Carmaker Renault Group is launching a UK retail savings bank through its financing brand RCI, offering high-interest-rate products in an attempt to attract funding.
RCI Bank opens today with a digital account paying 1.5 per cent as the first in a range of savings products coming to market this year.
Chaos ahead as paper driving license is axed
Motorists could face “widespread confusion” as the government prepares to scrap the two-part driving license, according to motoring organisations.
They said that the move to abolish the paper counterpart could cause chaos, particularly for those planning to hire a car overseas this summer.