The British government has publicly announced a list of 115 business firms that are not adhering the minimum wages act. As per the National Minimum Wages (NMW) norms, these companies together owe about £389,000 ($598,500), according to the UK government. One fashion company, the Monsoon Accessorize topped the list among offenders. The UK government has decided to take action against them and may order them to reimburse their employees. It could also attract imposition of a fine for the offenders. The UK government will introduce a new National Living Wage in April 2016.
Legal & Regulatory
Fed wants to shield taxpayers when banks go down
The Federal Reserve is implementing new rule especially in a bid to strengthen the global financial institutions. According to the proposal, all banks that operate in the US will be able to go down smoothly without causing too much collateral damage to the public.
Task force for recreational drone registration convenes
A task force charged with recommending rules for registering recreational drones or unmanned aerial vehicles convenes this Tuesday. The group composed of more than 20 people will be holding meetings until November 5.
Wal-Mart requested approval from FAA for drone use
Wal-Mart had applied to U.S. regulators for the permission to test drones for checking inventories, home delivery, and pickup. Rumors said the company's move is to compete with Amazon's drone delivery.
European Commission Rules Starbucks' and Fiat's Tax Deals with Dutch and Luxembourg Tax Authorities Illegal - Ordering Both Companies To Pay Millions of Euro in Back Taxes
The European Commission ruled on Wednesday that Starbucks Corp and Fiat Chrysler Automobiles benefited from illegal tax deals with the Dutch and Luxembourg authorities, sending shock waves to MNCs who have been using such profit-shielding tax deals in the past.
Latest News
BLU has unveiled 2 New Big Battery Energy Series Smartphones named as the Studio Energy 2 and the Energy X. Both devices can offer up to 30 days of standby, or up to 3 days of “standard usage” per charge.
The European Union Commission agreed that Starbucks Corp and Fiat Chrysler Automobiles NV is currently benefiting from illegal tax deals with the government. The decision came yesterday after the hearing organized by the European Parliament.
Sony Pictures Entertainment has agreed for an $8 million settlement with the company's former and current employee after its data was stolen in a cyber attack launched by North Korea. During the breach, information of its employees was stolen resulting in a mounting of lawsuits from each employee involved.
Amazon is filing a lawsuit over 1,114 fake reviewers of Amazon products identified under the website Fiverr, a website for hiring freelance writers.
The FTC allowed the Coca-Cola Company and PepsiCo Inc. to retain the word 'diet' on their ads and labels while the FDA said it will still review the plea.
A former Merck and Co Inc financial analyst was sentenced to three years and a month in prison for insider trading charge by the US Attorney of New York.
The San Francisco Police Department and the Federal Aviation Administration will be working hand in hand to ban drones while imposing a $10,000 fine for offenders during the 2015 Fleet Week which is set to happen this weekend.
The US companies are keeping their profits made overseas out of the homeland in order to avoid taxes. It's estimated that 500 large US companies are holding over $2.1 trillion accumulated profits overseas to avoid taxes. These companies have to shell out $620billion by paying US taxes to repatriate the funds.
As the world is heading towards global economic uncertainty, regulators have agreed on a new term to make sure the industry will continue to stay strong. Companies are required to hold more capital under this new terms to avoid taxpayer from bailing out in case of any crisis in the future.
