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News >> Business Ethics and Corporate Culture

The White House has made available Closing Corporate Tax Loopholes (26 July 2014), the text of United States President Barack Obama's latest weekly address at the White House.

Published in Financial Integrity

The United Kingdom Office of Gas and Electricity Markets (Ofgem) has made available an open letter (24 July 2014) regarding the independent review (July 2014) of distribution network operators' (DNOs) performance during the December 2013 UK storms. According to Ofgem, the review finds that the southern UK operations of DNOs SSE and UKPN "could have done more to get customers reconnected faster and to keep them better updated on what was happening".

Published in Consumer Protection

The China Food and Drug Administration has asked local authorities to examine food processing facilities associated with supplier Shanghai Husi Food (Shanghai Husi) following reports that the company supplied several fast food chains with products containing expired meat.

Published in Consumer Protection

The Australian Securities and Investments Commission (ASIC) has announced that it accepted an enforceable undertaking (6 February 2013) (the EU) offered by the Royal Bank of Scotland plc and the Royal Bank of Scotland N.V. (collectively, RBS) in relation to potential misconduct involving Australian benchmark interest rate the Bank Bill Swap Rate (BBSW).

The Tokyo District Court has sentenced former Deutsche Securities salesperson Shigeru Echigo to ten months in prison for bribing a fund executive to purchase investment products. Mr Echigo pleaded guilty in April 2014 to charges that he spent approximately JPY900,000 entertaining the executive on 15 occasions in 2012.

A jury in the United States state of Florida has ordered R.J. Reynolds Tobacco Company to pay a surviving spouse US$23 billion in punitive damages for the deceased's death.

The Supreme Court of the Australian state of Victoria has announced that the parties to a class action arising from the February 2009 Victorian bushfires (Black Saturday) that "killed 173 people and injured thousands of others" have reached a settlement of approximately A$495 million. According to the Court, the action involves more than 10,500 group members and relates to the damage caused in the Kilmore East-Kinglake area, where 119 people died and 1,200 homes were destroyed.

Financial services provider Citigroup has announced that it has reached a US$7 billion settlement with several United States authorities in relation to "[residential mortgage-backed securities (RMBS)] and collateralized debt obligations (CDOs) issued, structured or underwritten by [Citigroup] between 2003 and 2008".

Published in Financial Integrity

The United States Federal Energy Regulatory Commission (FERC) has made available an order (7 July 2014) (the Order) approving an agreement (attached to the Order) under which Arizona Public Service Company (APS) is to pay a US$3.25 million civil penalty and meet compliance requirements to resolve regulators' investigations into APS's involvement in the 2011 blackout that affected approximately five million individuals in the US Southwest.

Commonwealth Bank of Australia Group (CBA) has made available a statement (3 July 2014) by its chief executive officer Ian Narev announcing a program to provide remediation for customers who suffered financial loss as a result of "[p]oor advice provided by some of [CBA's financial advisers] between 2003 [and] 2012".

Published in Consumer Protection

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