Cameron Under Pressure Over Panama Leaks

British Prime Minister David Cameron, under pressure for his links to an offshore investment fund revealed in the Panama Papers, is expected to announce that companies will be held criminally liable if they fail to stop their employees from facilitating tax evasion, in a statement to parliament Monday. Cameron, who published the details of six years’ worth of income over the weekend, is also expected to defend his personal financial affairs, amid mounting criticism. Sponsored by: EVERYTHING YOU NEED TO KNOW, RIGHT NOW. #IBTPulse --------------------------------------------------------------- [Cameron To Clamp Down On Tax Evasion] British Prime Minister David Cameron, under pressure for his links to an offshore investment fund revealed in the Panama Papers, is expected to announce that companies will be held criminally liable if they fail to stop their employees from facilitating tax evasion, in a statement to parliament Monday. Cameron, who published the details of six years’ worth of income over the weekend, is also expected to defend his personal financial affairs, amid mounting criticism. [Italy To Tackle Bad Loans] Executives from Italy’s largest banks will meet with officials from the country’s Treasury and central bank Monday to discuss the creation of a fund that would help the banks tackle non-performing loans and introduce fresh capital. Italy’s banks are currently loaded with about 360 billion euros ($410 billion) in bad loans. [VW CEO To Push For Board Bonus Cuts] Chief Executive Matthias Mueller will push for a significant reduction in bonuses for the carmaker’s management board Monday. The proposal, which will be put to a supervisory board steering committee, follows criticism from one of the company’s major shareholders about intentions to pay bonuses to top managers while the company grapples with the diesel emissions crisis and prepares to cut costs elsewhere. [Tata Steel To Put UK Assets Up For Sale] The Indian firm, which is Britain’s largest steelmaker, will formally put its business in the country up for sale Monday, a decision that has put around 15,000 jobs in the country at risk. The sale has sparked a political crisis in the U.K., with the government under pressure to intervene, and discussion of EU rules limiting state aid for industry playing into the closely fought Brexit debate. HERE'S WHAT YOU MISSED LAST NIGHT. [Lawsuits, Fines Cost UK Banks About $75B] A new study has revealed that “persistent misbehavior” by British financial institutions has cost them about 1 pound ($1.41) in every 4 pounds ($5.66) of pretax profits earned. The costs come in the form of fines, judgments, settlements and related legal costs over the past 15 years. The scale of the payouts has hampered banks' efforts to rebuild capital, restricted the amount they are able to lend and reduced dividends for investors, the study said. [Defections Rattle North Korea] Two North Korean officials, including a senior military officer responsible for intelligence operations, defected to the South last year, Seoul’s defense ministry said Monday. The news comes after 13 North Koreans working in China reportedly defected to the South last week, and South Korean officials warned that mass defections were possible. [Daily Mail May Bid On Yahoo] The U.K. tabloid publisher has reportedly been meeting with private equity firms with a view to bidding to acquire the struggling internet giant. There is speculation that a deal could see a private equity firm acquire Yahoo, and then have the Mail run its extensive editorial operations. The Mail is not the only interested party, however, with Google’s parent company Alphabet, Time Inc. and Verizon also reportedly interested. [US Navy Officer Charged With Spying] The officer, who had access to sensitive U.S. intelligence, faces espionage charges over accusations he passed state secrets, possibly to China and Taiwan. The officer, who has been identified as Lieutenant Commander Edward Lin, was born in Taiwan and later became a naturalized U.S. citizen. He was assigned to the headquarters for the Navy’s Patrol and Reconnaissance Group, which oversees intelligence collection activities. AND THEN THERE'S THIS... [Tigers Roaring Back In The Wild] According to the findings of a new survey released Monday, the global population of tigers roaming in the wild has risen for the first time in over a century. The findings suggest efforts to boost the numbers of the animals in the wild, launched by 13 countries in 2010, are finding some success. The global population of tigers dropped to a record low of 3,200 that year, but is now pegged at 3,890. [Kerry In Historic Hiroshima Visit] U.S. Secretary of State John Kerry attended a memorial for the victims of the U.S. atomic bombing of Hiroshima on Monday, becoming the highest-ranking American official to pay his respects at the site. Kerry’s visit prompted speculation that President Barack Obama may make a similar gesture when he visits the city for the G-7 leaders’ meeting next month. 7 Hanover Square, 5th Floor, New York, NY 10004 © 2015 IBT Media Inc. All Rights Reserved. Please add pulse@ibt-mail.com to your contacts [Unsubscribe] | [Privacy Policy]