Mitsubishi Motors has forecast a net loss of 145bn yen ($1.4bn, £900m) for the current business year in the wake of its fuel efficiency scandal.
In April, the Japanese carmaker admitted it had been
falsifying fuel efficiency tests for decades.
The expected loss marks the first fall in profit for the car firm since the 2008 financial crisis.
Mitsubishi had already reported a 39% drop in net profit in the year to the end of March due to the fuel scandal.
In the wake of the scandal, some $3bn was wiped off its market value and in May fellow carmaker Nissan moved in to take a controlling stake.
Last week, Mitsubishi said it planned to give owners of four affected vehicles close to $1,000 in compensation for overstating the fuel efficiency of the cars.
In total, the reimbursement costs are estimated at at least $600m.
It also said it was setting aside as much as $86m to reimburse customers for lost "eco car" tax breaks for affected models.
Scandal, resignation, takeover
Mitsubishi Motors admitted it had rigged tests for the past 25 years.
Regulations changed in 1991 to better reflect stop-start urban driving, but Mitsubishi failed to heed the change.
In May the firm's president, Tetsuro Aikawa, stepped down in the wake of the scandal and following the takeover by Nissan.
Before the scandal, the carmaker was the sixth biggest in Japan and the 16th largest worldwide.
Annual car production currently stands at around 1,200,000 vehicles.
Wednesday, 22 June 2016
Unilever to use 'less sexist' ads
Adverts showing women unable to resist the lure of chocolate, slaving in the kitchen and going giggly at the sight of a man will be no more if consumer goods giant Unilever has its way.
The firm, behind more than 400 brands from Ben & Jerry's ice-cream to Dove soap, has pledged to remove sexist stereotypes from its own ads and called on rivals to follow suit.
Some 40% of women did not identify with their portrayal in adverts, it said.
The firm spends £6bn a year on adverts.
The figure makes it the second-biggest advertiser globally and chief marketing officer Keith Weed told the BBC this gave it a responsibility to push the change "on a broader society level".
He said the campaign, dubbed Unstereotype, was the culmination of two years of research.
This uncovered some "extraordinary things", including that women were largely portrayed in a secondary or service role, with just 3% of ads featuring women in managerial or professional roles.
Other findings revealed almost all women (90%) felt they were presented as sex symbols and almost a third (30%) said adverts showed women as perceived by a man.
"If we looked at role, personality and appearance, then they weren't representing women as they are today. Some of the imagery might have been current years ago, but it certainly wasn't today," said Mr Weed.
Unilever found half of the ads it analysed stereotyped both men and women, but initially, Mr Weed said, the firm planned to focus its efforts on a more realistic portrayal of women, at whom the majority of its products are targeted.
It has already started to change some of its adverts, with its stock cube Knorr campaign featuring men, rather than women, in the kitchen and its campaign for deodorant brand Lynx, known as Axe outside the UK, moving away from the stereotypical portrayal of a woman lusting after a man.
The firm was one of the first to use "real" women in its
Dove brand campaign more than a decade ago, which dramatically boosted sales by "billions of euros", and Mr Weed said this had given it early evidence of the business case for the change.
Christian Eichert, a marketing researcher at Cass Business School, said managing to shift its advertising was "complicated" for a global brand such as Unilever, which was trying to cater to a liberal audience while not alienating its conservative one.
He said humour and putting men and women on an equal footing was key.
"It's very difficult to pitch these progressive narratives while on the other hand claiming authenticity. It's empowering if [the adverts] allow consumers to play with boundaries without being perceived as not 'man enough' or 'not female enough'.
"In the end, the boy gets the girl. It's pretty much the same outcome, it's just the path that's changing," he said.
Many other firms from M&S to Debenhams have employed similar strategies, using more realistic role models in an attempt to boost sales.
Sport England's campaign called This Girl Can, aimed at helping encourage more women to take up exercise and featuring women of all shapes and sizes taking part in a variety of sports, was particularly successful, leading to 2.8 million 14-40 year old women saying they had done some or more activity as a result.
And increasingly there are signs that people are less willing to put up with traditional stereotypes.
An advert by weight loss shake firm Protein World last summer featuring a bikini-clad model and asking "Are you beach body ready?" sparked a huge backlash over alleged "body-shaming", including a protest in London's Hyde Park and a petition on Change.org that attracted more than 71,000 signatures.
Earlier this month the UK advertising watchdog launched a consultation on gender stereotyping in adverts to see if a change in rules was necessary.
The Advertising Standards Authority said it would consider a range of issues including the mocking of men and women in ads where they took on roles against stereotype and the presentation of an idealised or unrealistic body image.
"We're serious about making sure we're alive to changing attitudes and behaviours," said Guy Parker, chief executive of the ASA.
Heather Andrew, chief executive of Neuro-Insight, a firm which uses brain imaging to do market research, said social media had influenced advertising.
"The long-term rules of the advertising game have shifted. Social media uses real life situations and authentic portrayals do a lot better than stereotypes."
Ms Andrew said in the end the important thing was that firms were open-minded.
"In some circumstances, it's realistic to show mum cooking dinner. It's about seeking to portray the reality people see. Showing people doing normal things doesn't preclude using people in different ways."
The firm, behind more than 400 brands from Ben & Jerry's ice-cream to Dove soap, has pledged to remove sexist stereotypes from its own ads and called on rivals to follow suit.
Some 40% of women did not identify with their portrayal in adverts, it said.
The firm spends £6bn a year on adverts.
The figure makes it the second-biggest advertiser globally and chief marketing officer Keith Weed told the BBC this gave it a responsibility to push the change "on a broader society level".
He said the campaign, dubbed Unstereotype, was the culmination of two years of research.
This uncovered some "extraordinary things", including that women were largely portrayed in a secondary or service role, with just 3% of ads featuring women in managerial or professional roles.
Other findings revealed almost all women (90%) felt they were presented as sex symbols and almost a third (30%) said adverts showed women as perceived by a man.
"If we looked at role, personality and appearance, then they weren't representing women as they are today. Some of the imagery might have been current years ago, but it certainly wasn't today," said Mr Weed.
Unilever found half of the ads it analysed stereotyped both men and women, but initially, Mr Weed said, the firm planned to focus its efforts on a more realistic portrayal of women, at whom the majority of its products are targeted.
It has already started to change some of its adverts, with its stock cube Knorr campaign featuring men, rather than women, in the kitchen and its campaign for deodorant brand Lynx, known as Axe outside the UK, moving away from the stereotypical portrayal of a woman lusting after a man.
The firm was one of the first to use "real" women in its
Dove brand campaign more than a decade ago, which dramatically boosted sales by "billions of euros", and Mr Weed said this had given it early evidence of the business case for the change.
Christian Eichert, a marketing researcher at Cass Business School, said managing to shift its advertising was "complicated" for a global brand such as Unilever, which was trying to cater to a liberal audience while not alienating its conservative one.
He said humour and putting men and women on an equal footing was key.
"It's very difficult to pitch these progressive narratives while on the other hand claiming authenticity. It's empowering if [the adverts] allow consumers to play with boundaries without being perceived as not 'man enough' or 'not female enough'.
"In the end, the boy gets the girl. It's pretty much the same outcome, it's just the path that's changing," he said.
Many other firms from M&S to Debenhams have employed similar strategies, using more realistic role models in an attempt to boost sales.
Sport England's campaign called This Girl Can, aimed at helping encourage more women to take up exercise and featuring women of all shapes and sizes taking part in a variety of sports, was particularly successful, leading to 2.8 million 14-40 year old women saying they had done some or more activity as a result.
And increasingly there are signs that people are less willing to put up with traditional stereotypes.
An advert by weight loss shake firm Protein World last summer featuring a bikini-clad model and asking "Are you beach body ready?" sparked a huge backlash over alleged "body-shaming", including a protest in London's Hyde Park and a petition on Change.org that attracted more than 71,000 signatures.
Earlier this month the UK advertising watchdog launched a consultation on gender stereotyping in adverts to see if a change in rules was necessary.
The Advertising Standards Authority said it would consider a range of issues including the mocking of men and women in ads where they took on roles against stereotype and the presentation of an idealised or unrealistic body image.
"We're serious about making sure we're alive to changing attitudes and behaviours," said Guy Parker, chief executive of the ASA.
Heather Andrew, chief executive of Neuro-Insight, a firm which uses brain imaging to do market research, said social media had influenced advertising.
"The long-term rules of the advertising game have shifted. Social media uses real life situations and authentic portrayals do a lot better than stereotypes."
Ms Andrew said in the end the important thing was that firms were open-minded.
"In some circumstances, it's realistic to show mum cooking dinner. It's about seeking to portray the reality people see. Showing people doing normal things doesn't preclude using people in different ways."
Democrats hold Congress 'sit-in' protest to force gun control vote
Democrats in the US Congress are refusing to leave the floor of the House of Representatives in order to force a vote on gun control laws.
Nearly 100 lawmakers are staging the protest, demanding expanded background checks and the blocking of gun sales to terror suspects.
It follows the shooting of 49 people at a nightclub in Florida this month.
Republicans, who control Congress, called a recess which forced the cameras to be switched off.
So the protesters took their message online. Some are tweeting pictures and one Congressman is "broadcasting" via streaming app Periscope.
The effort is being led by John Lewis, a veteran of the civil rights movement of the 1960s.
Four bills since the attack in Orlando have failed to pass the Senate, but a compromise bill with some support from both parties is due to come before the Senate on Thursday.
President Barack Obama took to Twitter to thank Mr Lewis "for leading on gun violence where we need it most".
Legislators chanted "no bill, no break" and sang 1960s protest songs.
"What has this body done?'' to respond to the violence, Mr Lewis asked, referring to several failed efforts in the past week to pass a gun control bill.
"Nothing. We have turned a deaf ear to the blood of innocents. We are blind to a crisis. Where is our courage? How many more mothers... and fathers need to shed tears of grief?"
"Rise up Democrats, rise up Americans,'' Connecticut Representative John Larson said to his colleagues.
Connecticut is the state where 20 children and six adults were shot to death in 2012 at the Sandy Hook primary school.
"We will occupy this chamber," Mr Larson told his colleagues before cameras switched off.
A spokesperson for Paul Ryan, the Speaker of the House, tweeted: "The House cannot operate without members following the rules of the institution, so the House has recessed subject to the call of the chair."
The lawmakers want a vote to be held before the scheduled break at the end of the week, ending on 5 July.
Nearly 100 lawmakers are staging the protest, demanding expanded background checks and the blocking of gun sales to terror suspects.
It follows the shooting of 49 people at a nightclub in Florida this month.
Republicans, who control Congress, called a recess which forced the cameras to be switched off.
So the protesters took their message online. Some are tweeting pictures and one Congressman is "broadcasting" via streaming app Periscope.
The effort is being led by John Lewis, a veteran of the civil rights movement of the 1960s.
Four bills since the attack in Orlando have failed to pass the Senate, but a compromise bill with some support from both parties is due to come before the Senate on Thursday.
President Barack Obama took to Twitter to thank Mr Lewis "for leading on gun violence where we need it most".
Legislators chanted "no bill, no break" and sang 1960s protest songs.
"What has this body done?'' to respond to the violence, Mr Lewis asked, referring to several failed efforts in the past week to pass a gun control bill.
"Nothing. We have turned a deaf ear to the blood of innocents. We are blind to a crisis. Where is our courage? How many more mothers... and fathers need to shed tears of grief?"
"Rise up Democrats, rise up Americans,'' Connecticut Representative John Larson said to his colleagues.
Connecticut is the state where 20 children and six adults were shot to death in 2012 at the Sandy Hook primary school.
"We will occupy this chamber," Mr Larson told his colleagues before cameras switched off.
A spokesperson for Paul Ryan, the Speaker of the House, tweeted: "The House cannot operate without members following the rules of the institution, so the House has recessed subject to the call of the chair."
The lawmakers want a vote to be held before the scheduled break at the end of the week, ending on 5 July.
Pension Lifeboat Wants New BHS Administrator
Wednesday 22 June 2016
By Mark Kleinman, City Editor
One of BHS's biggest creditors is demanding the appointment of a second administrator to the stricken retailer amid concerns about the complex web of ties connecting the company's former owners.
Sky News has learnt that the Pension Protection Fund (PPF), which acts as a safety net for employees of insolvent companies, has requested that FRP Advisory be appointed alongside Duff & Phelps following a meeting of creditors on Thursday.
The PPF, which has estimated that the cost to it of meeting BHS pensioners' retirement payments would be at least £275m, is understood to have lodged a proxy filing to place FRP's appointment on the agenda at that meeting in London.
If approved by a court, FRP would alongside Duff & Phelps, which said last month that attempts to find a buyer for BHS had been unsuccessful and that the company would be wound down, threatening 11,000 jobs.
The request from BHS's biggest unsecured creditor reflects its deepening concern about the crisis at the high street chain amid bitter recriminations centring on former owners Sir Philip Green and Dominic Chappell.
MPs have launched a wide-ranging inquiry into the circumstances surrounding BHS's collapse and on the stewardship of its pension schemes, which Sir Philip pledged last week to address.
To do so, he is likely to have to write a cheque for several hundred million pounds, although the precise structure of a rescue deal for pensioners is expected to take several months to finalise.
On a full buyout basis, the BHS pension deficit is now thought to be more than £600m.
FRP's appointment is expected to lead to it playing a role investigating the conduct of BHS's former directors, including those involved with the business before it was sold by Sir Philip to Mr Chappell's Retail Acquisitions Limited (RAL) last year.
Parliament has heard evidence of numerous secret payments, property transactions and negotiations aimed at fixing the yawning deficit in BHS's pension schemes.
During a hearing earlier this month, Mr Chappell alleged that Sir Philip had referred to Duff & Phelps as his "ponies", implying that the administrator would do the tycoon's bidding.
Both parties have rejected Mr Chappell's characterisation of that relationship, and Sir Philip denied that he had had any improper influence over the firm's appointment as the administrator to BHS.
The PPF has been keen for several weeks to see other advisers appointed alongside Duff & Phelps, although it would not comment on the source of its concern on Wednesday.
The MPs inquiry, which is running in tandem with probes by the Insolvency Services and Pensions Regulator, is awaiting replies to a series of questions about the ownership of Sir Philip's corporate empire.
Next week, they intend to hear from witnesses including Goldman Sachs bankers and Sir Philip's stepson.
Sir Philip had threatened not to appear before MPs unless Frank Field MP stepped down as chair of the Work and Pensions Select Committee, but turned up in Westminster anyway.
During a fractious hearing, the tycoon admitted making a mistake in selling BHS to RAL but placed much of the blame on Mr Chappell's failure to implement his business plan, and accused him of stripping the retailer of millions of pounds in unauthorised payments.
FRP was unavailable for comment while Duff & Phelps declined to comment.
By Mark Kleinman, City Editor
One of BHS's biggest creditors is demanding the appointment of a second administrator to the stricken retailer amid concerns about the complex web of ties connecting the company's former owners.
Sky News has learnt that the Pension Protection Fund (PPF), which acts as a safety net for employees of insolvent companies, has requested that FRP Advisory be appointed alongside Duff & Phelps following a meeting of creditors on Thursday.
The PPF, which has estimated that the cost to it of meeting BHS pensioners' retirement payments would be at least £275m, is understood to have lodged a proxy filing to place FRP's appointment on the agenda at that meeting in London.
If approved by a court, FRP would alongside Duff & Phelps, which said last month that attempts to find a buyer for BHS had been unsuccessful and that the company would be wound down, threatening 11,000 jobs.
The request from BHS's biggest unsecured creditor reflects its deepening concern about the crisis at the high street chain amid bitter recriminations centring on former owners Sir Philip Green and Dominic Chappell.
MPs have launched a wide-ranging inquiry into the circumstances surrounding BHS's collapse and on the stewardship of its pension schemes, which Sir Philip pledged last week to address.
To do so, he is likely to have to write a cheque for several hundred million pounds, although the precise structure of a rescue deal for pensioners is expected to take several months to finalise.
On a full buyout basis, the BHS pension deficit is now thought to be more than £600m.
FRP's appointment is expected to lead to it playing a role investigating the conduct of BHS's former directors, including those involved with the business before it was sold by Sir Philip to Mr Chappell's Retail Acquisitions Limited (RAL) last year.
Parliament has heard evidence of numerous secret payments, property transactions and negotiations aimed at fixing the yawning deficit in BHS's pension schemes.
During a hearing earlier this month, Mr Chappell alleged that Sir Philip had referred to Duff & Phelps as his "ponies", implying that the administrator would do the tycoon's bidding.
Both parties have rejected Mr Chappell's characterisation of that relationship, and Sir Philip denied that he had had any improper influence over the firm's appointment as the administrator to BHS.
The PPF has been keen for several weeks to see other advisers appointed alongside Duff & Phelps, although it would not comment on the source of its concern on Wednesday.
The MPs inquiry, which is running in tandem with probes by the Insolvency Services and Pensions Regulator, is awaiting replies to a series of questions about the ownership of Sir Philip's corporate empire.
Next week, they intend to hear from witnesses including Goldman Sachs bankers and Sir Philip's stepson.
Sir Philip had threatened not to appear before MPs unless Frank Field MP stepped down as chair of the Work and Pensions Select Committee, but turned up in Westminster anyway.
During a fractious hearing, the tycoon admitted making a mistake in selling BHS to RAL but placed much of the blame on Mr Chappell's failure to implement his business plan, and accused him of stripping the retailer of millions of pounds in unauthorised payments.
FRP was unavailable for comment while Duff & Phelps declined to comment.
Banks Warn Of Trading Issues Over EU Vote
Wednesday 22 June 2016
Banks and money transfer services are warning that a surge in market volatility surrounding Thursday's EU referendum may impact electronic trading platforms.
As holidaymakers flock to cash in on the strong pound, and buy their travel money ahead of the vote, a number of money transfer companies are suspending services.
Azimo and rival website Transferwise, have both announced they will be suspending trading on Thursday morning.
Many banks are also issuing warnings to clients, advising them to prepare for problems in trading, as they anticipate dramatic currency fluctuations in the event of Britain voting to leave the EU.
Investment bank UBS has told clients to prepare for possible hiccups and that some trades on electronic platforms could fail, due to the expected volatility and surge in trading volumes.
In its note to clients, UBS wrote: "In the event that extreme market moves occur, giving rise to limited liquidity in certain currencies, we may not be able to fill limit orders or take profit orders at the levels, or using the methodologies, expected in normally-functioning markets."
Dutch lender ING and French group Societe Generale have also been sounding the alarm and warning of market volatility and difficult trading conditions.
In a letter to its clients, Barclays says it is expecting disruption on its electronic trading platforms on Thursday and Friday, despite boosting its trading teams on referendum night.
HSBC said it will also be providing round-the-clock services. In a statement, the bank said: “With high-profile, market-moving events, we will have more staff working extended hours in one or more centres to make sure we can help our clients and manage our risk."
As money markets come under strain, the Bank of England is putting in extra resources to ensure banks have the cash they need, including foreign currencies.
Banks and money transfer services are warning that a surge in market volatility surrounding Thursday's EU referendum may impact electronic trading platforms.
As holidaymakers flock to cash in on the strong pound, and buy their travel money ahead of the vote, a number of money transfer companies are suspending services.
Azimo and rival website Transferwise, have both announced they will be suspending trading on Thursday morning.
Many banks are also issuing warnings to clients, advising them to prepare for problems in trading, as they anticipate dramatic currency fluctuations in the event of Britain voting to leave the EU.
Investment bank UBS has told clients to prepare for possible hiccups and that some trades on electronic platforms could fail, due to the expected volatility and surge in trading volumes.
In its note to clients, UBS wrote: "In the event that extreme market moves occur, giving rise to limited liquidity in certain currencies, we may not be able to fill limit orders or take profit orders at the levels, or using the methodologies, expected in normally-functioning markets."
Dutch lender ING and French group Societe Generale have also been sounding the alarm and warning of market volatility and difficult trading conditions.
In a letter to its clients, Barclays says it is expecting disruption on its electronic trading platforms on Thursday and Friday, despite boosting its trading teams on referendum night.
HSBC said it will also be providing round-the-clock services. In a statement, the bank said: “With high-profile, market-moving events, we will have more staff working extended hours in one or more centres to make sure we can help our clients and manage our risk."
As money markets come under strain, the Bank of England is putting in extra resources to ensure banks have the cash they need, including foreign currencies.
Corbyn Risks Labour Division Over New City Tax
Wednesday 22 June 2016
By Elizabeth Rigby, Senior Political Correspondent
Jeremy Corbyn will force the Labour party to introduce a new tax on the City, in a move that pits the Labour leader against his newly elected mayor.
The Labour leader told activists at the party’s final Remain rally in London that a Labour government would introduce a financial transactions tax – dubbed the Robin Hood tax -- on the City, stoking simmering divisions between the left-wing leader and other senior figures in the party.
Standing side-by-side with London Mayor Sadiq Khan, who is publicly opposed to the measure, Mr Corbyn said the levy was “a very sensible proposal I am sure everybody in this building would agree with”.
Mr Corbyn’s decision to speak up for a policy he knows the London mayor opposes while the pair shared a public platform together, clearly irked Mr Khan, who told Sky News afterwards his opposition to any pan-European tax on financial trading was “quite clear”.
"I do not want a unilateral tax on businesses in our City," he said. "I am in favour of jobs, I am in favour of trade and investment."
But the Labour leader was equally robust in his response, telling Sky News that he would make the financial transaction tax Labour policy and suggesting his London mayor had better fall into line.
"Sadiq and I will be having some very interesting discussions about it," said Mr Corbyn. "I am sure he will come round to the idea. His whole campaign is about equality in London. It's about equality and justice and is about people paying their share."
Mr Khan said during his mayoral campaign he was publicly opposed to a financial transactions tax and said he wanted to be the "most business-friendly mayor of all time”, pitting himself against the Labour leader and shadow chancellor John McDonnell.
The public clash, coming on the final day of the referendum campaign, is a reminder that relations between the Labour leader and some of his most senior lieutenants remain strained.
The London mayor is a hugely powerful figure in the Labour party after being elected with the biggest-ever personal mandate but has jarred with Mr Corbyn in recent weeks. In his first major interview after being elected mayor in May, he warned Mr Corbyn Labour would never win a general election without trying to "reach out" to Tory voters.
Some in the Labour leader's team believe Mr Khan intends to use his base at City Hall – and the profile it gives him – to set up a rival power base. The Financial Transaction Tax could be the first piece of meaty policy where the pair lock horns.
The tax – first proposed in 2011 – aims to create a pan-European levy on the financial sector by imposing a small tax on almost all EU bond, share and derivative transactions. Supported by 11 eurozone countries, including France and Germany, the UK blocked the levy.
The tax – which was originally designed to raise £50bn – has long been opposed by the City, which has argued the tax would clog up markets and also warned the extra costs of it would be passed on to investors and consumers.
But Mr Corbyn attacked the Government for blocking the levy, which he claimed "would help prevent the sort of banking crisis we saw in 2008".
"Sadly, the British Government didn’t agree with it ... their answer (was) to rush across to Brussels with an army of lawyers in the Eurostar to threaten the EU with legal action if they vote for a transaction tax.
"I’ll tell you this: a Labour government wouldn’t do that, a Labour government would want a financial transaction tax, that is what we are saying."
By Elizabeth Rigby, Senior Political Correspondent
Jeremy Corbyn will force the Labour party to introduce a new tax on the City, in a move that pits the Labour leader against his newly elected mayor.
The Labour leader told activists at the party’s final Remain rally in London that a Labour government would introduce a financial transactions tax – dubbed the Robin Hood tax -- on the City, stoking simmering divisions between the left-wing leader and other senior figures in the party.
Standing side-by-side with London Mayor Sadiq Khan, who is publicly opposed to the measure, Mr Corbyn said the levy was “a very sensible proposal I am sure everybody in this building would agree with”.
Mr Corbyn’s decision to speak up for a policy he knows the London mayor opposes while the pair shared a public platform together, clearly irked Mr Khan, who told Sky News afterwards his opposition to any pan-European tax on financial trading was “quite clear”.
"I do not want a unilateral tax on businesses in our City," he said. "I am in favour of jobs, I am in favour of trade and investment."
But the Labour leader was equally robust in his response, telling Sky News that he would make the financial transaction tax Labour policy and suggesting his London mayor had better fall into line.
"Sadiq and I will be having some very interesting discussions about it," said Mr Corbyn. "I am sure he will come round to the idea. His whole campaign is about equality in London. It's about equality and justice and is about people paying their share."
Mr Khan said during his mayoral campaign he was publicly opposed to a financial transactions tax and said he wanted to be the "most business-friendly mayor of all time”, pitting himself against the Labour leader and shadow chancellor John McDonnell.
The public clash, coming on the final day of the referendum campaign, is a reminder that relations between the Labour leader and some of his most senior lieutenants remain strained.
The London mayor is a hugely powerful figure in the Labour party after being elected with the biggest-ever personal mandate but has jarred with Mr Corbyn in recent weeks. In his first major interview after being elected mayor in May, he warned Mr Corbyn Labour would never win a general election without trying to "reach out" to Tory voters.
Some in the Labour leader's team believe Mr Khan intends to use his base at City Hall – and the profile it gives him – to set up a rival power base. The Financial Transaction Tax could be the first piece of meaty policy where the pair lock horns.
The tax – first proposed in 2011 – aims to create a pan-European levy on the financial sector by imposing a small tax on almost all EU bond, share and derivative transactions. Supported by 11 eurozone countries, including France and Germany, the UK blocked the levy.
The tax – which was originally designed to raise £50bn – has long been opposed by the City, which has argued the tax would clog up markets and also warned the extra costs of it would be passed on to investors and consumers.
But Mr Corbyn attacked the Government for blocking the levy, which he claimed "would help prevent the sort of banking crisis we saw in 2008".
"Sadly, the British Government didn’t agree with it ... their answer (was) to rush across to Brussels with an army of lawyers in the Eurostar to threaten the EU with legal action if they vote for a transaction tax.
"I’ll tell you this: a Labour government wouldn’t do that, a Labour government would want a financial transaction tax, that is what we are saying."
One Of The 20 Satellites India Launched Was Made By This Chennai College
The satellite, built by Chennai's Sathyabama University, launched by ISRO on Tuesday, took 7 yearws to build.
by Taboola
Story Highlights
Chennai: Students and faculty at Chennai's Sathyabama University are happy. The 1.5 kilo satellite "Sathyabamasa" they built to collect data on greenhouse gases is now successfully orbiting the earth - one of the 20 satellites launched on Wednesday by ISRO's PSLV rocket.
The launch was the culmination of 7 years of hard work by the faculty and students. A base station, set up on the top floor of the university, is tracking the satellite - they say it is doing well.
Though an electronics student, Nehal has now made up his mind to pursue space technology.
"We learnt the basics all over again, but implementing them was a huge challenge. We failed many times and there were only a few successes, but success matters," he said.
Dr Vasanth, who heads the Department of Electronics, agreed. "A success of this kind might pave the way for a career in space technology," he added.
India's success has already drawn eyeballs and the frugal nature of ISRO only ensures a higher profit margin in the days to come as satellite launch market grows increasingly lucrative.
The business of putting commercial satellites into space for a fee is already a fast growing segment, with communication becoming hi-tech and cellphone and Internet usage growing exponentially.
The low-cost aspect reflected in the students' space project too - their satellite cost only Rs 1.5 crore. But for the students, the excitement of getting the opportunity over-rode everything.
Vice Chancellor Dr B Sheela Rani said, "The students themselves designed the satellite and it was a huge learning experience. They worked with the great scientists of ISRO".
Sathyabamasat would have a six-month life. The university plans to share all the pollution data its eye in the space would send with colleges and the Met office.
It was a dream project for the University's founder Dr Jeppiaar, who died a few days ago. "Although he's not with us to celebrate, he's watching the satellite from close quarters," Dr Sheela added.
by Taboola
Story Highlights
Chennai: Students and faculty at Chennai's Sathyabama University are happy. The 1.5 kilo satellite "Sathyabamasa" they built to collect data on greenhouse gases is now successfully orbiting the earth - one of the 20 satellites launched on Wednesday by ISRO's PSLV rocket.
The launch was the culmination of 7 years of hard work by the faculty and students. A base station, set up on the top floor of the university, is tracking the satellite - they say it is doing well.
Though an electronics student, Nehal has now made up his mind to pursue space technology.
"We learnt the basics all over again, but implementing them was a huge challenge. We failed many times and there were only a few successes, but success matters," he said.
Dr Vasanth, who heads the Department of Electronics, agreed. "A success of this kind might pave the way for a career in space technology," he added.
India's success has already drawn eyeballs and the frugal nature of ISRO only ensures a higher profit margin in the days to come as satellite launch market grows increasingly lucrative.
The business of putting commercial satellites into space for a fee is already a fast growing segment, with communication becoming hi-tech and cellphone and Internet usage growing exponentially.
The low-cost aspect reflected in the students' space project too - their satellite cost only Rs 1.5 crore. But for the students, the excitement of getting the opportunity over-rode everything.
Vice Chancellor Dr B Sheela Rani said, "The students themselves designed the satellite and it was a huge learning experience. They worked with the great scientists of ISRO".
Sathyabamasat would have a six-month life. The university plans to share all the pollution data its eye in the space would send with colleges and the Met office.
It was a dream project for the University's founder Dr Jeppiaar, who died a few days ago. "Although he's not with us to celebrate, he's watching the satellite from close quarters," Dr Sheela added.
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