Credit Suisse target of US probe

15 July 2011 Last updated at 07:04 GMT Credit Suisse is the second Swiss bank investigated for helping US citizens avoid tax US authorities are investigating whether banking giant Credit Suisse helped US citizens evade paying taxes.

The Swiss bank said said it had been notified that it was a "target" for investigation, but argued that this was part of a "broader industry inquiry".

Credit Suisse said it would cooperate with the investigation "subject to Swiss legal obligations".

In February the US indicted four Credit Suisse bankers for helping taxpayers hide money in secret bank accounts.

At the time, Credit Suisse had said that it was not part of the investigation.

Tax crackdown

In recent years US authorities have pressured several global banks to help them fight tax evasion.

The US Department of Justice's primary target was another Swiss bank, UBS.

It threatened the Swiss bank with legal action if it failed to hand over the details of 4,450 US customers suspected of tax dodging.

Following years of intense pressure from the United States, in June last year the Swiss parliament passed legislation permitting the country's banks to share customer details with US tax authorities.

UBS ended up paying a $780m fine, but more importantly the new legislation put an end to Switzerland's famed banking secrecy.

Earlier this year, US authorities said they were investigating the role of UK bank HSBC in helping Indian citizens living in the United States to evade taxes.

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Zim match-fixing probe nears end

Fifa will be visiting Zifa house to finalise a probe into match-fixing Fifa anti-corruption officials will travel to Zimbabwe next week to help wrap up a match-fixing investigation involving the country's national team.

The Zimbabwe Football Association (Zifa) has conducted its own probe, prompted by revelations about a tour of Asia in December 2009.

A number of players admitted taking money to lose matches on the trip to Thailand and Malaysia.

Fifa's visit marks the final part of the investigation.

"They are going to meet people in an effort to bring this issue to finality," Zifa vice-president Ndumiso Gumede told the Associated Press.

"Appropriate action will be taken on completion of the probe."

Zimbabwe captain Method Mwanjali and a number of his international team mates made sworn statements to Zifa admitting taking money to lose matches.

Zimbabwe lost 3-0 to Thailand and 6-0 to Syria and the players said they were paid between $500 and $1,500.

Mwanjali also described how a representative of the betting syndicates involved came to the team's dressing room at halftime to give instructions on how a game should finish.

Because of the ongoing investigation, Zimbabwe authorities delayed taking action against the players who admitted wrongdoing.

Mwanjali - a defender with South African topflight club Mamelodi Sundowns - was allowed to continue as captain of his country and led Zimbabwe in its last international, a 2012 African Cup of Nations qualifying win over Mali on 5 June.

Under Fifa rules, players and officials face fines and lifelong bans from any football activity, including entering any football stadium, in serious cases of match-fixing.

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Ofgem to probe energy firm offer

22 June 2011 Last updated at 11:53 GMT Gas prices will be going up by 19% and electricity by 10% Energy watchdog Ofgem has launched an inquiry into a "potentially misleading" offer promoted by Scottish Power after it announced 19% price rises.

The firm had guaranteed prices would remain a minimum of 1% per year below its standard monthly direct debit prices until 30 September, 2012.

But Ofgem insisted the small print did not match up to the promise.

Scottish Power said: "We believe that all figures that have been quoted by us are accurate."

The regulator said it also wanted to press ahead with radical market reforms and force the so-called "big six" energy suppliers to simplify tariffs.

British Gas, Npower, E.ON Energy, EDF Energy, Scottish Power and Scottish and Southern Energy have all signed up to the reform process.

Ofgem said it would be using its consumer protection powers to investigate the promotional offer which was announced by Scottish Power when it revealed it would be putting up prices in August.

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Under the Scottish Power Direct October 2012 Offer, the company guaranteed prices would remain a minimum of 1% per year below its standard monthly direct debit gas and electricity prices until 30 September, 2012.

The watchdog outlined that the investigation would focus on the claim of ?459 savings from the Direct October 2012 offer.

The increases, which will see the cost of gas go up by 19% and the cost of electricity by 10%, will affect some 2.4 million householders in the UK.

Scottish Power had blamed a 30% rise in wholesale gas costs for the increases.

In response to the launch of the inquiry, the utility company said: "We agree that information about all energy tariffs across the market should be as clear as possible and we will fully co-operate with the Ofgem investigation.

"The tariff in question was a very limited offer with considerably discounted prices, which is now fully subscribed.

Alistair Buchanan, the chief executive of Ofgem, says consumers must feel confident that energy companies are "playing straight" with them

"However, there are a number of similar products still available on the market from competitors. We believe that all figures that have been quoted by us are accurate. "

Consumer Focus said it welcomed Ofgem's announcement and added that the utilities market needed to change.

The body's chief executive, Mike O'Connor, said: "The fact that Scottish Power was trying to push a dubious product to cover for their price rise shows just how far the penny needs to drop.

"Energy suppliers have been in denial about their poor reputation, about the health of the market and about the scale of changes needed to put it right. This market needs to change.

"Ofgem has taken another step today and we welcome it."

Meanwhile it was confirmed the six energy suppliers will be questioned by the Scottish Parliament's economy committee next week.

Committee convener and Tory MSP Gavin Brown said he wanted to hear the justification for price rises, adding: "It is important the committee is convinced that the suppliers and the regulator are doing all that they can to minimise the impact of these price rises on low income families and not to prejudice a return to economic growth."

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