NO MORE TAX BREAKS ON BRIBES

Bribes paid by companies to private individuals and money spent to facilitate crimes will no longer be tax-deductible in Switzerland, which has been trying to shed its reputation as a tax haven The new rules will go into effect in 2022. Under Swiss law, bribes to public officials were already denied favourable tax treatment. SOURCE: BBC

DEUTSCHE TELEKOM POSTS BETTER RESULTS

Deutsche Telekom is on course to become a 100 billion euro business, Chief Executive Tim Hoettges said after the transatlantic telecoms group posted forecast-beating quarterly results boosted by its recently-merged U.S. unit. Although results in its core telecoms operations on both sides of the Atlantic were strong, Hoettges said that IT services unit T-Systems was underperforming as the coronavirus pandemic hit orders and revenue. “The transformation of our systems solutions business … is not progressing as we would like,” Hoettges said. SOURCE; Reuters

EURO BUSINESSES AVOID SOUTH AFRICA

European businesses are delaying investment in South Africa because of poor power and water supply and the costs of complying with Black economic empowerment legislation, representatives of an industry body said. South Africa has suffered intermittent power outages since 2008 after the state electricity monopoly failed to invest adequately in new generation capacity and the provision of other services such as water has deteriorated. MORE: https://www.bloombergquint.com/business/european-firms-say-s-africa-s-poor-utilities-deter-investment

UK BUILDER WAS “RECKLESS”

Collapsed builder Carillion and some of its executive directors were “reckless” in failing to ensure that their public announcements did not mislead investors, Britain’s Financial Conduct Authority said on Friday. Carillion went into liquidiation in January 2018, triggering Britain’s biggest corporate failure in a decade that forced the government to step in to guarantee public services from school meals to roadworks. SOURCE: Reuters

PHOTO: Swiss Tourist Office