Royal Mail privatisation: Goldman Sachs and UBS to be grilled by MPs

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http://www.theguardian.com/uk-news/2013/nov/14/royal-mail-flotation-mps-question-banks

Investment banks to be asked in Commons why sale of asset favoured foreign investors and if float price was set too low

The investment banks tasked with allocating shares in last month’s controversial Royal Mail float face a grilling by MPs over allegations they discriminated against UK pension funds and favoured foreign investors.

Goldman Sachs and UBS led an offer that has been widely criticised for short-changing taxpayers by selling a major government asset on the cheap, after Royal Mail shares immediately soared on the stock exchange and continue to trade at a premium of around 70%.

Those concerns have been exacerbated by the presence of sovereign wealth funds – including Kuwait, Singapore and Abu Dhabi – on the Royal Mail’s share register.

One senior City source, who has worked on major UK privatisations, said: “The Royal Mail was probably a bit cheap, but it is one thing to sell it at a cut-price to UK pension funds … There was a disproportionate amount of shares that went to sovereign wealth funds.”

Senior representatives from Goldmans and UBS will appear in parliament next Wednesday to answer questions from MPs on the business, innovation and skills select committee, alongside peers from JP Morgan, Citibank, Deutsche Bank and stockbroker Panmure Gordon.

The MPs’ concerns over the flotation are echoed by City figures. A top UK fund manager said: “A lot of people were very upset at their allocation, even on day zero before the shares started trading at a premium.

“It may be that the advisers did not take account of the political implications and do as good a job as they could have done.”

A source close to the committee confirmed: “This is something the committee is aware of. It may well come up in the session.”

In the months running up to the privatisation, it is understood that Royal Mail, the government and its advisers were working with a small group of financial institutions in order to get an early idea of how the shares should be priced.

That inner core of investors, which is thought to have largely excluded top UK pension fund managers, ended up with the most sizeable allocations.

Continue ReadingRoyal Mail privatisation: Goldman Sachs and UBS to be grilled by MPs

Torture inquiry ‘finds UK intelligence officers knew of mistreatment’

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http://www.theguardian.com/law/2013/nov/14/torture-inquiry-gibson-report-intelligence-detainees

Gibson report, published next week, is said to call for further investigation of how far British ministers were responsible

Image of Guantanamo Bay

An official investigation into the extent of the UK’s involvement in rendition and torture after 9/11 is reported to have concluded that British intelligence officers were aware that detainees were being mistreated in prisons across the globe.

The Gibson inquiry report recommends that further inquiries now be made to establish how far ministers were responsible, according to the Times.

The inquiry headed by Sir Peter Gibson, a former appeal court judge, was shelved before any witnesses gave evidence, amid a behind-the-scenes dispute over the control of information that was to be made public, and after police launched their own investigations.

However, Gibson completed an interim report based on an examination of documentary evidence, and a version is to be published next week, almost 18 months after it was sent to the prime minister.

Following the disclosures of the mass digital surveillance operations being mounted by the UK and the US, it appears likely that the contents of the Gibson report will add to the pressure for more effective democratic oversight of the UK’s intelligence agencies.

Gibson has concluded that there is evidence that British intelligence officers were aware that detainees were being mistreated at US-run detention facilities in Afghanistan and at Guantánamo Bay, and at prisons in Pakistan, according to the Times.

Continue ReadingTorture inquiry ‘finds UK intelligence officers knew of mistreatment’

The realities of outsourcing: court interpreters mean miscarriages of justice

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http://www.opendemocracy.net/ourkingdom/joel-sharples/realities-of-outsourcing-court-interpreters-mean-miscarriages-of-justice

Since court interpreting has been outsourced, wages have plummeted, quality of interpreting has dropped to a dangerous level, and the justice system has often ground to a halt. A foretaste of what to expect from outsourced services across the country?

Prior to February 2012 interpreters would be paid a flat rate of £85 for a court hearing, plus £15 an hour for travel time and reimbursement of the travel fare. When Crapita took over they slashed the rates to £16-22 an hour with no payment for travelling or waiting time. Bob described what this means in practice for interpreters. “For example, they might phone up and say, ‘We have a job for an Italian interpreter in central London. There will be about three hours work there.’ There might be, or there might not be, but it will take you an hour to get there from the suburbs, it will cost you £6 to get there and back, and when you get there you might only have an hour’s work.”

In this case, the interpreter could take home just £10 for three hours of their working day after travel expenses are deducted. Bob estimates that interpreters now earn between 25 and 40 percent of their previous rate for a court hearing. “If you’re only there for one hour, less your fare, less your national insurance, less your tax – forget it; it’s a waste of time.” In one particularly extreme example, a Vietnamese interpreter traveled from Newcastle to Sussex – a 560 mile round trip – only for the hearing to be adjourned after eight minutes.

The impact that these changes have had on court proceedings is also concerning. “Normally you would get there early because you need to be available for a conference before the hearing starts – a discussion in private with the lawyer and the client. Now you won’t be paid for that, so what happens is people turn up at 10am when the court starts, not at 9.30am when the conference starts. The lawyer will say to the court, ‘I haven’t had a chance to discuss things with my client because the interpreter wasn’t there,’ and the judge will say ‘All right, we’ll adjourn it for now and you can go down and talk to your client.’”

That’s if the interpreter shows up at court at all. In the first year of the contract over 600 trials were abandoned due to Capita failing to provide an adequate interpreter, and Crapita also received 6,417 complaints about the standard of the service they were providing – over 25 per working day! Bob describes their approach to interpreting as “like selling cabbages: pile ‘em high, sell ’em cheap, and you make more money. But interpreters are not cabbages. You need to be able to stand up to questioning in court. You need to be able to instantly interpret accurately for a long period of time. You need to understand the subtleties and the cultural and linguistic differences between the foreign language and the English language.”

The changes in pay and conditions have led to an exodus of experienced and qualified interpreters from the courts. Bob told me that many of his former colleagues have returned to their country of origin, no longer able to afford life in Britain, while others have turned to walking dogs, babysitting and cleaning in order to pay the bills. Others have found part-time teaching or written translation work, but at a fraction of their former salary.

As a result of this refusal to accept their terms, Capita have been forced to employ people with no experience of interpreting, let alone of working in a high-pressured court environment. A survey of Crapita interpreters conducted by Involvis found that 44.5% had not been asked to undergo any kind of assessment of their interpreting skills before being offered jobs by Capita. In one of the more farcical episodes of this mostly tragic saga one interpreter managed to register her pet rabbit as an interpreter with Applied Language Solutions (the company that was granted the initial contract before being taken over by Capita).

Continue ReadingThe realities of outsourcing: court interpreters mean miscarriages of justice

Theresa May must not further erode Britons’ rights to citizenship

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http://www.theguardian.com/commentisfree/2013/nov/14/theresa-may-erode-britons-citizenship-right

Image of UK Home Secretary Theresa May

Theresa May has said she wants to extend her powers to strip citizenship from suspected terrorists, even if doing so renders them stateless. Under current law the home secretary may denaturalise anyone with dual nationality whose UK citizenship is deemed by her to be “not conducive to the public good”. But if May has her way, even British-only nationals will lose their citizenship. The consequences will be profound.

In her first 30 months in office, May deprived 16 Britons of their citizenship, almost all of them on grounds of being linked to terrorist activities. One such ex-Briton is Mahdi Hashi, a Somali-born UK citizen who grew up in Camden, north London, and subsequently became involved in the al-Shabaab group. The home ecretary ordered that he be stripped of citizenship while he was in Somalia, cancelling his passport and right to re-enter Britain, and leaving him vulnerable to rendition to the US. Hashi now languishes in jail in New York on terror charges.

The vast majority of these former citizens were outside the UK at the time, giving the lie to their right to appeal to a UK court, and freeing the home secretary from full scrutiny. Few of them have ever been charged in a British court with any criminal offence. The protections that each and every British citizen should have against arbitrary decision-making and against a life without citizenship have been gradually and deliberately stripped away.

During the dark days of the second world war, when Britain was in mortal danger, only four people were stripped of citizenship. Theresa May has denaturalised more than four times that number of in the last three years alone. Now she wants to increase the state’s power further by consigning British-only citizens she deems undesirable to statelessness. We would do well to note the refugee scholar Hannah Arendt’s observation that one can measure the extent to which authoritarianism has infected a government by the number of denaturalisations it orders. This growing erosion of the security of UK citizenship needs to be reversed.

[It’s important to realise that we are discussing suspects. It is likely that there is little or any evidence against them and that action to deny nationality is essentially arbitrarily applied.]

Continue ReadingTheresa May must not further erode Britons’ rights to citizenship

Tony Blair kept Cabinet in the dark over Iraq ‘deliberately’ as ministers evaluated case for war in 2003

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http://www.independent.co.uk/news/uk/politics/tony-blair-kept-cabinet-in-the-dark-over-iraq-deliberately-as-ministers-evaluated-case-for-war-in-2003-8937814.html

Traitor Tony Blair receives the Congressional Gold Medal of Honour from George 'Dubya' Bush
Tony Blair receives the Congressional Gold Medal of Honour from George ‘Dubya’ Bush

Members of Tony Blair’s Cabinet were “deliberately” excluded from seeing key documents drawn up by officials examining the case for war against Iraq, a former head of the Civil Service has claimed.

Lord Butler, who led the Review of Intelligence on Weapons of Mass Destruction in the aftermath of the invasion, said there was no shortage of “very good” information available to help ministers evaluate the case for war in 2003.

But in remarks to a Foreign Office seminar, Lord Butler suggested that the former Prime Minister had intentionally kept the documents away from the majority of the Cabinet. “A lot of very good official papers were prepared,” he said. “None was ever circulated to the Cabinet, just as the Attorney General’s advice [on the legality of the war] was not circulated to the Cabinet.

“So, the Cabinet was not as well-informed as the three leading protagonists: the Prime Minister, the Defence Secretary and the Foreign Secretary… I think that was deliberate, and it was a weakness of the machinery that underlay that particular decision.”

[This was obvious at the time.]

27/11/13 Having received a takedown notice from the Independent newspaper for a different posting, I have reviewed this article which links to an article at the Independent’s website in order to attempt to ensure conformance with copyright laws.

I consider this posting to comply with copyright laws since
a. Only a small portion of the original article has been quoted satisfying the fair use criteria, and / or
b. This posting satisfies the requirements of a derivative work.

Please be assured that this blog is a non-commercial blog (weblog) which does not feature advertising and has not ever produced any income.

dizzy

Continue ReadingTony Blair kept Cabinet in the dark over Iraq ‘deliberately’ as ministers evaluated case for war in 2003