Morning Wrap: need to know business stories
Top stories from around the web.
Amazon UK paid £2.4m tax on £4bn sales last year (BBC)
Amazon's UK subsidiary paid £2.4m in corporate taxes last year on sales of £4.3bn - a rate of less than 0.1% - the online retailer's accounts show.
The tax bill was almost as much as the £2.5m in government grants Amazon received over the same period, according to a Companies House filing.
HS2 rail benefits to economy 'unclear', says National Audit Office (BBC)
The benefits of the HS2 high-speed rail project on the economy are unclear, the National Audit Office (NAO) has warned.
The NAO said in a report that it had "reservations" about how the London-to-Birmingham link would deliver growth, adding that the project had an estimated £3.3bn funding gap.
Banks sue Lisbon over ‘toxic’ asset allegations (FT)
JPMorgan Chase and Banco Santander have launched a counter-attack against Portuguese state-owned companies as a bitter legal tussle intensifies over derivative contracts the Lisbon government has described as “toxic”.
The US bank said on Wednesday it had filed lawsuits in London against the Lisbon and Porto Metro companies and the company managing Portugal’s strategic oil reserves to enforce contracts worth at least €455m.
RP Martin has removed its chief executive and an executive director from their posts amid a probe into the firm’s role in the manipulation of Libor that saw two former employees arrested in December.
David Caplin, the interdealer broker’s chief executive, and Alan Farnan, an executive director, have been suspended amid inquiries into RP Martin’s role in the Libor affair, said people familiar with the situation.
JPMorgan demands Bloomberg staff logs (FT)
Lawyers for JPMorgan Chase have demanded that Bloomberg hand over five years’ worth of employee logs, as the bank considers whether to take legal action against the news and data group.
JPMorgan wants to know which Bloomberg employees accessed data on how the bank’s staff used its financial terminals.