Sony Hackers Leak Folder Called 'Passwords'

The latest leak from the Sony Pictures Entertainment hack reveals the media giant saved thousands of internal passwords in a folder called... "Passwords".

Documents posted online since the cyber-attack last month include personal details of 47,000 employees and actors associated with the company.

The files list the home addresses and pay information of current and past employees, in one case dating back to 1955. It even contains the social security numbers of Hollywood stars Sylvester Stallone and Judd Apatow.

Information in the "passwords" folder also included the log-in details for Facebook, Twitter and YouTube accounts for Sony films such as Ghostbusters and The Social Network.

Department passwords for Amazon and thousands of passwords to the company's internal computers were also in the leaked files.

Video: 2 Dec: Did North Korea Hack Sony?

The apparent lack of security around sensitive data will further embarrass Sony, which has been battling the fallout from the attack by a group called the Guardians of Peace.

Forthcoming Sony films including Fury, starring Brad Pitt, and the remake of Annie have been posted online since the breach.

After the hack, Sony Pictures Entertainment CEO Michael Lynton and co-chairman Amy Pascal said in an internal memo that it was a "brazen attack on our company, our employees and our business partners".

Rumours continue that the attack originated in North Korea as revenge for the upcoming Sony film The Interview about an attempt to assassinate leader Kim Jong-Un. The salaries received by the film's stars Seth Rogen and James Franco are among the information leaked by the hackers.

Video: The Interview: Trailer

North Korea denies it was involved in the cyber-attack but previously called the film "an act of war that we will never tolerate" in a letter to the United Nations.

Some cybersecurity experts say they have found similarities between the code used in the Sony hack and attacks on South Korean corporate and government systems blamed on the North last year.

The FBI has not said whether North Korea or any other country is responsible for the Sony hack but has warned American businesses to contact them if they identify malware similar to that used in the attack. 

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US Jobless Rate Steady Despite Massive Hiring

US job creation smashed estimates last month with 321,000 new positions, although the jobless rate remained static.

The Labor Department said it was the strongest monthly performance in almost three years and wages also increased - a development which may bring the Federal Reserve closer to raising interest rates.

But the unemployment rate held steady at a six-year low of 5.8% despite the big increase in employment.

November marked the tenth-straight month that job growth has exceeded 200,000, the longest stretch since 1994 and further
confirmed the economy is weathering slowdowns in China and the eurozone.

Average hourly earnings rose 2.1% in the year to November - still below the increase of 3% or more that economists say would make the Fed comfortable lifting rates, but an improvement.

There was also positive news in terms of fresh four-year lows in the numbers giving up looking for work and in long-term unemployment figures.

Job gains were also broad-based across the economy, with retail payrolls rising strongly ahead of the holiday shopping season.

Separate figures showed the US trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years amid the rush for US shale oil.

The Commerce Department says the deficit edged down 0.4% to $43.4bn (£27.7bn).

Exports climbed 1.2%.

The figures sparked a rally in world stocks, with the FTSE 100's gains hitting 1% on the day shortly after the announcements.

US futures pointed to a slightly higher openings on Wall Street.

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Hiring Rate Slows Amid Growing Skill Shortage

The shortage of skilled labour is becoming more acute as firms hired staff at the slowest rate for 18-months in November, a report has warned.

The monthly Recruitment and Employment Confederation (REC) and KPMG survey pointed to uncertainty over the European economic outlook and looming UK General Election for the slowdown.

But the report also said that while starting salaries have continued to increase, this was being part-driven by a shortage of skilled labour.

REC chief executive Kevin Green said: "Over a quarter of recruiters say that starting salaries for equivalent jobs are getting better by the month, driven by competition between employers for quality candidates.

"If there's a cloud on the horizon for 2015 it's the intensifying skills shortages which now spans many sectors and is particularly acute in high-skilled areas like engineering, IT and medicine.

Video: Lorry Drivers Could Bring Xmas Woe

"It's not just about graduates, vacancies for skilled manual jobs are getting harder to fill as well.

"The shortage of licensed HGV drivers and forklift operators could mean retailers struggle to meet the Christmas demand generated by Cyber Monday and eager shoppers on the high streets."

The unemployment rate currently stands at 6% and the Bank of England, which is looking for firm wage increases in the economy before deciding if it will raise the base rate of interest, is forecasting the jobless total to continue falling next year.

Higher wages are also essential to drive the forecast recovery in weak tax receipts included in the chancellor George Osborne's Autumn Statement.

Labour has argued that weak wage growth has been one factor behind a cost of living crisis for working families.

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German Central Bank Halves Growth Forecast

Germany's central bank has cut in half its prediction for economic growth next year as the wider eurozone battles to avoid recession.

The Bundesbank offered a grim narrative on the performance of the German economy this year but remained optimistic that output would show signs of recovery in 2015.

Its statement said: "The German economy lost considerable momentum in the second and third quarters of 2014 and moved onto a flatter growth path.

"Following a brisk start to the year, which was partly fuelled by favourable weather conditions, real GDP did not grow any further in the second and third quarters."

The bank believes the economy has grown by 1.4% this year - down from its earlier prediction of 1.9%.

Its updated figure for 2015 was halved from 2% to 1%; and for 2016 the bank now expects growth of 1.6%, down from 1.8%.

Despite the downgrades, Bundesbank president Jens Weidmann added: "There is reason to hope that the current sluggish phase will prove to be short-lived."

He said the German economy "remains in remarkably good shape, which is not only benefiting the domestic economy but also enabling German exporters to seize opportunities on foreign markets".

The figures were released less than 24-hours after European Central Bank (ECB) chief Mario Draghi said the governing council would decide in the New Year whether to kickstart the wider European economy through new stimulus, widely expected to be a programme of quantitative easing.

He told a news conference there would be a review of its previous asset purchases and other measures ahead of any decision.

Critics of the ECB's apparent reluctance to tackle the twin-threats of deflation and recession in the short term suggest the ECB is only being held back from QE by opposition from Germany.

The country, which narrowly avoided recession in the last quarter, has some reason for domestic optimism.

The gloomy Bundesbank forecast was issued alongside more upbeat manufacturing figures.

Industrial orders rose by 2.5% in October compared to the previous month and factory orders rose by 1.1%.

The German economy ministry said: "This was a good start to the fourth quarter. Alongside a brightening of sentiment indicators, the signals are looking increasingly positive.

"Even if the economic risks continue to exist, this suggests that the German economy could be gradually beginning to recover from its period of weakness."

The figures, which smashed analysts' forecasts, helped European markets make some early gains on Friday.

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Cable Intervenes In Premier 'Pay To Stay' Row

The Business Secretary is asking regulators to examine so-called "pay to stay" demands of suppliers to major firms.

Vince Cable took to Twitter to denounce such practices as "wrong" in the wake of revelations the maker of Mr Kipling cakes and Bisto gravy, Premier Foods, had renewed a call for a payment from suppliers if they wanted to remain on its books.

The issue gained momentum after the BBC's Newsnight programme accused the company of raking in millions of pounds.

Premier Foods, which has struggled financially for several years, defended the payments as investments and insisted suppliers benefited from the arrangement.

But the issue is to be referred to the Competition and Markets Authority by Mr Cable and the company faced a furious reaction from the wider business community as 'pay to stay' - used by a variety of firms - came under scrutiny.

Simon Walker, director general of the Institute of Directors said the practice amounted to "holding small businesses and suppliers at gun-point."

He added: "The news that Premier Foods could be forcing its suppliers into controversial 'pay to stay' arrangements is deeply disturbing.

"At a time when public faith in business is painfully low, such unacceptable behaviour puts a bullet in the chamber for those who think the heavy-hand of regulation is the only way to change the culture of corporate Britain."

The Federation of Small Businesses (FSB) said the firm's bosses "should be ashamed of themselves" for "demanding a cash gift under the threat of de-listing".

It warned many smaller outfits would go bust unless 'pay and stay' arrangements were dealt with.

The FSB said one small business in the South West was asked to hand over £1,700 "to secure the chance for future business."

Premier Foods said: "We launched our 'invest for growth' programme in July last year as part of a broader initiative to reduce complexity in support of plans to help turnaround the business.

"This included a commitment to halve the number of our suppliers and develop more strategic partnerships focused on mutual growth.

"As part of the programme, our suppliers are asked to make an annual voluntary investment to help fund our growth plans.

"In return, our suppliers benefit from opportunities to secure a larger slice of our current business. They also stand to gain as our business grows in the future.

"In the current challenging environment, the support of all of our suppliers is crucial.

"We are delighted with the positive response we have had from many who are actively engaging in building a new partnership with us, including many small companies.

"Indeed, many of our suppliers have seen their business grow as a result."

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Canary Wharf Owner Seeks Qatar Bid Value

A bid by Qatar's sovereign wealth fund and a Canadian partner to buy the firm behind London's Canary Wharf appears to have fallen short at the second hurdle.

The Qatar Investment Authority (QIA) and Brookfield Property Partners had raised their all-cash offer for Songbird Estates from £2.2bn to £2.6bn, just hours before a bid deadline expired Thursday night.

Songbird, which had rejected the lower offer last month on the grounds that it "significantly undervalued" the business, said on Friday that the latest bid was also too low in the opinion of its board.

The company said it would be contacting investors with a detailed view, signalling that the prospect of a deal remained alive.

The Songbird statement said: "The board believes the offer from QIA and Brookfield does not reflect the full value of the company, its unique position and future growth potential." 

Songbird is the majority owner of the sprawling financial area that is Canary Wharf - once the powerhouse for London's shipping trade - and is home to the headquarters for HSBC and Barclays.

The estate is on track to secure its first residential development while Crossrail, the planned link between east London and Reading via Heathrow, will also serve Canary Wharf and is set to add considerable value to the estate.

The Qatar fund already has a 29% stake in Songbird but is looking to capitalise on a strong commercial property market.

Its other property interests in London include The Shard, the tallest skyscraper in western Europe.

QIA also owns Harrods, which it bought for £1.5bn four years ago.

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What To *Like* About Facebook's Tax Affairs?

The latest insight into the tax affairs of the world's favourite social network did not flash up on the financial newswires on which so many traders, investors and journalists rely.

 Nor did it pop up on my Facebook newsfeed.

Instead, Sky News requested sight of the document from Ireland's Companies Registration Office which promptly supplied it.

Facebook has its Europe, Middle East & Africa headquarters in Dublin and the latest filings by Facebook Ireland Ltd show that almost half its global revenue is declared through Ireland's low corporate tax regime.

Based on 2013 revenues (sales) of €2.977bn (£2.34bn), Facebook Ireland Limited reported pre-tax profits of just €7.29m (£5.75m) on which it paid tax of just €2.3m (£1.8m).

Video: 2012: Facebook's UK Tax Payments

Oh, and by the way Facebook paid ZERO tax in the UK that year. How do you *like* that one?

No company is without its expenses. Facebook employs 500 people in Dublin and has recently moved into some glittering new offices. But the majority of its declared expenditure was in payments to other Facebook-owned companies in Ireland and other jurisdictions.

Facebook Ireland Ltd paid €1.53bn for "licence expenses" - effectively the right to use the Facebook name - to Facebook Ireland Holdings which is a unlimited company for which no accounts need to be made publicly available.

Another €969m went to Facebook Inc. - the US mother company - for data hosting services and management fees.

€259m was paid to other Facebook companies for marketing and support services.

When it comes to taxation, this somewhat ludicrous - but perfectly legal - arrangement where one subsidiary of a company charges another for use of a brand name or other support services such as marketing is a bit like me charging my children for cooking them their dinner or the right to use my surname.

Similar arrangements are employed by other multinationals such as Starbucks in Britain which pays brand royalties to a sister company in the low-tax Netherlands, not to mention a surprisingly high price for its own coffee.

It is these kind of arrangements which the Chancellor George Osborne hopes to take a slice out of with the introduction of his so-called "Google Tax" which aims to take 25% of the profits made by multinationals in Britain before they're diverted abroad.

He's jumped the gun on the OECD - the world's economic management club - which is planning a new set of rules to combat what's known as "transfer pricing".

Ireland which has attracted multinational superstars such as Google, Apple and Microsoft to its shores with its low, 12.5% corporation tax rate has already bowed to international pressure and has announced the gradual phasing out of the so-called "Double Irish" tax loophole which allowed multinationals to transfer some of their profits to subsidiaries that were effectively "stateless" for tax purposes.

So before you re-post this article on Facebook to say how angry you are about companies like - erm – Facebook, you can perhaps take some solace that things are changing, however slowly.

The mantra we've heard from Facebook et al of late is that they follow the tax rules that governments set for them. But don't forget that whatever rules there are, they will always try to find a creative way around them.

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Wicks To Step Down As Chairman Of Bank Body

By Mark Kleinman, City Editor

Sir Nigel Wicks is to step down as chairman of the British Bankers' Association (BBA) following a three-year term in which it surrendered oversight of interbank borrowing rates following the Libor rate-rigging scandal.

Sky News has learnt that Sir Nigel, a former aide to Margaret Thatcher, informed the BBA board earlier this week that he would not seek an extension to, or renewal, of his term when it expires towards the end of next year.

The BBA's nominations committee is expected to begin a search for his successor shortly.

Sir Nigel's replacement will join the lobbying group just months after a General Election campaign which is expected to feature pledges for a renewed crackdown on the banking industry.

In this week's Autumn Statement, George Osborne, the Chancellor, unveiled plans for a £4bn tax raid on big lenders by restricting the losses that banks can use to offset against tax liabilities.

Ed Miliband, the Labour leader, has pledged to create several new high street players from the existing banking sector if his party wins in May, while the industry also faces a multitude of other regulatory reforms.

The BBA is also undertaking a project to examine whether it should combine with some of the other trade associations serving the banking sector.

The recruitment of Sir Nigel in October 2012 was regarded as a coup for the banking sector.

A former chair of the Committee on Standards in Public Life, he also served as a non-executive director of Morgan Stanley Bank International Limited, chairman of the Scrutiny Committee of the Actuarial Profession and chairman of the Advisory Group of the City of London office in Brussels.

Sir Nigel also had a distinguished career in the civil service, working as second permanent secretary to the Treasury.

As chairman of the BBA, he played an important role in aiding the transition of responsibility for overseeing the Libor benchmark following recommendations that it should be transferred to an independent third party.

Sir Nigel replaced Marcus Agius, who resigned as chairman of both Barclays and the trade body days after the bank was fined nearly £300m for attempting to manipulate benchmark borrowing rates.

He was the first BBA chairman for many years not to be drawn from the pool of grandees who chair Britain's big high street banks.

Prior to Mr Agius, the BBA chairmanship was held by Lord Green, the former trade minister who at the time chaired HSBC.

The BBA's board is said to be open-minded about whether Sir Nigel's successor should be drawn from the industry.

The BBA declined to comment.

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Treasury Heavyweight Leads Race For Ofcom Job

By Mark Kleinman, City Editor

A top civil servant is in line to become the next head of the communications regulator Ofcom, Sky News can exclusively reveal.

Sharon White, the Second Permanent Secretary to the Treasury, is understood to have been recommended to the Culture Secretary Sajid Javid as Ofcom's new chief executive, according to sources in Whitehall.

Ms White's appointment has not yet been ratified by Mr Javid and could yet fall through, resulting in another candidate being selected, they said.

If it is approved, however, she could be officially confirmed in the role as early as next week.

The next chief executive of Ofcom will assume responsibility for a bulging in-tray just months before the General Election next May.

Among the companies which Ofcom is responsible for regulating is Sky plc, the owner of Sky News.

Earlier this week, the regulator angered Royal Mail by rejecting its claims that opening the end-to-end delivery market to competitors was jeopardising the viability of the Universal Service Obligation, which requires the company to deliver to every UK address for the price of a stamp.

It is also engaged in an inquiry relating to the sale of Premier League broadcasting rights, and is drawing up plans for a review to launch before Christmas of public service broadcasting in the UK.

Ofcom has one of the widest regulatory remits in Britain, overseeing the TV and radio sectors, fixed line telecoms, mobiles, postal services, and the airwaves over which wireless devices operate.

Ms White, who would become the first woman to head Ofcom, has spent 25 years as a civil servant, initially at the Treasury during the 1990s, before stints in Washington and at the Number Ten policy unit.

Regarded as "a star performer" by many of her Whitehall colleagues, she has also worked at the World Bank at the Department for Work and Pensions and Ministry of Justice.

She rejoined the Treasury in 2011 to lead a review of the department's response to the financial crisis, and now has responsibility for the public finances.

Ms White, who has been in her current role for just over a year, is also part of one of Britain's most influential couples: her husband is Robert Chote, chairman of the Office for Budget Responsibility, which scrutinises the Government's spending plans.

Ofcom's current chief executive, Ed Richards, will step down at the end of this month, having run the organisation for just over eight years. He has been on its board since March 2003.

Announcing his intention to step down in October, Mr Richards said:

"It has been a privilege to lead Ofcom during such an exciting and dynamic period in the evolution of the UK's communications sector.

"It is never easy leaving a job that you enjoy greatly but I have always felt that once I had completed eight years as chief executive this would be the right time to move on."

Patricia Hodgson, the chairman, said Mr Richards would leave "an impressive legacy", adding:

"Under his leadership, Ofcom has helped to deliver superfast broadband, 4G, lower prices, innovation, competition, and sustainable public service broadcasting in the UK."

The search for Ofcom's new chief executive has been led by The Zygos Partnership, a search firm.

Ofcom declined to comment on Friday.

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Shoppers Urged To Support Small Shops Today

UK shoppers are being encouraged to "shop small" today to support Small Business Saturday, which aims to boost smaller enterprises.

The event, now in its second year, is backed by hundreds of trade organisations and more than 60 local councils are showing their support by waiving parking charges for the day.

Last year, independent businesses took £468m across the UK on the day and #SmallBizSatUK trended on Twitter all day.

Business and Enterprise Minister Matthew Hancock said: "There's never been a better time to start a business and I am proud that the Government has thrown its weight behind small business.

"This Saturday we have a first-rate opportunity to celebrate the hard working heroes of our economy and I will be shopping small throughout the day whilst visiting my family in Nottingham.

Video: Business Owner On Need For Choice

"Let's make this year's Small Business Saturday even better than the last."

To encourage the nation to get involved again this year, supporters of the initiative have been rallying the British public.

Artist Sir Peter Blake, who created the sleeve design for the Beatles' album Sgt Pepper's Lonely Hearts Club Band, created a piece of celebratory art featuring more than 60 UK shopkeepers with the tools of their trade.

Model Daisy Lowe will lend her support at an independent shop today.

She said: "I'm passionate about small, independent shops and have picked up some of my most treasured outfits from one-of-a-kind boutiques. I'm normally asked to model for big brands, but I jumped at the chance to be involved in Small Business Saturday and show my support for small, independent businesses too.

"I hope people around the country get involved and join me in shopping small."

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