Image source, Mighty Earth

Korean palm oil company, Korindo, has been accused of breaking Indonesia's no-burning laws by a new environmental alliance called Mighty.

Footage collected by the group allegedly shows the illegal burning of vast tracts of pristine forest on a land concession held by Korindo. Its report, titled ‘burning paradise,’ claims there was systematic burning of thick tropical rainforest which contributed to last year’s regional haze crisis.

Some of the world’s biggest palm oil producer, including Wilmar, have reportedly temporarily dropped Korindo as a supplier after hearing the allegations.

Indonesia's Ministry of Forestry told the BBC that it was sending its own team to Papua to investigate and see if criminal charges should be laid.

In an official statement Korindo said it believed the fires were started by indigenous people lighting fires for hunting. A spokesperson Ayu Hur from the group told the BBC that it practised a zero burning policy.

Indonesia’s eastern province, Papua, has some of the world’s largest remaining tracts of pristine rainforest. It is remote and there are restrictions on foreign journalists reporting there.  

Before last year it was not affected by Indonesia’s annual forest fires that send a toxic haze across the region. But environmentalists say it’s now the new frontier for palm oil companies looking for new land to expand on.  

Image source, Getty Images

Mitsubishi Motors' headquarters and Nagoya plant were raided by government officials on Friday, deepening the crisis for a Japanese carmaker struggling to recover from a mileage manipulation scandal.

The raid comes after Japan's sixth-largest automaker said this week that more of its vehicle models were involved in a mileage cheating scandal than initially stated. "We want to thoroughly investigate the circumstances that led to this situation," Transport Minister Keiichi Ishii told reporters. 

Go-Ahead shares have opened 4.8% up after the rail operator posted a jump in profits. The firm, controller of the troubled Southern franchise, is also paying an annual dividend up 6.5%. 

Go-Ahead's £99.8m pre-tax profit, a 27% rise, hasn't gone down well with the RMT rail union, which is locked a battle with the troubled Southern franchise. 

RMT general secretary Mick Cash says: "While Go-Ahead have been driving Britain's biggest rail franchise into total meltdown, the cash has been sloshing through the boardroom at obscene levels.

"This is reward for total failure on a scale which is off the map. Just a fraction of these profits would be enough to keep the guards on Southern trains, keep the passengers safe and resolve the industrial dispute between RMT and the company. It is shameful that they have opted to hoard cash instead of protecting the travelling public." 

BBC Radio 5 Live

The boss of Classic Motor Cars, Peter Neumark gifted his shareholding in the company to a trust, so there were no tax implications.

However, on Wake up to Money he explained that it could have tax advantages if bosses want to sell their shares. 

"If others consider this route and they want to sell out to a trust, as long as they sell a majority of their shares, a majority shareholding, to a trust and place it in a trust, then that is completely free of capital gains tax, so it is a is a tax efficient route for small- to medium-size businesses to sell and ensure that that company carries on," he said. 

Image source, PA

Bus and train operator Go-Ahead has reported pre-tax profits of £99.8m for the year to 2 July - a rise of 26.8%.

Go-Ahead owns 65% of Govia, whose franchise Govia Thameslink Railway (GTR) runs the beleaguered Southern - the rail company which has been beset by delays and strikes. 

Just yesterday the Department of Transport said it was making a £20m fund available to help "get to grips" with Southern's problems as well as setting up a new review board. 

Go-Ahead said in its statement, external that it had been a "difficult year in GTR" but that it was "working closely with the DfT and Network Rail to improve services to customers".  

David Brown, chief executive, said: "A large part of the role of the GTR franchise is to introduce three new train fleets and modernise working practices. During this period of change, Southern services have been disrupted by restricted network capacity, strike action and increased levels of absence. We apologise to the people whose lives have been affected during this time.

"Our rail division has delivered a robust financial performance, with strong results in Southeastern and London Midland offsetting weakness in GTR, he added.

Image source, Getty Images

The boss of transport group Go-Ahead, controller of troubled train service Southern, has declined a bonus and pay rise.

Southern has been affected by months of disruption, strikes, cancellations, and outraged commuters.

A £20m government-backed fund has been set up to help improve things.

But today, Go-Ahead's chairman said in a statement, external: "Whilst we have largely achieved the financial and strategic targets set at the beginning of the year it is clear that we have not delivered the required levels of passenger service on our Southern routes. 

"As a result, David Brown, who in my view is an exceptional and committed group chief executive, made it clear he does not wish to be considered for an annual bonus this year and declined a salary increase."

Leisha Chi
Business reporter in Singapore

Image source, Getty Images

Samsung Electronics may issue a recall of its latest Galaxy Note 7 large-screen smartphone, also referred to as "phablets," because of faulty batteries that catch fire.

The world's smartphone maker will announce its plans as soon as this weekend, according to Korea's Yonhap news agency.

The move comes after several users claimed their batteries exploded and posted photos and videos of their burnt devices online.

"We are conducting a thorough inspection with our partners," Samsung said in a statement today.

"We will share the findings as soon as possible. Samsung is fully committed to providing the highest quality products to our consumers."

Yesterday Samsung said it has suspended shipments of the Note 7 for additional product quality tests.  

The timing is pretty bad for the Korean tech giant, which was hoping the new premium device would help lift slowing smartphone sales. 

It has already delayed the launch of the Note 7 in some markets because of production shortages.

Rival Apple is also expected to introduce new iPhone models next week.

Today Programme
BBC Radio 4

Investment expert Laura Foll, fund manager at Henderson Global, sees very little prospect of a further UK interest rate cut by Bank of England.

She agrees with many commentators who think the Bank reacted too soon to the Brexit vote when it cut rates last month. "I think that it was wrong that rates were cut last time," she tells Today. Referring to yesterday's strong manufacturing data, she adds: "We're in a bit of a sweet spot. The pound has fallen, and we are still in the EU."

Today Programme
BBC Radio 4

Image source, Everyman

They've been 'talking pictures' on the Today programme. Apparently, in 1946 adults on average went to the cinema 30 times a year. Despite TV, blu-Ray discs, and Netflix, cinema audiences are rising, especially for the independent sector, Crispin Lilly says.

He's the boss of Aim-listed Everyman Cinemas, which has 19 venues. The selling point for cinemas like his is that they provide a bit more of a intimate, personal approach than the multiplex chains, he says. "People are prepared to pay a bit more for that." 

Services such as Netflix have "made us raise our game," he says. But rather than kill off cinema, "they've also made us more passionate about film".

BBC Radio 5 Live

More from boss Peter Neumark who was on Wake up to Money discussing his decision to gift his majority shareholding in his company to the staff. 

"Within Classic Motor Cars we have a fantastic skilled workforce, we have got young apprentices, we're very busy and... I'm in a fortunate position where I didn't need the money. It's more important to me that the future of the people who work there was safe and secure," he said, explaining why he did it. 

BBC Radio 5 Live

Image source, CMC

There was an uplifting story for the end of the week on Wake up to Money.

Car renovation company Classic Motor Cars was launched 23 years ago by Peter Neumark as a hobby. It had just two employees. 

Now it employs 62 staff and exports Jags, Aston Martins and Lancias across the globe to some very famous clients - so famous the firm won't reveal who they are. 

But now the boss has decided to take the so-called John Lewis route and let the staff own and run the company which is based in Shropshire. 

Mr Neumark has gifted his majority shareholding in the company into a trust and the beneficiaries are the employees. He explained why he did it. 

"In a previous life I'd built up, with a couple of other guys, the largest private transport company in the UK. We sold out in '98 to VCs (venture capitalists) and they didn't do a good job of it. That company went from being  the most profitable transport company in Europe to a basket case. 

"And I didn't want to go down that route again - I didn't want to sell out to people who didn't know what they were doing," he added.  

Image source, Getty Images

Japanese pharmaceutical giant Takeda is developing a potential vaccine for Zika and has secured nearly $20m (£15m) in funding support from a US government agency.

The Zika virus is transmitted by mosquitoes and has been linked to severe birth defects. The global outbreak was first detected last year in Brazil.

The US Biomedical Advanced Research and Development Authority (BARDA) may eventually provide Takeda with up to $312m if their vaccine is deemed good enough for late stage testing.

Takeda said it may also collaborate with Japan's government.

Rival drug giants like Sanofi-Pasteur and GlaxoSmithKline are also in the race to develop Zika vaccines.

US. retailers, bracing for a blow as they stock up for the crucial holiday sales season, asked the government to step in and help resolve a growing crisis caused by the near-collapse of South Korea’s Hanjin Shipping Co., one of the world’s largest container shipping companies.  

Oil prices are edging higher on Friday, after recent steep falls. The main benchmarks, Brent and West Texas, were up 0.7% and 0.63% respectively. Traders said bargain-hunting investors had moved into the market.

BBC Radio 5 Live

So Apple's Irish tax affairs are still in the headlines today.

On Wake up to Money the markets guest is Laura Foll, fund manager at Henderson Global Investors.

It's put to her that the whole issue of multi-national companies' tax affairs is not going to go away any time soon.   

"This is going to rumble on for quite a while," she agrees. 

"While you've got such a large disparity in big developed economies in terms of what they're charging in corporate tax rate you will continue to see companies try and arbitrage that and it is a matter for something like the G20 to solve." 

And, in fact, Corporation tax is indeed on the agenda at this weekend's G20 meeting in China - so plenty to discuss then.

Leisha Chi
Business reporter in Singapore

Asian investors are sticking to the sidelines ahead of the highly-anticipated US employment data published later.

Federal Reserve officials have said the decision on whether or not to raise interest rates at their meeting this month would hinge on Friday's jobs numbers.

"Should the data disappoint tonight, it could reduce the odds of the rate hike this month and could trigger a correction on the US dollar," said Alex Wijaya, a senior sales trader at CMC Markets.

Regional stock markets were pretty subdued.

Japan's benchmark Nikkei 225 and the broader Topix are both lower.

Hong Kong's Hang Seng is up 0.3% while the Shanghai Composite is trading flat.

South Korea's Kospi is 0.2% higher after the country's central bank raised growth estimates and Australia's S&P/ASX 200 fell 0.8% as lower oil prices continued to weigh on the commodity-related stocks.

BBC World Service

Image source, Reuters

Ireland's coalition government meets today to try to resolve a split over a European Commission ruling that it is owed €13bn in back taxes by the US technology giant, Apple, reports BBC World Service. 

The EU's Competition Commissioner, Margrethe Vestager, ordered Dublin to recover the money after deciding that its tax arrangements for Apple amounted to illegal state aid.

But the government is divided over whether to appeal. The finance minister, Michael Noonan, regards Ireland's tax regime as vital to its strategy of attracting big multi-national companies. But other ministers believe Apple should return the money - and that it should be used to relieve the effects of past austerity measures. 

Welcome to Friday's Business Live - Russell Hotten and Karen Hoggan with you again to take you through the next few hours.  

After yesterday's surprisingly positive manufacturing data, today we'll get figures on how the construction industry did in July.

Then, this afternoon, the hotly anticipated US employment figures are due to be published. Investors have been waiting for these for clues as to when the Federal Reserve will put up interest rates.

Stay with us for that and all the rest of the day's business news.