The City roundup video: Facebook pays no UK tax for second year; times are tough at Homebase

Video: Alex Lawson provides a run-down of the day's major news from the City

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Protestors against large multinationals paying little to no tax won't be clicking 'like' on today's reports that social media giant Facebook paid no UK corporation tax for the second year in a row.

Research firm eMarketer estimates Facebook's London operation in Euston made £371 million in revenues last year but accounts show lower revenues because Facebook processes much of its British sales in low-tax Ireland.

Not just that but its staff were actually granted shares worth around £72 million at today’s share price.

Over at DIY retailer Homebase, times are tougher. Its owner Home Retail Group has today announced plans to shut 80 of its 323 shops, putting thousands of jobs on the line.

The company admitted that in a digital age there was not the demand for as many shops as there once was, as customer increasingly shop online.

And finally, today sees the return of one of retail's biggest names. Remember Euan Sutherland? He's the former boss of The Co-operative who quit the troubled mutual deeming it "ungovernable" after an unprecedented Facebook rant against those who leaked details of his £3 million pay packet.

Now Sutherland has taken the helm at SuperGroup, the owner of the trendy Superdry brand. The company hopes he can help aid their expansion and allow founder Julian Dunkerton to step to one side to focus on product and design. Let’s hope Mr Sutherland is a snappy dresser.

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