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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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International Cinematographers Guild President Steven Poster Re-Elected and His Slate Wins Election Majority

Category : Stocks, World News

LOS ANGELES, CA–(Marketwired – Apr 27, 2013) – Incumbent president Steven Poster, ASC was re-elected and the slate of candidates backing the policies of the current administration won a decisive majority on the National Executive Board of the International Cinematographers Guild in the unofficial election results announced yesterday.

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400 jobs to go at Olympic roof firm

Category : Business, World News

The Newport firm which built the Olympics Aquatics Centre roof – and worked on many Welsh landmark venues – is to go into administration, with the likely loss of 400 jobs.

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Axminster Carpets to keep weaving after purchase by local consortium

Category : Business

Undisclosed sum paid for 258-year-old firm which went into administration in March with loss of 300 jobs

The carpet firm Axminster has been saved from closure by a consortium of local business people.

The company went into administration in March after a 258-year history that saw it supplying carpets for government and royalty. Thousands of people backed the campaign to rescue the heritage brand, which had been buffeted by the combination of rising commodity prices and dwindling sales in the economic downturn. Around 100 jobs will be secured, although 300 people were made redundant last month.

The price paid by the local consortium to the administrators has not been disclosed, but the deal means the company’s factory and outlet shop in Axminster, and another outlet in Buckfast, will keep running.

Speaking for the administrators, Benjamin Wiles said: “We are absolutely delighted to be able to announce that we have secured the future of Axminster Carpets, one of the best-known British brands, following the successful sale of the business and assets of the company to Axminster Carpets (2013).

“It is a great result to secure the continuance for such an iconic name. I believe we have secured the best possible outcome for the local region and most importantly the staff.”

The new Axminster Carpets company will be led by Josh Dutfield, a former managing director and the grandson of Harry Dutfield, the man who revived the company in the early 20th century. Josh Dutfield said he and his colleagues had “been truly overwhelmed by the support received from the residents of the town of Axminster in our endeavours to secure the future of the business”.

The small Devon town saw carpets first manufactured in 1755, and had become synonymous with the trade before recent struggles put its local future in doubt.

Camera chain Jessops re-launches

Category : Business

Camera chain Jessops has re-opened two of its stores just a couple of months after going into administration in January with the closure of 187 branches

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Coventry move staff out of Ricoh

Category : Business, World News

Coventry City move staff and club shop stock from the Ricoh Arena after a subsidiary is placed into administration.

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Coventry in administration threat

Category : Business

Coventry City Football Club Holdings says a non-operating subsidiary of the club has been put into administration.

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Coventry facing administration

Category : Business, World News

Coventry are facing administration after the owners of the Ricoh Arena went to the High Court claiming £1.3m in rent is owed.

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Stores and jobs saved at Dreams

Category : Business, World News

The majority of Dreams beds stores have been bought by Sun European Partners, saving 1,600 jobs a day after the company went into administration.

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300 staff lose their jobs at Axminster Carpets

Category : Business

Company fell into administration following a sharp increase in the cost of raw materials and a fall in sales

About 300 staff have lost their jobs at Axminster Carpets after the company that supplied Brighton Pavilion and Clarence House fell into administration.

The failed 250-year-old family-run business collapsed following a sharp increase in the cost of raw materials and a fall in sales, mainly due to householders turning to wooden flooring instead of carpets.

Staff to be cut with immediate effect were told the news in the factory’s canteen on Tuesday morning in a statement read out by administrators and management.

It is thought the company had debts of about £20m, primarily with PNC Financial Services, which it was unable to pay.

Chief executive Joshua Dutfield said: “Trading has been difficult and although it saddens the board to make the decision to enter administration it could not be avoided.”

He said staff had been paid, however, sources close to the company said payment is not due in staff accounts until Wednesday.

The joint administrator from Duff and Phelps, Benjamin Wiles, said: “We recognise the importance of the business to the local community and will be seeking to work closely with management and all key stakeholders.”

A buyer is expected to emerge for the company in the next few days which still has customers including various airlines, hotels and cruise ship suppliers.

Axminster Carpets, based in Devon, has a rich heritage that includes supplying carpets to King George III and making the coronation carpet for George VI. Its carpets can also be found in the Royal Albert Hall and 10 Downing Street, while last year it was given a royal warrant.

Keystone XL pipeline report slammed by activists and scientists

Category : Business

Sierra Club leads angry response to ‘deeply flawed’ State Department report into proposed oil sands pipeline

Green activists and climate change scientists have slammed a new report from the Obama administration that raises no serious objections to building a massive and controversial oil pipeline.

The Sierra Club, one of the US’s oldest and most respected environmental advocacy groups, attacked the State Department study into the proposed Keystone XL piepline – which will bring oil from Canadian tar sands deposits down to the Gulf of Mexico – as a “deeply flawed” analysis of the environmental consequences of the project.

Michael Brune, executive director of the Sierra Club, said he was “outraged” by what he described as the administration’s “deeply flawed analysis and what can only be interpreted as lip service to one of the greatest threats to our children’s future: climate disruption”.

The State Department report concluded that the environmental costs of getting oil from Canada to the Gulf by other methods were more harmful to the environment. It evaluated two options using rail: shipping the oil on trains to existing pipelines or to oil tankers. The report said these methods would release more greenhouse gases than the pipeline.

Obama is under strong pressure from the oil industry, business groups and the Canadian government to approve the project, which will open new outlets for the vast crude reserves of Alberta. Oil industry officials and the Canadian government hailed the report as bringing the pipeline a vital step closer to reality. The pipeline is also supported by Obama’s Republican opponents, who claim it will be a source of new jobs and help bring down fuel prices. They called on Obama to give Keystone the green light.

“[The] report again makes clear there is no reason for this critical pipeline to be blocked one more day. After four years of needless delays, it is time for President Obama to stand up for middle-class jobs and energy security and approve the Keystone pipeline,” said House speaker John Boehner.

But the move is strongly opposed by environmental groups, who say it puts an emphasis on fossil fuels at a time when climate change needs to be addressed by fostering alternative energy sources. Last month 35,000 demonstrators opposing the Keystone pipeline came to Washington in what organisers claimed was the largest climate protest in American history.

Though the report stopped short of recommending approval of the project, it would likely give Obama political cover if he wanted to endorse the pipeline. State Department approval of the 1,700-mile structure is needed because it crosses the border between the US and Canada.

Aside from the Sierra Club, other prominent scientists and environmental groups have criticised the State Department report. They say that the report ignores the idea that building the pipeline will encourage greater development of the tar sands and boost oil production of deposits that are seen as a highly pollutive resource which can cause widespread ecological damage as it is mined.

“The State Department is overlooking the fact that the pipeline is likely to trigger at least 450,000 barrels per day of additional tar sands production capacity,” said Stephen Kretzmann, executive director of Oil Change International, in a statement.

James Hansen, a Columbia University professor who is one of the world’s most respected experts on climate change, also issued a statement attacking the report’s findings. “To say that the tar sands have little climate impact is an absurdity,” he said.