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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com 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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Tesco chief defends Harris + Hoole branding

Category : Business

Philip Clarke says outlets of coffee shop chain in which company owns 49% stake may appear in Tesco stores in future

Tesco’s chief executive, Philip Clarke, has offered a detailed explanation of the supermarket’s investment in the coffee shop business Harris + Hoole, which has the appearance of an independent company rather than one 49% owned by the retail group.

Clarke said in a blogpost on Tesco’s website that the business had flourished since its launch in the summer and that some outlets might be installed in Tesco stores in the future.

“We like backing great brands, helping them to grow and to realise their potential. We’ve done it with suppliers for years. Great ideas can find it hard to get backing these days, so we’re pleased to be in a position to help entrepreneurs achieve their vision,” Clarke said.

This month the Guardian reported critical remarks of customers of Harris + Hoole. The chain, named after characters in the Diary of Samuel Pepys, is run by the Australian siblings Nick, Andrew and Laura Tolley.

Clarke said: “We invested in Harris + Hoole after meeting entrepreneur Nick Tolley and his siblings Andrew and Laura, who are passionate about great coffee. They were looking for a company which could back their vision to bring quality coffee to a wider audience and we were impressed with their energy and enthusiasm. We thought customers would love the coffee and the warm, friendly atmosphere of their shops, so we decided to invest.”

Addressing the branding of a chain co-owned by one of the world’s biggest retail names, he added: “Some people have asked why it’s not branded Tesco. The H+H brand is part of its value – its distinctiveness and appeal. It’s the Tolleys’ business, their brand. Our investment helps them to take it further.”

Clarke said H+H outlets would appear in Tesco stores “when the Tolleys are ready”.

He said Tesco would back businesses “in which we see an opportunity for their brands to grow with ours”, using the garden centre business Dobbies – founded by James Dobbie in 1865 and in which Tesco invested in 2008 – as an example. “Dobbies, another Tesco business, does this brilliantly with coffee shops which customers travel to just for the scones,” Clarke said.

He cited the Euphorium bakery as another example of Tesco’s interest in backing businesses. Euphorium, founded in 1999 in Islington, north London, has an outlet in a Tesco store in Kensington.

Aston Martin gets new Italian backer

Category : Business

Luxury sports carmaker Aston Martin is set to invest $800 million in new models and technology after winning the backing of an Italian private equity firm.

Read more here: Aston Martin gets new Italian backer

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EU backs Xstrata-Glencore merger

Category : World News

The European Commission gives its backing to commodities giant Glencore’s $31bn (£19.5bn) bid to take over mining firm Xstrata.

Link: EU backs Xstrata-Glencore merger

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Treasury ‘must spend on building’

Category : Business, World News

The government should boost the UK economy by committing £1.5bn to backing major construction projects, says the CBI.

View original post here: Treasury ‘must spend on building’

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Xstrata board backs massive Glencore merger

Category : Business

Xstrata’s board of directors said Monday they are backing a revised offer from Glencore International.

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Is Wall Street being bamboozled by Romney?

Category : Business, Stocks

The finance industry is overwhelmingly backing Mitt Romney over Barack Obama for president, but it’s not clear how a Romney presidency would really benefit Wall Street.

Link: Is Wall Street being bamboozled by Romney?

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VIDEO: Branson: ‘We will fight very hard’

Category : Business

Virgin Group boss Sir Richard Branson is backing Labour’s call for the government to delay awarding the West Coast Mainline franchise to FirstGroup instead of Virgin Trains.

Original post: VIDEO: Branson: ‘We will fight very hard’

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What WSJ got wrong about Groupon

Category : Stocks

Are VCs really backing away from Groupon?

Visit link: What WSJ got wrong about Groupon

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Egypt Salafis back Abol Fotouh for president

Category : World News

Abdel-Moneim Abol Fotouh, ex-Muslim Brotherhood member, gets backing of al-Nour party.

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After a difficult search, struggling Japanese utility Tokyo Electric Power ([[TKECY.PK]]) says one of the officials in charge of their bailout has been selected to lead the company as chairman. The new chief, Kazuhiko Shimokobe, is one of seven board…

Category : Stocks, World News

After a difficult search, struggling Japanese utility Tokyo Electric Power (TKECY.PK) says one of the officials in charge of their bailout has been selected to lead the company as chairman. The new chief, Kazuhiko Shimokobe, is one of seven board members running the fund backing Tepco, which has struggled near the brink of collapse from last year’s catastrophe at its Fukushima Daiichi nuclear plant. Shares +11.5% AH. Post your comment!

Original post: After a difficult search, struggling Japanese utility Tokyo Electric Power ([[TKECY.PK]]) says one of the officials in charge of their bailout has been selected to lead the company as chairman. The new chief, Kazuhiko Shimokobe, is one of seven board…

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