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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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HMRC wins Goldman Sachs court case

Category : World News

HM Revenue and Customs (HMRC) has won its case in the High Court, where it had been accused of illegally letting investment bank Goldman Sachs off part of its tax bill.

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Ackman: P&G CEO may need to go

Category : Business, Stocks

Bob McDonald, who’s led P&G since July 2009, serves on the board of 21 different organizations, and Bill Ackman thinks that may be more than a few too many.

Excerpt from: Ackman: P&G CEO may need to go

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Senate backs online sales tax plan

Category : Business

An online sales tax bill heads to the US House of Representatives after Senate passage, as brick-and-mortar shops call for a “level playing field”.

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Queen’s speech: consumer bill of rights to cover faulty apps or downloads

Category : Business

Business ministers want to consolidate consumer rights and extend them to non-traditional internet or online purchases

Consumer rights covering products such as cars and white goods are to be extended to apps and music downloads in a consumer bill of rights to be unveiled in the Queen’s speech on Wednesday.

Jo Swinson, the consumer minister, said the government would update the law to make it “fit for the 21st century” by ensuring consumers can secure refunds or replacements if web-based products fail.

The Department for Business, Innovation and Skills estimates that the changes could save up to £4bn over 10 years by consolidating consumer rights in one place. These are currently split between eight pieces of legislation while powers giving trading standards officers the ability to investigate breaches of consumer law are spread across 60 pieces of legislation.

The changes will lead to:

• An updating of the law to give greater protection to consumers who download films, music and games – a £1bn industry. The bill will make clear that a consumer must receive a refund if an online game freezes or if a film stream is unwatchable even if the broadband connection is fine.

• New protections for consumers making it easier to apply for compensation for breaches of competition law and new powers for trading standards officers to seek court orders requiring compensation to be paid.

Swinson said: “Stronger consumer protection and clearer consumer rights will help create a fairer and stronger marketplace. We are fully aware that this area of law over the years has become unnecessarily complicated and too confusing, with many people not sure where to turn if they have a problem. We are hoping to bring in a number of changes to improve consumer confidence and make sure the law is fit for the 21st century.”

Richard Lloyd, executive director of the consumer rights organisation Which?, said: “A consumer bill of rights is a welcome step towards ensuring that we have consumer laws fit for the 21st century. This bill is about making it easier for people to understand their rights and giving consumers power to challenge bad practice. It should also mean that both consumers and regulators have the tools they need to challenge unscrupulous businesses that breach the law.

“There are many welcome proposals in this bill, including extending the power of collective redress in competition cases and reforming the law on unfair terms and conditions. We urge the government to go further and to extend civil remedy powers to allow private enforcement bodies, like Which?, to take action against rogue companies and force them to put things right for consumers.”

No 10 accused of ‘caving in’ to cigarette lobby as plain packs put on hold

Category : Business

Tobacco giant warned of loss of jobs in UK before packaging rules were dropped, and anti-smoking camp also cites possible fear of Ukip

Anti-smoking campaigners have accused the government of caving in to pressure from the tobacco lobby and running scared of Ukip after plans to enforce the sale of cigarettes in plain packs failed to make it into the Queen’s speech.

Minutes released by the Department of Health show that one of the industry’s leading players had told government officials that, if the move went through, it would source its packaging from abroad, resulting in “significant job losses.”

Cancer charities and health experts were expecting a bill to be introduced last week that would ban branded cigarette packaging, following a ban introduced in Australia last December. At least one health minister had been briefing that the bill would be in the Queen’s speech. But the bill was apparently put on hold at the last minute with the government saying it would be a distraction from its main legislative priorities.

Ukip, which enjoyed considerable success in last week’s elections, has positioned itself firmly on the side of smokers and there is a suspicion that the Tories scrapped the plan because they did not want to be seen as anti-smoking.

It has emerged that senior Department of Health officials held four key meetings with the industry’s leading players in January and February, when at least one of the tobacco giants spelled out to the government that its plan would result in thousands of jobs going abroad.

Department of Health minutes released last week reveal that Imperial Tobacco, British American Tobacco (BAT), Philip Morris International and Japan Tobacco International were each invited to make representations to the government, in which they attacked the plan and its impact on the UK economy.

Only the minutes of the meeting with Imperial have been released. They record that Imperial warned if plain packs were introduced it would source packaging from the Far East resulting “in significant job losses in the UK.”

The tobacco giant also outlined how its packaging research and development department supported small and medium-sized enterprises in the UK and argued that standard packs would “result in some of these being put out of business”.

It added that the plan would boost the illicit trade in cigarettes, which already costs the Treasury £3bn in unpaid duty and VAT a year. And it noted that 70,000 UK jobs rely on the tobacco supply chain, implying some of these would be threatened if the illicit market continued to grow.

When asked to hand over its assessment of the impact of the plan, Imperial refused, citing commercial sensitivity.

The decision to delay the introduction of plain packs is a major success for the tobacco lobby, which has run a ferocious campaign against the move. Cigarette makers fear that the loss of their branding will deprive them of their most powerful marketing weapon. The industry has backed a series of front campaign groups to make it appear that there is widespread opposition to the plan, a practice known in lobbying jargon as “astroturfing”. Many of the ideas were imported from Australia, where the tobacco giants fought a bitter but ultimately unsuccessful campaign to resist plain packs. Much of the Australian campaign was masterminded by the lobbying firm Crosby Textor, whose co-founder Lynton Crosby is spearheading the Tories’ 2015 election bid.

Crosby was federal director of the Liberal party in Australia when it accepted tobacco money. Crosby Textor in Australia was paid a retainer from BAT during the campaign against plain packs. Some anti-smoking campaigners are now questioning whether the decision to drop the plain packs bill was as a result of shifting allegiances at Westminster.

“It looks as if the noxious mix of rightwing Australian populism, as represented by Crosby and his lobbying firm, and English saloon bar reactionaries, as embodied by [Nigel] Farage and Ukip, may succeed in preventing this government from proceeding with standardised cigarette packs, despite their popularity with the public,” said Deborah Arnott, chief executive of the health charity Action on Smoking and Health.

The decision to drop the plan will become a divisive issue for the coalition because the Liberal Democrats were strongly in favour of the measure, which will still be introduced in Scotland.

It is also a concern for the government’s own health adviser. “Our view is that plain packaging is one of a range of measures shown to be effective in reducing the amount of people taking up smoking,” said Professor Kevin Fenton, director of health and wellbeing at Public Health England, the government agency charged with helping people to live longer and more healthily.

A Department of Health spokeswoman denied that tobacco lobbying had been a factor in the decision to pull the bill. “These minutes simply reflect what the tobacco company said at the meeting, not the government’s view,” she said. “The government has an open mind on this issue, and any decisions to take further action will be taken only after full consideration of the evidence and the consultation responses.”

Judges to rule on tax deal with bank

Category : World News

The High Court is being asked to decide whether HM Revenue and Customs acted illegally by letting Goldman Sachs off part of its tax bill.

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Mexico Congress passes telecoms bill

Category : World News

Mexico’s Congress passes a bill aimed at making the telecoms industry more competitive, in a move that could challenge the world’s richest man.

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Virgin bill goes viral on Facebook

Category : World News

A broadband bill sent to a deceased man by Virgin Media has gone viral on social media after his son-in-law complained.

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Plan to slash legal aid spending

Category : Business, World News

A consultation on plans to save £220m from the criminal legal aid bill – including cutting funding for prisoners to make complaints – is launched.

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Gross: What if the good times end?

Category : Business

Pimco bond guru Bill Gross said he and other big name investors rode the credit wave to success but a true test of greatness is adapting to change.

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