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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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US Treasury chief revamps signature

Category : Business, World News

US Treasury Secretary Jack Lew, who was mocked for his loopy signature, has offered a more legible version that could feature on new dollar bills

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VIDEO: Teen buys £105 of groceries for £1.62

Category : World News

A teenager is saving his mother hundreds of pounds in grocery bills thanks to his savvy shopping techniques.

Continued here: VIDEO: Teen buys £105 of groceries for £1.62

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There’s nothing wrong with low-carbon policy that strong government can’t fix

Category : Business

Apocalyptic predictions are circulating about the size of electricity bills in 2030 if the move to green power goes ahead. There is no need for them to come true

The UK’s energy policy is not “plausible” and a “crisis” is inevitable. That is the view of Peter Atherton, a respected utilities analyst who works for Liberum Capital, an investment bank in the City.

Atherton is convinced that successive UK governments have grossly underestimated the engineering, financial and economic challenges posed by the planned move from a high-carbon electricity sector to a low-carbon one.

He believes that the cost of switching from largely coal- and gas-fired power stations to a mix of gas-, wind- and nuclear-generated electricity will cost more than £160bn by 2020 and more than £375bn 10 years later. He warns that it means “electricity bills rising by at least 30% by 2020 and 100% by 2030 in real terms.”

That would be political dynamite and Atherton knows it. He predicts that there will be three groups of “casualties”: the government, consumers and investors.

This apocalyptic scenario – contained in an investment note issued last week – will warm the hearts of many in the City (and possibly some in the Treasury) who believe the green agenda is a giant waste of money.

It will alarm the wider community who accept that climate change must be tackled, and those who believe a “carbon bubble” is developing around fossil fuel companies whose assets are overvalued in a world turning away from coal and oil.

And it is clearly at odds with the ideas of ministers such as Ed Davey, the energy secretary, whose Department of Energy and Climate Change (DECC) calculated last month that “household dual fuel bills are estimated to be on average 11% (or £166) less in 2020 than they would be without policies being pursued.” Those figures do, however, involve some heroic assumptions about energy-efficiency measures being

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Rich elderly ‘should shun benefits’

Category : Business

Wealthy elderly people who do not need benefit payments to help with fuel bills or free travel should voluntarily give the money back, Iain Duncan Smith says.

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Rich elderly ‘should shun benefits’

Category : Business, World News

Wealthy elderly people who do not need benefit payments to help with fuel bills or free travel should voluntarily give the money back, Iain Duncan Smith says.

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Cold weather payments’ record March

Category : World News

Cold weather payments hit a record level for March, with 642,900 households receiving £16.1m in help towards energy bills, the government says.

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Vincent Tchenguiz in bitter battle with detective agency run by ex-Israeli spies

Category : Business

Tycoon throws out agency from his Park Lane offices in dispute over bills linked to SFO and Kaupthing-related lawsuits

A private detective agency run by former Israeli intelligence operatives out of Vincent Tchenguiz’s offices on Park Lane have been thrown out by the investment tycoon in a bitter dispute over bills they presented to him.

Black Cube, which also has offices in Tel Aviv but still operates in London, dramatically fell out with Tchenguiz over bills that it claimed were linked to work carried out for him on multiple lawsuits he was fighting around the world. It had worked for Tchenguiz from late 2011 until the falling out two months ago.

These suits included actions in relation to failed Icelandic bank Kaupthing and Tchenguiz’s judicial review of Serious Fraud Office raids on his offices, which resulted in the warrants being declared unlawful and the investment tycoon launching a £200m claim for aggravated and exemplary damages against the anti-fraud agency.

Black Cube, run by former Israeli intelligence figures Daniel Zorella, Avi Yanus and Ido Josef, describes itself as a “creative intelligence” agency. It has hired lawyers from Peters & Peters to bring a £330,000 claim against Tchenguiz’s company Vincos for “debt and other damages” and alleged breach of contract.

The intelligence firm is also claiming it had an agreement with Tchenguiz that he would pay performance fees of 1% of the proceeds of cash settlements from legal proceedings, as well as the takings from a proposed film about Tchenguiz.

Separately, Tchenguiz has filed a claim in Israel alleging he has been defrauded. A hearing to determine whether the two claims should be heard together in London will take place at the high court in London later this month.

The Tchenguiz camp claims Black Cube mainly does “open source” intelligence gathering – through public records and internet trawling – rather than anything more complex.

In submissions to the high court, a witness statement from a Vincos lawyer claim said no written agreements existed with Black Cube. “Some £823,790 has been paid to Black Cube over the past 13 months by Vincos. It is believed by Vincos that much of this sum has been obtained dishonestly.”

SSE fined record £10.5m by Ofgem over ‘prolonged and extensive’ mis-selling

Category : Business

Utility giant gave ‘misleading and unsubstantiated statements’ to potential customers about prices and savings, says watchdog

The utility giant SSE is to be fined £10.5m for “prolonged and extensive” mis-selling in what will be the largest ever penalty imposed on an energy provider.

The energy watchdog Ofgem said it found “failures at every stage of the sales process” across SSE’s telephone, in-store and doorstep selling activities.

SSE provided “misleading and unsubstantiated statements” to potential customers about prices and savings that could be made by switching to SSE, according to Ofgem.

Ofgem said the level of the fine reflected the seriousness and the duration of the mis-selling, as well as the harm caused to customers and the likely gain to SSE.

Management at SSE – one of Britain’s “big six” energy suppliers – failed to pay enough attention to compliance, which allowed the mis-selling to take place, added Ofgem.

Ian Marlee, the managing director for markets at Ofgem, told the BBC Radio 4 Today programme: “This is a woeful catalogue of failures by the SSE management.

“This fine represents the fact that what they were doing was allowing a culture of mis-selling to continue. They weren’t doing enough to prevent sharp selling practices from their selling agents. They actually provided misleading sales scripts.

“Some people were being told they were going to get savings when actually they were being put on a worse deal. People were expecting savings and were not getting the levels of savings. People were being told direct debit levels that made it sound like they were going to be better off when in fact they were worse off.

“What we need and what we expect from energy companies is they have a culture of putting consumers first and complying with the rules.

“Clearly SSE management were not doing that which is why we imposed the largest fine on energy suppliers we have ever imposed.”

The fine will be paid to the Treasury, Marlee said.

No house survey ‘is false economy’

Category : Business, World News

More families are shunning full building surveys so they can raise enough cash to buy a home, but this can lead to big repair bills later, surveyors say.

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Do we need a new type of phone bill?

Category : Business, World News

Do people understand their mobile phone bills?

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