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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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Toyota pays more than $1bn over car faults

Category : Business

Largest settlement in US history involving car defects must now be approved by a judge

The Toyota car company has agreed to pay over $1bn to settle claims that its cars could unintentionally accelerate out of control. A judge must approve Toyota’s offer of $1.1bn (£683m) which was filed in a Californian court on Wednesday.

Toyota was taken to court by owners of its cars who claimed there was an electronic fault in the acceleration system. Toyota said any accelerator problems were caused by driver error, pedals sticking or badly fitted mats. The settlement means Toyota does not admit blame and avoids a lengthy trial.

The deal includes payments to customers as well as installation of a brake override system which prevents unintentional acceleration in about 3.25m vehicles. The terms include a $250m fund for former Toyota owners who sold vehicles at reduced prices because of adverse publicity, and a separate $250m fund for owners not eligible for the brake override system. Lawyers will receive $200m in fees and $27m in costs.

Steve Berman, representing the car owners, said the settlement is the largest in American history involving car defects.

Toyota has recalled more than 14m vehicles worldwide due to acceleration problems in several models and brake defects with the Prius hybrid.

Poway Muffler & Brake, Inc. (PWMY: OTC Link) | Symbol Change

Category : Stocks, World News

Wed, Jun 13, 2012 12:00 – Poway Muffler & Brake, Inc. (PWMY: OTC Link) – Symbol Change – The symbol, PWMY, is no longer a valid symbol for Poway Muffler & Brake, Inc.. As of Wed, Jun 13, 2012, the new trading symbol is PWMYD. You may find a complete list of symbol changes at otcmarkets.com.

Read the original post: Poway Muffler & Brake, Inc. (PWMY: OTC Link) | Symbol Change

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Asbestos brake pad ban proposed

Category : World News

An Ontario MPP is trying to get a ban on asbestos brake pads that release deadly fibres that can be inhaled by auto mechanics during repairs.

The rest is here: Asbestos brake pad ban proposed

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‘Faulty brakes caused’ Argentina train crash

Category : World News

Engineer who operated locomotive says he reported brake problems to supervisors but was told to carry on.

Read more: ‘Faulty brakes caused’ Argentina train crash

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