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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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Judge to CMEA Capital: No arbitration for you

Category : Business, Stocks

Sexual harassment case against VC firm can proceed.

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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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There’s a New Pork Porterhouse in Town

Category : Stocks

MISSION, KS–(Marketwired – May 2, 2013) – (Family Features) Nothing beats a tender, juicy pork chop on the grill — a versatile canvas for a wide range of culinary creations. With new pork cut names to be revealed at the meat case later this summer, home cooks will soon have an easier way to select and prepare their favorite pork meals.

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Europe’s joblessness at new peak, prices plunge

Category : Business, Stocks

Slumping prices and record unemployment bolster the case for Europe to ease up on austerity and cut interest rates to inject life into its stagnant economy.

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What will cause the next financial crisis? Don’t ask regulators.

Category : Business

It’s not clear regulators are taking their own worst-case scenarios list seriously.

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Treasury queries Scots currency pact

Category : Business, World News

The case for an independent Scotland retaining the pound in a currency pact with the rest of the UK is not clear, according to Treasury analysis.

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Monarch rejected our compensation claim for delayed flight

Category : Business

The airline is claiming the aircraft’s technical problems amount to ‘extraordinary circumstances’

My friend and I flew from London to Milan with Monarch Airlines on 21 June last year. There was a technical problem with the aircraft, which meant we eventually left Gatwick more than three hours late.

I wrote to Monarch after I returned from Italy to ask about compensation, but they said they wouldn’t pay any in this case. Then I saw a recent article about the European ruling on flight delays and, on the back of this, formally applied for compensation again a couple of weeks ago. I don’t believe the response I received from Monarch is fair. I don’t think technical difficulties represent an “extraordinary circumstance” as they claim. MD, London

You are not alone in your frustrations: thousands of passengers are currently trying to claim compensation for delayed flights since the law changed – but the response from airlines is mixed. Some people are being awarded the money they are apparently entitled to, some are being turned down.

To clarify, since October 2012 air passengers who have suffered delays of three hours or more at an airport within the EU have been able to claim back as much as £480 plus expenses per person. The claims can be retrospective for up to six years. Airlines can only get out of paying if a delay is caused by “extraordinary circumstances” – essentially, any situation outside their control. However, what appears to be happening is that airlines are routinely citing such circumstances even when there weren’t any.

The Civil Aviation Authority (CAA), which now looks after passenger complaints, says it is seeing many of these cases. It claims that complexities around what exactly constitutes “extraordinary circumstances” can bring a mechanical fault into that category – but not always.

However, last month a raft of changes was unveiled by the European commission aimed at removing “grey areas” in airline passenger rights while flying within the EU. One of the changes seeks to clarify “extraordinary circumstances” for compensation. The updated rules say that only natural disasters and air traffic control strikes can be defined as extraordinary; technical problems identified during routine aircraft maintenance can not.

Although these new rules, if approved by member states, will not become law until 2015, we think you could use the guidance to help argue your case. You should first approach the CAA to look at your complaint – but be warned, because the authority is deluged it is taking weeks, sometimes months, to resolve complaints.

We also know of a number of people who are trying their hand in the small claims court with these claims. We would recommend this route once you have contacted the CAA. A judge in Staffordshire recently awarded a couple £680 after their Thomas Cook flight was delayed in 2009. The couple’s claim had been turned down by the airline.

We welcome letters but cannot answer individually. Email us at or write to Bachelor & Brignall, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number

US billionaire wins fake wine case

Category : World News

US billionaire William Koch wins damages in a legal case he brought against a businessman who sold him two dozen bottles of fake wine.

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Sir James Crosby has done the right thing – belatedly | Nils Pratley

Category : Business

If you are running a large bank like HBOS your first duty is to make sure the institution doesn’t go bust – if you fail in that, you have to look in the mirror

Sir James Crosby, as we must still call him until the knighthood is removed formally, has done the right thing – but belatedly.

It would have been more stylish for him to volunteer to give up his gong soon after HBOS collapsed into the arms of its foolish rescuer, Lloyds TSB, complete with state-funded bailout in late 2008. Instead he waited almost five years until the outside world, via the excellent report from the parliamentary commission on banking standards, woke up to the self-inflicted nature of HBOS’s failure. If it is a nonsense today to wear an award for “services to the financial industry” it was also a nonsense from 2009 onwards.

But let’s not be too churlish. Crosby deserves credit for volunteering, even if it is in the context of political heat that was still red-hot. David Cameron had little appetite to press the matter, but many MPs from all three main political parties did. The row was not going away. Unlike Fred Goodwin, Crosby has taken the initiative and retrieved some dignity.

As for his pension, a 30% reduction is a meaningful gesture. Yes, of course, Crosby won’t be discomforted one jot by having to rub along on £406,000 a year instead of £580,000. But the pension, as Crosby says, was a contractual entitlement; and not all his pot was accumulated during his years at HBOS. If a 30% cut was deemed satisfactory in Goodwin’s case (and, note, he took a £2.6m tax-free lump sum before adjustment), it is reasonable to use the same yardstick.

Some will argue Crosby has been harshly treated; that he and HBOS were merely creatures of the political, banking and regulatory climate of the time; that the removal of knighthoods has become arbitrary and the honours system itself is damaged that way.

It’s certainly true that Crosby and HBOS and all the other banks were egged on by the Labour administration (and there weren’t many Tory dissenters either). And it’s patently the case that the Financial Services Authority was asleep on the job – or, rather, that it failed to heed its own warnings since, as the commissioners’ report informed us, it had described HBOS as “an accident waiting to happen” in 2004.

But, come on, it’s absurd to conclude that the shortcomings of Crosby, his successor, Andy Hornby, and his chairman, Lord Stevenson, are excused by a gentle political and regulatory environment. If you are running a large bank your first duty is to make sure the institution doesn’t go bust. If you fail in that duty, there’s no point blaming political cheerleaders or pleading that the regulator should have stopped you. You have to look in the mirror, as Crosby now has.

Indeed, in the case of HBOS, the parliamentary report made an overwhelming case that the bank would have become insolvent even if liquidity in the wholesale market had not evaporated after the Lehman’s collapse. It was an old-fashioned case of bad lending. In the circumstances, an award that honoured Crosby’s exceptional achievement looked ridiculous.

Is the system itself discredited if knighthoods can be removed for mere incompetence rather than wrong-doing? Frankly, the honours system has always been rotten in the way it hands out gongs to business people and bankers in the middle of their careers. As argued here the other day, it’s a recipe for mutual back-scratching and the trading of favours.

Best to wait until the final whistle – meaning when careers are over – before handing out prizes.

Grupo Financiero Banorte, S.A.B. De C.V. (GBOOY: OTCQX International Premier) | FIRST NOTICE – GFNorte´s EGM-AGM Shareholder´s Meeting – April 26th, 2013

Category : World News

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