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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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RBS boss Hester ‘desperate to lend’

Category : Business, World News

Royal Bank of Scotland is “desperate” to lend £20bn to UK businesses, the bank’s chief executive has claimed.

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Tobacco smugglers losing UK market share

Category : Business

Traffickers’ share of cigarette market has slumped to 9% amid joint efforts by HMRC and UK Border Agency to disrupt supply

Britain is winning the war against tobacco smugglers who target cheap cigarettes at poor smokers and children and deny the Treasury revenue, according to a parliamentary report.

In 2000, one in five of cigarettes smoked came from the black market. But by 2010-11 traffickers’ share of the cigarette market had fallen to 9%, according to the report on the illicit tobacco trade by the all parliamentary group on smoking and health.

Over the same period, the share of the UK’s hand-rolled tobacco market originating with smugglers fell from 60% to 38%, an inquiry by the group of MPs and peers found.

Joint action by HM Revenue & Customs and the UK Border Agency has disrupted smugglers’ efforts to bring in and distribute their products, as have partnerships involving local police forces, councils and NHS organisations, the report says.

Stephen Williams, the Liberal Democrat MP who chairs the group, said the success disproved the industry’s claims that high taxes on their products in the UK boosted the supply of illegal tobacco.

He said manufacturers’ claims that forcing cigarettes to be sold in standardised packaging would increase the illicit trade were “self-interested and at times seemingly disingenuous industry lobbying”.

Legal agreements the EU has concluded with the big cigarette firms to reduce trafficking has also helped make fewer available, the parliamentarians say.

Their report highlights how the previously easy availability of black market tobacco in the UK was partly due to producers deliberately exporting more cigarettes than were wanted to other countries, knowing that many would be smuggled back into Britain.

Sarah Woolnough, Cancer Research UK’s policy director, said: “This report is further evidence that the tobacco industry should not be listened to when developing health policies aimed at reducing the devastating impact of smoking.”

The Tobacco Manufacturers Association claimed that more recent data showed that “the level of cigarettes consumed that are not UK tax paid has risen from 17% in 2011 to 21% in 2012″ and that figures from the Office of Budget Responsibility last week showed the government expected to receive £200m less in tobacco revenue in 2012-13.

A spokesman for the association claimed the inquiry was biased because it had not given a fair hearing to the industry and did not mention firms’ contributions to reducing smuggling.

French blast ‘ignorant’ US tyre boss

Category : World News

A French minister responds angrily to the boss of a US tyre firm who said he would have to be “stupid” to invest in France, where he claimed staff worked three hours a day.

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Federal Reserve confirms hack attack

Category : Business

The US’s central bank confirms data was stolen from its systems by hackers, but does not confirm if the incident was that claimed by Anonymous.

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VIDEO: Councils want job-creation role

Category : Business, World News

Attempts to cut youth unemployment in England are being hampered by excessive bureaucracy and central government control, council leaders have claimed.

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NYSE wins 2012 IPO wars

Category : Stocks

The NYSE landed the majority, or roughly 53%, of all U.S. initial public offerings. That’s quite a reversal from 2011, when Nasdaq won 78 IPOs and NYSE claimed just 71 listings for its exchange.

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HP Autonomy writedown: who’s who

Category : Business

From Hewlett-Packard boss Meg Whitman and predecessor Leo Apotheker to king of ‘Silicion Fen’ Mike Lynch and dotcom banker Frank Quattrone

Meg Whitman

The 56-year-old New Yorker, whose CV includes stints at Walt Disney, Procter & Gamble and Hasbro built her reputation at eBay, growing the business from 30 staff in 1998 to 15,000 10 years later – and became a billionaire in the process.

In 2010 Whitman campaigned unsuccessfully to become governor of California, spending £140m of her own cash.

Joined HP as president and chief executive, after a stint on the board, on a salary of just $1 a year – but was also awarded $16m (£10.1m) of stock options last year and $372,598 in “other compensation”, including use of the company aircraft.

On Tuesday she accused Autonomy of a “wilful effort to mislead”.

Léo Apotheker

The multilingual German spent 22 years at business software group SAP, becoming chief executive in 2008. He resigned two years later when his contract was not renewed.

He joined HP a few months later and led the $10bn acquisition of Autonomy.

Apotheker was paid some $25m at HP,

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Asil Nadir ordered to pay back £5m or face six more years in jail

Category : Business

Judge dismisses disgraced tycoon’s poverty claims and tells him to pay compensation for stolen Polly Peck money

Disgraced tycoon Asil Nadir has been ordered to pay back £5m of the money he stole from his Polly Peck business empire or face a further six years in jail.

Nadir was jailed for 10 years in August after being found guilty of stealing £28.8m from the company and its shareholders.

He later claimed to be penniless after prosecutors demanded that £60m be paid in compensation and interest to the administrators.

Polly Peck, a leading stock exchange conglomerate, collapsed in 1990 after Nadir stole money and sent it abroad through a complex series of companies.

Justice Holroyde, sitting at the Old Bailey, rejected his claims of poverty and said he believed Nadir had money stashed away.

Nadir was given two years to pay the compensation.

The judge also ruled that Turkish airline boss Hamit Cankut Bagana could apply for the return of the £250,000 security he paid for Nadir’s bail.

Nadir fled from the UK to his native northern Cyprus in 1993 but returned in 2010 to face trial.

He claimed to have lived on the generosity of his mother and a girlfriend while in exile and before he was discharged as a bankrupt.

But the judge said: “It is not true that Mr Nadir received no significant income or owned no significant assets since 1993.”

VIDEO: ‘One in five’ paid less than living wage

Category : World News

One in five workers in the UK is paid less than required for a basic standard of living, a report has claimed.

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After using the JOBS Act to confidentially file for an IPO 5 months ago, SolarCity has finally filed an S-1. The company, which will use the symbol SCTY, generated 1H revenue of $71.4M (+252% Y/Y), and a net loss of $48.9M. SolarCity installs…

Category : World News

After using the JOBS Act to confidentially file for an IPO 5 months ago, SolarCity has finally filed an S-1. The company, which will use the symbol SCTY, generated 1H revenue of $71.4M (+252% Y/Y), and a net loss of $48.9M. SolarCity installs residential and commercial solar systems in the U.S. for little or no up-front cost, and then sells the electricity generated by them via long-term leases. It claimed 31,641 cumulative customers as of the end of June. 2 comments!

Go here to see the original: After using the JOBS Act to confidentially file for an IPO 5 months ago, SolarCity has finally filed an S-1. The company, which will use the symbol SCTY, generated 1H revenue of $71.4M (+252% Y/Y), and a net loss of $48.9M. SolarCity installs…

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