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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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Boeing starts Dreamliner battery fix

Category : Business, World News

Boeing starts replacing batteries on some of its grounded 787 Dreamliner fleet, moving a step closer to getting the planes flying again.

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Marjorie Scardino: business leaders will back EU in the end

Category : Business

Former Pearson CEO draws parallels between Europe and US and says current government is ‘pandering to Ukip’

Dame Marjorie Scardino, the first woman chief executive of a FTSE 100 company, has said she believes the UK business community will ultimately back the European Union in any referendum on Britain’s membership.

Scardino, who was chief executive of Financial Times and Penguin owner Pearson for 16 years until the end of 2012, said she thought business leaders were intelligent enough to know where their best interests lay, which was in closer European integration – even though her faith in the British business community generally was “at a nadir”.

“I think they will be for Europe in the end. I think the business community is smart enough to realise that just having a trade union is not enough,” she said. “They are smart enough to know they need to be part of a union that has political and financial power.”

In January, David Cameron announced that if the Conservatives won the next election, they would hold an in-out referendum on Britain’s membership of the EU before the end of 2017.

The prime minister also said that before that he would be seeking a new settlement between the UK and Brussels, through a full treaty renegotiation or other means, to repatriate powers to Britain, and that he wants the EU to abandon its commitment to “ever closer union”.

Scardino made the comments on the EU referendum during a question and answer session after delivering the 2013 Hugo Young lecture in London on Tuesday evening.

In her speech, she said she thought Young, the pro-European former Guardian political columnist who died in 2003, would “likely have scolded the government for pandering to Ukip”.

Scardino, who was born and raised in Texas but has lived in the UK for 20 years, also said the EU was in need of leaders of the stature of George Washington and Abraham Lincoln to help it through its current political and financial malaise.

In a speech that drew comparisons between the EU and the development of the US as a political union over more than two centuries, she added that having a single, strong leader was one of the factors that had helped her native country survive numerous political crises that could have torn it apart, including the civil war.

Answering a question on this point, Scardino said she thought there was a “such a paucity of imagination among politicians and business leaders” responsible for making decisions about the EU’s political and financial future.

“If you don’t have anyone brave enough to say, ‘We’ve got to have something to bind ourselves together,’ you are never going to have [a sense of union like the US has],” she added. “The politics of Europe is unimaginative and bureaucratic.”

However, Scardino said another lesson from the history of the US was that building a union between disparate groups of people takes time, above all else.

She added that the US grew from 13 British colonies that shared a common language and culture, where as the EU was trying to forge closer union from countries that in some cases had been in existence for more than 1,000 years, with “very, very long histories and very well-dug-in legacies”.

“It’s not about legislatures being more compromising; it’s not about anything other than time. It takes a long time to build democracy, to build freedom.”

The annual Hugo Young lecture is organised by the Scott Trust, the owner of the Guardian.

Should Steve Cohen shut down SAC?

Category : Business

A new arrest at an SAC fund brings the government closer to Steve Cohen’s door. Now might be a good time to become a family office in order to avoid future scrutiny.

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US airlines merger gets approval

Category : Business

The merger of American Airlines and US Airways is approved by a US bankruptcy judge, moving the two firms closer to forming the world’s largest carrier.

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JPMorgan agrees to $546 million settlement in MF Global dispute

Category : Business, Stocks

The MF Global fiasco edged closer to final resolution Wednesday after JPMorgan Chase agreed to return $546 million to customers of the failed brokerage.

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VIDEO: Tesco promises ‘change’ over horsemeat

Category : Business, World News

The Chief Executive of Tesco, Philip Clarke, will tell the National Farmers’ Union conference on Wednesday that he aims to source chicken and other meats closer to home

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Ikea closer to stores in India

Category : Business, World News

India’s foreign investment agency approves Ikea’s entry into the Indian market, bringing the Swedish firm closer to being the first with wholly owned outlets.

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Cash pile buys time to reinvent Argos

Category : Business

Reports that Argos owner Home Retail Group shares have rebounded buys time to attempt reinvention

Going short on shares in Home Retail Group has been a popular bet, apparently. It’s hard to understand why. Yes, the Argos stores look like a hangover from the 1970s but there are other considerations. The company has a wall of cash (it’ll be £300m at the end of February); Argos’s like-for-likes sales finally stopped falling last summer; and it’s been clear for weeks that online retailing, where management has shovelled investment, did well at Christmas.

So it was that Home Retail’s shares rebounded 12% on the mildly good news (or bad, from the short-sellers’ point of view) that Argos’s sales were up 2.7% in the Christmas period and group profits should beat forecasts of £73m by £10m.

At its peak in 2007-08, Home Retail was producing nearly £400m, so £83m won’t kill outright the notion Argos is in terminal decline. But the cash pile is the thing. It buys time to reinvention. And, on current form, this high street oddity is getting closer to being on the right side of retail’s internet revolution.

Opinion: Netflix is still way overvalued

Category : Business

Netflix trades like it’s the undisputed leader in the streaming video industry. Investors should take a closer look.

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Boehner: no progress in latest round of fiscal cliff talks – as it happened

Category : Business

Republican House speaker to hold press conference as report suggests GOP and Obama are edging closer to a deal. Follow developments live

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