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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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Congress: No unemployment data for U.S.

Category : Stocks

Republican representatives want to gut the way we collect national economic data.

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Online purchases boost Argos profits

Category : Business

Parent company Home Retail Group says click-and-collect buying has ‘really taken off’

More than half of all Argos purchases will be made online as the self-proclaimed founder of click-and-collect continues its recovery, according to its chief executive.

The business saw like-for-like sales up 2.1% to £3.9bn, following years of decline and suggestions that the catalogue business would be the next high street casualty. Instead the shares were up nearly 12%.

Terry Duddy, chief executive of Argos’s owner, Home Retail Group, said: “Online sales currently make up 43% of our business and by 2015 this should hit 50%.

“We invented click-and-collect and introduced it in 2000 but it wasn’t until the last few years that it has really taken off. Many people have followed, but we are not too concerned by that.”

Click-and-collect is seen by many retailers as the saviour of the high street, with customers ordering products online and picking them up from their local store.

Duddy added that the company benefited from the demise of electricals rival Comet as sales in the eight weeks to 2

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Click-and-collect boosts Argos

Category : World News

Retail chain Argos reports healthy sales growth as it becomes the latest retailer to move to click-and-collect online ordering, which is increasingly popular.

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Regulator targets online shopping

Category : Business, World News

The Office of Fair Trading is seeking information on how firms collect and use online shopping data, and if the area should be investigated.

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Scots firms win windfarm contract

Category : Business

Two Scottish firms secure contracts to build weather stations to collect data ahead of the construction of a major windfarm.

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Carphone boss to be paid £34m despite Best Buy UK failure

Category : Business

Carphone Warehouse Group boss Roger Taylor will collect £34m in cash and shares after company was forced to close 11 UK stores

Carphone Warehouse Group chief executive Roger Taylor will collect an estimated £34m in cash and shares this year despite the failure of the Best Buy UK retail chain whose creation he oversaw.

Taylor will receive shares from a number of bonus schemes, according to the annual report published on Thursday , the largest of which were designed to reward executives for the Best Buy Europe venture and the demerger of the company’s telecoms and TV arm TalkTalk.

In a bumper year for management at both companies, TalkTalk chief executive Dido Harding will in September be handed shares worth an estimated £5m.

An unspecified number of executives have already shared £51m in cash and shares because the Best Buy scheme paid out early after Carphone decided to exit its US joint venture and return £813m in profits to shareholders. Management are not allowed to sell until June 2015, and borrowed a total of £5.8m to pay for the shares.

The payout comes after founder Charles Dunstone’s strategy of creating a transatlantic retail empire through a joint venture with American electricals powerhouse Best Buy went into reverse.

Carphone was forced to close 11 stores in the UK with the loss of 1,100 jobs, and simultaneously pulled out of its successful Best Buy Mobile joint venture in the US, which had seen the two companies join forces to create a chain of 190 standalone outlets and franchises in more than 1,000 stores. The US group retains a 50% joint venture in Carphone’s European retail business.

“They threw a lot of money away on a poorly conceived and poorly executed big box idea, but on the other side of the coin they probably sold the US business at the top,” said independent retail analyst Nick Bubb, describing the last 12 months as a period of “swings and roundabouts” for the company.

In addition to his £440,000 salary, Taylor was awarded 8.4m shares from the Best Buy Europe scheme, netting him £14m in cash from the special dividend paid to all shareholders in January, plus a shareholding which is currently worth £12m. Taylor paid £4m for the shares.

He has waived a £220,000 annual bonus, giving the money directly to Cancer Research UK. But his September reward for overseeing TalkTalk’s demerger will more than make up the difference, netting him an estimated £8m in shares at today’s prices.

The company said in a statement: “There are no free rides at Carphone. These incentive schemes are totally aligned with shareholder interests; they involve senior management buying shares at market price and running personal risk if the share price dropped. The fact they are showing profits reflects the value created in the business, the separation of Carphone and TalkTalk and the disposal of Carphone’s interest in BestBuy Mobile US.”

From a notional start point of around 70p in April 2009, TalkTalk’s share price has increased to £1.89 today, creating roughly £1bn in value as the company’s market capitalisation rose to £1.65bn. Harding and her management team are entitled to share in around 7% of that increase, and Taylor just over 2%.

They will receive 60% of their rewards in the form of TalkTalk shares this September, and the balance in September 2013. At today’s prices, the scheme would pay out £100m over two years.

Harding’s share could be £4.6m this year alone. The Tesco and Sainsbury’s veteran, who joined in February 2010, is also entitled to an estimated £420,000 from a second share option scheme in September.

A former jockey and owner of Cheltenham Gold Cup winner Cool Dawn, Harding has steered TalkTalk through choppy waters. Telecoms watchdog Ofcom last year fined the company a record £3m, for wrongly billing 65,000 customers for services they had not received. The rate of defections slowed in May, and the share price was boosted after Harding doubled pre-tax profits and raised forecasts.

However, the TalkTalk management team will be able to collect a significant portion of their rewards before investors have had an opportunity to judge whether the long delayed YouView TV on demand service, currently in testing, has been a success.

Tax effort ‘stunted by job cuts’

Category : Business, World News

Impressive efforts have been made by the UK tax authority to collect outstanding tax but more could have been done without job cuts, MPs say.

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Limited strike action to continue in Okanagan Libraries

Category : World News

KELOWNA, BRITISH COLUMBIA–(Marketwire – May 15, 2012) - Limited job action will continue in 16 library branches throughout the Okanagan. Library workers will continue to not collect fines or work any overtime.

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Limited strike action to continue in Okanagan Libraries

Category : Stocks, World News

KELOWNA, BRITISH COLUMBIA–(Marketwire – May 15, 2012) - Limited job action will continue in 16 library branches throughout the Okanagan. Library workers will continue to not collect fines or work any overtime.

Read more here: Limited strike action to continue in Okanagan Libraries

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Sprint Can Weather Perfect Storm of Fraud Probe, Nextel, iPhone

Category : Business, Stocks

NEW YORK (TheStreet) — Sprint Nextel, the Kansas wireless communication company, recently surprised the street with a healthy beat above estimates. Unfortunately for shareholders, almost as soon as corks from champagne bottles hit the ceiling, sharks started swimming in circles around the company’s moat.

Members of Glancy Binkow & Goldberg have announced an “investigation of Sprint Nextel” — “investigation” being code for “We don’t have as much as we would like yet, but we really are hoping someone might come forward with a smoking gun.” I don’t blame lawyers for their inventiveness, but maybe jury members should have to demonstrate an ability to balance a checkbook to qualify.

Shares of Sprint were already trading near 52-week lows before news of a potential fraud investigation out of New York State.

Reuters’ Karen Freifeld reported a potential $300 million liability from Sprint based on whistleblower allegations of tax fraud in New York State. In a nutshell, New York alleges Sprint failed to collect and remit cellphone service taxes as a means of gaining a competitive advantage over rivals including AT&T and Verizon. The amount of taxes in dispute is $100 million; however, triple damages are possible in a worst-case scenario if allegations prove correct.

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