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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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Greece and Cyprus bailout funds due

Category : Business, World News

Eurozone finance ministers are due to meet in Brussels later to agree bailout payments for Cyprus and Greece, amid worries over Slovenia.

See the original post: Greece and Cyprus bailout funds due

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Eurozone crisis live: Finance ministers gather as tensions rise in Spain

Category : Business

Eurogroup will decide today whether to approve aid tranches for Greece and Cyprus

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Letters: Further inquiry and action needed on banks and tax havens

Category : Business

Your editorial comments (13 April) were well made. There are a number of areas that urgently need to be addressed. First, how is it that none of these banking issues appear to have been identified by the auditors, in their “going concern” assessments. Is it reasonable to expect regulators to know more about what is going on inside an organisation than an auditor? Regulators can help protect consumer interests through pricing regulation but, if they are really involved with detailed internal process assessment, what are the auditors doing? Perhaps the auditing function should also have a formal responsibility to customers, as well as to shareholders.

Second, there is scope for a major investigation into how banks actually add value to society. In essence, the sectors’ profits and bonuses are ultimately paid for by their customers.

Third, there is a need to investigate the extent to which “selling” is, almost by definition, unprofessional. The concept of being professional should mean that the interests of the customer/client come first. Where the seller operates within an incentive structure that benefits both the seller and others in their organisation, the net result will almost inevitably be defined as mis-selling.

The horrific consequences that have arisen in such areas as PPI etc, probably also apply to much of the pay-day loan industry, as well as a significant part of international lending. A major inquiry into the nature and future of the finance sector is long overdue, but there are also many important questions urgently in need of further research.
Emeritus professor Bruce Lloyd
South Bank University

• It is obvious many of the top executives of the failed banks had no actual financial expertise; they are like someone pretending to be a doctor, or a fake architect whose buildings collapse, guilty of misrepresentation. The regulator may be surprised no bank bosses have faced charges – we all are.
Tony Cheney
Ipswich, Suffolk

• As a research and advocacy group that has for years called attention to the murky world of tax havens, we welcome your report (Leaks reveal secrets of the rich who hide cash offshore, 4 April). But you should also have dispelled the myth advocated by some proponents that tax havens promote greater tax efficiency through competition; the evidence in economic literature is scanty at best. What is clear is that this benefit has not been enough to prevent tax havens from going bankrupt.

In September 2009, the Cayman Islands, one of the largest, faced bankruptcy and was unable to pay its government employees. Britain, which oversees the territory, was forced to bail out the Cayman authorities. Recently, Cyprus went belly up and had to be rescued by the EU, ECB, and IMF.

Investors need to realise that the lack of prudential regulations and oversight allows tax havens to pass on the cost-savings to them as higher returns. But with higher returns come higher risks. They implicitly accepted those risks when they invested in tax havens. In the event the financial risks pile up – as they inevitably must – and the house of cards comes crashing down, investors should not expect taxpayers to foot the bill.
Dev Kar
Lead economist, Global Financial Integrity, Washington DC

Eurozone crisis live: Growth fears hit shares and oil price

Category : Business

Brent crude fell below the $100 a barrel mark overnight as concerns grow over the global economy

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