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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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El Erian: Fed will struggle to unwind its giant trade

Category : Business, Stocks

Pimco CEO Mohamed El-Erian is worried the Fed won’t be able to end its bond buying program without ‘collateral damage.’

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Flooding payouts broke £1bn in 2012

Category : Business

Insurers paid out £1.19bn for flood and storm damage in the UK in 2012 – the highest annual figure for five years, an insurance trade body says.

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Tax chiefs hit back at criticism

Category : Business

Tax chiefs at the Big Four accountancy firms defend themselves against claims they are behind tax avoidance schemes that damage the UK’s interests.

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Thalidomide survivors to receive £80m of public funding

Category : Business

Money will help cover living costs of 325 people in England affected by thalidomide

Survivors of the thalidomide drug scandal are to receive £80m of public funding over the next decade to improve the quality of their lives and fulfil what a minister called society’s “responsibility” to them. The money, announced on Thursday by the government, will help the 325 remaining people in England who were affected by thalidomide to adapt their homes or cars and buy hearing aids.

They were born to mothers who between 1958 and 1961 took thalidomide while pregnant for morning sickness, before its dangers were realised. It led to their babies being born with serious physical disabilities, such as shortened arms or legs, as well as damage to internal organs, eyesight and hearing. The money will go to the Thalidomide Trust, which represents survivors. It will replace an initial three-year pilot grant funding scheme agreed in 2009 by the then Labour government, which runs out in March.

“It struck me that there was a powerful case to provide long-time stability and funding. Society has a responsibility to this group of people,” said Norman Lamb, the care and support minister. The £80m would give “the maximum power and control to the individual to meet their needs”, he added.

Only the 325 survivors in England will benefit from the money, which will be disbursed by the Thalidomide Trust. The devolved administrations in Edinburgh, Cardiff and Belfast will decide on their own arrangements to help the other 106 survivors still living in the UK, in Scotland, Wales and Northern Ireland.

The trust’s national advisory council welcomed the move. “The renewed grant means a great deal to the 431 thalidomiders still living in the UK today. Practically, it will cover some of the costs of their ever-increasing health needs and the rising expense of their day-to-day living with thalidomide injuries,” it said. Grunenthal, the company which made thalidomide, recently issued its first ever apology for the huge damage it had caused, though many survivors rejected its statement.

Geoff Adams-Spink, chairman of EDRIC, a pan-European group set up by thalidomide survivors, said the £80m “comes as a huge relief to myself and the several hundred other survivors in England who have to cope every day with the damage caused to us by thalidomide. It’s a sad fact that many affected have not lived to see this day but those who have are in our sixth decade and are facing increasing costs to help us stay as healthy and independent as possible.”

Storm Sandy costs Lloyd’s $2.5bn

Category : Business, World News

Insurance market Lloyd’s of London says it expects to face claims of between $2bn and $2.5bn for the damage caused by Storm Sandy.

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Stock certificates feared damaged by Sandy

Category : Stocks

Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.

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Obama gets opportunity to show his leadership – USA TODAY

Category : Stocks
Obama gets opportunity to show his leadership
President Obama is greeted by New Jersey Gov. Chris Christie after arriving in Atlantic City on Wednesday to visit areas hit by Sandy. (Photo: Jewel Samad, AFP/Getty Images). 12:15AM EDT November 1. 2012 – President Obama got to do something the past
Long road ahead for Sandy-battered areas despite signs of (blog)
Storm Sandy's Damage Will 'Take Some Time' as Transit, Power HitBloomberg
Hurricane Sandy Utility Outages May Be Worsened By Underinvestment, Lack Of Huffington Post
The Seattle Times

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Sandy damage estimated at $20bn

Category : Business, World News

Businesses on the US East Coast continue to be disrupted by storm Sandy, with total damage estimated at between $10bn and $20bn (£6bn-£12bn).

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Tsunami warnings issued after magnitude 7.7 earthquake strikes off coast of … – Washington Post

Category : Stocks
Tsunami warnings issued after magnitude 7.7 earthquake strikes off coast of
Washington Post
Eugene Tanner/AP – Erica Avegalio, center, and her brother Albert Avegalio, right, load up on water and food at the Times Supermarket after learning of a tsunami warning Saturday, Oct. 27, 2012, in Honolulu. A tsunami warning has been issued for Hawaii
Tsunami advisory lifted in Hawaii; no serious damageLos Angeles Times
Tsunami warnings triggered on West
Tsunami causes no injuries or damage in HawaiiFox News
BBC News

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Climate change is already damaging global economy, report finds

Category : Business

Economic impact of global warming is costing the world more than $1.2 trillion a year, wiping 1.6% annually from global GDP

Climate change is already contributing to the deaths of nearly 400,000 people a year and costing the world more than $1.2 trillion, wiping 1.6% annually from global GDP, according to a new study.

The impacts are being felt most keenly in developing countries, according to the research, where damage to agricultural production from extreme weather linked to climate change is contributing to deaths from malnutrition, poverty and their associated diseases.

Air pollution caused by the use of fossil fuels is also separately contributing to the deaths of at least 4.5m people a year, the report found.

The 331-page study, entitled Climate Vulnerability Monitor: A Guide to the Cold Calculus of A Hot Planet and published on Wednesday, was carried out by the DARA group, a non-governmental organisation based in Europe, and the Climate Vulnerable Forum. It was written by more than 50 scientists, economists and policy experts, and commissioned by 20 governments.

By 2030, the researchers estimate, the cost of climate change and air pollution combined will rise to 3.2% of global GDP, with the world’s least developed countries forecast to bear the brunt, suffering losses of up to 11% of their GDP.

Sheikh Hasina, prime minister of Bangladesh, said: “A 1C rise in temperature [temperatures have already risen by 0.7C globally since the end of the 19th century] is associated with 10% productivity loss in farming. For us, it means losing about 4m tonnes of food grain, amounting to about $2.5bn. That is about 2% of our GDP. Adding up the damages to property and other losses, we are faced with a total loss of about 3-4% of GDP. Without these losses, we could have easily secured much higher growth.”

But major economies will also take a hit, as extremes of weather and the associated damage – droughts, floods and more severe storms – could wipe 2% of the GDP of the US by 2030, while similar effects could cost China $1.2tr by the same date.

While many governments have taken the view that climate change is a long-term problem, there is a growing body of opinion that the effects are already being felt. Scientists have been alarmed by the increasingly rapid melting of Arctic sea ice, which reached a new record minimum this year and, if melting continues at similar rates, could be ice free in summer by the end of the decade. Some research suggests that this melting could be linked to cold, dull and rainy summers in parts of Europe – such as has been the predominant summer weather in the UK for the last six years. In the US, this year’s severe drought has raised food prices and in India the disruption to the monsoon has caused widespread damage to farmers.

Connie Hedegaard, the European Union’s climate chief, warned that extreme weather was becoming more common, as the effects of climate change take hold. “Climate change and weather extremes are not about a distant future,” she wrote in a comment for the Guardian last week. “Formerly one-off extreme weather episodes seem to be becoming the new normal.”

Michael Zammit Cutajar, former executive secretary of the UN Framework Convention on Climate Change, said: “Climate change is not just a distant threat but a present danger – its economic impact is already with us.”