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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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Chancellor to stay on economic path

Category : Business

Chancellor George Osborne tells business leaders at the CBI that he will not deviate from the government’s economic road to reducing the deficit.

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Japan in record annual trade deficit

Category : Business

Japan, the world’s third-largest economy, reports a record trade deficit for the financial year to 31 March.

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US immigration reform could improve economy, says conservative thinktank

Category : Business

Analysis ahead of new legislation cites greater birth rate and labour force participation to upend anti-immigration arguments

An overhaul of immigration laws could boost economic growth and cut the federal budget deficit, according to new analysis by a conservative thinktank.

The report by the American Action Forum, published on Tuesday, is part of growing strategy by high-profile conservative groups to deploy economic arguments in the battle for immigration reform.

It challenges the view put forward by some conservatives that immigrants would take jobs from US citizens, drive down wages and would add to the deficit by the need for government assistance.

Legislation on comprehensive immigration reform, including a path to citizenship, by the bipartisan “gang of eight” senators could be available as early as this week, according to senator Chuck Schumer, a Democrat from New York.

Research published on Tuesday by the AAF, cites the greater birth rate, labour force participation and entrepreneurial bent among immigrants compared to native-born Americans as key factors that could raise gross domestic product growth by a percentage point every year over the next decade. In what it acknowledges are “ballpark” estimates, it said: “A benchmark immigration reform would raise the pace of economic growth by nearly a percentage point over the near term, raise GDP per capita by over $1,500 and reduce the cumulative federal deficit by over $2.5tn.”

The analysis, by Douglas Holtz Eakin, an economist and president of the AAF, argues that in the absence of immigration, the population and overall economy would decline as a result of low US birth rates. It argues that immigration reform should be evaluated in economic terms and compares the US unfavourably with the UK, Canada and Australia, countries which focused their immigration reforms on economic growth.

Groups such as Grover Norquist’s Americans for Tax Reform and the Hispanic Leadership Forum, which aired ads in March promoting an immigration overhaul, have been gearing up for the next critical phase of the immigration debate, and some are using similar messages to that of the AAF.

Norquist, in an interview with Politico last week, said: “We’re doing it to make sure … that Republican congressman and senators feel comfortable.”

“They look out and hear the guys on talk radio, and they go: ‘Oh my goodness, everybody out there thinks this. That’s not necessarily where I was, but I guess if everybody thinks that way, I’ll either be quiet or go along, or I’ll listen to them so they can convince me.’ They’re now hearing the other side of the issue.”

In addition to the proposals for immigration reform to be put forward by the “gang of eight” senators, a bipartisan group from the House is working on its own version.

If the Senate and House bills pass their respective chambers, they would have to be reconciled and a final version voted on, before being sent to President Barack Obama for signing into law.

UK factory output beats forecasts

Category : Business

Industrial production rose by more than expected in February, boosting hopes the UK could avoid another recession, but the trade deficit widens.

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Pension deficits up ‘at worst time’

Category : Business, World News

The deficit of private sector, final-salary pension schemes rose in March, figures show, during a key review period for company pensions.

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China trade deficit sets upbeat tone

Category : World News

China posts a surprise trade deficit in March, as imports rise more-than-expected, a sign that domestic demand may be picking up.

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Obama ‘offering to cut US pensions’

Category : Business

US President Barack Obama is prepared to offer cuts to Americans’ pensions to strike a deficit deal with Republicans, a White House official says.

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Japan posts deficit for eighth month

Category : Business, World News

Japan posts a trade deficit for the eighth straight month, underlining the challenge the new government faces in spurring on the country’s economy.

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VIDEO: Top economist: Osborne plan ‘a mess’

Category : Business

George Osborne’s economic plan of austerity deficit reduction is “disastrous” and “a mess” according to Nobel Prize-winning economist Paul Krugman.

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France to break deficit pledge

Category : World News

President Francois Hollande admits France’s 2013 budget deficit will be higher than the 3% level he promised during last year’s election.

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