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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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Hungary Bank deputy chief resigns

Category : Business

The deputy governor of the Hungarian central bank resigns in protest at changes to the way the bank operates.

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RusHydro JSC (RSHYY: OTCQX International Premier) | Results of the Board of Directors on April 5, 2013

Category : Stocks, World News

Results of the Board of Directors on April 5, 2013< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces that the Company’s Board of Directors held a meeting in absentia on April 5, 2013.


The Board of Directors accepted a proposal of the Russian Federation, represented by the Federal Property Management Agency, holder of 67.12% of RusHydro’s voting shares[1], on inclusion of the following items in the agenda of the Company’s Annual General Meeting of shareholders (AGM): approval of the annual report and annual accounting statements, including the use of profit for 2012; remuneration of members of the Board of Directors, election of members to the new Board of Directors and Audit Commission and approval of the Company’s auditor.

The AGM agenda and date will be determined on one of the following meetings of the Board of Directors.


The Board of Directors approved the following candidates to the new Board of Directors for upcoming election at the AGM:


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Economy: negative shock

Category : Business

Sub-zero interest rates are a trick which – in theory – could allow monetary policy to do something more effective in a depressed economy than, in the phrase, push on a piece of string

The suggestion of negative interest rates sounds like madness, and maybe it is. But if the credit crunch has taught us one thing, it is how rapidly ideas can go from far out to fact. Since queues formed round Northern Rock branches in 2007, in the first run on a British bank since the 1860s, we have witnessed interest rates plumbing unprecedented depths, the nationalisation of swaths of the financial sector, the Bank of England switching on electronic printing presses, and – most recently – the Treasury swiping the interest on the gilts the bank thereby acquired. In every case the unthinkable was scarcely thought before it came to pass, and so – in the light of Paul Tucker’s remarks on Tuesday – it is worth pausing to ask whether savings accounts could soon pay less than piggybanks.

In the extraordinary context of the triple-dip economic contraction, which new data confirmed yesterday, the deputy governor of the bank told MPs he had raised the setting of negative rates as a potential response. It was not a meticulously prepared intervention, and – with his fellow deputy, Charlie Bean, now damping it down – one might almost imagine Mr Tucker was stirring things up for Mark Carney, the Canadian who beat him for the top job. But that is too flippant; there was logic to his remarks. Like quantitative easing, sub-zero rates are a trick which – in theory – could allow monetary policy to do something more effective in a depressed economy than, in the phrase, push on a piece of string.

Regular rate-cutting hit its limit four years ago when borrowing costs first fell to 0.5%. QE was then unleashed to stuff the vaults of the banks with ready cash, in the hope this would make them lend. They didn’t, but instead too often preferred to squirrel their new funds at Threadneedle Street. Mr Tucker’s understandable thought is that if the bank could only force them to pay for the right to do that, by charging negative interest, then the money men might at last be persuaded to part with their dough, and lend it out to the real economy.

With nothing else working, novel suggestions ought not be dismissed. But there are formidable obstacles in the way of this particular scheme. First, at a practical level, there are all sorts of questions: can the authorities prevent individual banks responding by hoarding £50 notes in their own safes? Could commercial banks survive in a world where the official position was that saving didn’t pay? If not, would it matter, and what would replace them?

Secondly, there are the fraught politics of

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Negative rate ‘should be considered’

Category : Business

Bank of England deputy governor Paul Tucker says the “extraordinary” move of introducing negative interest rates should be considered.

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New BoE deputy governor is named

Category : Business, World News

Andrew Bailey is to be a deputy governor of The Bank of England from 1 April, taking charge of making sure banks do not take on too much risk.

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Profile: Mark Carney, the former banker with a quiet authority

Category : Business

Smartly dressed ex-Goldman central banker not afraid of clashes with finance bosses

Likened in his native Canada to a character from hit TV show Mad Men, Mark Carney is certainly clipped and groomed like a 1950s Hollywood star. Sporty – he was a netminder for Harvard’s ice hockey team – and dapper, he could be Tony Curtis, though with a little more menace behind the wide smile.

As far as central bankers go, the 47‑year‑old more than stands out from the generally more rotund suits that populate the conference circuit.

Critics say he wears his Oxford doctorate on his sleeve and is less than self-effacing. They speculate that his 13 years at Goldman Sachs, which took him to London, Tokyo, New York and Toronto, inspired his smart dress sense and air of authority. Yet he is not brash, preferring to make few public comments and he rarely agrees to interviews. When he did talk about the speculation linking him to the Bank of England job, he consistently ruled himself out. If he does break cover it is to make considered comments that fail to register on the media Richter scale. Goldman Sachs has a way of giving its senior executives this quiet authority.

But he made the headlines in the financial press last year when he came under attack from JP Morgan boss Jamie Dimon during a meeting of then G20 Financial Stability Board, set up to tame the banks in the aftermath of the financial crisis. It was the kind of moment that endeared him to the Bank of England governor Sir Mervyn King, who is understood to have championed Carney’s candidacy, and in turn chancellor George Osborne, who controversially rejected a clutch of home-grown talent to favour the Canadian. Dimon attacked Carney in a closed session for backing Basel III – the third global regulatory effort in around two decades – which demands that the world’s largest banks carry extra reserves to prevent governments needing to bail them out again. The attack was leaked and Carney’s credentials as defender of sound money was sealed.

He could have further clashes inside Threadneedle Street, though. At a conference to discuss financial regulation, he received a forceful broadside from Andy Haldane, the Bank’s executive director of financial stability. Haldane accused Carney and others of adopting highly complex rules to keep bankers in check when they ought to simplify banking.

But Carney is concerned to balance the needs of banks and the economy with a sophisticated mix of rules. He told Euromoney magazine last month: “The interests of the private financial community should be absolutely aligned with those of the regulatory community to grow the real economy in a sustainable way. And the more enlightened members of the financial community have that perspective.”

Carney spent his first six years in Canada’s Northwest Territories before moving with his parents, a university professor and a school teacher, and two brothers to Edmonton. In high school, he began his ice hockey career which culminated in winning the US national championship at Harvard, where he gained his first degree in economics. He then went to Oxford, where he got his master’s.

Goldman Sachs followed. While in London he met his British-born wife, Diana, an economist specialising in developing-world issues and a star player on the Oxford field hockey team. He went back to Oxford to complete his PhD and then rejoined the firm before being appointed deputy governor of the Bank of Canada in 2003. He left in November 2004 for a senior position in Canada’s national finance department that included being the country’s G7 deputy.

Steve Bell on Michael Heseltine’s growth report – cartoon

Category : Business

The former Conservative deputy prime minister has delivered his report on the state of the economy

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Don’t bank on Michael Heseltine’s growth report changing policy | Larry Elliott

Category : Business

Former deputy PM’s recommendations jar with Treasury rhetoric – this one’s destined for the long grass

Michael Heseltine has always been an interventionist, so it is no surprise that his report on growth suggests a more active role for government.

The former deputy PM wants to see UK firms benefit from better-designed public procurement, the devolution of money and power to the regions through Local Enterprise Partnerships and, most controversially, a public interest test for foreign takeovers. It could have been written by Peter Mandelson when he was business secretary or by Vince Cable if he were unencumbered by the constraints of coalition.

Judged by the standards of a Germany, Sweden or France, Heseltine’s recommendations are unexceptional. But they certainly jar with the Treasury’s rhetoric in the first couple of years of this parliament. Back in the early days of the coalition, the big idea was “expansionary fiscal contraction”, the notion that cutting state spending would unleash a wave of private sector investment. Needless to say, much less has been heard of expansionary fiscal contraction since the double-dip recession, with the regions furthest away from the south east the hardest-hit.

But will the report change policy? Don’t bank on it. Heseltine’s proposals for regional business support could not happen until after 2015 and the chances of a public interest test for foreign takeovers look non-existent. The Treasury’s preternatural horror of what smacks of “picking winners” will only be encouraged by tentative economic recovery. This is one destined for the long grass.

Economy ‘shows signs of optimism’

Category : Business, World News

There is “reason for some optimism” for the UK economy, says the Bank of England’s deputy governor Charlie Bean, but warns against “over-excitement”.

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Nick Clegg warns of ‘slow and fitful’ economic recovery

Category : Business

Deputy prime minister strikes cautious note in City speech and demands ‘balanced and engaged’ approach to Europe

The deputy prime minister, Nick Clegg, is warning that Britain’s recovery remains “slow and fitful”, despite expectations that the UK will finally emerge from recession when GDP figures are released on Thursday

In a speech to financial services bosses at the CityUK annual dinner on Wednesday night, Clegg decided to strike a cautious note as he made an attempt to woo the City and occupy the political centre ground.

The Liberal Democrat leader said his party was a “sensible, centrist and pragmatic” influence in government.

“Bluntly, with the economy still fragile, this is not the time for dogma,” he said.

“There’s a lot of speculation about what the GDP figures will bring. Whatever they look like, we know that, overall, we’ve set the economy on the right path.

“But recovery is slow and fitful. Repairing the damage following the shock in 2008 is a gradual healing process. And the government must remain absolutely focused on the reforms that will drive growth.”

He also sought to expose differences between the Lib Dems and their Tory partners by insisting a “balanced and engaged” approach to Europe was vital for the UK’s prospects.

Analysts predict a 0.6% rise in GDP for the third quarter, potentially lifting the economy out of the longest double-dip recession since the second world war.

The Olympics and a bounceback after the diamond jubilee bank holidays are thought to have helped drag the country out of the mire.