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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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Crown Post Office staff go on strike

Category : Business

Staff at some of the UK’s largest post offices are taking industrial action in a growing dispute over closures, franchising, jobs and pay.

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Post Office staff set to strike

Category : Business, World News

Thousands of staff plan to walk out of some of the UK’s biggest post offices later in a dispute over shop closures, jobs and pay.

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Vincent Tchenguiz in bitter battle with detective agency run by ex-Israeli spies

Category : Business

Tycoon throws out agency from his Park Lane offices in dispute over bills linked to SFO and Kaupthing-related lawsuits

A private detective agency run by former Israeli intelligence operatives out of Vincent Tchenguiz’s offices on Park Lane have been thrown out by the investment tycoon in a bitter dispute over bills they presented to him.

Black Cube, which also has offices in Tel Aviv but still operates in London, dramatically fell out with Tchenguiz over bills that it claimed were linked to work carried out for him on multiple lawsuits he was fighting around the world. It had worked for Tchenguiz from late 2011 until the falling out two months ago.

These suits included actions in relation to failed Icelandic bank Kaupthing and Tchenguiz’s judicial review of Serious Fraud Office raids on his offices, which resulted in the warrants being declared unlawful and the investment tycoon launching a £200m claim for aggravated and exemplary damages against the anti-fraud agency.

Black Cube, run by former Israeli intelligence figures Daniel Zorella, Avi Yanus and Ido Josef, describes itself as a “creative intelligence” agency. It has hired lawyers from Peters & Peters to bring a £330,000 claim against Tchenguiz’s company Vincos for “debt and other damages” and alleged breach of contract.

The intelligence firm is also claiming it had an agreement with Tchenguiz that he would pay performance fees of 1% of the proceeds of cash settlements from legal proceedings, as well as the takings from a proposed film about Tchenguiz.

Separately, Tchenguiz has filed a claim in Israel alleging he has been defrauded. A hearing to determine whether the two claims should be heard together in London will take place at the high court in London later this month.

The Tchenguiz camp claims Black Cube mainly does “open source” intelligence gathering – through public records and internet trawling – rather than anything more complex.

In submissions to the high court, a witness statement from a Vincos lawyer claim said no written agreements existed with Black Cube. “Some £823,790 has been paid to Black Cube over the past 13 months by Vincos. It is believed by Vincos that much of this sum has been obtained dishonestly.”

Post Office staff call Easter strike

Category : Business, World News

Staff at 373 Crown post offices will strike on Easter Saturday in a dispute over shop closures, jobs and levels of pay.

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Watchdog contradicts PM on growth

Category : World News

David Cameron is involved in a dispute with the Office for Budget Responsibility about the impact of austerity measures on economic growth.

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Post office workers vote to strike

Category : World News

Thousands of post office counter staff vote to go on strike, in a dispute over pay and job security.

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VIDEO: BBC journalists strike over jobs

Category : Business

Many BBC journalists have gone on strike for 24 hours in a dispute over compulsory redundancies.

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The Chinese IPO wall

Category : Stocks

Regulatory dispute stops Chinese companies from completing U.S. IPOs.

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Willie Walsh to axe 4,500 jobs at Iberia

Category : Business

IAG boss on course for another showdown as trade unions respond to announcement with intention of five-day strike action

Willie Walsh is once again on a collision course with his own employees after announcing he will push ahead with plans to axe at least 4,500 staff at British Airways’ sister airline Iberia, prompting trade unions to retaliate by declaring five consecutive days of strike action.

Walsh, chief executive of International Airlines Group – BA and Iberia’s parent, had demanded acquiescence by 31 January to a plan to cut nearly a quarter of Iberia’s workforce. IAG has said the Spanish airline is in a fight for survival, with losses running at around €1.7m (£1.5m) a day, and blames overcapacity and high staff costs. Unions representing Iberia’s ground and cabin crews responded with a pledge to hold strikes over five days later this month.

Walsh said: “We’re disappointed that no agreement has been reached. Iberia is ready and willing to negotiate with the trade unions. We are determined and united to implement the necessary changes to secure the future survival and viability of Iberia.”

He first used the phrase “fight for survival” when he was BA chief executive in 2009, setting the scene for a confrontation with cabin crew over cuts that led to 22 days of strikes the following year.

Iberia on Thursday published an offer it had made to unions to reduce redundancies in return for deeper pay cuts, with pilots losing almost a quarter of their salary. The proposal was not accepted and staff warned that total redundancies could top the 4,500 originally proposed.

IAG said it will start implementing alternative plans, aiming for breakeven by the second half of this year. It is pushing ahead with plans to cut 15% of Iberia’s route network this year, focusing on profitable long-haul flights.

The dispute at Iberia is likely to prove more wounding politically in Spain than the BA cabin crew dispute of 2010 was in Britain. The downgrading of hitherto well-paid jobs and loss of almost a quarter of the workforce at the national carrier will take place against a domestic economic backdrop of a Spanish unemployment rate of around 25%.

Walsh, who forced through a major restructuring at BA to create a new breed of lower-paid, more flexible cabin crew, will not be directly involved in the confrontation in Spain, where resentment has built up against BA since the merger in 2011. Rafael Sánchez-Lozano, Iberia’s chief executive, has also warned that the airline’s future is “bleak” without radical action.

Strikes remain likely. One analyst said: “This could get messy. If I’m a survivor at Iberia, where’s the upside? You can grind people into the ground but you’ve got to show the people the way to the sunny uplands.”

IAG insists “synergies” will prove the logic of the merger by 2015 when Iberia hopes to achieve an acceptable level of profitability, but Walsh does not want the timetable for cost-cutting at Iberia to slip.

Douglas McNeill, investment director at Charles Stanley, said: “There is a high chance that management will prevail in any dispute because they are well prepared. When unions went on strike last January the company was still able to operate the vast majority of its flights and the damage was modest. Its cash reserves are such that it’s something the company can handle. As with BA in 2010, this will be the decisive factor.”

Just over two years since the merger, IAG’s shareholders have seen BA’s new partner drag down the profits. McNeill said: “At the time of this merger, they promised significant results by 2015. In football terms, they are a goal down and it’s half time.”

Tube cleaners in strike over pay

Category : Business, World News

London Underground station cleaners begin a 48-hour strike in a dispute over pay.

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