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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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Debt worries ‘feature payday loans’

Category : World News

Twice as many people who sought help with debts in 2012 had payday loans compared with a year earlier, a charity says.

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Global air travel ‘rises by 5.9%’

Category : Business, World News

The International Air Transport Association (Iata) says air passenger travel grew by 5.9% in March compared with a year earlier, boosted by emerging markets.

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Burnham Holdings, Inc. (BURCA: OTC Pink Limited) | Burnham Holdings, Inc. Declares Dividend And Announces Results Of The Annual Meeting Stockholders’ Vote

Category : Stocks

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Burnham Holdings, Inc. Declares Dividend And Announces Results Of The Annual Meeting Stockholders’ Vote

PR Newswire

LANCASTER, Pa., April 22, 2013

LANCASTER, Pa., April 22, 2013 /PRNewswire/ –

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LED lighting sales boom at Philips

Category : Business

Philips, the world’s top lighting maker, says LED sales rose 38% in the first quarter from a year earlier, as the Dutch group reports steady results.

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Europe car sales fall again in March

Category : Business, World News

Car registrations across Europe were down 10.3% in March from a year earlier, marking the 18th consecutive month of falls.

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Morrisons axes 700 more jobs

Category : Business

New cash-counting machines to replace 689 workers, six months after 165 jobs scrapped at supermarket’s Bradford HQ

Nearly 700 back office staff are to lose their jobs at Morrisons as the UK’s fourth largest supermarket chain cuts costs after last year’s fall in profits.

New cash-counting machines are being installed in stores, meaning that 689 cash office managers and supervisors would no longer be needed, the company said. It added: “The introduction of new technology is an ongoing programme to ensure that Morrisons continues to improve its competitiveness.”

The decision comes six months after 165 jobs were scrapped at the company’s Bradford headquarters when its financial transaction processing service was outsourced to an Indian firm.

A four-week consultation has started with staff; however, it is understood that they are unlikely to be redeployed to other jobs.

The last major round of redundancies by the company was in 2006, when about 2,000 workers were axed as a result of the closure of three depots, in Kent, Bristol and Warrington.

Morrisons has been struggling recently, despite coming through the horsemeat scandal unscathed, thanks to its integrated supply chain.

The lack of an online groceries operation and its limited number of convenience stores – the two biggest growth areas in food sales – mean the company is lagging behind competitors.

The most recent data by analysts at Kantar Worldpanel revealed Morrisons’ market share fell to 11.7% in March, compared with 12.3% at the same time a year earlier; it was the only major supermarket to suffer a fall.

At its annual results last month, the company reported its first decline in profits for six years – a 7% fall in pretax profits to £879m on sales of £18.1bn. Like-for-like sales were down 2.1% and 400,000 shoppers went elsewhere.

Morrisons is the only big four supermarket yet to launch a groceries website. However, chief executive Dalton Philips said one would start in early 2014 and it was revealed bosses had been in discussions with Ocado.

The market is worth £5.6bn a year and is expected to double within a decade, with rivals at Asda, Sainsbury’s and market leader Tesco all reporting double-digit growth in online sales.

Another double-digit growth area which Morrisons has failed to capitalise in is convenience stores, which has been dominated by Tesco and Sainsbury’s.

Philips said he wants to focus attention on opening about 100 new M Local branches, mainly in London and the south east, where the business is least exposed. Earlier this year the company snapped up 62 former Jessops, Blockbuster and HMV stores from administrators after all three businesses went bust.

UK house prices ‘see annual rise’

Category : Business, World News

UK house prices were 0.8% higher in March from a year earlier, the Nationwide says, the first annual rise for more than a year.

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Lloyd’s of London bounces back with £2.7bn profits

Category : Business

Despite taking a £1.46bn hit for damage caused by Superstorm Sandy, year proved easier than catastrophe-strewn 2011

Lloyd’s of London returned to profit in 2012, bouncing back from a £516m loss in 2011 after claims fell on account of fewer natural disasters. Pre-tax profits during 2012 reached £2.77bn, Lloyd’s said, with net incurred claims falling to £10.1bn from £12.9bn a year earlier.

The performance represents the combined results of about 80 competing insurance and reinsurance syndicates.Listed companies which operate syndicates at Lloyd’s include Catlin, Hiscox and Amlin.

Lloyd’s said the 2012 investment return was 1.3 billion pounds, up from 995 million pounds a year earlier.

Claims in 2012 included a $2.2bn (£1.46bn) hit from October’s Superstorm Sandy in the Caribbean. However, the year proved easier overall than 2011, the costliest on record for natural catastrophes that included earthquakes in Japan and New Zealand and tornadoes in the United States. Lloyd’s chief executive Richard Ward called it “a strong result”.

House prices rise for first-timers

Category : World News

Prices paid for UK homes by first-time buyers in January were 2% higher than a year earlier, official figures show.

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Rental costs ‘down 0.1% in February’

Category : Business, World News

The cost of renting a home in England and Wales fell by 0.1% in February, but remained higher than a year earlier, a property group says.

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