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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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VIDEO: Barclays’ millionaires ‘no surprise’

Category : World News

The 428 employees at Barclays earning more than £1m is “no surprise” to banking analyst and chairman of the Financial Services Club Chris Skinner.

Originally posted here: VIDEO: Barclays’ millionaires ‘no surprise’

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Let’s play Barclays £1m banker bingo | Nils Pratley

Category : Business

Barclays is big in investment banking, where the real money is made, so how many £1m earners are there? 500? More?

Have a guess how many people at Barclays earned more than £1m last year? Could it be 100? No, it must be more. HSBC revealed 192 in its ranks in 2011 and Barclays is much bigger in investment banking, which is where the real money is made. So 300? Or 500? Even more?

All will be revealed next week. Sir David Walker, Barclays’ new chairman, has decided that the bank should adopt the transparent approach on pay that he once advised for all banks. So the annual report will give tallies within bands, including one for those earning £1m and above. That’s in line with the disclosure regime he suggested in a government-sponsored report in 2009.

As it happens, Walker went soft on his own idea the following year, arguing that it would be mistake for the UK to go it alone because our banks would be put at a competitive disadvantage. But, freshly installed at Barclays, he has rediscovered his backbone. Lead by example is the new motto – and very welcome it is too.

The logic behind greater disclosure on pay is sound. If shareholders have more information on pay, they should be better equipped to challenge boards. A stunning revelation in the post-crash fallout was that 200 individuals at Royal Bank of Scotland had been earning more than chief executive Fred Goodwin. Investors – and, it seemed, the Financial Services Authority – had had no idea. If they had known, maybe more outsiders would have stopped to ask whose interests the bank was serving and queried the risks being taken.

Barclays’ voluntary conversion to greater disclosure will send a useful message that the new regime, under Walker and chief executive Antony Jenkins, is prepared to be judged by results on its pledge to “rebalance” pay so that investors get a great share of the spoils. And it will surely be impossible for RBS and Lloyds not to copy the disclosure model. If Barclays can do it, so can the part-nationalised banks. Well done, Walker (assuming there’s no fudging of the numbers by playing games with deferral periods and the like).

But he’s also taking a calculated gamble. It is well-known that the rewards at the top of banks can be extraordinary – for example, at Barclays in 2010 Rich Ricci and Jerry del Missier, at the time the co-heads of investment banking, collected about £40m each. What is less appreciated is how far down a big bank it is possible to earn a life-changing fortune in a single year. Prepare to be amazed – once again – by investment bankers’ winnings.

VIDEO: Your Money: Taking on a second job

Category : Business, World News

In this week’s Your Money, Ramzan Karmali has been looking at how many people are earning extra cash, by working a second job from home.

Read this article: VIDEO: Your Money: Taking on a second job

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Employers Express Early Optimism for 2013 Hiring

Category : Stocks, World News

Job Market Looking Up for Those Earning Graduate-Level Degrees

Visit link: Employers Express Early Optimism for 2013 Hiring

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Why the autumn statement will leave most people worse off

Category : Business

Those reliant on state benefits will be worse hit, while poor savings returns and child benefit cuts will hit middle earners – high earners, meanwhile, can celebrate a tax cut

Am I going to be better or worse off? It’s the question most people ask after the chancellor sits down, and this time the answer is simple: you are almost certainly going to be worse off in 2013, unless you earn more than £150,000.

Benefits claimants (apart from pensioners) are worst hit in the chancellor’s bid to cut billions from the welfare bill. While the state pension will rise by 2.5% to £110.15, annual increases to other benefits such as jobseeker’s allowance will be set at 1% for the next three years. While it can be painted as an increase, it is of course a real and permanent fall in incomes for the very poorest in society at a time when the RPI inflation rate is currently 3.2%.

The chancellor argued that since 2007 benefit claimants have enjoyed income gains worth 20% compared to 10% for those in work. But over a longer time period, the picture is very different.

In the early 1970s, unemployment benefit was worth about 20% of average earnings, but today jobseeker’s allowance is a miserable 12% of average pay and will continue to fall as long as the benefits freeze stays in place.

Meanwhile, George Osborne is pressing ahead with the controversial cut in the highest rate of tax from 50% to 45% on earnings above £150,000 a year. So a banker on £250,000 a year will see his or her income tax bill fall in 2013-14 by £5,000. True, he or she will lose out if they have been pouring money into their pension scheme – the new pensions cap is equal to a tax charge of up to £4,500 – but the reality is that financial advisers are already shovelling their clients into other tax-advantaged vehicles such as venture capital trusts to shelter money from HM Revenue & Customs.

Osborne made much of the increases in personal allowances that come through in 2013 and the pledge to take anyone earning less than £10,000 out of the tax net altogether. But for the 1 million people on housing benefit and council tax benefit much of the gain is likely to be tapered away. While middle-income households stand to gain £705 a year from raising the threshold from £6,475 (the level set in 2010-11) to the chancellor’s target of £10,000, low earners receiving housing benefit and council tax benefit will only gain £106.

Middle England may be cheered by the increases in personal allowances – the personal allowance rises to £9,440 from the previously announced £9,205 – yet it is just weeks before the axe falls on child benefit currently paid to 1.2 million families. From January 2013 the benefit will start to be withdrawn from any household where someone is earning more than £50,000, and be completely withdrawn once the income hits £60,000. For a two-child family the cut will add up to £1,752. What’s more, the freeze on child benefit rates lasts to April 2014, and after that it will rise by just 1% a year.

Pensioners may feel they have had a relatively easy ride, with their payments protected, but other measures introduced by the Treasury have cut their incomes.

The Funding for Lending initiative launched this summer has pushed down market interest rates, as intended, to help banks lend to businesses and first-time buyers. But for savers and those reliant on their bank deposits – mostly the elderly – it means the interest they earn on their savings keeps falling.

An impressively robust jobs market – Osborne stressed how 1.2m jobs have been created in the private sector since 2009 – at a time of double dip recession has baffled economists. But make no mistake, even if unemployment is better than expected, living standards in Britain are falling fast.

Just a day before the autumn statement the Office for National Statistics revealed the average family spent £484 a week in 2011, a rise of £10 on the year before. Once you take into account inflation, however, spending was down – and has now fallen by nearly a fifth since the boom days just before the credit crisis.

Indeed, family spending levels are now back to where they were 15 years ago, and more and more of a typical family’s budget is now going on petrol, train fares and heating bills, while spending on things such as clothing, footwear and household goods keeps falling.

Britain’s households are now in their sixth year of spending cuts, and with the things that really matter to household budgets – heating bills, train fares, etc – rising much faster than earnings, there is no end in sight.

Fiscal cliff: A modest proposal

Category : Stocks

We need time to properly reset our national priorities and get our fiscal house in order, so let’s push the fiscal cliff to 2014 and go with a tax surcharge on those earning more than $500,000.

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Abercrombie & Fitch ([[ANF]] +10.1%) soars after knocking out a relatively minor earning beat. Execs strike a conciliatory tone about strategy on the firm’s earnings CC (webcast), which may be helping to lift sentiment along with an increase in…

Category : Stocks

Abercrombie & Fitch (ANF +10.1%) soars after knocking out a relatively minor earning beat. Execs strike a conciliatory tone about strategy on the firm’s earnings CC (webcast), which may be helping to lift sentiment along with an increase in the firm’s buyback program. Post your comment!

Here is the original post: Abercrombie & Fitch ([[ANF]] +10.1%) soars after knocking out a relatively minor earning beat. Execs strike a conciliatory tone about strategy on the firm’s earnings CC (webcast), which may be helping to lift sentiment along with an increase in…

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Furukawa places second in archery

Category : World News

Takaharu Furukawa took the silver medal in men’s archery at the London Olympics, earning Japan’s first medal in the event since 2004, after a defeat to South Korean Oh Jin Hyek in the final Friday.
Oh built an early 4-0 lead before tying the third set but never trailed as he outshot Furukawa for a final score of 7-1 at Lord’s Cricket Ground.

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Sofia Vergara tops earnings list

Category : Business, World News

The Modern Family actress is the highest paid in TV earning more than Kim Kardashian, according to US business magazine Forbes.

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Zynga bets on Farmville 2 game

Category : World News

Video game developer Zynga unveils a sequel to its most popular and highest earning title.

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