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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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Skype now available for Outlook.com

Category : Business

Microsoft says its email service Outlook.com will now support Skype, allowing users to make audio and video calls from their inbox.

Excerpt from: Skype now available for Outlook.com

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ENDEXX Corp. (EDXC: OTC Pink Limited) | Endexx to attend NAMA Spring Expo for Medical Marijuana Technology Solutions

Category : Stocks, World News

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Endexx to attend NAMA Spring Expo for Medical Marijuana Technology Solutions

Endexx moves towards Up Listing

PR Newswire

PHOENIX, April 23, 2013

PHOENIX, April 23, 2013 /PRNewswire/ — Endexx Corporation (OTC Markets: EDXC) announces it will be attending the NAMA One Show 2013 (NAMA Spring Expo) – National Automatic Merchandising Association this week,(04/24/2013 – 04/26/2013).

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Judicial review expected into handling of small firm loan scheme

Category : Business

Department for Business, Innovation and Skills accused of retrospectively rewriting rules of loan scheme

The government is facing the threat of a judicial review into its handling of an investigation into Barclays’ involvement in a state-backed loan scheme.

An investigation into a loan made by the bank in 2006 under the small firms loan guarantee scheme was extended last month by the Department for Business, Innovation and Skills after an intervention by Michael Fallon, a business minister.

However, questions have been raised about the latest examination of evidence by the auditors RSM Tenon on behalf of the department. The loan was made to a company owned by Yorkshire businessman Jeffrey Morris who has alleged Barclays did not comply with eligibility rules imposed by the loan guarantee scheme.

“The new report makes no sense to me,” Morris said. “It is selective in the information it relies upon, it is inconsistent with itself and the evidence, it rewrites the scheme rules and it is inconclusive. The only way I can get justice for myself and the taxpayer is to seek a judicial review. I have spoken to my lawyers who believe there is a case for a much wider and fully independent judicial enquiry.”

The scheme for startup businesses, which guaranteed banks a return if their investment defaulted, has cost the taxpayer at least £200m in compensating banks. The Guardian reported on the loan in September, prompting the department to commission RSM Tenon. Papers seen by the Guardian show, allegedly, that Barclays sought collateral for the deal and gave the loan to a long-established business – actions that contravened the scheme’s terms. Morris defaulted on the loan in 2006, but Barclays reclaimed most of the balance owed – £91,667 – from the taxpayer.

Morris argues that an internal email sent by Barclays in May 2006 shows the bank had arranged a loan under the guarantee scheme for his business, Diamond Shape, even though he still had available collateral. Under the terms of the scheme, a loan could be guaranteed by the government only if the borrower had exhausted all other forms of collateral.

The new investigation examined a key email from Barclays, discussing a meeting with Morris, which indicates that the bank sought collateral for the loan. Referring to the department’s former guise as the Department for Trade and Industry, it says: “Looking for NewCo SFLG of £200k asap – this has been sanctioned by DTI. We advised we would need to see at least either share charge or property charge in place prior to drawdown.”

This suggests Barclays was seeking further collateral before making the money available to Morris, in direct contravention of the scheme’s rules. However, the new RSM Tenon report makes no mention of this part of the email. Instead, it focuses on the shares and property Morris was offering to Barclays as additional collateral. The reports admits that Mr Morris had further collateral available at the time the loan was made.

The new RSM Tenon report also appears to suggest that although the bank was seeking further personal collateral from Morris, this did not breach the key rule that any such loan could be made only when all other personal collateral had been exhausted. Barclays has said that the crucial email does not relate to Diamond Shape and had no relevance to the SFLG application.

Referring to the email, the report says: “The extent to which he was being asked to support the borrowing … personally does not, in itself, invalidate the making of an SFLG loan.” The department could not explain how this apparent retrospective rewriting of the scheme’s rules was justified. A department spokesperson said: “The department is satisfied that all relevant and necessary evidence from the loan application process, from all parties, has been properly considered.”

Barclays said: “Barclays co-operated fully with the Department of Business Innovation and Skills and RSM Tenon during their thorough audit of the loan made to Diamond Shape Limited by Barclays in 2006. Weare pleased to acknowledge the findings of the final report which found that ‘the loan and business appear to meet the eligibility criteria of the scheme at the time’. Barclays remains committed to lending and will utilise government schemes, where appropriate, to help make funds available to our customers and clients.”

RSM Tenon declined to comment.

ENDEXX Corp. (EDXC: OTC Pink No Information) | Endexx Acquires Cann-Can LLC.

Category : World News

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Endexx Acquires Cann-Can LLC.

Endexx’s Medical Marijuana Movement into Dispensing and Vending Technologies

PR Newswire

PHOENIX, April 9, 2013

PHOENIX, April 9, 2013 /PRNewswire/ –

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Medex, Inc. (MDXX: OTC Link) | Medex Inc. Warns Public of Un-Solicited Email Spam

Category : World News

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Medex Inc. Warns Public of Un-Solicited Email Spam

PR Newswire

CHULA VISTA, Calif., Jan. 16, 2013

CHULA VISTA, Calif., Jan. 16, 2013 /PRNewswire/ –

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