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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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Honda to supply 2015 McLaren engines

Category : Business, World News

Japanese car manufacturer Honda will return to Formula 1 in 2015 as engine suppliers to the McLaren team.

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Jaguar Land Rover to create 700 jobs at UK engine plant

Category : Business

The luxury carmaker plans to increase investment and raise employment at the site to about 1,400

Jaguar Land Rover is to create an extra 700 jobs by doubling the size of its engine factory in Wolverhampton.

The luxury carmaker plans to increase investment at its UK engine plant and raise employment at the site to about 1,400, the chief executive, Ralf Speth, said .

He told a press conference that the firm planned to increase investment at the plant to more than £500m.

Jaguar Land Rover (JLR), owned by India’s Tata Motors, has ridden a rise in demand for its luxury saloons and SUVs over the past two years, notably in China and other emerging markets, bucking the trend of plant shutdowns and falling production at many European carmakers.

The investment is part of a surge in capital spending in JLR’s production facilities.

In China, for example, the company and local partner Chery Automobile are building a factory.

Company sources also told Reuters on Saturday that JLR was investigating the potential of manufacturing cars in India.

Despite its plans overseas, JLR has continually stressed its dedication to its plants in Britain, where it says it is the country’s largest automotive investor in research and development.

Viratech Corp. Launches Cancer.im Cancer Patient Support Social Network

Category : World News

STOCKTON, CA–(Marketwire – Feb 19, 2013) – Viratech Corp. (PINKSHEETS: VIRA), the first open source biotech research social network platform, announced today the launch of Cancer.im, http://cancer.im, a social network resource site for cancer patients, survivors, advocates, and volunteers. Cancer.im harnesses social collaboration utilities to develop what Viratech believes will become the first experience-based search engine powered by social collaboration http://www.youtube.com/watch?v=dz1tHRb3wvU.

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Kia pro_cee’d GT and cee’d GT Set for Geneva Debut

Category : Stocks

- Kia pro_cee’d GT and cee’d GT to debut at 2013 Geneva Motor Show

- Most performance-focused Kia models yet

- 204 PS and 265 Nm from turbocharged 1.6-litre engine

- Designed and to be manufactured in Europe

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Rolls-Royce accused of bribing a Chinese airline executive

Category : Business

Blogger alleges that airline executive accepted payments as intermediary in deal to supply aircraft engines valued at £1.25bn

Rolls-Royce is facing allegations that it paid bribes to an executive involved with two Chinese airlines, in the latest claims attached to a corruption probe at the aircraft engine maker.

The latest allegations are contained in postings by a blogger operating under the pseudonym of “soaringdragon” and related to deals worth a total of $2bn (£1.25bn) with Air China in 2005 and China Eastern in 2010. They claim an executive who worked at both airlines, Chen Qin, accepted payments as an intermediary in those deals.

Rolls-Royce revealed last month that the Serious Fraud Office had approached the company over allegations of malpractice in Indonesia and China, prompting the Derby-based manufacturer to conduct its own investigation through a law firm, Debevoise & Plimpton. In a statement last month Rolls-Royce said the probe had found “matters of concern” in Indonesia and China and other unspecified markets, relating to “concerns about bribery and corruption involving intermediaries in overseas markets.”

Rolls-Royce, which is aware of the Soaringdragon postings, declined to comment on whether the blogger’s allegations were included in the dossier passed to the SFO. However, the Sunday Times published a statement from China Eastern which appeared to confirm the blogger’s claim that Chen Qin had been arrested by the Chinese authorities in 2011. It said: “Neither China Eastern nor Air China has any right to talk about Chen’s case; only prosecutorial organs know the real background.”

The deals at the centre of the allegations boosted Rolls-Royce’s presence in the rapidly growing Asian aviation market. In 2005 Rolls-Royce said it had received an order from Air China for Trent 700 engines, to power the Airbus A330, worth $800m. Then in 2010 Rolls-Royce said it had won an order from China Eastern worth $1.2bn for Trent 700 engines to power 16 A330 aircraft. The China Eastern deal was signed in the presence of David Cameron, in the Great Hall of the People in Beijing, during an official trade mission to China.

Rolls-Royce faces the threat of a multimillion-pound fine on both sides of the Atlantic if the allegations escalate into official investigations by authorities, although the SFO and the US Department of Justice have yet to announce whether they will proceed with formal probes. The Soaringdragon postings are the second set of allegations implicating Rolls-Royce in corruption to be posted on the internet. Dick Taylor, a former Rolls-Royce employee in Indonesia, had alleged via a series of online postings that Tommy Suharto, the son of the former Indonesian president, was paid $20m (£12m) by Rolls-Royce and given a Rolls-Royce car to persuade the Garuda airline to buy Trent 700 engines in 1990. Taylor has said he felt “cheated” by his experience at Rolls-Royce, the world’s second largest aircraft engine maker, after he was warned that he risked redundancy when he raised concerns over a colleague’s expenses claims. Taylor subsequently took early retirement in 2004 but claims that Rolls-Royce was still making payments to intermediaries in Indonesia in 2010.

The Asia-Pacific region is a vital market for western aerospace companies targeting new customers amid stagnating demand at home. According to Airbus, the region will account for 35% of aircraft deliveries over the next 20 years, with China overtaking the US as the world’s largest domestic airline market from 2031 onwards. As well as bringing opportunities for aircraft makers such as Airbus and Boeing, new jet sales also boost orders for engines. The front-runners for those orders are the likes of Rolls-Royce and its US rivals, General Electric and Pratt & Whitney.

Speaking in December, Rolls-Royce’s chief executive, John Rishton, said the company would not tolerate “improper business conduct of any sort.”

“This is a company with exceptional prospects and I will not accept any behaviour that undermines its future success”. The company also announced that it will appoint an “independent senior figure” to review its compliance process and report to the board’s ethics committee. Rolls-Royce is one of Britain’s blue-chip exporters and thus a key manufacturer in George Osborne’s “march of the makers”, posting revenues of £11.3bn last year and a pre-tax profit of £1.2bn, with its strong future prospects underlined by an order book worth £62.2bn.

Rolls-Royce has admitted that the disclosures could result in the “prosecution of individuals and the company.” Legal experts have warned that Rolls-Royce’s co-operation so far will not spare the business from a prosecution by the SFO. The organisation’s new boss, David Green, has signalled that the SFO will eschew settlements in favour of prosecutions, tackling a perception that it had been keener in recent years to deal with cases outside the courtroom.

Mitsubishi shares fall on recall

Category : Business

Shares of Mitsubishi Motors fall after the firm announces that it will recall 1.2 million cars in Japan to fix faulty oil engine seals.

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Eurozone crisis live: Thousands protest peacefully during Greek general strike – as it happened

Category : Business

First day of general walkout in Athens sees large crowds take to the streets, but the marches pass off peacefully… apart from one attack on a fire engine

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ZBB Energy Corporation Reports First Quarter 2013 Results

Category : Stocks

ZBB Receives $860,000 Order From Major Vehicle/Engine Manufacturer for Hybrid Vehicle Motor Controller

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Baidu posts 60% rise in income

Category : Business, World News

Baidu, China’s biggest search engine, sees a 60% rise in quarterly net income as it continues to attract increasing amounts of advertising.

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Brazil papers pull out of Google

Category : World News

Brazilian newspapers decide to pull out of Google News, saying the search engine refuses to pay for content and takes traffic away from their websites.

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