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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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Stella McCartney’s fashion label profits soar

Category : Business

Olympic kit designer collects £3.34m after label enjoys its most successful year since 2001 launch

Olympic kit designer Stella McCartney has taken gold after enjoying her label’s most successful year since its 2001 launch.

The latest accounts show McCartney collected £3.34m last year in dividend, remuneration and pension payments, as profits for her label soared 16% to £3.29m on turnover up 19% to £21m.

The creator of Team GB’s official sportswear shared a £3m dividend with luxury goods giant Gucci Group, which holds a 50% share in her eponymous label, and received £1.84m in pay and pension contributions. The company made its first profit in 2006 and paid its first dividend, totalling £2m, in 2010.

China-Japan Dispute Over Islands Risks $340 Billion Trade – Bloomberg

Category : Stocks

Business Recorder
China-Japan Dispute Over Islands Risks $340 Billion Trade
Play Examining Both Sides of the China-Japan Dispute China and Japan's worst diplomatic crisis since 2005 is putting at risk a trade relationship that's tripled in the past decade to more than $340 billion. Toyota Motor Corp.
Fresh anti-Japanese protests in China on symbolic anniversaryCNN International
Panetta urges China to increase military contacts to avoid misstepsReuters
War anniversary feeds Chinese anti-Japan protests The Associated Press
BBC News

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Shorter cuts: the news doesn’t get any smaller

Category : Business

GQ magazine shows its political colours, watch out drinkers, they’re watching you – and EasyJet thinks up a new way to make more money


EasyJet is to allow passengers to choose their seats – for a fee. It’s a bid to end the undignified scramble at boarding or yet another money-grabbing wheeze, depending on your point of view.

Where is the love?

The Oogieloves in the Big Balloon Adventure, a bizarre kids film from the Teletubbies stable, has just had the worst opening weekend in US movie history, taking just $207 per cinema.

Party politics

Politician of the year at the GQ awards went to … Boris Johnson, following George Osborne (2011) and David Cameron (2010). Keen on Tories, aren’t they?


Paralympian David Weir is nicknamed “Weirwolf” by his team mates, and their howling tributes have sparked a campaign to get Warren Zevon’s 1978 song Werewolves of London in the charts.

Big brother watch

Police could get the technology to scan faces in the street to identify drunks, if research combining thermal imaging and computer algorithms comes to fruition. A warm nose and a cool forehead is apparently the giveaway.

Morrisons finance chief quits

Category : Business

Richard Pennycook joined Morrisons in 2005 after botched Safeway integration triggered five profit warnings and first loss

The long-serving finance director of Morrisons, who steered the Bradford-based grocer back from the financial abyss when the takeover of Safeway led to a collapse in profits, is leaving.

Richard Pennycook, who was overlooked as chief executive two years ago, said he would step down from the board next summer with a view to a “building a portfolio career”. Pennycook joined Morrisons in 2005 to pick up the pieces after the botched integration of the Safeway chain triggered five profit warnings and the first loss in the company’s history.

The departure of the highly regarded executive, who was also responsible for strategy and business areas such as IT and the internet, comes at a tough time for Morrisons’ chief executive, Dalton Philips. The supermarkets are battling for custom as the squeeze on disposable incomes sees households shop around for the best deals and cut back on the number of groceries they buy.

At the company’s recent AGM, Morrisons’ founder, Sir Ken Morrison, complained that the supermarket, which used to be famous for its “no frills” approach to groceries, was moving too upmarket and risked alienating its most loyal customers. Market share data from Kantar Worldpanel showed Morrisons’ sales growth ground to a halt in the 12 weeks to 10 June, the weakest performance of the so-called big four supermarkets.

But Pennycook, 47, missed out on the top job at Morrisons twice, with the board selecting Marc Bolland to replace Bob Stott in 2006. He is working his 12-months notice and stands to collect a bonus, worth £1.2m based on Monday’s share price, in March. The award of 456,000 shares was made after Philips’ appointment to secure his services for at least another two years. “This was a difficult decision, but by the time I leave next year I will have been with Morrisons for over eight years and I feel that it’s the right time to seek new challenges,” said Pennycook.

He joined Morrisons from the breakdown recovery firm RAC, but previously specialised in company turnarounds. He spent a year at Hereford cider group HP Bulmer, which was sold to Scottish & Newcastle, and before that led the restructuring of both Welcome Break and Laura Ashley. He is understood to be keen to return to this sphere.

Morrisons’ chairman, Sir Ian Gibson, said Pennycook had done an “outstanding job” and had played an “increasing strategic role in the last few years”. The search for a successor would commence in short order, the company said. The shares closed down 3.6p at 264.8p.

After Tesco’s profit warning in January, which was blamed on the poor performance, its chief executive Philip Clarke has turned up the heat on the competition with a blitz of money-off coupons and price cuts. he told the Consumer Goods Forum in Istanbul Tesco was “turning Clubcard digital”, correlating loyalty card information on what shoppers buy with feeds from social networks, mobile phone data and payment methods to help build a fuller picture of its shoppers’ spending habits. The move would enable Tesco to “get to know our customers better still, and use that understanding to deliver an even more personalised offer”, said Clarke who said one outcome would be personalised promotions when a shopper browses its website.

Letters: Made in Britain

Category : Business

The news that Britain’s biggest independent oil refinery may shut (Report, 29 May) closely follows the closure of England’s only aluminium smelter (Lynemouth) and begs the question, which national newspaper will lead a campaign to save our strategic industries. While the pasty and caravan industries have recently benefited from press cheerleaders, who I wonder will champion these heavy industries

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How can social enterprise go mainstream? Live Q&A, Friday 8 June 2012, 1pm – 3pm

Category : Business

Join us on 8 June to discuss how the social enterprise sector can widen its appeal and become established in mainstream business

Many social entrepreneurs want social enterprise to ‘go mainstream’ – that is, for consumers in a wide range of markets to have the chance to ‘buy social enterprise’ when purchasing goods and services, and for social enterprise to gain traction among the public as means of delivering positive social change.

The $64m question (and, of course, the true value would be much more than this) is: how can social enterprise go mainstream?

During this live Q&A, we will attempt to answer that question and will explore issues such as:

• does a definition of social enterprise help or hinder progress towards going mainstream?

• what lessons, if any, can social enterprise learn from the Fair-trade and organic food movements?

• what part will the media play in the attempt to go mainstream?

• should social enterprise want to be mainstream – or should it remain a movement of agitators and outsiders?

For further reading on how UK social enterprise can ‘go mainstream’, Bokani Tshidzu’s recent article offered lessons from the American South. Elsewhere, a report from Deloitte suggested that, to go mainstream, social enterprises need more support from the government.

Do get in touch if you’d like to be a panellist – email Joe Jervis for more details.

Also, if you’d like to leave a question, please do so in the comments section below, or come back to ask it live – and follow the debate – on Friday 8 June, 1 – 3pm.

Remember – in order to be on the panel and also to participate, you need to register as a member of the Guardian social enterprise network, and log in. Click here to register.

Shorter cuts: news doesn’t get any smaller

Category : Business

Dodgy deals, free folic acid and cats in pubs

Gangster games

Plan B’s debut film Ill Manors follows recent flick Wild Bill, setting dodgy dealings in the shadow of the Olympic stadium.

Freebie of the week

Asda is giving away free folic acid to women trying to conceive or already pregnant.

Distracted by … is devoted to “pusses in pubs”, mapping each feline drinking buddy so you can enjoy a pint with them.

Talking cure

On Saturday at the Underdog gallery in London, people will rap battle with each other to raise money for Depression Alliance.

Shadowy business

Carine Roitfeld, ex- French Vogue editor, is doing a makeup line for MAC. Smoky eyes and bold brows all round, then.

Market Preview: Cashing Out

Category : Business

Updated from 6:00 p.m. ET to include additional information about the after-hours session.

NEW YORK (TheStreet) — It’s really starting to feel like things could go either way for the stock market in the coming months.

On the one hand, the economic data has been showing some cracks, most recently with a second straight disappointing initial jobless claims report, existing home sales for March coming in well short of consensus, and a not-so-robust Philly Fed read on manufacturing. That feeds right into the repeat of 2011 scenario that many investors fear.

Click to view a price quote on GE.

Click to research the Industrial industry.

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The Daily Mail: a very, very brief guide

Category : Business

The New Yorker has published a long and detailed profile of the paper. Here’s the digested version

The New Yorker, renowned for its impeccably researched essays, has this week published an 8,732-word account of the Daily Mail. The magazine’s London correspondent, Lauren Collins, attended editorial meetings and spoke to journalists past and present, including a “courteous, if slightly brittle” editor-in-chief Paul Dacre.

In case you don’t have time for all nine pages, highlights include:

▶ Editorial meetings are referred to as the “vagina monologues” because Dacre uses the c-word to describe his staff.

▶ When Liz Jones wrote a column about stealing her husband’s sperm to impregnate herself, she gained the moniker Jizz Loans.

▶ Despite the burgeoning popularity of the Mail’s website, Dacre doesn’t have a computer in his office.

▶ One editor told Colins: “The paper’s defining ideology is that Britain has gone to the dogs.”

PM Padademos and finmin Venizelos have reportedly entered Parliament in Athens as MPs debate austerity measures ahead of a vote this evening. Meanwhile, the air around Syntagma is again thick with tear gas (live feeds) as police attempt to clear…

Category : Stocks

PM Padademos and finmin Venizelos have reportedly entered Parliament in Athens as MPs debate austerity measures ahead of a vote this evening. Meanwhile, the air around Syntagma is again thick with tear gas (live feeds) as police attempt to clear protesters. Post your comment!

See the rest here: PM Padademos and finmin Venizelos have reportedly entered Parliament in Athens as MPs debate austerity measures ahead of a vote this evening. Meanwhile, the air around Syntagma is again thick with tear gas (live feeds) as police attempt to clear…

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