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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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Thomson delays start of 787 flights

Category : Business

Thomson cancels plans to start services using Boeing’s 787 Dreamliner planes in May, transferring long-haul passengers to its 767 aircraft.

Read more: Thomson delays start of 787 flights

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Ryanair takes offer for Aer Lingus to court

Category : Business

Airline takes action after rejection by European officials of its third takeover bid

Ryanair is taking to court its battle to acquire rival Aer Lingus following the rejection of its third takeover bid by European officials. The airline accused the European commission of acting unfairly and failing to apply its own competition rules and precedents to the latest takeover plan.

“We regret that this prohibition is manifestly motivated by narrow political interests rather than competition concerns and we believe that we have strong grounds for appealing and overturning this politically inspired prohibition,” said a Ryanair spokesman. “Accordingly, Ryanair has instructed its legal advisers to prepare a comprehensive appeal against this manifestly unjust prohibition.”

The airline said the bid rejected on Wednesday by the EU, was supported by an unprecedented remedies package. The “radical” bid included two buyers – British Airways and Flybe – agreeing to take over about half of Aer Lingus’s short-haul business.

The takeover plan had been boosted this month when Flybe agreed to fly 43 of Aer Lingus’s short-haul routes, easing competition concerns. There had also been a commitment from International Airlines Group – owner of BA and Iberia – to run overlapping Aer Lingus/Ryanair routes between Dublin and London Gatwick to ensure competition.

Ryanair said the decision to block its latest bid was a political one to protect the interests of the Irish government, which holds a 25% stake in Aer Lingus. The airline submitted its final package of takeover plans and commitments this month following a series of meetings with EU chiefs. It said the package addressed the shortcomings in its two failed bids in 2007 and 2012.

Real estate in your IRA? Be careful

Category : Business, Stocks

There’s an upside to investing in property for the long haul. But beware the tax pitfalls.

The rest is here: Real estate in your IRA? Be careful

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BA cutting 400 cabin crew jobs

Category : Business

British Airways confirms that it is cutting 400 senior cabin crew positions on both its long and short-haul routes.

Read more here: BA cutting 400 cabin crew jobs

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International Airlines Group bids to take over Vueling

Category : Business

British airways parent group already owns 46% of Vueling and has offered to buy the rest

British Airways parent International Airlines Group has made a takeover bid for the Spanish low-cost carrier Vueling.

IAG already controls almost 46% of Veuling’s shares via its Spanish subsidiary Iberia, and has offered to purchase the rest on the Spanish stock markets for €113m.

IAG chief executive, Willie Walsh, said: “With its leading position in Barcelona, European growth strategy and low cost base, Vueling has much to offer IAG. It has significantly increased capacity while remaining profitable, despite the Spanish economic slowdown, and already has extensive commercial arrangements with Iberia. We would plan to retain the current Vueling management team.

“This would be good news for Vueling as there are many advantages for the airline in this deal. It will benefit from the financial strength of a larger airline group, making it better able to compete with other airlines and invest in new customer products and services. The airline will also be able to generate some cost and revenue synergies as part of IAG mainly through joint financing and procurement.

IAG said that if the offer to shareholders is accepted, the deal could go through in spring 2013. Vueling would be managed as a separate operating company with its chief executive reporting directly to Walsh.

Walsh’s attempts to force through cost-cutting measures at the heavily loss-making Iberia, including the creation of a low-cost, short-haul subsidiary in Iberia Express, have struggled in the face of industrial disputes. Analysts said that Vueling would give IAG options while it battles to impose new conditions on its Spanish pilots.

Gerald Khoo of Espirito Santo said: “Management has been working on contingency plans, based on restructuring options previously considered but discarded in favour of Iberia Express. One such alternative would have involved the use of Vueling to provide short haul feeder traffic for Iberia’s long haul network, taking advantage of its much more competitive cost base. [A takeover] would seem to offer a way of continuing the restructuring of Iberia’s short haul operations while sidestepping the question of how the arbitration process relating to Iberia Express will move forward.”

But he warned: “The track record of the strategy of creating in-house low cost airlines within legacy or network carrier groups is mixed at best.”

Others were sceptical of the benefits. One industry source said: “Vueling is an attractive asset – but how does this deal make things better for Vueling? BA has the reverse Midas touch in taking over airlines. This is diverting attention from the real issue – the problems IAG is having with the fundamental restructuring of Iberia.”

Virgin to fly London-Manchester

Category : Business

Virgin Atlantic is to introduce a new short-haul service between London Heathrow and Manchester from next March – the airline’s first domestic route.

Link: Virgin to fly London-Manchester

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Yorkshire-Heathrow flights restored after 18-month gap

Category : Business

British Airways opens Leeds Bradford-Heathrow route after period in which carriers withdrew link twice in as many years

Direct flights between London and Yorkshire are to be restored after an 18-month interval in what some people regard as an encouraging move for the region’s economy.

British Airways will run four services a day between Leeds Bradford and Heathrow from 9 December, ending a period of uncertainty that has seen the link broken twice in as many years.

Ticket sales opened on Wednesday with a single fare costing £42. Andy Lord, BA’s director of operations, who unveiled the link at Leeds Bradford, said the airline was sure that its network would not face the problems which led first BMI and then Flybe to withdraw from Leeds in 2009 and 2011.

But the move was condemned by environmental groups including Greenpeace, whose senior campaigner, Joss Garman, said: “You can hop on a train to do this journey. It’s exactly these kind of short-haul flights, easily reachable by other less polluting ways to travel, which clog up Heathrow. The aviation lobbyists look as disjointed as the government’s transport policy if they’re going to applaud needless flights like this and then complain about Heathrow being full.”

The new service follows BA’s acquisition of BMI and its Heathrow landing and take-off slots in April and will see streamlined connection services aimed at the business and tourism sector. Travellers will be able to check in bags and get boarding cards at Leeds-Bradford for onward flights from London and timings will be linked to BA services to destinations including New York, Singapore, Johannesburg and Hong Kong.

Yorkshire pitched vigorously for the new link, one of three confirmed by BA with others introducing direct services between Heathrow and Rotterdam and Zagreb. Lord said: “This is our first new service to a regional airport for some years and it’s a tribute to the persistence of Leeds Bradford and the case which people in Yorkshire and the Humber have made. It’s also a welcome return to Yorkshire for British Airways and we are very excited about flying from this excellent, commercially important airport once again.

“Leeds Bradford has a significant catchment area and we are delighted to offer not only direct flights to London but a well timed schedule that will allow customers from this region to connect with our extensive short haul and long haul flights from Heathrow.”

A report for BAA Airports from Oxford Economics last year underlined the importance of better air links to manufacturing and other businesses in Yorkshire and the Humber. It estimated that £3.3bn of exports from the region annually depend on international flights and two-thirds of the foreign investors, who account for 11% of jobs, rely on air transport to reach their main markets.

The study also emphasised the importance of tourism to Yorkshire and the Humber and suggested that 3,800 jobs in the region depend directly on access to Heathrow. Overseas visitors spent £417m in Yorkshire and the Humber in 2010 and 749,000 of the estimated 1,000,000 total arrived in the UK by air.

Mark Goldstone from Leeds Chamber of Commerce said: “This is a real issue for Leeds city region as we have dozens of members that trade with or aspire to do business with the likes of Brazil, India and China. To support trade and the city region’s economy, it is vital for our firms to be able to make connections to these emerging markets.”

Brian Dunsby of Harrogate Chamber of Trade & Commerce said: “We have been lobbying for a restoration of the scheduled service between Leeds Bradford and Heathrow ever since BMI withdrew the service in 2009.

“Whilst the East Coast trains from Leeds and York to Kings Cross are ideal for visits to central London, the onward connection to Heathrow can take more than an hour, which means that the new flights will be much more convenient – given an adequate flight schedule.”

Aircraft makers have announced deals worth $14B in the past three days as the IATA Beijing summit officially opens today. As expected the main battle is between Boeing (BA) and Airbus (EADSY.PK) for the markets for short-haul and mid-size jets, and…

Category : Stocks

Aircraft makers have announced deals worth $14B in the past three days as the IATA Beijing summit officially opens today. As expected the main battle is between Boeing (BA) and Airbus (EADSY.PK) for the markets for short-haul and mid-size jets, and both sides have been offering heavy discounts. The companies are also competing for a big order from South Korea. 2 comments!

Read more: Aircraft makers have announced deals worth $14B in the past three days as the IATA Beijing summit officially opens today. As expected the main battle is between Boeing (BA) and Airbus (EADSY.PK) for the markets for short-haul and mid-size jets, and…

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Romney raised $40 million in April, nearly matching Obama’s haul – Los Angeles Times

Category : Stocks
Romney raised $40 million in April, nearly matching Obama's haul
Los Angeles Times
By Melanie Mason WASHINGTON — Presumptive GOP presidential nominee Mitt Romney pulled in more than $40.1 million for his election effort last month, his campaign said Thursday, a near match of President Obama's April fundraising haul.
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9/11 defense attorneys denounce Guantanamo court system as ‘rigged,’ ‘unjust’ –

Category : Stocks

ABC News
9/11 defense attorneys denounce Guantanamo court system as 'rigged,' 'unjust'
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