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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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HMRC wins Goldman Sachs court case

Category : World News

HM Revenue and Customs (HMRC) has won its case in the High Court, where it had been accused of illegally letting investment bank Goldman Sachs off part of its tax bill.

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SolarCity surges to new high

Category : Stocks

Shares of the solar panel maker hit a new high ahead of its quarterly results, sparking a rally in other solar stocks.

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Sharp’s losses hit fresh record

Category : World News

Japanese electronics-maker Sharp reports a record annual loss, as it struggles with a high debt load and shrinking sales.

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Rio’s Maracana stadium ‘privatised’

Category : Business, World News

Three private companies win the right to manage Brazil’s most famous football stadium, which was revamped by the government at a high cost.

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Priceline (and Shatner) can’t lose: Stock up 4%

Category : Stocks

Priceline hit a new 52-week high on strong first quarter results. Investors were willing to forgive a weaker forecast.

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Diageo boss Paul Walsh to step down

Category : Business

Chief executive stepping down after 13 years, making way for Ivan Menezes

The boss of Diageo, Paul Walsh, is stepping down after 13 years at the helm of the company behind Smirnoff and Guinness. He will make way for company-veteran Ivan Menezes, who has been chief operating officer of the drinks group since March last year.

Walsh, 57, will step down from the board at the annual meeting in September and will stay on until June next year to help ease the transition, drawing a full executive salary.

Last year, Walsh received a £1.2m salary, as part of a total pay package worth £11.2m. Diageo chairman Lord Davies said that his remuneration was “appropriate” given the strong performance of the business. Walsh has complained about anti-business sentiment in the UK, claiming that top executives are “constantly bludgeoned” for their high pay.

He has also cashed in shares worth £12.7m since last September, though he retains a substantial personal holding in the drinks group of 770,000 shares worth £15.4m.

Walsh has been chief executive of Diageo, which also owns Baileys and Johnnie Walker, since September 2000. The company’s share price has more than tripled in that time, aided by acquisitions including Turkey’s Mey Içki and the recent agreement to buy a stake in India’s biggest liquor maker, United Spirits.

Faced with sluggish demand in recession-hit European economies, Diageo has been buying up brands in emerging markets, where it aims to make around half of its turnover by 2015.

Walsh said on Tuesday: “Diageo is one of the world’s leading businesses, a position it has earned through the efforts of every one of its talented people, who are passionate about our brands, our contribution to society and our performance. The pivotal role which Ivan has played in building this position for the business demonstrates that he is the right person to lead Diageo on the next stage of its journey.”

Menezes originally hails from India, and headed up Diageo’s key North America division for eight years before his appointment as chief operating officer last year.

Martin Deboo of Investec said: “It’s not a total surprise, that’s the first thing to say. This has been a well-flagged transition.” He added that Menezes had been the lead candidate to take over. “It was very much his to lose,” he said. The City was unmoved by the news and the shares inched up 0.25% in early trade.

A Diageo spokeswoman said Walsh had not yet decided what his next move would be. He holds a number of corporate non-executive roles, as well as working as a business ambassador for the government’s business department.

His is the second high-profile departure from the FTSE 100 in a week, after Peter Voser stepped down as chief executive of oil group Shell.

Business rates like a ‘brick wall’

Category : Business

How business rates stifle the high street

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Fraser Institute’s Alberta High School Rankings Show Academic Improvement at 22 Schools

Category : World News

CALGARY, ALBERTA–(Marketwired – May 4, 2013) - Twenty-two Alberta high schools, including 12 public schools and nine schools in Calgary, have seen their academic performance improve over the past five years, according to the Fraser Institute’s annual school rankings.

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ECB meets under pressure to cut rates

Category : Business

Rate cut expectations are running high as the European Central Bank gathers for its monthly meeting Thursday.

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Investors send Tesla shares surging to new high

Category : Stocks

Shares of Tesla hit a new 52-week high, just days before the electric car maker reports earnings.

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