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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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Welfare reforms fair – Duncan Smith

Category : Business, World News

Changes to the UK’s welfare system are fair, Work and Pensions Secretary Iain Duncan Smith insists, as some of the new measures come into effect.

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Letters: Modest cuts that threaten councils

Category : Business

Your reports (26 March) highlight the stark reality facing councils. They face unprecedented reductions in government funding, and the services that people depend on and value – care for children and the elderly, libraries, parks, and sports facilities – are affected. With the costs of social care and looked-after children rising while local authority income declines sharply, the problem is going to get only worse. The sustainability of councils is now being brought into question: the National Audit Office reports that 12% of local authorities are at risk of not balancing future budgets.

In addition, the cuts are being imposed in a fundamentally unfair way. The Audit Commission has found that councils in the most deprived areas have seen substantially greater reductions in government funding as a share of revenue expenditure than those in less deprived areas. The prime minister’s local authority of West Oxfordshire, one of the least deprived in the country, is actually getting an increase in spending power in 2013-14 of 3.1%, while Burnley, ranked 11th in the indices of multiple deprivation, is facing a cut of 8.8%.

It would be one thing if those responsible acknowledged the scale of the problems; instead, Eric Pickles, the self-proclaimed champion of localism, insists that the cuts are only “modest”. The country is now starting to discover exactly what modest means.
Hilary Benn MP
Shadow secretary of state for
communities and local government

• It is no wonder people feel little or no control over their own lives when Labour, Conservatives and Liberal Democrats are committed to cutting public spending on a massive scale. While people are hurting, the worst of the suffering has yet to hit the majority of working people. Austerity is not a cure for this crisis: it is no more than a smokescreen to destroy the welfare state and dismantle councils across the country. Even mainstream economic commentators are questioning austerity policies.

During this recession, with hundreds of thousands having to depend on food banks, it is time for a voice to articulate a clear alternative.
Cllr Don Thomas
Labour Councillors Against the Cuts Group, Southampton council

• It came as no surprise to read (Labour recriminations after frontbench abstains in vote on Poundlands case, 25 March)

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RBS must meet Libor fines – Osborne

Category : Business

Any fines by US authorities on Royal Bank of Scotland over the Libor scandal should be met by bankers not taxpayers, the Chancellor insists.

Read the rest here: RBS must meet Libor fines – Osborne

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Deficit cut ‘could take longer’

Category : World News

The chancellor says deficit reduction may take longer than planned, but insists there is no turning back, ahead of his Autumn Statement on Wednesday.

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Martin Rowson on the government’s approach to energy policy – cartoon

Category : Business

Downing Street insists it will press ahead with legislation to require electricity companies to offer cheapest tariffs

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Spain ‘does not need a bailout’

Category : World News

Spain’s economy minister Luis de Guindos insists that his country does not need a bailout “at all”.

Link: Spain ‘does not need a bailout’

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Why JCPenney’s No-Coupon Experiment Is a Bust

Category : Stocks

By Evann Gastaldo, Newser Staff

JCPenney’s new plan — stop offering huge markdowns on inflated, “fake prices” in order to offer “fair and square” pricing — sounds good in theory. Prices start at least 40% lower than they had been, with no need for customers to take advantage of sales or coupons to get the lowest price.

But, though CEO Ron Johnson insists that “customers love the new JCP,” first quarter results show that sales are way down. “The consensus … seems to be that the JCPenney makeover is shaping up as a major flop,” writes Brad Tuttle in Time. …

Excerpt from: Why JCPenney’s No-Coupon Experiment Is a Bust

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Cameron defends his euro warning

Category : Business, World News

David Cameron says it was “more dangerous to stay silent than to speak out” – and insists there will be no retreat on deficit reduction.

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Disabled benefit reform ‘needed’

Category : Business

Planned changes to disability benefits will go ahead, the Work and Pensions Secretary Iain Duncan Smith insists, saying that reform is needed.

Read this article: Disabled benefit reform ‘needed’

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Thousands in public sector strike

Category : Business

Public sector workers are taking part in a 24-hour UK-wide strike over pensions, but the government insists it has made them a “generous offer”.

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