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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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What next for China’s Alibaba?

Category : Business

What is the future for China’s Alibaba without Jack Ma?

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US Treasury chief revamps signature

Category : Business, World News

US Treasury Secretary Jack Lew, who was mocked for his loopy signature, has offered a more legible version that could feature on new dollar bills

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US calls for European demand boost

Category : Business

US Treasury Secretary Jack Lew urges countries with the “capacity” to do more to boost consumer demand, following talks with Germany’s finance minister.

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‘Giant Slayer’ Scares Up Box Office Win

Category : Business

By Christy Lemire

LOS ANGELES — It wasn’t exactly a mighty victory, but Jack the Giant Slayer won the weekend at the box office.

The Warner Bros. 3-D action extravaganza, based on the Jack and the Beanstalk legend, made just $28 million to debut at No. 1, according to Sunday studio estimates. It had a reported budget of just under $200 million.

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‘Giant Slayer’ Scares Up Box Office Win

Category : Stocks

By Christy Lemire

LOS ANGELES — It wasn’t exactly a mighty victory, but Jack the Giant Slayer won the weekend at the box office.

The Warner Bros. 3-D action extravaganza, based on the Jack and the Beanstalk legend, made just $28 million to debut at No. 1, according to Sunday studio estimates. It had a reported budget of just under $200 million.

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Click to research the Media industry.

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Lew approved by Senate committee

Category : Business

Jack Lew is poised to become the next US Treasury Secretary after gaining approval from the Senate’s influential finance committee.

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Alibaba boss Jack Ma to step down

Category : Business, World News

One of China’s best-known businessman, Jack Ma, will step down as chief executive of Alibaba, the hugely successful e-commerce company he founded.

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AUDIO: What is next for flat screen TVs?

Category : Business, World News

The Today programme’s business presenter Simon Jack investigates the future of the of the flat screen television market.

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AUDIO: Is signature too ‘loopy’ for dollars?

Category : World News

Americans have been expressing their dismay at Jack Lew’s “ridiculous” signature, which is likely to end up on newly printed dollar bills. Emma Bache, a graphologist, says he should not change it.

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Jack Lew nomination hits snag as Republican vows ‘aggressive’ opposition

Category : Business

Senior senator Jeff Sessions has accused treasury secretary nominee of dishonesty as Obama confirms appointment choice

The Obama administration’s hopes that the US Senate would swiftly confirm Jack Lew as treasury secretary were dealt a blow on Thursday when a senior Republican accused the president’s nominee of dishonesty.

In his formal nomination announcement, Barack Obama urged the Senate to confirm Lew quickly, describing him as a man capable of forging bipartisan, principled compromises.

But the overture was immediately rebuffed by the most senior Republican on the Senate budget committee, Jeff Sessions, who accused Lew of being dishonest and promised an “aggressive” campaign against his nomination.

Lew had been widely expected to sail through the nominating process but the warning Sessions reflects the deeply polarised nature of Washington, especially over budget and tax issues.

Obama formally announced at a press conference at the White House Thursday that Lew, his chief of staff, would be his nominee to replace Tim Geithner. Lew and Geithner flanked the president as he gave a statement praising both men.

Lew, a longtime Democrat, has been involved in budget battles going back to the early 1980s, through the Clinton years and in the Obama administration. In spite of Republicans having frequently emerged bruised from the encounters, describing him as uncompromising, the commonly held view in Washington was that he was well-enough liked to make it through the nomination process unscathed.

But Sessions appeared to dash hopes of an easy nomination process. “Jack Lew must never be secretary of treasury,” he said. Sessions said comments made by Lew two years ago, when he claimed that Obama’s budget plans would steer the US to a position where “we’re not adding to the debt anymore”, were “outrageous and false”.

Obama, in his statement, anticipated the coming battles with Republicans in Congress, beginning with a showdown over the $16.4tn debt ceiling late next month and further battles over deep spending cuts. 

The president claimed Lew was well qualified for the job of balancing the budget. “Under President Clinton, he presided over three budget surpluses in a row.” In word aimed at Republicans in Congress, he added: “So for all the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. Three times.”

He described Lew as a low-key, more interested in a discussion with other policy-makers than appearing on television. “Over the years he has built a reputation as a master of policy who can work with members of both parties and forge principled compromises.”

The Republicans want cuts in welfare programmes but the Obama administration wants to protect key elements, such as healthcare for the elderly, Medicare, and for the poor, Medicaid, and would rather cut defence spending. The Obama administration also wants tax revenue raising measures included in the mix.

With this in mind, Obama said of Lew: “Maybe most importantly, as the son of a Polish immigrant, a man of deep and devout faith, Jack knows that every number on the page, every dollar we budget, every decision we make, has to be an expression of who we wish to be as a nation, our values, the values that says everyone gets a fair shot at opportunity and says we expect all of us to fulfill our obligations as citizens in return.”

Obama added: “Jack has my complete trust … So I hope the senate will confirm him as quickly as possible.”

This completes the top trio of cabinet appointments, Obama having already nominated John Kerry as secretary of state and Chuck Hagel as defence secretary.

Obama praised Geithner for helping to restore the economy after its collapse.

The Republicans want Obama to begin cutting federal spending in return for raising the $16.4tn borrowing limit, a potential re-run of a stand-off that almost saw the federal government close down in 2011. Obama said earlier this month that raising the debt ceiling should be routine for Congress and he will not engage with Congress this time.

As treasury secretary, Lew’s signature will appear on currency. His series of loops has started speculation over whether he will try for a more readable signature, as did Geithner.

Obama joked that if Lew did not make at least one of his loops legible, he wound rescind his nomination.