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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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Is Carney the Man to Boost the UK?

Category : Stocks, World News

LONDON, ENGLAND–(Marketwired – May 14, 2013) - Brimming with insightful, intuitive and intelligently sourced content by some of the most respected writers in the business domain, World Finance is an educative and comprehensive guide to the issues and ideas shaping the economic climate at large.

Read more from the original source: Is Carney the Man to Boost the UK?

Post to Twitter Specialty Retailer Mails New Catalog & Pays Tribute to Moms Everywhere

Category : Stocks, World News

STILLWATER, MN–(Marketwired – May 7, 2013) – In a tribute to moms everywhere, specialty gift retailer Buyer at Large is mailing its first ever print catalog just in time for Mother’s Day. The catalog is being sent to select recipients and is full of unique and meaningful gifts for women. In addition to the catalog, Buyer at Large has also created a mother’s day gift guide to help shoppers choose the perfect gift for mom.

Go here to see the original: Specialty Retailer Mails New Catalog & Pays Tribute to Moms Everywhere

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Don Root and Brad Root Named Manufacturing Executives of the Year at the 2013 Washington Manufacturing Awards

Category : Stocks

SEATTLE, WA–(Marketwired – Apr 26, 2013) – At the Seattle Business Magazine’s 2013 Manufacturing Awards, Don Root and Brad Root, were jointly awarded Manufacturing Executive of the Year in the large company category. This is the first time GM Nameplate has been a finalist for a Washington Manufacturing Award.

Read the rest here: Don Root and Brad Root Named Manufacturing Executives of the Year at the 2013 Washington Manufacturing Awards

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VIDEO: MPs voice mortgage scheme concerns

Category : Business, World News

George Osborne’s flagship scheme to boost the housing market may not help first-time buyers and could cost the Treasury large sums, MPs have warned.

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Osborne warned on mortgage scheme

Category : Business, World News

George Osborne’s plan to boost the housing market may not help first-time buyers and could cost the UK large sums, MPs warn.

Read the original here: Osborne warned on mortgage scheme

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Enjoy Perfectly Topped Spring Desserts

Category : Stocks, World News

MISSION, KS–(Marketwired – Apr 18, 2013) – (Family Features) Whether you’re getting together with family or hosting a large gathering, celebrate this spring season with great desserts that won’t have you crumbling under pressure when it is time to set the dessert table. From chocolate cake to frosted cookies, the answer to flawlessly frosted desserts is right in your freezer.

More here: Enjoy Perfectly Topped Spring Desserts

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Investment From Chinese Groups Rushes to Jeju

Category : World News

China’s Landing Investment Group to Make Large Scale Investment in Jeju’s Myth and History Theme Park

See the article here: Investment From Chinese Groups Rushes to Jeju

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Sir James Crosby has done the right thing – belatedly | Nils Pratley

Category : Business

If you are running a large bank like HBOS your first duty is to make sure the institution doesn’t go bust – if you fail in that, you have to look in the mirror

Sir James Crosby, as we must still call him until the knighthood is removed formally, has done the right thing – but belatedly.

It would have been more stylish for him to volunteer to give up his gong soon after HBOS collapsed into the arms of its foolish rescuer, Lloyds TSB, complete with state-funded bailout in late 2008. Instead he waited almost five years until the outside world, via the excellent report from the parliamentary commission on banking standards, woke up to the self-inflicted nature of HBOS’s failure. If it is a nonsense today to wear an award for “services to the financial industry” it was also a nonsense from 2009 onwards.

But let’s not be too churlish. Crosby deserves credit for volunteering, even if it is in the context of political heat that was still red-hot. David Cameron had little appetite to press the matter, but many MPs from all three main political parties did. The row was not going away. Unlike Fred Goodwin, Crosby has taken the initiative and retrieved some dignity.

As for his pension, a 30% reduction is a meaningful gesture. Yes, of course, Crosby won’t be discomforted one jot by having to rub along on £406,000 a year instead of £580,000. But the pension, as Crosby says, was a contractual entitlement; and not all his pot was accumulated during his years at HBOS. If a 30% cut was deemed satisfactory in Goodwin’s case (and, note, he took a £2.6m tax-free lump sum before adjustment), it is reasonable to use the same yardstick.

Some will argue Crosby has been harshly treated; that he and HBOS were merely creatures of the political, banking and regulatory climate of the time; that the removal of knighthoods has become arbitrary and the honours system itself is damaged that way.

It’s certainly true that Crosby and HBOS and all the other banks were egged on by the Labour administration (and there weren’t many Tory dissenters either). And it’s patently the case that the Financial Services Authority was asleep on the job – or, rather, that it failed to heed its own warnings since, as the commissioners’ report informed us, it had described HBOS as “an accident waiting to happen” in 2004.

But, come on, it’s absurd to conclude that the shortcomings of Crosby, his successor, Andy Hornby, and his chairman, Lord Stevenson, are excused by a gentle political and regulatory environment. If you are running a large bank your first duty is to make sure the institution doesn’t go bust. If you fail in that duty, there’s no point blaming political cheerleaders or pleading that the regulator should have stopped you. You have to look in the mirror, as Crosby now has.

Indeed, in the case of HBOS, the parliamentary report made an overwhelming case that the bank would have become insolvent even if liquidity in the wholesale market had not evaporated after the Lehman’s collapse. It was an old-fashioned case of bad lending. In the circumstances, an award that honoured Crosby’s exceptional achievement looked ridiculous.

Is the system itself discredited if knighthoods can be removed for mere incompetence rather than wrong-doing? Frankly, the honours system has always been rotten in the way it hands out gongs to business people and bankers in the middle of their careers. As argued here the other day, it’s a recipe for mutual back-scratching and the trading of favours.

Best to wait until the final whistle – meaning when careers are over – before handing out prizes.

Australia to force multinationals to disclose tax arrangements

Category : Business

Measures aimed at curbing alleged tax avoidance will see firms with revenues above A$100m required to published tax details

Australia will force corporate giants such as Google and Apple to disclose their tax arrangements in an effort to curb alleged tax avoidance by multinational corporations.

The increasingly borderless global economy means big firms often have no tax liability in a country, even with a major local presence, assistant treasurer David Bradbury said on Wednesday.

In Australia, multinationals including the local arm of Google have been accused of shifting income to countries such as Holland or Ireland where tax rates are lower.

“This should not be a guessing game,” said Bradbury after releasing measures that would require about 2,000 large and multinational businesses, including miners BHP Billiton and Rio Tinto with yearly revenue of A$100m (£69m) or more, to have their tax details published by the government.

“The government intends to improve transparency around how much tax large enterprises are paying. We want to make sure that large multinational companies are paying their fair share,” he said.

Australia’s minority Labor government last year released draft revisions to tax laws to stop profit-shifting in line with a push by Britain and Germany, and discussions last year within the Group of 20 wealthy nations.

Asked in a radio interview on Wednesday about alleged profit-shifting by Google, the prime minister, Julia Gillard, said she did not want to single out any company but said profit-shifting was an international issue requiring action by G20 nations.

“As a matter of principle, taxpayers, whether they’re companies or individuals, should pay their proper rate of tax,” Gillard said. “This is an ongoing discussion at an international level.”

The revisions, opposed by opposition conservatives, will be voted on by parliament after the 14 May budget, with the government requiring support from a handful of independent lawmakers and Greens holding the balance of power.

The amendments aim to shut down loopholes that risk the loss of more than A$1bn in government revenues each year by allowing IT firms to avoid or reduce tax through online sales.

Australia’s corporate tax rate is 30%, compared with 12.5% in Ireland. Major companies including Rio Tinto have already begun publishing tax details, expanding on information in existing financial statements.

Ed Miliband is right, Britain lacks local banks – RBS could fill that void | Tony Greenham

Category : Business

Why not convert a large, publicly owned bank into a network of local banks like those that operate successfully in Germany?

Ed Miliband’s speech to the British Chambers of Commerce today marks an important step towards filling a vital gap in our banking system – the place where you live.

The UK banking system, dominated by a handful of national and international banks, is highly unusual internationally. Many of our industrial competitors, including Germany, France, Switzerland, Canada and the US, have a diverse range of successful financial institutions in their economies. Crucially, they all have financial institutions that are wedded to their local area. The Labour leader has now come out in favour of a new UK network of local banks, which would finally give British small businesses and local communities the sort of financial services enjoyed in other countries.

There is plenty of evidence from around the world to suggest that local banks are better at lending to SMEs, improving the stability of the financial system, reducing regional economic inequalities, increasing financial inclusion and providing healthy competition to the giant banking groups.

The UK could clearly benefit from some level of local banking infrastructure, but to grow such a sector organically is, at best, a long-term solution with little chance of capitalising on the current political opportunity for reform.

Enter, then, the Royal Bank of Scotland: a large, publicly owned bank that, for the foreseeable future, will not pay its way by selling it to the private sector. This presents the UK with a genuinely unique opportunity to ask the question: what is the most useful thing you can do with a bank like RBS? With its extensive branch network, a significant share of the retail banking market and large existing customer base, there are numerous possibilities, including converting RBS into a network of local banks, like that seen in Germany.

There are three key elements to success of the 422 German sparkassen, the local authority-owned banks that account for more than a third of the German banking industry and are the primary lenders to SMEs (approximately 75% of German SMEs have a relationship with their local sparkasse).

First, each local bank can only operate within a defined geographical area. This means they are forced to really get to know the local economy and the businesses in it, as they are unable to concentrate on making easier money in wealthier areas of the country.

In addition, local banks generally have a stakeholder governance structure with an executive board made up of banking professionals who have operating responsibility and report to a supervisory board, which is generally composed of a wider group of stakeholders including staff, representatives of local government, customers, trade unions and industry associations. These two factors help ensure that the bank works in the local people’s interest.

Second, the banks aim to maximise value added to the local economy, rather than simply shareholder profits. For the sparkassen, profits are considered a means to financial sustainability rather than an end in itself. As they have an explicit mission to contribute to the success of the local economy, local banks cannot reallocate capital to more profitable but socially useless activities, such as financial speculation or helping global corporations to avoid tax.

Finally, while each individual local bank is autonomous, they collaborate in a network to gain cost efficiencies, serve larger corporate clients and increase financial security. By mutually owning specialist financial companies, pooling liquidity and funding and providing mutual guarantees to one another, they have learned how to combine the best of local banking with the advantages of size.

We mustn’t squander the window of opportunity we have with RBS. So far Vince Cable has shown the greater willingness to think creatively about its future, but fixing the UK’s banking system for the long term is a chance for Miliband to define his leadership and the Labour party.