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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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‘Record share’ for buy-to-let deals

Category : Business

The buy-to-let sector now accounts for a record portion of total mortgage loans, according to lenders’ data.

Originally posted here: ‘Record share’ for buy-to-let deals

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Rise in homes seized by lenders

Category : Business

The number of UK homes repossessed in the first three months of the year rose slightly compared with the previous quarter, lenders say.

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New York to sue banks over mortgages

Category : Business

New York’s attorney general says he plans to sue major lenders Bank of America and Wells Fargo for violating a $25bn (£16bn) mortgage settlement.

Originally posted here: New York to sue banks over mortgages

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Portugal’s prime minister plans more cuts to health and education spending

Category : Business

Pedro Passos Coelho chooses not to raise taxes again in order to meet stringent targets set by international lenders

Portugal’s prime minister has announced plans for further cuts to health and education spending rather than raising taxes again, in order to meet tough targets set by international lenders after the constitutional court threw out budget measures on Friday.

“I shall instruct ministries to implement necessary reductions in functional spending to offset what the court ruling prohibited. It will certainly be a very difficult process,” Pedro Passos Coelho said in a live broadcast on Sunday evening.. He added that while he respected the court, its ruling would hamper government plans to take back control of its own finances from international lenders next year.

The speech followed an emergency cabinet session on Saturday and a meeting between Passos Coelho and President Aníbal Cavaco Silva, who has the power to dissolve parliament but urged the government to complete a four-year mandate it won at the polls in June 2011.

On Friday the court found that proposed cuts in holiday bonuses for civil servants and pensioners were unconstitutional, as were reductions in sick pay and unemployment benefit, all of which would have trimmed €1.3bn from budget spending for this year, according to media estimates. The court, however, upheld other planned measures such as tax hikes.

Passos Coelho’s conservative Social Democrats took power after his Socialist predecessor asked a “troika” of lenders for a bailout in March 2011, before resigning. Since then, the government has imposed stringent and unpopular spending cuts totalling €13bn – about 8% of Portugal’s economic output – which have led to widespread protests in common with other eurozone countries suffering from a persistent economic slump.

The government failed to meet its budget deficit targets last year set by the European Union, the International Monetary Fund and the European Central Bank, and in order to fulfil the terms of its €78bn bailout Lisbon has pledged to trim a budget shortfall of 6.4% of gross domestic product in 2012 to 5.5% this year.

Passos Coelho survived his fourth vote of no confidence last Wednesday but faced renewed calls to resign over the weekend. Opposition Socialist leader António José Seguro accused the government of breaking campaign promises and said dole queues of almost a million people showed austerity had merely locked the country into a recessionary spiral, which might yet lead to a second bailout. Portugal’s economy shrank by 3.2% last year.

“The country needs a different exit strategy from the crisis, one that prioritises economic growth,” Seguro told state television. “The country is living in a social tragedy. This needs to change, and that change entails substituting the government.”

In crisis-hit neighbouring Spain, meanwhile, the CSI-F union for civil servants said the government in Madrid should “take note” of the Portuguese court’s decision and reimburse workers with a Christmas bonus axed last December in cuts which likewise aim to trim a yawning budget gap.

Payday lenders face advertising clampdown

Category : Business

• Payday lenders forced to share data to stop multiple loans
• Number of TV ads could be limited
• Unlimited fines for those who break the rules

Payday loan companies will face new restrictions on how they advertise, and be forced to share information about applicants, after a government-commissioned report found that consumers are being harmed by serious problems in the sector.

The market for high-cost short-term loans has boomed in recent years, driven by the recession and an increasing number of firms offering fast borrowing at interest rates of 4,000% and higher. As the industry has grown, so have concerns about debt, with one advice charity reporting it had seen problems with payday loans double in 2012.

The government, which has been under pressure to take action against payday lenders, will work with the Advertising Standards Authority and the industry to make sure adverts for the loans do not lure consumers into taking on borrowing that is not right for them.

Lenders could face limitations on the number of TV adverts they are allowed to screen in an hour and the times of day they can advertise. They could also be forced to make sure their annual interest rate (APR) is displayed properly on all advertising. Currently some payday lenders advertise in prime time slots during family shows.

The government will also force lenders to talk to each other and confidentially share data on applications so that people can’t take out several loans at once from different lenders. Recently, the charity National Debtline said it had heard from clients with more than 10 payday loans against their names.

The news comes ahead of the publication on Wednesday morning of the results of a year-long review of the market by the Office for Fair Trading and a report by the University of Bristol on whether a cap in the cost of credit could protect consumers.

Some campaigners have suggested that such a cap would prevent some of the worse practices in the industry, while others have called for better affordability checks, and a ban on the use of continuous payment authorities, which allow lenders to keep trying to collect missed repayments from a borrower’s debit card.

The University of Bristol report suggests that a cap on credit is not the right approach now, but the government has committed to allowing the new financial regulator to introduce a cost cap at a later date.

A consultation on the other powers the new Financial Conduct Authority will have when it takes over regulation of the sector from the OFT in April 2014 will also be published on Wednesday morning. It will be able to impose unlimited fines on companies which break the rules, and to get consumers’ money back where they have been mistreated.

Payday lenders face restrictions

Category : Business

The government is due to announce strict rules that will govern the behaviour of payday lenders

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Home repossessions lowest since 2007

Category : Business

The number of homes repossessed in the UK fell to its lowest annual level since 2007, lenders say, with 33,900 homes seized last year.

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Mortgage approvals pick up again

Category : Business

The number of mortgages agreed by lenders for home buyers has risen for the fifth month in a row, figures from the Bank of England show.

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Mortgage market ‘now more robust’

Category : Business, World News

Mortgage lending in the UK in 2012 was little changed on 2011 but ended the year in more “robust” form, a lenders’ group says.

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Banks get reprieve on new rules

Category : Business, Stocks

International banks won a concession Sunday from the Basel Committee on Banking Supervision, which relaxed rules for lenders.

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