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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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Italy’s Monti launches campaign

Category : World News

Italy’s caretaker Prime Minister, Mario Monti, promises to cut labour taxes in an interview seen as the launch of his election campaign.

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Investors back Italy despite political turmoil

Category : Business

Italy survived its first major market test since Mario Monti resigned as prime minister earlier this month, selling nearly 6 billion euros of government bonds at steady yields.

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Monti ‘available to lead Italy’

Category : Business, World News

Italian Prime Minister Mario Monti says he is not siding with any party in the next elections, but remains available to head a future government.

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Monti news hits Italian shares

Category : Business

Italian stocks fall sharply after Prime Minister Mario Monti says he will resign early and former premier Silvio Berlusconi signals he will run for office again.

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Wall Street’s Italy problem isn’t just Berlusconi

Category : Stocks

What’s scarier than the return of Silvio Berlusconi? For some investors, it’s his likely opponent in the race to succeed Mario Monti as Italy’s prime minister: Pier Luigi Bersani.

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Spain and Italy criticise Berlin plan for EU to police budgets

Category : Business

Europe divided over German proposals for a ‘super commissioner’ who could punish nations with large deficits

Fresh tensions emerged between Germany and southern Europe as Spain and Italy criticised Berlin’s proposals for a European Union “super commissioner” with powers to police national budgets and punish those with large deficits.

“This is an idea, that considered on its own, I personally don’t like,” said Spanish prime minister Mariano Rajoy after meeting his Italian counterpart Mario Monti in Madrid.Monti claimed not to have read a Der Spiegel interview in which European Central Bank (ECB) president Mario Draghi threw his weight behind the super-commissioner idea, but nevertheless recalled that, in 2003, Germany has been one of the first countries to break EU deficit rules. “It doesn’t sound very good,” he added. “Markets could take this as a sign that current instruments do not work.”

Both prime ministers claimed their recession-hit countries did not currently need a soft bailout that would allow the ECB to start buying bonds to bring down borrowing rates, though Rajoy was prepared to admit a request might come eventually. “The instrument is there and any country can ask for it if it finds it necessary. And I will do just that,” he said. “When I believe that it is in the interests of Spain to ask for it, I will ask for it,” he said.

Monti said Italy did not need the bailout, but said it was important that at least one country use the eurozone’s new soft bailout mechanism in order to prove to markets that the ECB was serious about defending the euro.

“It is of paramount importance that the instrument is put to work, that it does not remain theoretical,” Monti said, in what seemed to be a reference to Spain.

The plan relates to the ECB purchasing a government’s bonds, which results in a lowering of that country’s borrowing rates in the bond markets.

The size of Spain’s economic downturn was underscored by the prices at which a new “bad bank”, to be set up as part of a eurozone rescue of Spanish banks, will forcibly buy toxic real estate assets from bailed-out banks.

The “bad bank”, known as Sareb, will take between €45bn and €90bn of real estate with discounts on book value varying from 80% to 32%, according to the Bank of Spain.

The minimum discount will still be above the market fall in Spanish real estate prices, which have so far dropped 25% from their peak.

But Italy also appeared to be running into fresh difficulties after former prime minister Silvio Berlusconi, sentenced to prison for tax fraud last week, threatened to withdraw support for Monti’s government over the weekend.

As Italy’s bond yields began to rise yesterday, Monti refused to speculate on whether this was a sign of market fear that Berlusconi would carry out his threat.

“You can ask that question to the political parties, and to the markets, but not to me,” he said, claiming his duty was merely to keep governing Italy until the spring.

Berlusconi warns Italy cabinet

Category : World News

Italy’s Silvio Berlusconi threatens to bring down Mario Monti’s technocratic government, a day after receiving a jail sentence for tax fraud.

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Eurozone crisis live: Confidence falls to three-year low

Category : Business

Sentiment among the 17-nation currency bloc falls for a fifth straight month in August and Mario Monti warns of dangers of EU breakup

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Monti warns of psychological rift

Category : World News

Italy’s Prime Minister Mario Monti warns of a “psychological break-up” of Europe, while talks over Greek reforms make progress.

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Sicily may default, says Italy PM

Category : Business

Italian PM Mario Monti says the region of Sicily could default on its debts, and he is seeking confirmation that the governor will resign.

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