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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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BT reports rise in annual profits

Category : World News

BT reports a rise in full-year profits, a day after setting out its challenge to BSkyB’s dominance of the UK’s sports pay-TV market.

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Post to Twitter’s Cost per Lead Program Offers an Alternative Sales Approach

Category : Stocks, World News

CROSSVILLE, TN–(Marketwired – May 10, 2013) – Cost per Lead: List for free, pay for results with NextTruck. Crossville, Tennessee-based has announced an exciting alternative to standard truck and trailer classified advertisements with their new cost per lead program. NextTruck has been a leader in the truck and trailer marketplace for several years, and has established a base of hundreds of advertisers who offer thousands of products for sale. The standard practice in the vehicle resale market is for a listing service to charge a monthly listing fee, whether the item has received offers or not. This may be the right choice for some, but an exciting alternative is the new cost per lead program — list for free, pay for results!

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Diageo boss Paul Walsh to step down

Category : Business

Chief executive stepping down after 13 years, making way for Ivan Menezes

The boss of Diageo, Paul Walsh, is stepping down after 13 years at the helm of the company behind Smirnoff and Guinness. He will make way for company-veteran Ivan Menezes, who has been chief operating officer of the drinks group since March last year.

Walsh, 57, will step down from the board at the annual meeting in September and will stay on until June next year to help ease the transition, drawing a full executive salary.

Last year, Walsh received a £1.2m salary, as part of a total pay package worth £11.2m. Diageo chairman Lord Davies said that his remuneration was “appropriate” given the strong performance of the business. Walsh has complained about anti-business sentiment in the UK, claiming that top executives are “constantly bludgeoned” for their high pay.

He has also cashed in shares worth £12.7m since last September, though he retains a substantial personal holding in the drinks group of 770,000 shares worth £15.4m.

Walsh has been chief executive of Diageo, which also owns Baileys and Johnnie Walker, since September 2000. The company’s share price has more than tripled in that time, aided by acquisitions including Turkey’s Mey Içki and the recent agreement to buy a stake in India’s biggest liquor maker, United Spirits.

Faced with sluggish demand in recession-hit European economies, Diageo has been buying up brands in emerging markets, where it aims to make around half of its turnover by 2015.

Walsh said on Tuesday: “Diageo is one of the world’s leading businesses, a position it has earned through the efforts of every one of its talented people, who are passionate about our brands, our contribution to society and our performance. The pivotal role which Ivan has played in building this position for the business demonstrates that he is the right person to lead Diageo on the next stage of its journey.”

Menezes originally hails from India, and headed up Diageo’s key North America division for eight years before his appointment as chief operating officer last year.

Martin Deboo of Investec said: “It’s not a total surprise, that’s the first thing to say. This has been a well-flagged transition.” He added that Menezes had been the lead candidate to take over. “It was very much his to lose,” he said. The City was unmoved by the news and the shares inched up 0.25% in early trade.

A Diageo spokeswoman said Walsh had not yet decided what his next move would be. He holds a number of corporate non-executive roles, as well as working as a business ambassador for the government’s business department.

His is the second high-profile departure from the FTSE 100 in a week, after Peter Voser stepped down as chief executive of oil group Shell.

Crown Post Office staff go on strike

Category : Business

Staff at some of the UK’s largest post offices are taking industrial action in a growing dispute over closures, franchising, jobs and pay.

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Shortfall fears for mortgage holders

Category : World News

More than a million people with interest-only mortgages face a financial crunch when they have to pay them off, the regulator warns.

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From welfare to wages, women fight back against the uncaring market | Selma James

Category : Business

The welfare state is the latest victim of the market’s corruption of all it touches. Fighting like hell is the only option

It’s almost unbearable to wake up to a world in which the welfare state that has defended us from the worst excesses of the market is being destroyed. The only way to hold on to the last vestiges of entitlement, and even reverse defeats, is to fight like hell.

Bereaved but determined families pursuing those who neglected vulnerable patients in Staffordshire had to do a massive piece of organising before the deaths of hundreds were looked into. (Other suspect hospitals are emerging.)

Parents of children needing heart surgery organised against closure of the Leeds heart unit and won a court judgment. Then they had to struggle to prevent that judgment from being circumvented. But they did it.

Attacks on people with disabilities were unthinkable. Now suicides and premature deaths of sick and disabled people targeted by the work capability assessment and other cuts are described by campaigners as “genocide by the back door”.

Single-mother families and large families were protected. Now children in low-income families have become “extra“, targeted even before birth by adoption targets or, once born, by exclusion from schooling and social housing. Asbos and heavy sentences await the inevitable rebellion and protest, including against rising racism.

How did it get to be so threatening to so many?

When the women’s movement began in the 1970s, women were the carers. Working-class women also did waged jobs, but the wellbeing of children and others remained the primary concern. Women formed the movement not to eliminate caring but the dependence, isolation, servitude, invisibility and almost universal discrimination that a wage-dominated (ie male-dominated) society imposed on the unwaged carer.

The women’s movement faced a choice. It could embrace the market: careers for some and low-paid jobs for most. Or it could find another way to live: demanding that the work of reproducing the human race was recognised as central to all priorities. Getting wages from the state for this work, carers would help reshape all social relationships: reorganising work to incorporate men into caring and women into – everything.

Feminism largely chose the market. This enabled governments to demean rather than recognise caring. “Workless”, according to New Labour, mothers are now urged to “do the right thing” – go out to work irrespective of workload, childcare, the needs of those who depend on us.

Cuts in social services and public-sector jobs attack women – three-quarters of public employees. Government aims to push women into the private sector which pays – especially women – less and demands more. This lowers wages generally, imposing working conditions previously unthinkable. Already more families with adults in jobs are in poverty than families where adults are unemployed. When government says it wants “work to pay”, it means driving claimants below the lowest paid: from poverty to destitution, unable to refuse £1 or £2 an hour (many immigrants face this).

The market, which we are urged to love, honour and obey (Marx said it was a fetish), has corrupted all it touches, including the life of the planet. When recently a scientist warned of imminent destruction from climate change, we were told it would be “impractical” to try to stop it. Incredibly, the media did not gasp at this suicidal greed.

Many people say this is not the society they want to live in. But how can we confront all that needs changing?

First we must acknowledge the thousands already refusing hospital and library closures, cuts in benefits and legal aid, factory farming (concentration camps for animals), a poisonous food industry, toxic pharmaceuticals, media-police corruption, sale of playing fields, tax havens, warmongering, criminalisation of protest … Campaigns share one vital tenet: our entitlement to what we are struggling to reclaim.

Our problem is not only that we have allowed cuts – and perhaps the unkindest cut has been of the universality of child benefit, the money that recognises society’s responsibility for children. Our problem is that it has seemed foolish and impractical to dare to challenge the market when no major party is on our side.

With a three-way coalition against us, this has got to be a DIY job. On 1 May, International Workers’ Day, the Global Women’s Strike will launch the petition “Invest in a Caring Society: A living wage for mothers and other carers” – aiming to “redirect economic and social policies towards people and the planet and away from the uncaring market”. A challenge to the market by women, the carers, can only strengthen all those already fighting like hell.

Pre-Marketing: Deal leakage

Category : Business, Stocks

The dark art of deal leaks. Also: CEO-to-worker pay ratios skyrocket.

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Textile workers’ deaths ‘avoidable’

Category : Business, World News

The low pay of Bangladeshis making clothes for the West

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BT wants a broadband bounce from sport, but may have scored an own goal

Category : Business

The complex relationship between BT and BSkyB rests on gaining new customers for the former, rather than advertising

BT and BSkyB are at loggerheads. BSkyB is refusing to allow BT to advertise its new sports channels on Sky Sports, and BT has complained to Ofcom. Now leaving aside the fact that BT can (and does) advertise on any of BSkyB’s other channels, and that BSkyB and BT have both previously declined advertising from direct competitors – so there is plenty of precedent for BSkyB’s position – this dispute really is a storm in a teacup. What lies behind it, however, really couldn’t be more serious and the key questions are all for BT.

BT has spent upwards of £1bn on sports rights – mainly 38 Premier League games a year, top-flight rugby and WTA tennis. When you throw in production and other costs some analysts’ estimates put the total bill at nearly £450m annually. Sky has between five and six million sports subscribers and recent history with Setanta and latterly ESPN suggests that maybe a million of them will pay extra for the additional content BT will offer. Of course in addition to recruiting Sky customers BT will hope to attract new subscribers too, but even if it doubles that number to two million, simple arithmetic suggests it would have to charge them close to £30 per month just to cover costs.

Since no one seriously expects anyone to pay that much just for BT’s sports channels – which are still no real match and certainly no substitute for Sky’s – some analysts expect BT to lose in excess of £200m a year on them.

The only way of making sense of this from a BT investor’s point of view is to see it not as a loss but as an investment in improving the position of BT’s core business – broadband, and especially high-speed broadband. BT has been losing broadband market share to BSkyB – which from a standing start has gone to second in the market behind BT, the legacy operator, in just eight years.

The sharp end of that battle is the 2.5 million Sky TV customers who currently take their broadband from BT. Were BT to lose them, or even many of them – and on today’s trends that could happen – the loss of revenue (line rentals and broadband fees) could top £700m a year. Which is why BT really wants to package up its sports offering with its broadband services. In other words, for BT this is not about sport or even pay-TV, it is about broadband.

Which brings us back to the current spat over advertising. After Ofcom’s pay-TV review, BSkyB faced being compelled to wholesale its premium sports channels to BT at regulated prices. But with no obligation running the other way – on BT to wholesale to BSkyB – BT would then have been in the enviable position of promoting its YouView platform service as the only place to get all Premier League football. And that was the position last year when BT spent its £730m on football rights. But the Competition Appeals Tribunal decision to upend the Ofcom ruling means there is no obligation on BSkyB to wholesale its channels to BT at all.

BSkyB is now saying it will wholesale its premium sports channels to BT – allowing BT to sell them on to its customers – but only if BT will allow BSkyB the same arrangement with its sports channels. If such an arrangement was agreed, BSkyB would almost certainly drop its objection to BT running adverts on Sky Sports as the rivals would in effect be commercial partners.

But the problem for BT is that if BSkyB retails BT Sports as part of its offer to its customers, the telecoms company gets the money but not the customers – they belong to Sky. And no customer data means no capacity to try to sell them broadband packages. Which defeats the strategic point of spending £1bn on sports rights. Which could lead investors to wonder what else BT might have done with all that cash.

Pensioners ‘should pay more tax’

Category : Business

Better-off older people should pay tax at the same rate as younger people on similar incomes, the Fabian Society think tank argues.

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