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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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Code of practice to help pub tenants

Category : Business

Proposals to help struggling pub tenants are unveiled by the government, including a new code of practice and a “powerful” adjudicator.

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Addex Shareholders Approve All Board Proposals at Annual General Meeting

Category : Stocks

GENEVA–(Marketwire – Mar 20, 2013) – Addex Therapeutics / Addex Shareholders Approve All
Board Proposals at Annual General Meeting. Processed and transmitted by
Thomson Reuters ONE.

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CO2 rules ‘will save drivers cash’

Category : Business

A new study claims that EU proposals to reduce CO2 will increase the cost of cars, but save much more on petrol.

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VIDEO: EU backs bonus cap proposals

Category : World News

Chancellor George Osborne stood isolated after European Union finance ministers vowed to press on with proposals to curb bankers’ bonuses.

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VIDEO: Osborne in bankers’ bonus battle

Category : Business

Chancellor George Osborne flies to Brussels later determined to water down the European Parliament’s proposals to curb bankers’ bonuses.

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Osborne in bankers’ bonus battle

Category : Business, World News

Chancellor George Osborne is due to fly to Brussels, determined to fight plans to curb bankers’ bonuses, but EU finance ministers look likely to approve the proposals.

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Vangold Requisitions Shareholder Meeting to Replace Coppermoly Board of Directors

Category : World News

VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 3, 2013) - Vangold Resources Ltd. (“Vangold” or the “Company”) (TSX VENTURE:VAN) has commenced a proceeding under the Australia Corporations Act to requisition an Extraordinary General Meeting of shareholders to remove and replace all of the directors of Coppermoly Limited. Coppermoly is based in Queensland, Australia and its shares are listed on the Australian Stock Exchange. Vangold commenced a similar proceeding in January 2013 to gain board representation by removing and replacing two Coppermoly board members. Since that time various events have led Vangold to conclude that its original proposals would lead to a split and dysfunctional Board and that its objective of bringing quality management and proper corporate governance to Coppermoly could only be achieved by replacing the entire board. Vangold was a founding shareholder of Coppermoly and remains the largest shareholder (with approximately 8.5% of the outstanding shares) and is also supported by several other significant shareholders and shareholder groups. Full details of the proceeding and Vangold’s board nominees can be found on Vangold’s website at www.vangold.ca.

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Labour wants vote on Leveson report proposals within two weeks

Category : Business

Harriet Harman lifts lid on all-party talks and says Labour is not persuaded by Royal Charter plan for press regulation

The shadow culture secretary, Harriet Harman, will on Monday put pressure on the government over the Leveson report into press standards by suggesting Labour will push for a parliamentary vote on the proposals in the next few weeks.

She will also reveal that Labour remains unpersuaded by government proposals for a body set up by royal charter to police an industry-led system of press regulation. She wants the government to publish its proposals so they can be scrutinised by the public.

She will outline her case in a speech at the Oxford media conference, which will be the first time Labour has lifted the lid on the all-party talks on Leveson.

Her tone suggests that the government has failed to create a cross-party consensus on press regulation.

Labour opposes a royal charter, but is divided over whether this is the best that is likely to emerge from the talks, and whether pressing for a stronger statute will backfire, with the loss of Liberal Democrat and Conservative support.

Harman will say: “The public must be able to scrutinise the proposals. And parliament – to whom Lord Justice Leveson trusted a key role in setting up the new system – must be able to decide.

“That’s why we will ensure that this will come back to parliament – with, if necessary, a debate and vote on one of our opposition days in February.”

The private cross-party talks have been under way for weeks with Labour pressing for a bill to set up an organisation to police a press regulatory body, in line with the Leveson report, and the government pushing an alternative regulatory body underpinned by a royal charter.

Oliver Letwin, David Cameron’s policy fixer, came up with the idea of a royal charter as a way of avoiding the introduction of statute to oversee the press.

Harman will say: “The most straightforward way of implementing Leveson is to have a single statute. And indeed we have drafted and published one. Hacked Off have drafted and published one and the government have drafted two which we have discussed in the talks, but have yet to publish them.”

She will add: “While the statutory route is straightforward the royal charter route is anything but. It is untried and untested and we are unpersuaded that it can do the job that Leveson proposes.

“Government has never before sought to legislate through a royal charter rather than through a bill in parliament. It is as yet unclear how the body established by charter could be funded.

Reflecting the Labour position in the private cross-party talks, Harman argues: “It would clearly need statute to stop ministers at some future event toughening or weakening its provisions by edict of the privy council. There would need to be statute to provide for the exemplary damages regime which would incentivise newspapers to join the self-regulator.

“Perhaps the most fundamental issue is whether the recognition body established by royal charter would survive any legal challenge.”

She will challenge the government to publish its royal charter proposals and accompanying draft clauses without delay.

She will explain: “While they have shared them with us in the talks, and with the newspaper industry, most MPs, peers, lawyers and others with an interest have yet to see them. Now they need to publish their charter and let it be subjected to public scrutiny.”

Harman suggests that Labour is not going to allow the talks continue indefinitely without a conclusion.

Previously, Labour leader Ed Miliband said he would use a Labour-staged debate before January to vote on Leveson, but the existence of the all-party talks has seen that deadline slip.

Harman will explain: “As we entered the cross-party talks, we set the government a deadline of the end of January to publish Leveson-compliant measures.

“We have had useful cross-party talks but it is now time for the government to have the courage of its convictions. We have – and have drafted and published our bill.

And while the talks have been useful and will continue, the elephant in the room – statute alone or statute and charter – must be discussed openly and agreed on by parliament.

She will add: “Evan Harris from Hacked Off, the campaign that has represented victims of press intrusion, said his group had sent detailed criticisms of the royal charter to government weeks ago, but had received no response. So far as we understand it Labour and the Liberal Democrats remain sceptical of the royal charter.

“We have published our proposals and are consulting on them until 15 February. We remain of the view that the Commons has got to decide on this issue soon.”

AUDIO: Will ‘ring-fencing’ UK banks be effective?

Category : Business, World News

A commission of MPs and peers, set up to review the banking industry in the wake of a series of crises and scandals, says government proposals for reform “fall well short of what is required”.

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‘Electrify’ bank ringfence, says standards commission

Category : Business

Call to strengthen ringfence between high street and investment banks risks split with chancellor

The banking standards commission has put the possibility of a full break-up of the banks back on the political agenda by calling for the ringfence between high street and investment banks to be “electrified”.

The move risks opening up divisions with the chancellor, George Osborne, who urged the commission last month not to reopen the debate about the structure of banks. Despite his plea, it recommends that the government should have a reserve power to separate high street banks from investment banks if they do not implement the ringfence proposals in the report by Sir John Vickers’ independent commission on banking (ICB) .

Set up following concerns about ethics in banking raised by the £290m fine on Barclays for rigging the Libor interbank lending rate, the parliamentary commission on banking standards also warns that the way legislation is being introduced could make it possible to water down the ringfence recommended by Vickers.

Andrew Tyrie, the Conservative MP who chairs the parliamentary commission, said: “The proposals, as they stand, fall well short of what is required. Over time, the ringfence will be tested and challenged by the banks. Politicians, too, could succumb to lobbying from banks and others, adding to pressure to put holes in the ringfence.

“For the ringfence to succeed, banks need to be discouraged from gaming the rules. All history tells us they will do this unless incentivised not to. That’s why we recommend electrification. The legislation needs to set out a reserve power for separation; the regulator needs to know he can use it.”

In 2013, the commission will report on changes to competition, corporate governance, regulation and civil and criminal law to enhance standards and culture in banking after taking hours of evidence since being set up four months ago. Since then, even more banking scandals have erupted, most recently leading to

a £940m fine imposed on UBS for rigging Libor.

Tyrie said the latest revelations “beggar belief” and evidence would be taken on UBS next year.

When he appeared before the commission last month, Osborne urged the commission, made up of MPs and peers, not to call for a more radical separation of banks.

In response to the recommendations by the commission, a Treasury spokesman said: “The government is committed to reforming the financial sector and putting in place a regulatory structure that learns the lessons of the past and protects taxpayers in the future. It has been committed to building consensus and has consulted widely on these reforms over the last two and half years.”

The shadow chancellor, Ed Balls, said: “If the letter and spirit of the Vickers proposals are not delivered and we do not see cultural change in our banks, full separation will be necessary. The commission is clearly right to say the jury is still out and to demand a reserve power for full separation of the banks.”

The banking reform bill to implement the Vickers report will be formally introduced into parliament next year.

Tyrie has proposed an annual review of how the ringfence is working, to be carried out by the new Prudential Regulation Authority being set up inside the Bank of England. He wants an independent assessment at least once every four years.

The commission intends to take fresh evidence on whether to implement “the Volcker rule” – named after former US Federal Reserve chairman Paul Volcker, who gave evidence to the commission – which suggests hiving off proprietary trading.

The commission is also suggesting a way to tackle the so-called leverage ratio – a measure of the riskiness of a bank. Vickers recommended a ratio of 4%, which would restrict leveraging up of banks to 25 times, but the government has suggested that the ratio be 3%, allowing a higher leverage of 33 times.

The commission calls for the financial policy committee (FPC) being set up inside the Bank of England to be allowed to set the ratio. “The primary duty of setting a leverage ratio should fall on the FPC, not politicians,” Tyrie said.

The British Bankers’ Association warned that a tighter ratio “would restrict the number of mortgages banks could agree to and ultimately lead to more expensive mortgages for British families”.

The commission says ringfenced banks should be allowed to sell “simple derivatives” to businesses, but should be subject to conditions to make sure that derivatives do not become “the thin end of a wedge which could undermine the ringfence”.

The prospect of a ringfence is still not universally endorsed. Iain Coke, head of accountancy body ICAEW’s financial services faculty, said: “Retail banks are not intrinsically safer than investment banks. Historically, most bank failures have come from poor traditional lending – especially for real estate – rather than from investment banking”.