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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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Eurozone economy still in recession

Category : World News

The recession across the 17-nation eurozone has continued into a sixth quarter, official figures show.

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Euro zone set for deeper recession in Q2 – PMI – Reuters UK

Category : Stocks
Euro zone set for deeper recession in Q2 – PMI
Reuters UK
By Jonathan Cable. LONDON | Mon May 6, 2013 10:01am BST. LONDON (Reuters) – The euro zone's business downturn dragged on in April, suggesting the region may be falling deeper into recession this quarter, business surveys showed on Monday.
Italy service sector contraction slows in April: PMIEconomic Times
Euro-Zone PMI Revised Higher, but Signs of an Economic Downturn ContinueDailyFX

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France to enter recession, EU says

Category : Business, World News

The eurozone economy will shrink more than expected this year, with France sliding into recession, a European Commission report says.

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Fifty Shades boosts UK book sales

Category : World News

British publishers report record sales for 2012, with total spending up to £3.3bn, despite the recession and the rise of e-readers.

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If not now, when will ECB cut rates?

Category : Stocks

Stuck in recession, with inflation rates tumbling and unemployment rising, the eurozone looks set to get its first cut in interest rates in 10 months this week.

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VIDEO: Hugh’s Review: Is the recovery underway?

Category : Business

Hugh Pym and guests discusses this week’s figures for economic output which showed that the UK avoided a so called triple dip recession.

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Economy avoids triple-dip recession

Category : Business

The UK economy avoids a triple-dip recession after it grew by 0.3% in the first three months of the year.

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UK households feel even worse off than last month, survey suggests

Category : Business

Markit household finance index slid lower in April, signalling household finances deteriorating faster than in March

Ahead of official figures on Thursday that will show whether the UK has slipped into a triple-dip recession comes a downbeat report into consumers’ finances.

British households felt worse off in April as they continued to struggle with rising prices and meagre pay growth, suggests a survey out on Monday from the financial information services company Markit.

Bringing a halt to what had been an improving trend so far this year, the Markit household finance index slid lower this month, signalling that household finances were deteriorating faster than in March.

The firm said the result largely reflected the combined effect of lower income and higher living costs for households.

“Triple dip or no triple dip, there has been little alleviation of the strain on households’ financial wellbeing so far this year. Moreover, with incomes failing to keep pace with living costs, household finance constraints are likely to act as a further drag on consumer spending over the months ahead,” said Markit’s senior economist Tim Moore.

In its first monthly fall this year, the household finance index dropped to 37.7, down from 39.3 in March and well below the 50-mark that separates improvement from deterioration. Four times as many households, or 32%, reported a worsening in their finances in April than those who saw an improvement.

Households were slightly less downbeat, however, about the outlook for the next 12 months. Economists are divided over whether official data on Thursday will show the UK economy shrank in the first quarter, marking a triple-dip recession. Capital Economics says the chances of a further drop in GDP are “pretty much 50/50″.

“Of course, whether the economy shrinks by a fraction or grows by a fraction is of little importance in the big picture. Barring a major surprise in this week’s GDP figures, the main point is that the recovery will still look depressingly dismal – especially now that the labour market is weakening,” said Vicky Redwood at Capital Economics.

Howard Archer, economist at IHS Global Insight, is forecasting marginal GDP growth of 0.1 to 0.2% but says the first quarter is hard to call.

“There is major uncertainty over the outlook given that March’s cold weather could have had a further dampening impact on economic activity after the snow in January took a toll,” he said.”It would be good for psychological/confidence reasons if the economy could dodge contraction in the first quarter and therefore avoid nasty and potentially damaging headlines about triple-dip recession.”

Dear politicians, exploiting divisions over cuts could come back to bite you | Tom Clark

Category : Business

A YouGov poll suggests the recession has made Britain ripe for polarisation. The US can teach us why it should be avoided

If we Britons want to know what truly polarised politics look like, we need only glance across the Atlantic. Recent polling in the US asked respondents what they thought about repealing the 1975 Public Affairs Act, entirely fictitious legislation that – in two versions of the same question – it was suggested that either President Obama or the Republicans wanted to axe.

As Mick Blumenthal explains, a small proportion of voters are always willing to offer their views on subjects that they cannot possibly have any real opinion on, but as soon as the hate name Obama was mentioned in connection with the proposed repeal a full 39% of Republicans rushed forward to denounce it. More than a quarter of Democrats, likewise, rush to defend the non-act when it is said to be under Republican threat.

This sort of polarisation in the electoral base discourages politicians from reaching out across the partisan aisle, and ultimately leads to the sort of ludicrous stand-offs that now routinely mark every negotiation over America’s federal budget. More fundamentally, it spells trouble for a democracy when it loses the ability to debate issues on their merits, instead of warring over tribal lines. Despite the adversarial traditions of Westminster – where the benches are set two swords’ length apart – we should be thankful that on some really big issues, the Iraq war being one powerful example, the big divides in the country cut across party lines.

But the intriguing question raised by research prepared for a YouGov conference on Wednesday, at which the Guardian is media partner, is whether the selective sweep of the great recession and the cuts that follow it are doing for British public opinion what the culture wars did for American – namely, dividing the country into two tribes. As I report for the Guardian’s Society section, YouGov’s trans-national data demonstrates that the “social recession” – that is the anxiety and dislocation that comes with the slump – is hitting much more unequally in the Anglo-Saxon economies than in France and Germany. Those who report losing out financially in Britain’s recession are, it seems, finding life tougher in other respects too – and they are also developing different opinions.

At the start of the week, I reported that YouGov’s numbers suggested Britons are less inclined overall than the Germans or the French to demand that the government cracks down on people on benefit. The small print reveals that this surprising finding comes about because 57%of the country that reports suffering substantially from the recession personally is inclined to regard the government as being too harsh on the workless, by an eight point margin. Britons who report having largely escaped the slump, by contrast, incline by a double-digit margin to the view that the government ought to crack down on scroungers.

Parallel differences are found on questions about the role of government – the slump’s victims want it to do more redistribution – in resentment towards top pay (it’s more marked among those feeling the pinch) and in the faith that hard work can take poor children to the top, a faith that is weaker among those experiencing hard times. In none of the other countries surveyed did individuals’ personal experience of the great recession appear to have such a consistent bearing on so many attitudes.

We decided to explore in more detail how feelings about the cuts in Britain vary across the divide that separates those who are bearing their brunt, and those who are escaping. Those affected, for example, believe the cuts to be unfair by a crushing margin of 71% to 19%, as against a much smaller gap of 49% to 35% among the unaffected who believe that retrenchment is being meted out fairly. In the blame game, those feeling the cuts point the finger the coalition’s way, by 36% to 28%, whereas those who have escaped the effects insist by a 53%-17% margin that the responsibility goes back to Labour.

Some of the politicking that we have witnessed in recent weeks has been designed to exploit a pre-existing cuts chasm, although the new polling suggests that it may instead serve to widen it further. A notable example was George Osborne’s decision to link the case of Mick Philpott to the debate about benefit cuts. Although inevitably divisive, this controversial move won the backing of the public as a whole by 48% to 41%. Underneath those headline figures, however, we find that those who are feeling the cuts themselves felt that the chancellor had got it wrong by 49% to 43%, whereas those who are escaping the pain judged his intervention right by an emphatic 58% to 35% margin.

YouGov’s trove of research for Wednesday’s conference strongly suggests that the great recession renders British opinion ripe for exploitation by divisive political strategists. My message to the likes of Osborne, however, is to pause and glance across the Atlantic at the result. What starts out as a clever partisan wheeze eventually produces a politics that cannot get anything done.

YouGov interviews were conducted online between 11 and 12 April, 2013, and total sample size was 1,982 British adults. The data has been weighted and the results are representative of all British adults aged 18 or over.

Coke profits lose fizz in Europe

Category : World News

Falling sales in Coca-Cola’s key recession-hit European markets lead to a 15% decline in profits.

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