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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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Mega banks may disappear

Category : Business, Stocks

Consultant calls recently proposed banking regulations such as Brown-Vitter “weapons of mass dissolution.”

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Profit at Big Five banks ‘wiped out’

Category : Business

The major UK banks saw their core profits for 2012 wiped out by a mix of regulations and their own mistakes, a KPMG report says.

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Standard Chartered warning on cost of rules

Category : Business

Bank has notched up a 10th successive rise in annual profit, but said new regulations were costing it more than $500 a year

Standard Chartered has notched up a 10th successive rise in annual profit, with a 1% gain that was capped by the bank’s big fine for breaking US sanctions on Iran and rising regulatory costs.

London-listed Standard Chartered, which has benefited from Asia’s boom in the last decade, said new regulations including tougher liquidity and capital rules and a UK bank tax were costing it “well north” of $500m a year, and could be near $800m.

Many banks have said extra global regulations, brought in to make them safer after the 2008 financial crisis, are hurting profitability and could restrict their lending. But few have quantified the impact on their bottom line.

A European Union proposal to cap bankers’ bonuses at double their salary was also a worry, the bank said.

“We are concerned about it because we are a global bank and 97% of our staff are outside the EU and we are concerned about our ability to be competitive in attracting and retaining talent,” chief executive Peter Sands said.

Asked if it could prompt the bank to leave London, Sands said it was “too early to draw conclusions on what action we would take as we don’t know what we are dealing with”.

Standard Chartered said it had cut its 2012 bonus pool by 7% from a year before to $1.43bn, after it was fined $667m by US regulators for breaching sanctions related to Iran and three other countries.

Sands said his bonus would fall 10% to $3.15m.

The bank reported pretax profit of $6.9bn for 2012, up from $6.8bn in 2011 but just short of an average forecast from analysts of $7bn.

Credit Agricole hit by writedown

Category : Business

France’s Credit Agricole is to write down the value of its assets by 2.68bn euros to reflect the weak eurozone economy and new tighter regulations.

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Intelimax Media Inc. (IXMD: OTC Link) | Intelimax Terminates Securities Exchange Agreement with RIDE Media Group LLC

Category : Stocks

Vancouver, BC,
Canada, December 24, 2012 – Intelimax Media Inc.
(“Intelimax“ or the
“Company”) (CNSX:IMD & OTCPink:IXMD) wishes to announce that further to its
news release of November 14, 2012, certain conditions of closing have not been
met by the December 21, 2012 deadline and therefore the Company has terminated
securities exchange agreement previously entered into
with Ride Media Group LLC, a California limited liability company, and the
members of Ride Media.

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Spain postpones house evictions

Category : World News

Spanish banks are to suspend evictions for the next two years for the most vulnerable people as the government discusses new regulations.

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Do I Need Another TV Licence for My Caravan?

Category : Stocks, World News

MANCHESTER, UNITED KINGDOM–(Marketwire – Oct. 5, 2012) - Safeguard UK is warning caravan owners of the rules and regulations of TV licences for a caravan or motorhome.

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IMF says risks remain in financial system as US investors take fright

Category : Business

Banking system vulnerable despite blizzard of new regulations, according to Global Financial Stability Report

A Federal Reserve official’s scepticism about the US central bank’s efforts to stem the financial crisis alarmed Wall Street on Tuesday, as the International Monetary Fund warned that the global financial system remains as risky as it was before the credit crisis.

US investors recorded their biggest sell-off in three months after Charles Prosser, hawkish president of the Fed’s Philadelphia branch, said the bank’s revival strategy, including $40bn a month of mortgage bond purchases, were unlikely to do much for economic growth or unemployment.

In its twice-yearly Global Financial Stability Report, published on Tuesday, the IMF argues that despite a blizzard of new regulations the banking system is still vulnerable.

“Although the intentions of policy makers are clear and positive, the reforms have yet to effect a safer set of financial structures, in part because, in some economies and regions, the intervention measures needed to deal with the prolonged crisis are delaying a ‘reboot’ of the system on to a safer path,” the document says.

The IMF was one of the global institutions blamed after the “great crash” of 2008-09 for exaggerating the benefits of financial globalisation and failing to issue strong enough warnings about the risks.

In its latest analysis the group finds that the world’s banks are just as big and intertwined and just as reliant on short-term wholesale funding (rather than more solid savers’ deposits) as they were prior to the financial crash. “Although some countries, notably the US, have reduced their dependence on short-term funding, the bulk of the evidence suggests that the structure of the system has not changed in healthier directions,” it reports.

The IMF points out that in many countries, including the UK, troubled banks were swallowed up by stronger rivals at the height of the crisis, leaving the financial sector even more concentrated than it was before 2008. “Overall, risks in the financial system remain. Of particular concern are the larger size of financial institutions, the greater concentration and domestic interconnectedness of financial systems, and the continued importance of non-banks in overall intermediation. The potential future use of structured and some new derivative products could add to complexity and a mispricing of risk.”

With leading economies, including those of the US, UK and eurozone, struggling to generate sustainable economic growth, the IMF is also concerned about potential side-effects of the low interest rates and other radical monetary policies central banks on both sides of the Atlantic are using to stave off a deeper downturn.

“If the central bank initiatives are not accompanied by resolute actions to thoroughly restructure the impaired segments of the financial system and solve deep-seated remaining problems in financial institutions they may inhibit adjustments in the structure of banking systems,” the IMF says.

It urges global regulators to take a series of further measures, including monitoring “non-banks” such as hedge funds, and encouraging banks to offer simpler financial products. It also wants regulators to consider banning banks outright from certain risky activities – instead of hoping that tougher capital requirements will do the job, by making some areas more expensive and therefore less profitable.

The IMF suggests that if banks in Britain – where the government plans to separate retail and investment functions – believe they will no longer be bailed out in a crisis, it could rein in their activities. But this benefit “could be mitigated by large banks’ funding advantage, economies of scale, and the tendency to concentration”.

VIDEO: Stricter rules on energy firm fines

Category : World News

Gas and electricity companies will have to pay compensation directly to customers if they get bills wrong or mis-sell products, under new regulations.

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Vince Cable reiterates his opposition to ‘fire at will’ employment laws

Category : Business

Business secretary says he will resist Tory calls for no-fault sackings and remained convinced of need to raise tax on rich

Vince Cable has said he will not budge in his opposition to “fire at will” employment laws and remains convinced of the need to increase tax on the wealthy.

The business secretary said cuts to red tape should be concentrated on complex immigration and tax rules rather than allowing “no-fault dismissal”, as urged by some Conservatives.

The strongly pro-business Michael Fallon and Matthew Hancock were both moved into Cable’s department in David Cameron’s reshuffle, seen as an effort to restrain the senior Liberal Democrat.

Fallon told the Sunday Telegraph he wanted Britain to “salute” wealth creation “and stop thinking of new ways to tax it”, scrap 3,000 regulations and make it easier to sack underperforming staff.

Proposals for sweeping away bureaucracy are due to be published on Monday and a new industrial policy on Tuesday as the government continues efforts to kickstart its programme.

Cable told BBC1′s Andrew Marr Show that he considered Fallon a “very, very able and experienced politician” with whom he could work as well as he had other Conservative colleagues.

“I like working with intelligent people with strong views. It makes politics more interesting. I have got David Willetts who is very, very able and likeable Conservative,” he said. “We work well together. I know I will with the new team.”

He made clear that he retained strong views in areas that could put them on a collision course. Asked about Fallon’s promised bonfire of regulations, he said it would only happen if it could be done “in a rational way” and without badly downgrading protection for employees and the environment. And he suggested that the main focus should be on immigration and tax.

Cable said he had “set myself very firmly” against the call for a no-fault dismissal system made in the David Cameron-commissioned Beecroft report – and pointed out that Fallon was not responsible for that area. “It is very important that we do these things in a way that does not massively undermine people’s sense of security. That is why we are not going down the no-fault dismissal line,” he said.

Asked about Fallon’s comments about the “politics of envy” that sought to tax wealth creators, he said: “I think wealthy people could contribute more. There is massive wealth inequality. I do believe that entrepreneurs should be properly supported. But I continue to believe that we need effective wealth taxation.” Cable backs the introduction of a “mansion tax” on £2m-plus properties.

Fallon denied he had been parachuted into the department to “keep an eye on” Cable.He told the Sunday Telegraph: “We need to salute that and stop thinking of new ways to tax it – that kind of wealth creation. That’s an attitude I want to help change.

“We need to get away from the politics of envy in this country and salute those who not only create wealth but risk their own money to create jobs for other people. Above all I want business to feel it has a strong Conservative champion in the department.”

In an interview on the Sky News Murnaghan show, Fallon renewed his attack on proponents of a wealth tax, saying entrepreneurs and private equity bosses should be lauded like Olympic and Paralympic champions.

“I was at the Paralympic Games yesterday and I think people have been really struck by the drive, the focus, the ambition of these champions,” he said. “And we have got to do the same with our business leaders. We have got to get behind them. I am not talking about bankers I am talking about entrepreneurs.”

He said he would give details of about 6,500 of the regulations that most affect people’s daily life in businesses on Monday, with a target to scrap or “substantially reduce” half of them. Bureaucracy that could be abandoned would include local authority health and safety inspections of low-risk businesses such as online publishers or digital marketing firms, he said.

Asked about the Beecroft proposals, he said there was “no difference between Vince Cable and me on that”. Reform had already started to end the perception that “getting rid of people is going to be very expensive, time-consuming for management and far too bureaucratic”.