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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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Swiss Re Ltd (SSREY: OTCQX International Premier) | Swiss Re delivers first-quarter Group net income of USD 1.4 billion; excellent Group combined ratio of 72.4%

Category : Stocks, World News

• Swiss Re delivers first-quarter Group net income of USD 1.4 billion; Group return on equity at 16.6%
• First-quarter premiums earned and fee income at USD 6.8 billion

• P&C Re and Corporate Solutions with very strong underwriting results; excellent Group combined ratio of 72.4%
• Successful April renewals; price quality remains strong
• Swiss Re on track to reach financial targets in a difficult economic environment

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Redbox gets green light from investors

Category : Business

Shares of Redbox owner Coinstar rallied after the company trumped earnings forecasts, though some traders and analysts remain wary.

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BT Vision sets out its plans for a new look to televised rugby union

Category : Business

• Coverage will be more interactive and inclusive
• Lawrence Dallaglio aims to ‘decomplicate’ the game

The future shape of European club rugby remains shrouded in uncertainty but no one seems to have told BT Vision, the game’s proactive new broadcasters. Channel executives have made it clear they fully expect to broadcast top Heineken Cup games next year, heaping renewed pressure on European Rugby Cup organisers who have sold the TV rights to Sky.

Not only has BT Sport signed a £152m four-year deal to show Premiership and sevens rugby from September but it will also be broadcasting weekly games from France’s Top 14 competition. Lump it all together and there is no shortage of commercial muscle on their side. “Our view is that heading into 2014-15 we want to be part of that [European] competition, whatever that competition becomes,” said Grant Best, senior channel executive producer. “We did a deal for what we thought would involve that tournament.”

With ERC and Sky declining to back down, the European dispute is set to rumble on through the summer but a different look to televised rugby in England and France is already assured from next season. Lawrence Dallaglio, the first member of BT’s new rugby commentary team to be unveiled, believes there is huge scope to introduce rugby union to a new audience before the 2015 World Cup and is promising a more interactive edge to the coverage.

As well as using two vast studios at the Olympic Park broadcast centre, which will potentially allow live audiences to watch and participate in rugby shows, Dallaglio and his colleagues will attempt to demystify rugby’s darker areas and show the participants, referees included, in a more human light. Details of the pricing packages and the rest of the commentary line-up remain to be confirmed but BT Sport, which has also signed a multi-million deal to show Premiership football, stresses it wants to become “the home of club rugby”.

According to Dallaglio, one of the other key objectives will be to spread its net wider than it has traditionally done. “We need to get a little bit away from being seen as an elitist middle class sport and attract other viewers. The game has to de-complicate itself without losing the essence of what attracts traditional fans and put the viewers at the heart of the experience.”

Wall Street remains too bullish on the job market

Category : Business, Stocks

Economist Dean Baker, who called the jobs market correctly in March, says the outlook for hiring is likely to remain weak.

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Stock market rally may lose steam

Category : Business, Stocks

The good news: experts think stocks will remain in record territory. The bad news: they don’t think stocks will end the year much higher from where they are now.

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Cyprus banks closed until Thursday

Category : Business, World News

All Cypriot banks will remain shut until Thursday, the central bank now says, and temporary measures will be placed on transactions when they reopen.

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CalPERS indictment leaves key questions unanswered

Category : Business, Stocks

The former head of America’s largest public pension has been indicted for fraud, but key questions remain.

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Cyprus banks shut until next week

Category : World News

Cyprus’s banks are to remain shut until at least next Tuesday as the cabinet meets in emergency session after a eurozone bailout was rejected.

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Russia and Cyprus in last-ditch talks to find way out of bank levy deadlock

Category : Business

Russian envoy expresses outrage at ‘expropriation’ plan for levy on holders of Cyprus bank accounts

The carefully nurtured financial ties between Russia and Cyprus were close to snapping on Tuesday night as officials congregated in Moscow to discuss last-ditch methods of saving the bankrupt country.

After a proposed levy on bank deposits was rejected by the Cypriot parliament, Michael Sarris, Cyprus’s finance minister, who had tendered his resignation only for the island’s president to reject it, flew to Russia for frantic talks. The Russian government had expressed outrage at the European Union’s proposed levy on Cypriot bank depositors, arguing it would hit Russian individuals and businesses.

The plan was described by Vladimir Chizhov, Russia’s envoy to the EU, who is also in the Russian capital, as “similar to forceful expropriation … The principle … is wrong”.

The small EU country is by far the largest investor in Russia and accounts for almost half of all foreign investments.

According to Russian state statistics agency Rosstat, Cyprus-based businesses invested $78.2bn (£52bn) in Russia in 2011 alone. That is almost four times Cyprus’s €17bn gross domestic product.

The suggestion from eurozone leaders, particularly in Germany, is that a significant proportion of the Russian funds flowing through Cypriot bank accounts – which account for about 22% of the cash in the system – are simply being laundered.

Cash allegedly flows from Russia to Cyprus and then back again in the form of investments – which is why EU officials insisted that the Cyprus government impose the levy on deposits in the banks.

The island is also seeking an extension to a €2.5bn loan it received from Russia in 2011, which expires in 2016.

It remains unclear how Russia could assist Cyprus – and defeat the EU plan – without increasing the island’s debt burden to unsustainable levels. Additional Russian involvement might also push the EU and International Monetary Fund to withdraw their €10bn bailout proposal.

Steve Keen, professor of economics and finance at the University of Western Sydney, told CNBC that Russia could retaliate against the EU if the deposits of its citizens remain targeted for a levy. “If you try to target the Russians, and there’s President Putin acting under the image of the strongman of Russia, why would he not then decide to shut down gas supplies to Germany until that was righted?”

He said European leaders should be clear about what they are trying to do: “If you’re going to attack money laundering then attack it directly, don’t make Cypriot peasants and small businessmen collateral in your campaign against Russian oligarchs. Declare the campaign rather than doing it under the carpet like this.”

He added that Putin might be prepared to escalate the issue and use Russia’s largest state-owned gas firm, Gazprom, to reduce gas supplies to Europe, as it did in 2009 during a dispute with a Ukrainian energy company.

Leveson vote: some way from resolution | Editorial

Category : Business

Two principled issues remain: independence of regulation, and whether to use a statute to give Cameron’s royal charter democratic legitimacy

David Cameron promised to implement Lord Justice Leveson’s findings in full unless they were “bonkers”. While many people – including this newspaper – took issue with several of the judge’s findings last November, the document as a whole was plainly not insane. The Times pronounced it “a success”. The Sun announced that “much of it makes sense”. But the prime minister decided, nevertheless, not to endorse it – thereby risking press freedom becoming a political football.

And so it has come to pass. Cameron, frustrated by the guerrilla tactics of Leveson supporters in parliament who threaten to wreck a number of bills, has called for a Commons vote on the future of press regulation on Monday. It will be a day of political discord. Labour – now in interesting alignment with the Liberal Democrats – smells an opportunity to defeat the prime minister in a showdown over the issue. The prime minister will realise that he could lose the vote, but may console himself that he will have positioned himself as a doughty fighter for press freedoms.

Yet, until Thursday, politics had done much to move us towards an agreement. All involved in talks had agreed major aspects of what an effective regulator would look like – including the power to investigate and appropriate sanctions. The use of a royal charter – a semi-legislative fudge – had emerged as an acceptable way to validate the regulator. Many of the outstanding issues – on group complaints, on how the Standards Code gets amended – were a smart draftsman’s pen away from resolution.

There are two views here of the press which are difficult to reconcile. In the first camp are those who see it as an entirely separate estate and who simply don’t accept that parliament has any role in supervising or restricting what it does. They will accept a system of self-regulation – but only if the press itself has the final say on the rules, the finances and who sits in judgment. In the second camp are those who believe that parliament is supreme, and that no industry can override the authority of MPs and public inquiries.

Yet reconciliation was close and could be again. Apart from the Leveson fine print, two principled issues remain. The first is whether to use a statute to give Cameron’s royal charter democratic legitimacy. Ministers can always unpick backdoor Buckingham Palace legislation and that should worry press and public alike. The second issue is independence. The Press Complaints Commission failed because it wasn’t a true regulator and it wasn’t truly independent. But some in the press still want a veto over appointments to a supposedly independent regulator – that cannot be a credible way forward. Politicians on all sides should look once again at these two issues to see if there isn’t common ground.