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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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AMD Recognizes Exemplary Performance of Seven Suppliers at 2013 AMD Global Supplier Day

Category : Stocks

Key Suppliers Honored for Technology Innovation, Manufacturing Excellence and Exceptional Service

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AMD Recognizes Exemplary Performance of Seven Suppliers at 2013 AMD Global Supplier Day

Category : Stocks, World News

Key Suppliers Honored for Technology Innovation, Manufacturing Excellence and Exceptional Service

View post: AMD Recognizes Exemplary Performance of Seven Suppliers at 2013 AMD Global Supplier Day

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Let’s Gowex S.A. (LGWXY: OTCQX International) | GOWEX expands international reach to the French Riviera resort of Nice

Category : Stocks, World News

expands international reach to the French Riviera

resort of Nice

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Fortran Corp. (FRTN: OTC Pink Current) | Fortran Corp. update status on OTC

Category : World News

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San Leon Energy Plc (SLGYY: OTCQX International) | Well Fracturing Agreement Signed

Category : Stocks, World News

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Royal mail sale is sign of Conservatives’ desperation, says Labour

Category : Business

Chuka Umunna, shadow business secretary warns the £3bn sale of the postal service could lead to sub-standard services

Labour has accused the government of desperately pushing ahead with the £3bn “fire sale” of Royal Mail in order to “raise funds to cover the gaping hole in George Osborne’s failed economic plan”.

Chuka Umunna, the shadow business secretary, said there was a “distinct whiff of desperation” surrounding the privatisation of the world’s oldest postal service. He accused the government of rushing into a saleout of a desire to quickly reduce a £245bn overshoot in government borrowing. He warned that a rushed sell-off could lead to “sub-standard services and people being ripped-off”.

“This timing of this privatisation has the distinct whiff of desperation from a government that has borrowed £245bn more than it planned and is eager to dig itself out of that hole at any price,” he said. “Ultimately it is the taxpayer who will lose out.”

A spokesman for the Department for Business, Innovation and Skills (BIS) said: “As business minister Michael Fallon said last week, the decision will not be based on ideology. It will be a practical, logical and commercial decision. Royal Mail will only be sold if it gets maximum value for the taxpayer.”Fallon has said that unless Royal Mail passed into private hands, it would not be able to access equity markets, without which “every £1 it borrows is another £1 on the national debt”. He said at least 10% of the shares would be allocated to Royal Mail employees, but refused to say whether staff would get free shares or have to buy them at a discount.

The flotation, which the government hopes to get away before April 2014, will be the largest employee share scheme since the privatisation of British Gas 26 years ago. About 140,000 staff are expected to each collect shares worth about £1,500 on average.

However, Labour questioned why “just 10%” of the shares in the initial public offering are earmarked for Royal Mail employees.

The Communication Workers Union (CWU) said postal workers would not “sell their soul” for a 10% stake in the company. Billy Hayes, general secretary of the CWU, said: “We don’t want our prize assets to be flogged at bargain basement prices just to cover up George Osborne’s mess.

“Privatisation is an old-fashioned idea from Thatcher’s era. We’d like to see a little more imagination and positivity when it comes to our postal service. We firmly believe it can and should continue to flourish in full public ownership.”

Umunna also warned that privatisation risks undermining the universal service obligation ensuring mail delivery six days a week to villages as well as cities at the same prices.

Fallon has already promised that “Royal Mail will remain the UK’s designated universal postal service provider and must continue to provide a six-day-a-week service throughout the UK”.

There was also renewed speculation over the weekend that the government is preparing to sell off the student loan book. It is to test the water with the sale of a £900m tranche of loans announced in March and is considering a wholesale privatisation, said the Sunday Times.

The Student Loans Company, which administers about £5.5bn of state loans a year, is part of the BIS. The department’s 2011 annual report showed £28bn of loans are outstanding, but it is suggested the total is likely to rise to near £40bn because of the increase in tuition fees.

A sale might be difficult due the sensitivities of a new owner cracking down on graduates to repay loans. The department declined to comment.

The government is also understood to be preparing for the sale of the taxpayer’s stakes in Royal Bank of Scotland (RBS) next year.

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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Double dip? The economy is lurching in and out of potholes

Category : Business

Britain is in a depression. Cuts won’t cure it. And there’s so much we could be spending money on

The government and the nation desperately require a Plan B. If our obstinate chancellor is not prepared to own up to the need, then he should have words with his prime minister about his interest in another cabinet post and leave the door

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Sky’s O2 broadband deal could signal dark clouds

Category : Business

O2 and BE customers will soon be transferred on to a Sky service, but past transfer fiascos loom large

Home phone and broadband customers of both O2 and BE, who have officially became customers of Sky, are facing a nervous wait to see what this means in the long term for the service they receive and how much they pay.

Sky announced in March that it had bought O2′s home phone and broadband business from the mobile operator’s parent company Telefonica. The £200m deal affected 500,000 households, and included customers of BE broadband, acquired by O2 last year.

Affected households will be hoping Sky can avoid a repeat of the botched TalkTalk takeovers of Tiscali and AOL that caused endless disputes, and eventually led to the regulator Ofcom levying heavy fines.

The move means there is now less competition in the phone broadband market, which is dominated by four firms: BT, Sky, TalkTalk and Virgin.

Sky is keen to reassure customers of O2 and BE that there will not be a repeat of the Tiscali fiasco. It says it will be honouring the terms of all current O2 contracts, and that the migration, which will not start until August, will be phased in. It says when the switchover takes place customers will lose their connections for just a few minutes, and they will be given plenty of warning beforehand.

Once all the old O2 contracts have expired Sky plans to have every phone/broadband customer paying the same, with customers coming off their existing O2 contract automatically being offered the equivalent Sky deal. Any customers who are out of contract, and who don’t wish to join Sky, can switch now or at the end of their deal in the normal way.

“We’ll start moving O2 and BE home broadband and phone customers over to our state-the-art network starting from autumn. We’ll be in touch with customers at every step way and will work in partnership with O2 to ensure it’s a smooth process,” says a spokeswoman.

According to our comparison of all three tariffs, customers should notice few changes when they are moved on to Sky’s package. BE broadband-only customers will pay £15 a month if they don’t take a calls package, and will have to move to direct debit payments to avoid a £4 a month credit card surcharge.

However, Sky’s Anytime calls package includes free calls to 0870 numbers but omits those to the 0845 numbers now used by lots of banks and insurers’ call centres.

Those who pay Sky for its TV package, but had used O2 for their phone and broadband, could see their total monthly bill fall by a few pounds.

The big question for many is what this will do for service standards. When TalkTalk took over AOL and Tiscali it led to billing problems and number of disputes with customers over promises made by the previous company.

Marie-Louise Abretti, telecoms expert at, says customers will be concerned about how Sky handles the transition. “Following TalkTalk’s takeover of Tiscali in 2009, Ofcom hit the providers with £3m in fines for wrongly billing customers, mainly caused by problems with integrating accounts. It’s vital that Sky learns from this and ensures consumers don’t lose out.”

She says Sky’s “truly unlimited downloads with no traffic management” will have a big appeal to customers, but predicts that some O2 mobile customers may start shopping around for a better deal.

“While some customers will be worried about the hassle of finding a new provider, it could be a great opportunity for them to ensure they’re getting the best broadband – and mobile – deal for their needs. For Sky TV fans, in particular, this could be a great time to bundle products, which can be cheaper and more convenient.”

New customers don’t have to worry that the company is underfunded. Sky this week reported pre-tax profits of £966m for the nine months to 31 March, up from £899m a year earlier.

VIDEO: Parliament protest amid Portuguese cuts

Category : World News

Portugal is planning to cut 30,000 civil service jobs and to raise the retirement age by one year to 66 as it tries to meet the terms of a bailout.

Continued here: VIDEO: Parliament protest amid Portuguese cuts

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