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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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Dutch probe baby milk shortage

Category : Business, World News

The Dutch government is investigating a shortage of certain brands of baby formula, as well as potentially illegal exports to China.

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Cold weather hits lobster supplies

Category : World News

Prolonged cold weather has caused a shortage of Scottish lobster supplies, according to creel fishermen.

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VIDEO: Can women plug the engineering skills gap?

Category : World News

Sima Kotecha reports for Newsnight on attempts to change the image of engineering as a dirty, physical job for men and get more women to choose it as a career and help solve the skills shortage in a vital part of the British economy.

Originally posted here: VIDEO: Can women plug the engineering skills gap?

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North Sea ‘jobs boom’ forecast

Category : Business, World News

A new forecast predicts a North Sea jobs ‘boom’ but also warns of a skills shortage in the oil and gas industry.

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Business leaders and economists call for reform of national public sector pay

Category : Business

Campaign backing drive to end national pay bargaining comes a week after TUC voted in favour of strike over pay reforms

Business leaders and economists have launched a campaign backing George Osborne’s drive to end national pay bargaining in the public sector.

The chancellor has focused on ending national pay bargaining as one of his next significant reforms, but has been meeting resistance from Liberal Democrats.

In a joint letter published on Tuesday in a national newspaper, 25 senior academic economists call for individually negotiated public sector contracts. They propose that the total public sector pay bill in each location be kept the same while allowing individual wage negotiations. Local wages would then be determined locally, with any savings used to enhance, or protect local services.

The letter, a variation of proposals made by Osborne, suggests national pay makes public services such as education and health worse in wealthier areas, and that “public sector wages are out of line with local conditions in many parts of the country”. Reform would create more jobs as “the private sector struggles to recruit, making it hard for private sector firms to survive and expand”.

The letter comes a week after the TUC voted in favour of a general strike over reforms to public sector pay. The shadow chancellor, Ed Balls, has called proposals to reform national pay bargaining a “mistake” and unfair.

The campaign is likely to be seen as an indication that Osborne is intent on the shakeup, and has not been deterred by the political opposition.

In a statement released alongside the letter, Andrew Oswald, professor of economics at Warwick University, said: “The cost of living in John O’Groats is markedly different from the cost of living in St John’s Wood and that is not going to change. A pound in one part of the UK does not buy the same as in another part. Any sensible public-sector pay system has to face up to reality. It might be thought that it is somehow ‘fair’ to have lower real wages for teachers and nurses in the generally prosperous south of England, but it is hard to see why it is fair on pupils and patients if key public workers are reluctant to take jobs in the south.”

Alison Wolf CBE, professor of public sector management at King’s College London, said: “The ‘same’ pay for the ‘same’ job sounds fair. But if one person lives in an area with a shortage of housing and very high prices, then it isn’t the ‘same’ job as it would be where prices are low and housing plentiful. The public sector should be free to respond to local circumstances and local skill shortages. Individually negotiated contracts would improve services, create more jobs and encourage sustainable private sector-led economic growth.”

Mark Harrison, professor of economics at Warwick University, added: “A thought experiment: imagine what would happen to the Greek economy if a European trade union managed to secure the same salaries for Greece’s public employees [had the same salaries] as for their German counterparts. If that sounds like a bad idea to you, then consider the fact that in Britain we already have this arrangement across our country’s regions.”

They noted that more than half the public money – roughly £180bn – spent on schools, hospitals and police goes on pay, the equivalent of 12.3% of GDP.

They also pointed to opinion research conducted by the Institute for Directors of its members, which found that 28% of manufacturers said they had found it difficult to attract skilled staff at least once because of public sector pay levels.

Specialty Coffee Roaster J. Martinez & Company Explains the Kona Coffee Shortage

Category : World News

Estate coffee roaster and supplier J. Martinez & Company Fine Coffees wishes to explain the Kona coffee shortage.

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Banks behaving badly – Opinion

Category : Business

From Libor to trading glitches to accusations of concealing transactions and money laundering, banks haven’t had a shortage of bad news. But investors are shrugging it all off.

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Sierra Leone league resumes

Category : World News

Sierra Leone’s football league resumed on Friday, less than a week after suspending operations because of a shortage of funds.

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Roubini: Iran is the greatest looming threat

Category : Stocks

Nouriel Roubini gives an audience no shortage of scenarios to keep them up at night, but his number one worry right now is the looming threat of Iran building nuclear weapons.

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Flood of fivers relieves the £5 drought

Category : Business

Bank of England reveals that 10 times as many five-pound notes are now being issued than a year ago, addressing long-standing consumer complaints about a shortage

The fiver famine is officially over: the Bank of England has revealed that nearly 10 times as many £5 notes are now being dispensed by cash machines than in the summer of 2010.

For years, the shortage of £5 notes in circulation – and the tatty, held-together-with-tape state of many of them – has annoyed both the public and businesses. Shoppers complained about being lumbered with handfuls of pound coins as change because the retailer had run out of fivers.

In 2007, Bank of England governor Sir Mervyn King bemoaned the situation in a Mansion House speech, saying: “There has been much, and in my view justified, criticism of their availability and condition … The public need £5 notes.”

Five years on, the fortunes of the humble fiver have been transformed. In March 2010, the Bank told major financial institutions and cash machine operators to increase the proportion of £5 notes issued at ATMs. It revealed on Thursday that they have exceeded the minimum target set, and that fivers now make up 1.5% of notes dispensed by value.

Almost £200m of £5 notes are now dispensed by ATMs each month, and by March this year more than 5,000 cash machines were giving out fivers, compared to just 670 in 2009.

In total, around £4bn worth of £5 notes are expected to enter circulation in 2012, compared with just over £2bn in 2010.

In the past, cash machine operators have been partly blamed for the shortages. They are said to dislike fivers because they take up a lot of space relative to their value, meaning that busy machines are likely to run out sooner. Also, because £5 notes get used more regularly than higher denomination notes, they have a much shorter lifespan, with the average £5 note lasting for only one year before it becomes too damaged to use.

The Bank said it had also worked with the industry to improve the quality of the £5 notes in circulation.

Perhaps the announcement sends out two other signals, though: that the much-debated “death of cash” may be some years away, and that belt-tightening in the current climate means more people are watching the pennies and keen to withdraw smaller sums from ATMs.