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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com 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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Will the stock market momentum continue?

Category : Business

After fresh records last week, investors will have slew of data on on the housing market, manufacturing sector and the consumer.

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Priceline (and Shatner) can’t lose: Stock up 4%

Category : Stocks

Priceline hit a new 52-week high on strong first quarter results. Investors were willing to forgive a weaker forecast.

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Nikkei at 5-year high after best week since 2009

Category : Business, Stocks

A 3% stock rally Friday has pushed Japan’s Nikkei to its highest close in five years and the best week since the end of 2009.

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East Midlands Trains to Offer Passengers Discounted Tickets and Compensation During Major Nottingham Improvement Works

Category : Stocks

- Rail industry first to help customers affected during GBP 100m resignalling works

- 15% discount on daily tickets and two week’s free travel for annual season ticket holders affected

- Work affecting Nottingham train services from 20 July to 25 August

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FTSE 100 climbs to new five year highs as mining shares gain on central bank moves

Category : Business

Equities lifted by Australian interest rate cut and hopes of further action from ECB after Draghi comments

Mining stocks are among the main gainers as leading shares rose to a new five year high.

Hopes of further central bank action to boost the global economy have been fuelling share price rises, and with the Reserve Bank of Australia cutting rates and ECB boss Mario Draghi hinting on Monday of more to come if things get no better, that mood is continuing.

Rebecca O’Keeffe, head of investment at Interactive Investor, said:

In recent weeks, every piece of bad news has been tempered by the knowledge of unlimited central bank support, whilst every piece of good news has heralded a wave of new money. So far in May we’ve had the Fed, the ECB and now the RBA, who cut rates overnight, making all the right noises sending markets the multi-year and all time highs, providing investors with continued positive momentum.

With the central bank safety net in place and alternative asset classes unattractive, equities have reaped the rewards, but questions are now starting to be asked about how long equities can continue to provide such stellar returns – in particular during the historically volatile month of May. With some markets, including the Dow, reaching psychological barriers, alongside the period when the weight of new money typically slows, these constraints may well limit the ability of the markets to make significant further gains over the next few weeks.

Controversial Kazakh miner Eurasian Natural Resources Corporation has climbed 19.3p to 312p, Rio Tinto has risen 73p to 3095.5p and Glencore Xstrata has added 7p to 350.95p.

Randgold Resources missed out, dropping 163p to £49.42 as brokers including Numis and Investec cut their target prices following a biggest than forecast fall in earnings reported last week.

HSBC is 21.3p higher at 735.2p after better than expected results but G4S slid 37.3p to 268.2p after the security company warned on margins following a difficult first quarter in Europe.

J Sainsbury is down 2p at 388.9p as it confirmed reports it was in advanced talks with Lloyds Banking Group, up 0.64p to 54.69p, to take full ownership of their joint venture.

Overall the FTSE 100 has climbed 22.02 points to 6543.48.

Stock market momentum continues

Category : Business, Stocks

This week, investors will have to digest economic reports on the U.S. consumer and manufacturing.

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Stocks: Will momentum stick?

Category : Business, Stocks

This week will be another test to see if markets will continue their upward trajectory.

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Food scares, the big four and F1: Justin King of Sainsbury’s on the retail race

Category : Business

The supermarket boss insists that he only wants to overtake Asda – but the Grand Prix rumours won’t go away

As the horsemeat scandal reached its peak in February, the bosses of Britain’s biggest supermarkets and suppliers were summoned to Whitehall to explain themselves.

Packed into a Defra meeting room on a Saturday morning, the shopkeepers were given an almighty dressing down and ordered to take responsibility for one of the biggest food adulteration revelations of recent years.

Among them was Justin King, at 51, and after nearly a decade at the helm of Sainsbury’s, regarded as the elder statesman of the grocery business. He was, he says, determined not to take the criticism lying down. He accused government officials of failing to understand the industry, and even threatened to call on the prime minister to demand a ceasefire.

Three months on, with horsemeat found in beefburgers, bolognese sauces, lasagnes and corned beef – but not in any Sainsbury’s products – King still recalls the behaviour of those running the country with exasperation.

He said: “That moment was when politics and business were at their most tense, because politicians felt they had to be saying something. The reason no one was saying anything was because we were doing the responsible, trustworthy thing, which is understanding the issue before we shouted about it, while the dynamic of politics is the opposite.

“In business, we understand it and then we talk about it, while in politics they talk about it and at some later date work out whether their understanding fits with what they said about it some weeks before.”

It was perhaps surprising that King wanted to take such an active role in tackling the scandal on behalf of the industry, given that his own supermarket group had come through unscathed while bitter rivals Tesco and Asda were caught out.

But the new old man of retail, having worked for PepsiCo, Marks & Spencer and Asda before his nine years at Sainsbury’s, says he has seen far worse and that the public is not quite as worried about horsemeat as might be expected.

“We’ve had foot and mouth, bird flu and BSE, all of which were examples where the supply chain was challenged, so this is nothing new. It’s all about trust and acting in a trustworthy way.

“People are pretty realistic. If you Google horsemeat, [a lot of the hits] are horsemeat jokes. So there was an immediate juxtaposition in the consumers’ minds that it was serious but they got a lot of enjoyment from it, too.”

However, King is keen to stress that businesses must stop feeling sorry for themselves and realise that the customers are victims too.

“I don’t think it is fair enough for retailers affected to say they were victims. I had a very simple view – which is that I’m on the same side of the table as the customer.

“The second you say you’re a victim in this situation, even when you are, you put yourself on the wrong side of the table. The real victims are the consumers, who have paid their hard-earned cash.”

This week, the City will see that Sainsbury’s has been largely unaffected by the scandal. Full-year results released on Wednesday will show sales up 4.6% to around £25.6bn, with underlying pre-tax profits expected to be up 5% to £748m.

The focus may now have moved away from horsemeat, but City investors will be keen to learn more about King’s future. He has been touted as the next boss of Formula One, when Bernie Ecclestone hands over the keys to the world’s most glamorous sporting franchise.

Last weekend that speculation reached a new pitch after the supermarket confirmed that headhunters Egon Zehnder had been retained to advise on King’s successor. Sources inside the company suggest the process could take a year and that the process is merely a matter of good management.

King refuses to quash rumours that he is interested in the F1 job – he only ever says that he is “not aware of a vacancy”. He is a huge racing fan and has helped his son Jordan to become one of the most promising drivers of his generation.

But if the call from Ecclestone, F1′s diminutive owner, fails to come, a career in politics might appeal.

King is a former board member of the London Organising Committee of the Olympic and Paralympic Games, and was a member of David Cameron’s business advisory group – before they fell out over King’s objections to government plans to allow new staff to surrender employment rights in exchange for shares.

However, poor pay in the public sector could prove a sticking point for the businessman, who earned £3m last year – 20 times more than the PM.

On the subject of King’s future, analysts at Barclays wrote: “No CEO remains forever, and at some point Justin King will prove the press predictions correct and move on. However, he may be keen to be in charge when Sainsbury’s regains its number two market-share position from Asda – his former employer.”

That could happen later this year, after a remarkable 33 consecutive quarters of growth.

According to industry data from Kantar Worldpanel, Sainsbury’s is outperforming its rivals as the only big four supermarket to be increasing its market share. The grocer now accounts for nearly 17% of all the money spent on groceries in the UK, a slight rise on last year, at a time when Morrisons, Asda and Tesco all lost customers.

Sainbury’s successful Paralympics sponsorship, leading position in convenience stores and growing online presence have also helped, while Tesco’s decision to open no more megastores, and write off £800m on land it had bought for new developments but will now never use, may also give King cause to crow.

He was always angry about Tesco’s land-grab. “If you’re acquiring a site just a mile from an existing site, are you doing it because you think it’s valuable to trade, or because it stops a competitor?”

And his vitriol for the number one supermarket doesn’t stop there. He is equally scathing about Tesco’s new price promotion, which promises shoppers that Tesco’s prices for own-label and branded goods are cheapest. Having complained directly to Tesco and failed to reach a compromise, Sainsbury’s has now appealed to the Advertising Standards Authority. “We have exhausted everything we could with them [Tesco], so were left with no choice but to go to the ASA,” he says.

“You can’t have advertising saying that where your chicken comes from is important, while at the same time still sourcing your chicken from Thailand and Brazil, and then doing a price comparison with Sainsbury’s chicken, which is sourced from the UK. That is inherently unfair.”

Tesco said: “We use an independent agency to check prices of branded and own-label products at other retailers – online daily for Asda and Sainsbury’s, and, since they don’t have an online grocery service, twice a week at Morrisons stores. The basis for our comparisons is made clear on the price promise website.”

This may not be enough to soothe King’s feelings, but perhaps he will soon be directing his passions elsewhere. Less horsemeat, more horsepower?

Markets soar as US unemployment hits lowest level since 2008

Category : Business

Dow Jones Industrial Average pushed past 15,000 briefly after figures showing joblessness had fallen to 7.5% in April

Stock markets rose to record levels as the job market avoided a feared spring freeze by adding 165,000 new jobs last month, marking a four-year low in US unemployment.

Joblessness fell to 7.5% in April, its lowest since December 2008, in news that pushed the Dow Jones Industrial Average past 15,000 briefly and saw Standard & Poor’s 500-stock index pass 1,600 for the first time. After the initial surge the Dow Jones Industrial Average edged back below 15,000 in the afternoon, while Standard & Poor’s 500-stock index also slipped back below 1,600.

Figures from the US labour department came after a week of worrying signals for the US’s fragile economic recovery as the Federal Reserve warned that Washington’s budget cuts were holding back the economy.

Federal budget reductions, triggered by the sequestration spending cuts, started in March and initial estimates of the immediate impact on jobs was negative. However, those figures were revised up alongside the publication of the April data. The Bureau of Labour Statistics (BLS) dampened fears of a slowdown on Friday as it declared that the US had added 114,000 jobs over February and March.

In a note to clients, Dan Greenhaus, chief strategist at trader BTIG, said sequestration seemed to have had “little to no effect on this report”.

The number of long-term unemployed – those jobless for 27 weeks or more – declined by 258,000 to 4.4 million and their share of the total declined by 2.2 percentage points to 37.4%. Over the past 12 months the number of long-term unemployed has decreased by 687,000, and their share has declined by 3.1 points.

The BLS said that over the prior 12 months employment growth had averaged 169,000 per month. The figure is still low after revisions but the latest report paints a far healthier picture of the jobs market than had been expected.

The private sector added 176,000 new jobs last month. Professional and business services added 73,000 jobs in April and have added 587,000 jobs over the past year, said the BLS.

Employment in temporary help services rose 31,000, professional and technical services added 23,000, and retail trade employment increased by 29,000 in April. The BLS said last month that retail had shed 24,000 jobs, triggering concerns about a slowdown in spending after the imposition of payroll taxes at the end of the year. The manufacturing sector, a closely watched gauge of broader economic strength, was unchanged in April, while government employment fell by 11,000.

Investors send Tesla shares surging to new high

Category : Stocks

Shares of Tesla hit a new 52-week high, just days before the electric car maker reports earnings.

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