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Pru Boss 'Irritated' By Labour Letter Row

Written By Unknown on Sabtu, 04 April 2015 | 14.47

By Mark Kleinman, City Editor

A row over company bosses' political affiliations ahead of the General Election deepened on Thursday amid allegations that Labour was trying to undermine the leaders of some of the UK's biggest businesses.

Friends of the Prudential chief executive, Tidjane Thiam, told Sky News that he was "irritated" at suggestions from Labour sources that he was reconsidering his backing for a pro-Conservative letter which appeared in The Daily Telegraph this week.

The letter, which was originally signed by 103 business leaders, expressed support for Tory economic policies and warned that a "change of course" could jeopardise Britain's economic recovery.

Despite indicating that Labour was unconcerned by bosses' backing for the Tories, one Labour aide suggested on Thursday that Mr Thiam had "regretted" his decision to sign the Telegraph letter.

That provoked a robust response from people close to the Prudential chief, who is leaving his role this year to head the Zurich-based banking group Credit Suisse.

"He made his views clear and they speak for themselves, so he is unlikely to be happy at anyone else trying to misrepresent his position," a friend of Mr Thiam said.

Labour had earlier seized on a decision by Pascal Soriot, chief executive of the drug-maker AstraZeneca, to withdraw his association with the pro-Tory letter.

Mr Soriot did not say why he had signed the letter, but issued a statement saying: "Neither I nor AstraZeneca endorse any political party and while I support such policies my name should not be used in the context of the letter."

Labour aides also tried to claim that the chief executive of Ladbrokes had also changed his mind about being a signatory but omitted to mention that Richard Glynn, whose name appeared on the list of supporters, stepped down this week.

His successor, Jim Mullen, said he would not sign any similar letters during an election campaign.

A Conservative Party source said that Labour was trying to "intimidate or undermine" business leaders from speaking out on the economy.

Sky News revealed earlier this week that Stefano Pessina, the boss of Walgreens Boots Alliance, had been approached but declined to sign the letter just weeks after being attacked by Ed Miliband for saying that a Labour government could be "disastrous".

In Thursday's seven-way party leaders' debate, David Cameron referred to the support from business leaders as evidence for the need to keep the Tories in government.

The festering row about business support for the main parties was also reignited this week when Chuka Umunna, the Shadow Business Secretary, said that Paul Walsh should not become the next president of the CBI after opting to show support for the Conservatives.

Sky News revealed in February that Mr Walsh, the former chief executive of Diageo, was being lined up to succeed Sir Mike Rake, and his appointment is expected to be confirmed later this month.


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Energy Firm Pays Heavy Price For Overcharging

Energy firm E.ON is to hand £7.75m to Citizens Advice for customers who were overcharged after price rises.

The sum is on top of the £400,000 E.ON has already paid back money to others who may have been affected.

Regulator Ofgem said the penalty reflected the company's "repeated failing" on billing rules.

It wrongly imposed exit fees and overcharged customers following price rises in January 2013 and January 2014

Under Ofgem rules firms are not supposed to apply exit fees if a customer signals their intention to move supplier within the standard 30-day notice period of a price increase.

This is the case even if the switch occurs after the rise.

Sarah Harrison, Ofgem's senior partner in charge of enforcement, said: "(Our) rules give customers a chance to avoid exit fees and higher costs when suppliers put up prices.

"These are important customer protections and it is vital that suppliers play by the rules so customers are encouraged to engage in the market."

In November 2012, E.ON, one of the UK's six biggest energy suppliers, was required to pay £1.7m for similar failings.

Ms Harrison commented: "It's absolutely unacceptable that E.ON failed to provide these vital customer protections yet again and this persistent failure is the reason for the high penalty."

The errors in respect of price rises in January 2013 and 2014 affected direct debit and standard credit customers. The average amount paid back was around £8 and £12 respectively.

The mistakes also resulted in around 11,500 prepayment customers - traditionally the poorest - missing out on an average refund of £3.42.

E.ON is aiming to reimburse them by the end of April.

Last May E.ON was ordered to pay back a record £12m for mis-selling.


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Sluggish US Economy Adds Only 126,000 Jobs

By Sky News US Team

A slow US economy added a lower-than-expected 126,000 jobs in March, though the unemployment rate held steady, as predicted, at 5.5%.

Friday's jobs reports broke a run of 12 consecutive months in which the economy added more than 200,000 jobs.

It was the smallest jobs gain since December 2013, said the Labor Department.

Job gains in February and January this year were also revised down by 69,000.

US manufacturing and construction activity is anaemic, while hiring at restaurants is down as the country emerges from a harsh winter.

Average hourly wages rose a modest 7 cents to $24.86 (£16.68) an hour.

The disappointing report could hold back the Federal Reserve from raising interest rates in the middle of this year.

Cheaper oil has hurt manufacturers as energy firms rein in orders for equipment, and has yet to show an impact on consumer spending. 


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Energy Firm Pays Heavy Price For Overcharging

Written By Unknown on Jumat, 03 April 2015 | 14.47

Energy firm E.ON is to hand £7.75m to Citizens Advice for customers who were overcharged after price rises.

The sum is on top of the £400,000 E.ON has already paid back money to others who may have been affected.

Regulator Ofgem said the penalty reflected the company's "repeated failing" on billing rules.

It wrongly imposed exit fees and overcharged customers following price rises in January 2013 and January 2014

Under Ofgem rules firms are not supposed to apply exit fees if a customer signals their intention to move supplier within the standard 30-day notice period of a price increase.

This is the case even if the switch occurs after the rise.

Sarah Harrison, Ofgem's senior partner in charge of enforcement, said: "(Our) rules give customers a chance to avoid exit fees and higher costs when suppliers put up prices.

"These are important customer protections and it is vital that suppliers play by the rules so customers are encouraged to engage in the market."

In November 2012, E.ON, one of the UK's six biggest energy suppliers, was required to pay £1.7m for similar failings.

Ms Harrison commented: "It's absolutely unacceptable that E.ON failed to provide these vital customer protections yet again and this persistent failure is the reason for the high penalty."

The errors in respect of price rises in January 2013 and 2014 affected direct debit and standard credit customers. The average amount paid back was around £8 and £12 respectively.

The mistakes also resulted in around 11,500 prepayment customers - traditionally the poorest - missing out on an average refund of £3.42.

E.ON is aiming to reimburse them by the end of April.

Last May E.ON was ordered to pay back a record £12m for mis-selling.


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M&S Reveals Like-For-Like Sales Up 0.7%

Marks & Spencer has revealed like-for-like sales of food and clothing are up 0.7%, the first rise in sales for 14 quarters.

The retailer issued a trading statement for the 13 weeks to 28 March, which also revealed that total like-for-like UK were up 0.7%, group sales were up 1.9% and international sales were down 3.8%.

The lift in sales, the first rise in more than three years of trading, has been attributed to a customer response to changes in "product quality and styling" and an increase in the sale of more full-price items.

Food sales were also helped by record Valentine's Day trading.

The group said its spring and summer collections have been well received, including its much talked about suede skirt.

M&S shares opened up 4% after the fourth quarter sales figures beat City expectations. Analysts had expected a 1.2% drop in like-for-like sales.

The company said that online sales returned to growth of 13.8%, with traffic numbers and customer satisfaction ratings continuing to improve since distribution problems hit Christmas trading.

Marc Bolland, chief executive, has faced increasing pressure to turn around the clothing business.

He said: "We have made strong progress over the quarter. In food we delivered another excellent performance, with sales growth ahead of the market.

"We continued to deliver on general merchandise gross margin, and are pleased that we have achieved this whilst also improving general merchandise sales."


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Pru Boss 'Irritated' By Labour Letter Row

By Mark Kleinman, City Editor

A row over company bosses' political affiliations ahead of the General Election deepened on Thursday amid allegations that Labour was trying to undermine the leaders of some of the UK's biggest businesses.

Friends of the Prudential chief executive, Tidjane Thiam, told Sky News that he was "irritated" at suggestions from Labour sources that he was reconsidering his backing for a pro-Conservative letter which appeared in The Daily Telegraph this week.

The letter, which was originally signed by 103 business leaders, expressed support for Tory economic policies and warned that a "change of course" could jeopardise Britain's economic recovery.

Despite indicating that Labour was unconcerned by bosses' backing for the Tories, one Labour aide suggested on Thursday that Mr Thiam had "regretted" his decision to sign the Telegraph letter.

That provoked a robust response from people close to the Prudential chief, who is leaving his role this year to head the Zurich-based banking group Credit Suisse.

"He made his views clear and they speak for themselves, so he is unlikely to be happy at anyone else trying to misrepresent his position," a friend of Mr Thiam said.

Labour had earlier seized on a decision by Pascal Soriot, chief executive of the drug-maker AstraZeneca, to withdraw his association with the pro-Tory letter.

Mr Soriot did not say why he had signed the letter, but issued a statement saying: "Neither I nor AstraZeneca endorse any political party and while I support such policies my name should not be used in the context of the letter."

Labour aides also tried to claim that the chief executive of Ladbrokes had also changed his mind about being a signatory but omitted to mention that Richard Glynn, whose name appeared on the list of supporters, stepped down this week.

His successor, Jim Mullen, said he would not sign any similar letters during an election campaign.

A Conservative Party source said that Labour was trying to "intimidate or undermine" business leaders from speaking out on the economy.

Sky News revealed earlier this week that Stefano Pessina, the boss of Walgreens Boots Alliance, had been approached but declined to sign the letter just weeks after being attacked by Ed Miliband for saying that a Labour government could be "disastrous".

In Thursday's seven-way party leaders' debate, David Cameron referred to the support from business leaders as evidence for the need to keep the Tories in government.

The festering row about business support for the main parties was also reignited this week when Chuka Umunna, the Shadow Business Secretary, said that Paul Walsh should not become the next president of the CBI after opting to show support for the Conservatives.

Sky News revealed in February that Mr Walsh, the former chief executive of Diageo, was being lined up to succeed Sir Mike Rake, and his appointment is expected to be confirmed later this month.


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Kurt Geiger To Try On Another New Owner

Written By Unknown on Kamis, 02 April 2015 | 14.47

By Mark Kleinman, City Editor

The upmarket shoe retailer Kurt Geiger is preparing to try on another new owner less than a year after its last buyout.

Sky News understands that the company's management and their backers at Sycamore Partners, an American private equity firm, have hired bankers at Goldman Sachs to explore a sale of part or all of the business.

An outright sale would be the latest in a string of deals involving Kurt Geiger, which prides itself on its celebrity customer base and which operates footwear concessions in department stores including Harrods and Selfridges.

Jon Hamm, the Mad Men actor, and ‎the model Rosie Huntington-Whiteley are among prominent fans of the brand.

The price tag attached to the fashion label, which is moving into the children's footwear market, is unclear‎ although analysts said it could be in the region of £300m, roughly equivalent to last year's estimated sales figure.

The brand was bought by Jones Group, a US fashion company, in 2011 in a deal worth £215m.

Jones' subsequent troubles led it in April last year into the arms of Sycamore, which days later sold a stake to Kurt Geiger chief executive Neil Clifford and other senior managers.

At the time, Mr Clifford said:

"We believe our company has tremendous potential for growth in the UK and internationally, and we will continue to invest in new opportunities alongside our department store and brand partners."

In a recent interview with The Times‎, Mr Clifford raised the prospect that Kurt Geiger could abandon its US operations, citing the need for substantial infrastructure investment to make a success of the move.

Preparations for another sale could take several months, with Kurt Geiger expected to appeal to private equity firms for investing in the luxury goods and retail industries, as well as international fashion houses.

A stock market listing is another possible alternative.

In addition to its hundreds of concession operations, Kurt Geiger sells its own brands‎ such as Carvela in more than 70 stores around the world.

Kurt Geiger's first shop opened on London's Bond Street in 1963, but it took until 2007 before its first significant overseas expansion into Europe and the Middle East.

Four years after that, the business was sold to Jones Group by Graphite Capital, a private equity firm which had bought it from Barclays' buyout arm in 2008.

Prior to Barclays, Kurt Geiger had been owned by Mohamedd Fayed, the then owner of Harrods.

Sycamore Partners and Goldman Sachs both declined to comment.


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Tories Woo New Backers As Boots Boss Says No

By Mark Kleinman, City Editor

The Conservatives have embarked on a fresh attempt to court backing from the business community hours after the publication of a letter warning against "a change in (economic) course" pursued by a Labour administration.

Sky News can reveal that Lord Feldman, who chairs the party's board and was responsible for organising a pro-Tory letter in Wednesday's Daily Telegraph, has urged other business leaders to add their support for a Conservative government.

"I hope you have seen the Daily Telegraph today that has published a letter with over 100 business leaders supporting the Conservative's policy to lower corporation tax to 20% effective today," Lord Feldman wrote in an email to company executives obtained by Sky News.

"I am writing to ask if you would consider adding your name as a signatory to this letter.

"It is clearly important to send a signal that the business community is behind the Conservatives' long-term economic plan, and does not want to see a change of course."

Sky News also understands that the boss of Boots, the high street health and beauty retailer, was asked to sign the original letter but declined, just weeks after being attacked by Ed Miliband for predicting that a Labour election victory could be "disastrous" for the UK economy.

Stefano Pessina, who runs the US-headquartered Walgreens Boots Alliance, opted not to put his name to the letter because as a Monaco resident he is not entitled to vote in UK elections.

In a statement, a spokeswoman for the company, which employs tens of thousands of people in the UK, said: "As Stefano Pessina is not a UK citizen and does not vote in the UK, he would not sign any letter to support a political party in the UK General Election.

"Furthermore, he has not previously signed any letters to back political parties on such occasions.

"As a businessman, international entrepreneur and investor, Stefano naturally takes a keen interest in the overall business environment in the countries in which he leads businesses.

"With this in mind, he has previously expressed views regarding certain business policies and recommendations, especially regarding the UK economy to which he has been very committed and highly supportive for 20 years."

Mr Pessina was stung by the Labour leader's accusation in February that he was "avoiding his taxes", an allegation he strongly denied.

Although Mr Pessina and others approached about the letter declined to sign it, its publication will reinforce the widely held perception that the Conservatives enjoy far stronger support from the business community than Labour.

Under the Tory-led coalition, corporation tax has been reduced to 20% following a string of annual cuts which Labour has pledged to reverse in order to favour tax cuts for smaller companies.

It is unclear whether the Conservatives plan to publish an updated version of the letter once new signatories are added.

George Osborne, the Chancellor, said the letter represented an "unprecedented intervention" in a General Election campaign.

"A hundred business people, employing over half a million people and leading some of Britain's best-known companies, from Primark to the Prudential and from BP to Britvic and Mothercare have spoken out," he told Sky News.

Some observers suggested, however, that after weeks of corralling support, the Tories would have been disappointed to enlist support from the chief executives of only three FTSE-100 companies: Associated British Foods, BP and Prudential.

The festering row about business support for the main parties further deepened on Wednesday when Chuka Umunna, the Shadow Business Secretary, said that Paul Walsh should not become the next president of the CBI after opting to show support for the Conservatives.

Sky News revealed in February that Mr Walsh, the former chief executive of Diageo, was being lined up to succeed Sir Mike Rake, and his appointment is expected to be confirmed later this month.

A CBI spokesman said: "The CBI is a politically neutral organisation and its senior post holders will always act impartially.

"The CBI has made no announcement about its next president."


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M&S Reveals Like-For-Like Sales Up 0.7%

Marks & Spencer has revealed like-for-like sales of food and clothing are up 0.7%, the first rise in sales for 14 quarters.

The retailer issued a trading statement for the 13 weeks to 28 March, which also revealed that total like-for-like UK were up 0.7%, group sales were up 1.9% and international sales were down 3.8%.

The lift in sales, the first rise in more than three years of trading, has been attributed to a customer response to changes in "product quality and styling" and an increase in the sale of more full-price items.

Food sales were also helped by record Valentine's Day trading.

The group said its spring and summer collections have been well received, including its much talked about suede skirt.

M&S shares opened up 4% after the fourth quarter sales figures beat City expectations. Analysts had expected a 1.2% drop in like-for-like sales.

The company said that online sales returned to growth of 13.8%, with traffic numbers and customer satisfaction ratings continuing to improve since distribution problems hit Christmas trading.

Marc Bolland, chief executive, has faced increasing pressure to turn around the clothing business.

He said: "We have made strong progress over the quarter. In food we delivered another excellent performance, with sales growth ahead of the market.

"We continued to deliver on general merchandise gross margin, and are pleased that we have achieved this whilst also improving general merchandise sales."


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More Than 100 Business Leaders Back Tories

Written By Unknown on Rabu, 01 April 2015 | 14.47

A Labour government would threaten jobs, deter investment and put Britain's economic recovery at risk, according to a letter signed by more than 100 leading business figures.

Senior executives from some of Britain's best-known businesses hailed the Government's economic policies, which they claim show that "the UK is open for business", in a move orchestrated by the Tories campaign team.

The top executives - including BP's CEO Bob Dudley and vice-chairman of West Ham United, the Conservative Peer, Baroness Brady - argue that keeping the Conservatives in power is the best way to ensure continued growth.

In an open letter to The Daily Telegraph, the signatories, who had been approached by the party to add their names to the letter, said the Conservatives' economic policies have supported investment and the creation of jobs.

:: For full coverage of General Election 2015 click here

The letter has been signed by at least five former Labour backers including the chairman of Dixons Carphone and Talk Talk plc, Sir Charles Dunstone and former Dragons' Den star Duncan Bannatyne.

The business figures write: "We believe this Conservative-led Government has been good for business and has pursued policies which have supported investment and job creation.

"David Cameron and George Osborne's flagship policy of progressively lowering Corporation Tax to 20% has been very important in showing the UK is open for business. It has been a key part of their economic plan.

"The result is that Britain grew faster than any other major economy last year and businesses like ours have created over 1.85m new jobs.

"We believe a change in course will threaten jobs and deter investment. This would send a negative message about Britain and put the recovery at risk."

Mr Cameron was quick to welcome the letter tweeting: "Today's #businessletter in the @Telegraph shows job creators support our long term economic plan. Labour's taxes will cost jobs."

Mr Osborne told Sky News: "This is an unprecedented intervention in a British General Election. A hundred business people, employing over half a million people and leading some of Britain's best-known companies, from Primark to the Prudential and from BP to Britvic and Mothercare have spoken out.

"Their message could not be clearer. We have a Conservative economic plan that is working and is creating jobs and if we change course those jobs will be threatened and the recovery will be put at risk."

Other business leaders to put their names to the letter were Prudential CEO Tidjane Thiam, former head of Marks & Spencer Lord Rose, chairman of the Arcadia Group Sir Philip Green, and chairman of Bloomberg Peter Grauer.

Bloomberg was the venue Labour used for its business manifesto launch on Monday, which was overshadowed by a backlash against an advert the party had place in the Financial Times, which used quotes from business leaders about the EU.

A number of the firms quoted were quick to distance themselves from political allegiance to the party.

Lord Rose told Sky News it was an "implicit warning: don't tamper with what is working well."

Labour's shadow business secretary Chuka Umunna responded to the open letter, saying: "No one will be surprised that some business people are calling for low taxes for big businesses.

"We don't believe, as David Cameron does, in more tax cuts for the richest in society - the priority is tax cuts for small firms, working people and saving our NHS," he said.

Shadow work and pensions secretary Rachel Reeves said: "The letter to the Telegraph does not mention the Labour party at all and it's just about one policy: corporation tax.

"It does not mention membership of the EU, which is of course such a big deal to many large businesses or investment in infrastructure or skills but also it does not talk about the small businesses who are going to benefit from Labour's freeze, or cut, in business rates."

On Tuesday Labour pledged to reverse the Government's final cut in corporation tax to pay for a reduction in rates for 1.5 million small businesses.

Shadow chancellor Ed Balls also promised smaller firms they would be the first to benefit from future tax cuts if Labour takes power.

Later today Mr Miliband is expected to announce plans to take a tougher stance on zero-hours contracts and improve employees' rights.

Under the proposal workers will be able to demand a regular contract after 12 weeks.

:: Watch the seven-way leaders' debate live and in full from 8pm on Thursday on Sky News, on Sky channel 501, Virgin Media channel 602, Freeview channel 132, Freesat channel 202, and on the Sky News website.


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Labour To Crack Down On Zero-Hours Contracts

By Jason Farrell, Senior Political Correspondent

Workers on zero-hours contracts will be able to demand a regular contract after 12 weeks under proposals set to be announced by Ed Miliband.

The Labour leader will promise to outlaw "exploitative" zero-hours contracts in a commitment to be included in Labour's election manifesto.

The proposal strengthens Labour's previous policy on the contracts, which sought to give workers the right to a regular contract after 12 months.

:: For full coverage of General Election 2015 click here

Mr Miliband first set out the 12-week proposal in 2013 at the Trades Union Congress (TUC) conference, but later backtracked.

A spokesman for the party leader said the change back to 12 weeks would incorporate 92% of people on the controversial employment terms.

The proposal is expected to include exemptions for employees such as so-called bank nurses, who request a zero-hours contract so they can work at another hospital as well as their usual job.

The Coalition Government sought to prohibit exclusivity clauses in zero-hours contracts, but the Labour Party argues this does not go far enough.

The announcement comes after Prime Minister David Cameron admitted that he could not live on a zero-hours contract during questioning from Jeremy Paxman on Sky News' Battle For Number 10 programme.

Mr Miliband is expected to say zero-hours contracts have become a symbol of a low-wage, low-skill economy.

In reference to Mr Paxman's interview with the Prime Minister, the Labour leader will say: "If Cameron can't live on it, nor should you - Labour will give workers a legal right to a regular contract, not a zero-hours contract.

"Today I can announce that in our first year of government after the election, Labour will legislate for a new principle: If you are working regularly, you have a legal right to a regular contract."

But a Conservative spokesperson has accused Labour of "presiding over zero-hours contracts" for 13 years.

"Zero-hours contracts account for just one in 50 jobs in our economy," the spokesperson said.

"This Government has already banned the abusive ones - and all the while Labour presided over zero-hours contracts with no safeguards for three terms and 13 years while they were in power.

"Tony Blair even promised to ban them entirely as far as back as 1995 and then did nothing.

"The fact is that three quarters of the new jobs since this Government came to office are full-time - these are families across the country getting into work with the security of a regular pay packet."

:: Watch the seven-way leaders' debate live and in full from 8pm on Thursday on Sky News, on Sky channel 501, Virgin Media channel 602, Freeview channel 132, Freesat channel 202, and on the Sky News website.


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ASOS Profits Take Hit After Warehouse Fire

Online fashion retailer ASOS has seen its profits hit after last year's warehouse fire.

The firm has reported a 10% fall in its pre-tax profit to £18m in the six months to the end of February.

This is down from £20m for the same period last year.

In its interim results statement, the company said its profit before tax included "business interruption reimbursements of £6.3m in respect of a warehouse fire in the prior financial year".

The blaze at its Barnsley warehouse last June damaged 20% of the stock inside.

ASOS managed to restart orders within 48 hours of the fire and then launched a sale, with discounts of up to 50%, a day later.

The drop in pre-tax profit comes as the company reported a 14% hike in overall retail sales for the six-month period compared to the previous year, rising from £472.3m to £536.4m.

UK retail sales were up by 27% and international sales by 5%.

The number of active customers using the online retailing site also rose by 13% to 3.3 million.

Chief executive Nick Robertson said the trading period included a record Christmas season.

He said: "Our customer engagement remains high, with growth in visits, average order frequency, average basket size and conversion all improving.

"Our active customers grew by 13%, exceeding the nine million mark for the first time."

He added: "With our continued investment in our international rice competitiveness gaining traction, momentum in the business is building.

"This gives us confidence in the outlook for the second half and that full year profit and margin will be in line with expectations."

The company's results come as online fashion rivals Net-a-Porter and Yoox announced they were joining forces.


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Federal Agents Charged Over Bitcoin Fraud

Written By Unknown on Selasa, 31 Maret 2015 | 14.47

By Sky News US Team

Two former federal agents have been charged with bitcoin money laundering, wire fraud and other offences, the US Justice Department says.

Former Drug Enforcement Administration (DEA) agent Carl Force and ex-Secret Service agent Shaun Bridges were due to appear before a judge on Monday.

Both are accused of stealing the digital currency during the investigation into the black market website Silk Road.

The Justice Department said Force developed online personas and engaged in illegal activities including "complex Bitcoin transactions to steal from the government and the targets of the investigation".

Bridges, meanwhile, allegedly diverted to his personal account more than $800,000 (£540,000) in digital currency that he controlled during the probe.

He then placed the assets into an account at the now-defunct digital currency exchange Mt Gox, according to a criminal complaint.

Force allegedly invested in and worked for a digital currency exchange company while still working for the DEA, the Justice Department said.

He directed the exchange to freeze a customer's account and had the funds transferred to his personal account, the complaint said.

Force, 46, was arrested in Baltimore on Friday, and Bridges, 32, surrendered himself on Monday.

Silk Road kingpin Ross Ulbricht was found guilty in February of running the multi-million dollar dark net drugs marketplace.

The 30-year-old, who prosecutors said ran the site under the username Dread Pirate Roberts, faces a possible life sentence after being convicted on all seven counts he faced.

Ulbricht's defence have claimed he was a naive fall-guy who passed the site to a mysterious criminal when it got out of hand.


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Pension Data Sales Claims Trigger Inquiry

An investigation has been launched by the data watchdog into claims that details of milllions of people's pensions are being sold to cold-calling firms and fraudsters.

The Information Commissioner's Office (ICO) has described the revelations as "very worrying" and said it would be speaking to regulators and police.

The allegations have reinforced concerns about an upsurge in fraud as changes are introduced giving people access to their entire pension pots.

From 6 April, people can cash in their pension savings when they retire, rather than purchase an annuity.

Details of people's salaries, the value of their investments and the size of their pensions are being sold for as little as 5p without their consent, according to the Daily Mail.

The paper said its undercover reporters were sold information about the pensions of 15,000 people without any checks being made on who they were and what they would do with the data.

The ICO has already warned the pension reforms being brought in could lead to more people being scammed.

Steve Eckersley, the head of enforcement at the ICO, said: "It suggests a frequent disregard of laws that are in place specifically to protect consumers. We will be launching an investigation immediately.

"We're aware of allegations raised against several companies involved in the cold-calling sector, and will be making inquiries to establish whether there have been any breaches of the Data Protection Act or Privacy and Electronic Communications Regulations."

The ICO has the power to slap companies with fines of up to £500,000 for the most serious breaches of the Data Protection Act and can pursue criminal prosecutions around unlawfully obtaining or accessing personal data.

Mr Eckersley added: "The information we've been shown supports the work we've been doing to target the shady industry that operates behind the nuisance of cold calls and spam texts.

"We're already aware of the potential for a huge spike in the number of scam texts and calls linked to pensions when the law changes in April, and have already taken action against a company that was sending out misleading messages.

"What we've seen here confirms those fears. Personal data is such a valuable asset, particularly financial information.

"The worst case scenario here is this information getting into the wrong hands and being used to target individuals at a critical point in their financial lives."


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B&Q Owner To Shut 60 Stores Amid Profit Slump

The owner of B&Q has announced plans to close 60 DIY stores over the next two years.

The move comes amid a 7.5% drop in adjusted pre-tax profit of £675m for Kingfisher, a chain that operates in the UK, Ireland and mainland Europe.

Releasing its figures for the full-year ending 31 January, it said total sales were also down by 1.4%, to £10.96bn.

Kingfisher said the closures would affect poor-performing stores in the UK and Ireland.

The company also owns the builders' supplies chain Screwfix.

"Kingfisher has said for some time that B&Q UK and Ireland can adequately meet local customer needs from fewer stores and that some of the store should be smaller," it said.

Overall, its UK and Ireland operations saw sales up 5.5% in the year to £4.6bn, achieving a  retail profit of £276m.

More than half of the total sales for the London-listed firm come from its businesses on the Continent.

On Monday a planned £200m deal by the company to buy the French DIY chain Mr Bricolage collapsed.

The market responded positively to the development with shares in Kingfisher rising by 2%.

Shares were also up 3% in early trading after Tuesday's announcement.

Kingfisher had been looking to strengthen its position in France, where it already owns Castorama and Brico Depot.

The closures are the first major attempt at reorganisation by Veronique Laury, who took over as CEO from Sir Ian Cheshire last September.

Ms Laury was previously the boss of Castorama.

She said the entire group would undergo a strategic shake-up, with fewer product lines, greater IT integration and executive refocus.

Two years ago B&Q saw a massive sales slump which it blamed on poor weather.


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Gulf Keystone Investors Push To Remove Murray

Written By Unknown on Senin, 30 Maret 2015 | 14.47

By Mark Kleinman, City Editor

Investors in a controversial London-listed oil company are demanding that it begins hunting a successor to its chairman in return for backing a £30m fundraising.

Sky News has learnt that several major City institutions have told Gulf Keystone Petroleum that they want to see a replacement identified for Simon Murray, who took over as chairman less than two years ago.

The ultimatum comes amid discussions between Gulf Keystone, which operates in the Kurdistan region of Iraq, and prospective buyers of its assets or the whole company.

Payments to oil exporters have faced protracted delays as the Kurdistan Regional Government (KRG) has been distracted by ongoing unrest in Iraq and the need to devote resources to countering incursions by Islamic State insurgents.

Although Gulf Keystone and other foreign oil companies have begun to receive some multimillion dollar payments, the company's indebtedness has left it facing a financial crunch.

Last month, Gulf Keystone confirmed a Sky News report that it was in talks with prospective buyers, while it has also been pursuing a share placing to raise roughly £30m as an alternative option to secure its future.

Leading City institutions which have fought a long-running battle with the company over pay and governance are now calling on Mr Murray to depart.

A former French Legionnaire and ex-chairman of Glencore, the giant commodities trader, Mr Murray was drafted in as Gulf Keystone's chairman in July 2013 after a protracted fight led by Capital Group and M&G Investments.

The company's former chief executive, Todd Kozel, finally stepped down from the role last year following hints of a further revolt, but the change has failed to appease investors.

A number of independent board members elected as part of a peace deal in 2013 have since been forced out.

Shares in Gulf Keystone have slumped by more than 63% during the last year, valuing it at just £330m, while it continues to carry debts of nearly £400m.

It is unclear whether Gulf Keystone will agree to expedite a succession plan for Mr Murray or whether potential successors have been identified.

The fundraising may yet be a necessity, since a sale of Gulf Keystone is by no means certain.

Exxon Mobil is said to be among the prospective buyers.

In a statement earlier this month, Gulf Keystone said: "Stakeholders are advised that these discussions (with potential buyers) are preliminary and, as such, there can be no certainty that any offers will be received and any transaction concluded, or any certainty as to the terms on which any offer might be made.

"Concurrently, and in view of strategic discussions and its current liquidity position, and with the intention of meeting its existing debt payment obligations, the Company is undertaking a review of its financing options and in that context will engage in discussions with its key stakeholders."

London-listed companies have been hit hard by the fall in the price of crude oil, with Afren among those facing urgent restructurings as they buckle under the financial strain.

Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay involving the KRG, although it has a much stronger balance sheet.

The investment banks Deutsche Bank and Perella Weinberg Partners are advising the company on its options.

A Gulf Keystone spokesman declined to comment on Sunday.


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Miliband's NHS Pledge At Campaign Launch

Labour leader Ed Miliband has launched his party's General Election campaign with a promise to safeguard the future of the NHS.

The event in east London came after Mr Miliband and Prime Minister David Cameron answered questions in the Battle For Number 10, the first showdown of the campaign.

Launching the party's push for power in the "tightest general election in a generation", Mr Miliband said: "The Tories say this is as good as it gets.

"We say Britain can and must do better than this."

Referencing the special programme broadcast on Sky News and Channel 4, the Labour leader claimed the PM's performance showed he was "rattled", "running from his record" and "living in a different world".

The election on 7 May is a choice between "two different visions" for Britain, Mr Miliband said.

"A Tory government that looks out only for the few, or a Labour government that will stand up for working families in every part of our country," he claimed.

At the heart of the launch was a promise of a "double lock" to protect the health service.

Mr Miliband said Labour would act to ensure health services are not threatened by privatisation and pledged to provide £2.5bn in extra cash, paid for by taxes on expensive properties and tobacco companies and a crackdown on tax avoidance.

A new profit cap - usually 5% - would be imposed on outsourced healthcare contracts worth more than £500,000, private firms would be prevented from "cherry-picking" lucrative treatments and the NHS would be the "preferred provider" for all services.

Mr Miliband said: "Just think about how far backwards the NHS has gone in the last five years.

"People waiting longer and longer to see a GP. Ambulances queuing up outside hospitals, because A&E is full. Even a treatment tent erected in a hospital car park.

"For all the promises, for all the air-brushed posters, David Cameron has broken his solemn vow to the British people when it comes to our NHS."

He admitted the race for Downing Street would be neck-and-neck and could "come down to the wire".

Mr Miliband said: "I know our opponents will throw everything they have our way, because they're desperate to hang on to power.

"But we know we can win this fight on behalf of the British people."

Scottish Labour leader Jim Murphy has also launched the party's campaign in Glasgow.

Addressing activists, Mr Murphy called on them to help Labour "consign David Cameron and his austerity to the dustbin of history".

In response to Mr Miliband's remarks, Conservative MP and Health Secretary Jeremy Hunt said: "We can only have a strong NHS if we have a strong economy, but Ed Miliband doesn't have an economic plan.

"We all know Labour want to 'weaponise' the NHS but this is another policy from Ed Miliband that looks ill-thought through. It risks higher infection rates, higher waiting times and chaos for our NHS.

"This incompetence is exactly why Ed Miliband is simply not up to the job."


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Pension Data Sales Claims Trigger Inquiry

An investigation has been launched by the data watchdog into claims that details of milllions of people's pensions are being sold to cold-calling firms and fraudsters.

The Information Commissioner's Office (ICO) has described the revelations as "very worrying" and said it would be speaking to regulators and police.

The allegations have reinforced concerns about an upsurge in fraud as changes are introduced giving people access to their entire pension pots.

From 6 April, people can cash in their pension savings when they retire, rather than purchase an annuity.

Details of people's salaries, the value of their investments and the size of their pensions are being sold for as little as 5p without their consent, according to the Daily Mail.

The paper said its undercover reporters were sold information about the pensions of 15,000 people without any checks being made on who they were and what they would do with the data.

The ICO has already warned the pension reforms being brought in could lead to more people being scammed.

Steve Eckersley, the head of enforcement at the ICO, said: "It suggests a frequent disregard of laws that are in place specifically to protect consumers. We will be launching an investigation immediately.

"We're aware of allegations raised against several companies involved in the cold-calling sector, and will be making inquiries to establish whether there have been any breaches of the Data Protection Act or Privacy and Electronic Communications Regulations."

The ICO has the power to slap companies with fines of up to £500,000 for the most serious breaches of the Data Protection Act and can pursue criminal prosecutions around unlawfully obtaining or accessing personal data.

Mr Eckersley added: "The information we've been shown supports the work we've been doing to target the shady industry that operates behind the nuisance of cold calls and spam texts.

"We're already aware of the potential for a huge spike in the number of scam texts and calls linked to pensions when the law changes in April, and have already taken action against a company that was sending out misleading messages.

"What we've seen here confirms those fears. Personal data is such a valuable asset, particularly financial information.

"The worst case scenario here is this information getting into the wrong hands and being used to target individuals at a critical point in their financial lives."


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Miliband's NHS Pledge At Campaign Launch

Written By Unknown on Minggu, 29 Maret 2015 | 14.47

Labour leader Ed Miliband has launched his party's General Election campaign with a promise to safeguard the future of the NHS.

The event in east London came after Mr Miliband and Prime Minister David Cameron answered questions in the Battle For Number 10, the first showdown of the campaign.

Launching the party's push for power in the "tightest general election in a generation", Mr Miliband said: "The Tories say this is as good as it gets.

"We say Britain can and must do better than this."

Referencing the special programme broadcast on Sky News and Channel 4, the Labour leader claimed the PM's performance showed he was "rattled", "running from his record" and "living in a different world".

The election on 7 May is a choice between "two different visions" for Britain, Mr Miliband said.

"A Tory government that looks out only for the few, or a Labour government that will stand up for working families in every part of our country," he claimed.

At the heart of the launch was a promise of a "double lock" to protect the health service.

Mr Miliband said Labour would act to ensure health services are not threatened by privatisation and pledged to provide £2.5bn in extra cash, paid for by taxes on expensive properties and tobacco companies and a crackdown on tax avoidance.

A new profit cap - usually 5% - would be imposed on outsourced healthcare contracts worth more than £500,000, private firms would be prevented from "cherry-picking" lucrative treatments and the NHS would be the "preferred provider" for all services.

Mr Miliband said: "Just think about how far backwards the NHS has gone in the last five years.

"People waiting longer and longer to see a GP. Ambulances queuing up outside hospitals, because A&E is full. Even a treatment tent erected in a hospital car park.

"For all the promises, for all the air-brushed posters, David Cameron has broken his solemn vow to the British people when it comes to our NHS."

He admitted the race for Downing Street would be neck-and-neck and could "come down to the wire".

Mr Miliband said: "I know our opponents will throw everything they have our way, because they're desperate to hang on to power.

"But we know we can win this fight on behalf of the British people."

Scottish Labour leader Jim Murphy has also launched the party's campaign in Glasgow.

Addressing activists, Mr Murphy called on them to help Labour "consign David Cameron and his austerity to the dustbin of history".

In response to Mr Miliband's remarks, Conservative MP and Health Secretary Jeremy Hunt said: "We can only have a strong NHS if we have a strong economy, but Ed Miliband doesn't have an economic plan.

"We all know Labour want to 'weaponise' the NHS but this is another policy from Ed Miliband that looks ill-thought through. It risks higher infection rates, higher waiting times and chaos for our NHS.

"This incompetence is exactly why Ed Miliband is simply not up to the job."


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UK Airlines Bring In New Cockpit Safety Rules

By Charlotte Lomas-Farley, Sky News Correspondent

New safety rules have been introduced in the UK after 150 people on board the Germanwings Airbus A320 were killed when it crashed in the French Alps.

The UK's aviation regulator, the UK Civil Aviation Authority, has contacted all British airlines to get them to review all relevant procedures.

Here is a breakdown of how the safety rules affect different airlines:

:: Thomas Cook, Thomson and easyJet - from Friday, all three are changing their safety procedures to ensure that two crew members are in the cockpit at all times.

:: Virgin Atlantic and Monarch - both airlines say that while a two crew policy has always been common practice, they are in the process of making this formal policy.

If a pilot or co-pilot needs to leave the cockpit for any reason then a cabin crew member will stand in.

:: Jet2 and Flybe - both carriers already implement a two people in the cockpit at all times policy, as does Ryanair.

:: British Airways - the airline has refused to comment on the policy of its cockpit manning levels. The airline has insisted it does not discuss security issues.


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Google Can Be Sued In The UK Over Web Tracking

Google has lost a Court of Appeal battle to stop British consumers from suing it in the UK.

A group called Safari Users Against Google's Secret Tracking accuse Google of bypassing security settings on Apple's browser to track their online browsing and to target them with personalised advertisements.

On Friday three appeal judges dismissed Google's appeal over a High Court ruling against it, and ruled claims for damages can be brought over allegations of misuse of private information.

The ruling is a victory for the group of Safari users who have complained about the "clandestine" tracking of their internet use between summer 2011 and early 2012.

The group says Google collected private information without their knowledge using cookies - the text saved on computers and other devices to identify a user to Google.

Dan Tench, a partner at law firm Olswang, which represents the group, said the case decides "whether British consumers actually have any right to hold Google to account in this country".

The appeal judges unanimously ruled that misuse of private information was a civil wrong, enabling legal action to go ahead.

The judgement said: "On the face of it, these claims raise serious issues which merit a trial.

"They concern what is alleged to have been the secret and blanket tracking and  collation of information, often of an extremely private nature... about and associated with the claimants' internet use, and the subsequent use of that information for about nine months.

"The case relates to the anxiety and distress this intrusion upon autonomy has caused."


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