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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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Merkel lauds crisis-hit Portugal

Category : World News

German Chancellor Angela Merkel praises Portugal’s resolve in tackling its debt crisis, but faces angry anti-austerity protesters in Lisbon.

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Occupy was right – all the church could say was ‘go home’ | Giles Fraser

Category : Business

When the protest began exactly one year ago, the Church of England should also have been angry about the financial crisis

Tragedy, Nietzsche theorised, has two elements, two gods that direct the drama: Dionysus and Apollo. Dionysus is the god of chaos and disorder, sometimes even the god of drunkenness and violence. Apollo is the god of order, calm, clarity and beauty. “These two very different tendencies walk side by side, usually in violent opposition to one another, inciting one another to ever more powerful births.” Thus, says Nietzsche, all great art is generated.

Dionysus and Apollo – or, for my purposes, Occupy and St Paul’s. Their chance meeting a year ago has been characterised by misunderstanding and opposition. Occupy with its earthy populism and Dionysian disdain for formal structures, St Paul’s with its elite Apollonian worship of cold marble and ethereal song – they were destined never to get along. And yesterday’s contretemps in the cathedral was a predictable revisiting of the conflict.

Nietzsche’s idea was that the Dionysians are fundamentally the truth-tellers in the relationship. The world is indeed chaotic and disordered. But this knowledge is so difficult to process, so frightening, we need a structuring lens through which to see it.

Apollo cleans things up, makes wonky lines straight, turns chaos into art, so that we might live with disturbing truth without being overwhelmed by it. Apollonian order is how we emotionally manage Dionysian truth.

Likewise, when it comes to their analysis of the state of the world, it is Occupy who are basically right. Despite the facade of respectability and ordered control presented by our great financial institutions, modern capitalism – turbo-charged by absurd levels of borrowing – is responsible for much of the world’s chaos. In the name of freedom and deregulation, financial anarchy has spread from the housing market to the banks and is now being swallowed up as massive sovereign debt which we will now pass on to our children and grandchildren. The euro will probably collapse and millions more people will suffer enormous hardship. More jobs will be lost and houses repossessed.

The wealthy will be protected by stored-up money. The poor and the not-so-poor will be exposed to the elements. Back in 1992, Francis Fukuyama spoke of the end of history, as if capitalism had settled all the big arguments. How wrong he was. We are now facing a future of social chaos and public disorder.

This is the Dionysian truth named by Occupy. But it is so overwhelming, we don’t begin to know how to fix it. And so it goes in the mental box marked “too difficult to think about”. Perhaps it will go away, we hope. Except it won’t. The west is trillions of dollars in debt, over half the planet can barely feed themselves or not at all, and we place our trust in a few percentage points of economic growth, conveniently forgetting that it was too much faith in growth that got us into this mess in the first place.

The church ought to have a great deal to say about all of this, and ought to be as angry as the Occupiers, but it is stuck in the position of never wanting to take sides. Traditionally, the Church of England has styled itself as the honest broker, a host organisation that stages debates rather than take part in them. Like the BBC, though completely unlike Jesus himself, it is constantly reaching for a sensible balance, defining its position by charting a mean between extremes. This way it justifies its role as an established church. The problem for the Church of England, and specifically for places like St Paul’s, is that this lofty Apollonianism has little to say to angry people other than calm down and (if they won’t) go home.

Following last year’s St Paul’s debacle, Rowan Williams claimed that “the Church of England is still used by British society as a stage on which to conduct by proxy the arguments that society itself does not know how to handle”. But we have to be so much more than a high-class debating society. As the Occupiers reminded the church today, Jesus angrily ejected the moneychangers from the temple. It’s hard to imagine circumstances in which the Church of England would ever do the same.

A big, angry Indonesian protest you may have missed (video) – Christian Science Monitor

Category : Stocks

Christian Science Monitor
A big, angry Indonesian protest you may have missed (video)
Christian Science Monitor
A small protest outside the US Embassy in Jakarta last Monday (the original version of this story said “Friday,” apologies) was rolled into the global Islamopocalypse coverage. Old friend Arian Ardie pointed out on Facebook that an angry, mostly-Muslim
A Field Guide to the Mid East Mess — Part IHuffington Post (blog)
Violent Muslim ProtestsHawaii Reporter
US activist says he was deceived over anti-Muslim filmChicago Tribune
Daily Nebraskan

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Angry Birds maker’s new franchise

Category : World News

Rovio releases its first non-Angry Birds title in three years, but Apple users report problems with the new game.

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Facebook IPO: newly released reports show analysts split on value of shares

Category : Business

Angry investors may launch lawsuits, even as Facebook’s latest apology to users comes over unilateral changes to email IDs

Facebook received a mixed report card Wednesday from analysts at the banks that worked on its controversial share sale.

Stock exchange rules have kept them quiet for 40 days but by lunchtime analysts at the banks that had worked on Facebook’s initial public offering had published their first reports on the company. Eight said “buy”, nine said “hold” and one, BMO Capital Markets, issued the equivalent of a rare “sell”.

Facebook’s shares were priced at $38 a piece when the company went public in May. After a disastrous debut they fell as low as $25 but have since recovered to $32. The new analysts’ reports set targets for the shares between $25 and $45, with the average $37.71.

Morgan Stanley, the lead underwriter on the IPO, set its price at $38 for the next 12 months, ie exactly where it began. The bank and others now face lawsuits from investors angry about Facebook’s disappointing sale.

Bankers at Goldman Sachs and JP Morgan were more bullish, setting targets of $45 over 18 months and $42 over the next year, respectively. The most negative report was from Daniel Salmon at BMO. Salmon set a price of $25 arguing user growth was slowing and Facebook would struggle in a tougher market for internet advertising sales.

The reports came as Facebook was forced to apologise after changing the email people displayed on their profiles. On Monday the firm started changing the email addresses displayed on a user’s account to an account.

Facebook users’ other email addresses were hidden by a change in settings that the company said were easily reversed, and were meant to add greater consistency to the way information is displayed on the service.

The company said in hindsight it could have explained the changes more fully.

Egypt Showdown Gains Momentum – Wall Street Journal

Category : Stocks

Wall Street Journal
Egypt Showdown Gains Momentum
Wall Street Journal
By CHARLES LEVINSON CAIRO—The Muslim Brotherhood appeared headed for a showdown with Egypt's ruling generals hours after claiming victory in Egypt's first freely contested presidential election, even as the military sought to assure the public it would
Egyptian election results favor Muslim Brotherhood leaderJewish Telegraphic Agency
Egypt's military pledge to handover powereuronews
Egypt Muslim Brotherhood backers both angry and joyfulLos Angeles Times
New York Times

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Aviva loses pay vote at its AGM

Category : Business

The insurer Aviva loses the vote on executive pay at its shareholders’ meeting, with investors angry about bosses’ bonuses.

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Barclays facing pay protest vote

Category : Business

Barclays is facing a revolt by shareholders, angry at the pay of its top executives, when the bank holds its annual general meeting later.

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Santa Monica College must investigate pepper spraying, ACLU says – Los Angeles Times

Category : Stocks
Santa Monica College must investigate pepper spraying, ACLU says
Los Angeles Times
Santa Monica College must thoroughly investigate the pepper spraying incident at an unruly Board of Trustees meeting, the executive director of the ACLU of Southern California said Wednesday afternoon. A police officer released the pepper spray during
Row over pepper spray at California collegeAFP
California college investigates police use of pepper spray on studentsCNN International
Students angry over pricey courses pepper-sprayedCBS News

all 941 news articles

Draw Something reinvents Pictionary for the mobile

Category : Business

Game app created six weeks ago creates download frenzy and $180m deal for firm

Hunched over their iPhones in a bar waiting for friends, fingers tracing patterns on the screen; laughing as they stare at their HTCs on the bus – have you noticed something strange going on with people and their mobile phones recently?

There’s a simple explanation: they are playing a game, Draw Something, a sort of online Pictionary that has been downloaded 35m times in the six weeks since it was created by New York game firm OMGPOP. In the last week more than 1bn drawings were created on the game as people tried to illustrate words and names for their opponent to guess. It’s now the top downloaded free app in 85 countries across the world.

Draw Something is the latest classic board game to be reinvented for the digital age. Words With Friends is the new Scrabble, Monopoly is a hit online. But none has rivalled the phenomenal growth of Draw. The game has been a winner from day one – it was averaging three drawings a second the day it was launched – and six weeks later the five-year-old OMGPOP has been sold for $180m (£113m) in cash to Zynga, owner of other highly addictive online games including Words With Friends and CityVille.

Draw Something was the 35th game created by OMGPOP. They had tried other drawing games but this one was an instant smash. Some words are easy for players to portray – like rainbow, sun and fish. But finger painting Daft Punk or Stephen Colbert with primary school drawing skills is more than a tad tricky.

The game has slight variations across the world. In London you might get “snog” – a word Americans don’t use – while in Europe there is no chance of getting Tim Tebow, a star football player across the Atlantic. For Swedish players OMGPOP added Ikea. But what attracted Zynga was its universal appeal.

David Ko, chief mobile officer at Zynga, had been a player from day one. “There were all these really nice, surprise moments,” said Ko. “The words, watching the drawings, I was really enjoying it.”

Ko admits his drawing isn’t that good. In the beginning he even scribbled notes in the drawing, which is pretty close to cheating. “I’m OK with chair and ring, then they’ll slip in some pop icon.”

He met up with Dan Porter, OMGPOP’s chief executive, and the two hit it off immediately. They both had “hundreds” of apps on their phones and Ko thought Porter and his crew would be a good buy for Zynga.

It is not Zynga’s first purchase – but it is the biggest. The firm handed over $53.3m for Words With Friends creator Newtoy in 2010. But with Draw Something it reportedly had to fend off rival bids from Disney and games giant Electronic Arts.

More than 1bn apps are downloaded every month on Apple devices and another billion on Android, Google’s rival mobile system. To stand out, you need something special. Ko says that difference is “social” apps. “People are busy. They want quick ways to say hi, to keep in touch.

“And there is no better way to do that than through games. Maybe you don’t have time to call but if you are playing a game together, to me it feels more social.

“I have lots of friends I keep in touch with on Facebook but when I do this one to one thing with Draw Something or Words With Friends, it feels a little bit more special.” Clearly 35m other people and counting agree. But opinion is divided over whether Draw Something can really be worth $180m.

Michael Pachter, managing director of Wedbush Securities, described the price as “reasonable”. “It doesn’t require a lot of work to make it popular in several languages, and is the kind of game that will give their international growth a boost,” he said.

Arvind Bhatia, managing director of Sterne Agee & Leach, disagreed. Most people choose the free version of the game, he said, and Zynga will have to convince them to spend money buying extras like new colours and drawing tools, and Bhatia is unconvinced that is a big business. On top of that, he says, being this month’s hot game is no guarantee of long-term success. “You can have the bragging rights to the number one game, but for how long? And it’s not that easy to make money on the games,” he said.

There were mixed signals for the Draw Something school on Friday when the game lost the top slot for paid apps to the latest flight of fancy from that other mobile gaming phenomenon, Angry Birds. The free version of Draw Something still rules the free charts and Ko is promising that under Zynga’s wing Draw will add new features (chat, probably, and maybe a gallery to store your images) and different games that will keep the world coming back.

It remains to be seen whether Draw can repeat Angry Birds’ success. But if it does not there will soon be another game along that will have us hooked.