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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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Europe’s joblessness at new peak, prices plunge

Category : Business, Stocks

Slumping prices and record unemployment bolster the case for Europe to ease up on austerity and cut interest rates to inject life into its stagnant economy.

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How Impact Investing Can Help Israel

Category : Stocks, World News

Milken Institute Report Identifies Innovative Ways for Israel to Bolster Social Sector

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PM targets ‘time-wasting’ appeals

Category : Business, World News

The right to legally challenge government policies, such as planning decisions will be limited to bolster the economy, David Cameron will say later.

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Spencers Solicitors Look to Expand Complex Injury Litigation Team

Category : Stocks, World News

CHESTERFIELD, UNITED KINGDOM–(Marketwire – Aug. 30, 2012) - Spencers Solicitors are recruiting for new complex injury litigators to bolster their rapidly growing law team in Derbyshire.

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Nomura punished for trading flaws

Category : Business

Japan’s Nomura is told to bolster internal controls by the country’s regulators after it admitted some staff were guilty of insider trading.

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Expect More Small Biz-Washing as Election Day Nears

Category : Business

The latest example? Using small business owners to bolster arguments in the fight over tax cuts for the rich

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World’s oldest bank gets bailout

Category : Business

The world’s oldest bank, Italy’s Monte dei Paschi di Siena, has received state help to bolster its finances.

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Barclays to sell 20% stake in BlackRock

Category : Business

Bank selling £3.8bn stake in US fund management group as it tries to boost shareholder returns and meet new banking rules

Barclays has announced plans to sell its 20% stake in fund management group BlackRock, currently worth £3.8bn, as it tries to bolster its return to shareholders and improve its financial strength.

International rules, known as Basel III, setting out how much capital banks must hold to support their businesses, penalise banks for holding stakes in other financial firms. Selling the stake will mean Barclays will not have to hold the extra capital that the rules require to support the BlackRock stake, which it owns as a result of the sale of its Barclays Global Investors arm in 2009 to the US-based fund management operation.

The sale of BGI, which generated 15% of Barclays profits in 2008, helped the bank bolster its financial strength. Barclays talked then about an “ongoing relationship” with BlackRock which was to be “highly productive”.

But the relationship only lasted three years when Barclays was released from “lock ins”. The bank was originally unable to sell off the stake, while in the second year it needed BlackRock’s consent to sell off half the stake.

Barclays has already admitted to losses on its stake because of falls in its share price. Last year, the bank wrote down the value of the stake by £1.7bn to £3.4bn although a subsequent rise in the share price now values it at £3.8bn. Even so, at around $170 each, the BlackRock shares are still less than the $227 they were worth when the deal was completed three years ago.

Barclays said that the £400m rise in the value of the stake since it had taken the impairment charge could not be counted towards its core tier one capital ratio, the key measure of its financial strength.

Under the Basel III rules, which are being implemented by 2019, keeping the £4bn stake would require Barclays to hold around £10bn in capital.

While all banks are under pressure from regulators to bolster their capital in the face the eurozone crisis, some are also trying to bolster their returns to shareholders. In the case of Barclays, its chief executive, Bob Diamond, is sticking by a target for a 13% return on equity – a key measure of financial performance – but in 2011 achieved just over 6%.

The sale will take place through an offering on the stock market and be handled by Barclays Capital, Morgan Stanley and Bank of America Merrill Lynch while BlackRock will buy back around $1bn of the shares. The amount Barclays raises from the sale will be known in a few days when the share offering is completed. Barclays will be hoping that it brings in more than the £3.4bn that the stake is valued at in the bank’s books.

BlackRock is also one of the largest shareholders in Barclays with a 7% stake.

When Barclays sold BGI in June 2009, BlackRock handed the bank a 20% stake and £4bn in cash. Diamond currently has a seat on the BlackRock board which he will no longer have the right to hold once the sale is completed.

George Zimmerman’s head wounds after Trayvon Martin shooting likely bolster … – CBS News

Category : Stocks


CTV.ca
George Zimmerman's head wounds after Trayvon Martin shooting likely bolster
CBS News
Updated at 9:17 am ET (CBS News) Medical records showing that George Zimmerman was treated for a fractured nose and cuts to the back of his head after fatally shooting 17-year-old Trayvon Martin will likely bolster Zimmerman's argument that Martin
Records Detail Florida Shooter's InjuriesWall Street Journal
George Zimmerman had two black eyes, broken nose, medical report saysChristian Science Monitor
The report also says Zimmerman had two black eyesCNN International
Los Angeles Times (blog)
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Selling Japan’s food and tourism

Category : World News

Following the earthquake and tsunami on March 11, 2011, and the subsequent nuclear crisis in Fukushima Prefecture, Japan’s manufacturing sector suffered greatly due to the damage caused to the nation’s supply chains.
Attention should be paid to other sectors that are still reeling from the 3/11 disasters such as tourism and agricultural exports. The government should take rational measures to bolster these sectors.

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