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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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Scotland’s debt ‘could be lower’

Category : World News

The Scottish government is proposing an independent Scotland could take on a public sector debt burden at just over half of the rate faced by the whole UK.

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Eurozone crisis as it happened: Moody’s downgrade piles pressure on Cyprus

Category : Business

Rising debt burden raises risk of default, warns ratings agency

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Clinton offers more US help as Libya battles militias – Reuters

Category : Stocks

ABC News
Clinton offers more US help as Libya battles militias
By Andrew Quinn | NEW YORK (Reuters) – US Secretary of State Hillary Clinton offered Libya more help on Monday as it seeks to rein in militias, stressing that Washington will remain a firm partner despite this month's deadly attack on the US Consulate
Libyans try to push back against militiasCBS News
Libyan leader vows his country will not be a burdenAFP
It's time for Hillary Clinton to resignFox News

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London 2012: G4S to donate £2.5m to armed forces

Category : Business

Cash is ‘goodwill gesture’ after 18,200 military personnel were drafted in for Games following security blunders

G4S is to donate £2.5m to the armed forces as a “goodwill gesture” after 18,200 military personnel were drafted in for London 2012 following a massive security blunder.

The private security firm was forced to apologise after failing to meet its £284m contract to provide 10,400 staff for the Olympic Games.

It emerged just two weeks before the opening ceremony that the company could not provide enough guards, and military involvement was stepped up the following week as ministers decided to “leave nothing to chance” in the wake of the scandal.

In total, 18,000 personnel provided support at London 2012, including army, Royal Navy and Royal Air Force staff, some of whom had their leave postponed.

The defence secretary, Philip Hammond, said the donation would “go some way” to recognising the burden placed on the armed forces by the security shambles.

“The armed forces provided more to the security and protection of the Games than had originally been planned, but as always they have carried out their tasks with professionalism and good humour,” he said.

“This contribution from G4S is welcome news for the service welfare funds and will go some way to recognising the inconvenience and extra burden that this commitment has placed upon our forces and their families.”

The £2.5m donation will go towards welfare amenities, including sports equipment, and to sports associations which have backed serving athletes, including rowing gold medallists Heather Stanning and Pete Reed.

Chief of the defence staff, General Sir David Richards, said: “The armed forces are pleased to accept this donation from G4S. It recognises all the hard work and commitment service personnel have displayed during the London 2012 Olympic Games. Together with G4S, the men and women of the Royal Navy, army and RAF have delivered a safe and secure Olympics.

“I am glad that they are receiving the gratitude and recognition for the excellent work, not just from the public, but from those they are working alongside.”

General Sir Nick Parker, standing joint commander for operation Olympics, said: “The day-to-day working with G4S has been exceptional and I would like to pay tribute to the G4S staff and volunteers. Working side by side I believe they are doing a very professional job in providing Olympic security.”

New Day, Old Bickering on Taxes Between Obama, GOP

Category : Business

By Jim Kuhnhenn

WASHINGTON — New day, old bickering between President Barack Obama and congressional Republicans.

Obama used his Saturday radio and Internet address to finger GOP lawmakers for a stalemate that could increase taxes on Americans next year. A leading Republican senator cast the president and his Democratic Party as obstructionists who want to place the tax burden on businesses during an economic slowdown. …

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Finessing one big banking union for Europe

Category : World News

In the last few weeks, the idea of establishing a European banking union has become the latest remedy advanced as a solution to the long-running euro crisis. But whatever the merits of a banking union — and there are many — proposals to establish one raise more questions than can currently be answered.
The motivations of those who advocate a banking union differ markedly. For some, particularly in southern Europe, it is seen as a means of shifting the burden of supporting their indigent banks to those with deeper pockets. For others, especially in the European Union’s Brussels eurocracy, it is seen as another leap forward in the construction of a European super-state.

Excerpt from: Finessing one big banking union for Europe

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The Harper Government: Working for Small Businesses

Category : World News

FORT MCMURRAY, ALBERTA–(Marketwire – July 9, 2012) - The Honourable Gail Shea, Minister of National Revenue, accompanied by Brian Jean, Member of Parliament for Fort McMurray-Athabasca, today met with members of the local business community to discuss a number of initiatives the Harper Government has introduced to reduce the burden placed on small businesses.

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The European Commission is poised to soon unveil plans for putting the burden of rescuing collapsing banks on bondholders rather than taxpayers, the FT reports. Regulators will be able to fire the management, and write down non-guaranteed deposits…

Category : World News

The European Commission is poised to soon unveil plans for putting the burden of rescuing collapsing banks on bondholders rather than taxpayers, the FT reports. Regulators will be able to fire the management, and write down non-guaranteed deposits and senior unsecured bondholders. A major bondholder says that while it’s “not a bad framework,” the plan is “not going to be well received.” (see also) 2 comments!

Read more: The European Commission is poised to soon unveil plans for putting the burden of rescuing collapsing banks on bondholders rather than taxpayers, the FT reports. Regulators will be able to fire the management, and write down non-guaranteed deposits…

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Faith-based economics at the European Central Bank

Category : Business

With its austerity policies imposed on heavily indebted countries across the euro zone, the ECB is actually making things worse. Here’s why

In the build-up to World War II, the French military created the Maginot Line. This barrier, which utilised state of the art military defenses, was intended to defend France from a ferocious assault by Hitler’s armies. When the attack ultimately came, the Germans made quick work of the Maginot Line by going around it through Belgium.

The European Central Bank’s (ECB) obsession with a 2% inflation target can be seen as similar to the construction of the Maginot Line. The ECB sees achieving this inflation target as the sum total of the central bank’s responsibilities for maintaining stable growth in Europe, just as the French generals viewed the construction of the Maginot line as defending France from a German invasion.

The main difference is that after that German conquest, the French generals recognised their mistake. By contrast, even after their 2.0% inflation obsession led to economic disaster, the people running the ECB are still in charge and still pursuing the same policy.

At this point it is difficult to imagine what set of events in the world could persuade the ECB to pursue a different course. As the crisis demonstrates, an improperly regulated financial and economic system can produce massive asset bubbles. The collapse of these bubbles can lead to prolonged periods of high unemployment and below potential output of the sort that the euro zone, the United States and the United Kingdom are now experiencing.

This means that responsible central banks that are concerned with stable growth cannot just focus on a 2.0% inflation target. The must be prepared to take the steps necessary to counter the growth of asset bubbles before they get large enough to endanger the economy. This was evident to many before the crisis; it should be evident to everyone now.

Central banks also have the responsibility to shore up the economy and help to move it back toward full employment. This policy can include the sort of quantitative easing designed to lower long-term interest rates that has been pursued by the Federal Reserve Board and the Bank of England and less aggressively by the ECB.

It should also include targeting higher inflation rates in the range of 3-4%, as has been advocated by Paul Krugman, Ben Bernanke in his Princeton professor days, and Oliver Blanchard, the chief economist at the IMF. Ken Rogoff, a former chief economist at the IMF, has suggested inflation target as high as 6%.

There are two reasons for targeting a higher rate of inflation. First, it will reduce real interest rates. If businesses expect that prices will be 15% to 18% higher three years from now it will give them more incentive to invest today, since they will be able to sell what they produce at these higher prices. Higher inflation will also reduce debt burdens. If prices and wages rise on average by 15% over the next three years, many underwater mortgages will be back above water as the house price can also be expected to rise by 15%. Similarly, if wages rise by 15% then a fixed monthly mortgage payment will pose a much smaller burden.

These are reasons that the ECB and other central banks should be pushing for a higher rate of inflation. But instead of looking in this direction, the ECB is doubling down on its 2.0% inflation commitment. The fact that unemployment is high and rising across the euro zone seems to have no impact whatsoever on this policy.

In fact, the ECB is actually making things worse with the austerity policies that it is imposing on the heavily indebted countries across the euro zone. Reductions in government spending and tax increases in the middle of a recession have the predictable effect of slowing growth further. The ECB’s persistent refusal to act as a lender of last resort also exacerbates the crisis by raising interest rates, and therefore debt burdens, for highly indebted countries.

It has been roughly two years since the ECB has adopted the austerity route. The results have been almost uniformly negative. Unemployment rates have consistently come in higher and growth lower than had been projected. Needless to say, this also has meant that country after country has missed the deficit targets that were supposedly the main point of the austerity plans.

If we had serious economists setting policy at the ECB, this pattern would be a basis for reconsidering the policy. However instead of a rethink, we get a doubling down with the ECB’s leadership continually reasserting their commitment to stay the course (it even produced a short propaganda piece about the “inflation monster” for the doubters). It seems that there is no set of events in the world that can lead the generals at the ECB to question the wisdom of the Maginot Line.

Ignition Interlock in Florida: Starting Your Car After a DUI Takes More Than a Key

Category : World News

Ignition interlock devices are required for repeat DUI offenders an extreme DUI offenders in Florida. The cost to install and maintain the interlock system is yet another financial burden that comes along with a DUI conviction.

Original post: Ignition Interlock in Florida: Starting Your Car After a DUI Takes More Than a Key

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