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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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Bitcoin hits new high before losing $160 in value in one day

Category : Business

The digital currency spikes at $266 before plunging to $105 on Wednesday in wild ride possibly linked to Reddit user

Bitcoin, the digital currency, lost more than $160 (£104) in value on Wednesday, just hours after hitting a record high.

The currency hit a new high of $266 before falling to $105 and then bouncing back to $130. The fall is unlikely to put off speculators. Two months ago, a Bitcoin was worth $20.

With Europe racked by economic uncertainty following the banking crisis in Cyprus, there have been fears that a “bubble” is being created with speculators piling into the four-year-old digital currency. But Bitcoin has crashed before only to bounce back. It hit a low of $7 in August 2011 after hitting a high of $32 two months earlier.

Jon Matonis of the Bitcoin Foundation, the currency’s promoter, denied a euro-bubble was being created in an interview with Der Spiegel this week.

“Most transactions are still coming from affluent regions, like the United States and northern Europe. What we are seeing is not a Cyprus bubble,” he said.

Until recently Bitcoin had been a largely obscure currency used by the tech-savvy, libertarians wishing to thumb their noses at central bankers and people involved in more nefarious activities such as online gambling (often illegal in the US) or drug deals.

There are around 11m Bitcoins in circulation, 25 new bitcoins are produced every 10 minutes, and they are traded through online exchanges like Mt.Gox.

Dealing in the currency is volatile as has been the history of the services that allow people to trade in Bitcoins. Mt.Gox has been subject to repeated hacking attacks. Instawallet, a popular service for storing Bitcoins, had to be suspended after it was hacked.

Many financial experts have warned against Bitcoin. Veteran UBS stockbroker Art Cashin has compared the interest in Bitcoin to the tulip mania that led many to financial ruin in the 17th century. But interest in the currency has shot up as the euro has become ever more embattled. The value of a Bitcoin passed the $200 mark for the first time on Tuesday.

Wednesday’s wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name “Bitcoinbillionaire” had given away $13,627.69896 worth of Bitcoins to Reddit users over the day. The mystery donor signed off with a quote from Ron Paul, libertarian politician and one-time would-be presidential candidate: “It’s no coincidence that the century of total war coincided with the century of central banking.”

Author Izzy Eichenstein Provides a Courageous and Honest Look About Growing Up in a Chassidic Regal Dynasty in the United States in "The Rebel and the Rabbi’s Son"

Category : Stocks

LOS ANGELES, CA–(Marketwired – Apr 9, 2013) – In “The Rebel and the Rabbi’s Son,” prominent real estate developer Israel “Izzy” Eichenstein reveals an inside look at his elite heritage as a member of a sacred Chassidic dynasty and his lifelong struggle to free himself from the bonds of his famous religious family. A direct descendant of the founder of Chassidic Judaism, Israel “Izzy” Eichenstein was told he was destined for greatness — but only if he obeyed every law of the ultra-Orthodox world into which he was born. Ruled by bearded, black-clad rabbis like Izzy’s father, it was (and remains) a society based on the religious practices of 18th-century European Jews. Television and movies were forbidden, there was a prayer for nearly every human activity, and contact with outsiders was strictly limited. Izzy knew from an early age that he did not fit in. But he also saw how misfits were treated — shamed, shunned by the community, and deserted by their families.

Read the original post: Author Izzy Eichenstein Provides a Courageous and Honest Look About Growing Up in a Chassidic Regal Dynasty in the United States in "The Rebel and the Rabbi’s Son"

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If Britain is ‘broke’, it has been for most of the last 300 years | Tom Clark and Howard Reed

Category : Business

It is nonsense to suggest that Britain cannot afford not to invest in infrastructure. Now is just the right time to do so

Before 2008, an avowedly modernising Conservative party committed to match Labour’s public spending totals. However, two weeks after Lehman Brothers went bust in 2008, George Osborne took to the rostrum at his party’s conference and reverted to Tory type, sternly announcing that “borrowing is out of control”, and – recalling an establishment phrase from the Depression – promising to “put sound money first”. There is something ironic in this ancient echo, for – as we will show – the Osbornian claim that Britain is broke is dependent on eschewing the long view.

By the time the coalition was created, the early stirrings of a debt crisis in southern Europe lent superficial credibility to fears that Britain was teetering on bankruptcy. And so the cutting began, with the squeeze disproportionately concentrated on capital outlays, such as building projects. In just two years, net public investment almost halved from £48.5bn in 2009/10 to £28bn in 2011/12, and despite recent budget hype about renewing the infrastructure, the smallprint of the red book reveals that this net investment total will stay on the floor, averaging only £25.8bn per year during the first half of the next parliament.

The defining narrative remains that There Is No Alternative, because Britain is “broke”. But can this story be squared with the facts?

The figure below shows that UK debt/GDP was above 80% for most of the last 300 years. Enthusiasts for austerity tend to ignore the vast majority of that timeframe, focusing on the increase in debt from below 40% to around 80% of GDP in the last few years. But If Britain is broke at the moment, then the graph shows that it was also broke for a whole century between 1750 and 1850, and for 20 years after the second world war. In reality, in neither case did the UK default, and reveal itself as bust – both periods were times of investment, growth and national renewal.

Other advocates of austerity suggest Britain is broke because the cost of servicing debt is bankrupting us. However, UK debt interest payments are now actually lower as a share of GDP than at any point up to the year 2000. So if this is the yardstick for being “broke”, Britain has also been broke over the whole second half of the 20th century.

Of course, modest current costs would be of no comfort if they were liable to rocket soon. The reality, however, is that there is no sign at all of increased public debt pushing up public borrowing costs. Since the slump first swelled the debt in 2008, interest rates have drifted not up, but downwards. Most chancellors in the late 20th century would have given their right arm to be able to borrow at anything like the current 2%.

Furthermore, research by Jonathan Portes, of the National Institute of Economic and Social Research (NIESR) suggests that rates fell to such lows during this slump because the prospects for growth are so weak – not because austerity has persuaded investors that the UK is less likely to default.

All evidence, then, points against Britain being too bust to invest. But shouldn’t the UK still fear going the way of Greece – losing control of the public finances, and then – after a delay – being savagely punished by the markets.

Not really: the problems of Greece and other stricken continental economies arise because they have no flexibility to unilaterally loosen their monetary policy, owing to euro membership. In contrast, with its own central bank the UK enjoys more freedom to grow its way out of recession. Indeed – while inflation remains depressed – if the UK were in a tight corner it could simply print the funds required to avoid outright default.

Britain, then, is not “broke” – in any historical terms, it is ludicrous to claim that. As for Britain not being able to afford to invest, the truth is the exact opposite: with the cost of borrowing at historic lows, Britain cannot afford not to invest. As in the 1930s, George Osborne’s “sound money” philosophy is distinctly unsound economics.

• This mythbuster is part of a series co-ordinated by the New Economics Foundation and the Tax Justice Network. You can read the full length piece here

Day & Zimmermann Signs New Agreement with U.S. Army to Save Operations at the Former Kansas Ammunition Plant

Category : Stocks

PHILADELPHIA, PA–(Marketwire – Mar 9, 2013) – Day & Zimmermann, the century-old family-owned provider of construction & engineering, staffing and defense solutions for leading corporations and governments around the world, announced today that it finally received all approvals to sign the Purchase and Sale Agreement to allow for the U.S. Army to transfer a portion of the former Kansas Army Ammunition Plant to D&Z in Parsons, KS.

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Credit Suisse (CS) could be liable for over $2B worth of damages for a $2.9B fraud at National Century Financial Enterprises – which collapsed in 2002 – District Judge James Graham has ruled. National Century’s noteholders are suing CS, arguing that…

Category : World News

Credit Suisse (CS) could be liable for over $2B worth of damages for a $2.9B fraud at National Century Financial Enterprises – which collapsed in 2002 – District Judge James Graham has ruled. National Century’s noteholders are suing CS, arguing that as placement agent, it should have know about the fraud. 8 comments!

The rest is here: Credit Suisse (CS) could be liable for over $2B worth of damages for a $2.9B fraud at National Century Financial Enterprises – which collapsed in 2002 – District Judge James Graham has ruled. National Century’s noteholders are suing CS, arguing that…

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2013, like 1913, could see epic transformations in world order

Category : Business

2013 is poised to be a thoroughly Chinese new year, with its buoyant economy helping to keep the global show on the road

For Britain, a proud imperial power holding sway over vast territories spanning the globe, and for the other dominant European empires, 1913 was the year it all began to go wrong. Will 2013 bring similarly epic transformations in the current world order? As was the case a century ago, seeds of change can be discerned. But the focus now is Asia, especially China.

A sense of Britain and its place in the world in 1913 is hard to ascertain from such a distance. But key facts and figures tell a story. Britain oversaw the biggest, wealthiest maritime empire ever known. London was the largest port in the world; Liverpool the second largest. Estimates suggest up to a fifth of the world’s population, and perhaps a quarter of its land mass, were under direct or indirect British rule.

In 1913, for example, it was possible to walk (or ride) from Cairo to Cape Town without leaving British-controlled territory. At Westminster, Herbert Asquith, son of a Yorkshire tradesman, presided over a fifth consecutive year of Liberal party government. 1913 saw the first Chelsea flower show; Arsenal football club moved from Plumstead to a new stadium in Highbury; the British Board of Film Censors was created; and DH Lawrence published Sons and Lovers.

But if self-confidence was high, 1913 also saw its share of portentous events. Home rule for Ireland divided the House of Commons and House of Lords, Emily Davison threw herself under the King’s horse at the Epsom Derby as suffragette agitation peaked, the Balkans were in flames, and the Kaiser told the king of the Belgians during a November visit to Berlin that war with France was inevitable.

In South Africa, Mahatma Gandhi was arrested for leading a strike by Indian workers. Driven by the Royal Navy’s insatiable demand for coal, Welsh mine-owners took risks and workers paid the price: a methane explosion at Senghenydd colliery, near Caerphilly, killed 439 people, still Britain’s worst mine disaster. In 1913, like a bad omen, news reached home of Captain Scott’s death during his failed attempt to reach the south pole.

Across the Atlantic, meanwhile, the bumptious US challenge to European military and economic suzerainty was on the rise. Woodrow Wilson was inaugurated as 28th US president, Henry Ford launched the first moving vehicle assembly line, the first household fridge was manufactured, and the first newspaper crossword puzzle (with 32 clues) was published by the New York World. With an eye on Europe, Wilson announced in October 1913 that the US would “never” attack another country.

The first total or world war, which engulfed Europe the following year, may be said with hindsight to have changed everything. As generations of young men were slaughtered on the western and eastern fronts, old certainties and prejudices (such as denying the vote to women) crumbled. European powers fought to exhaustion, while in Russia revolution swept away the tsar.

As was to happen again in 1941, the US found it impossible to stay out of the war, and Wilson sent his troops to France. For the first but not the last time, an American president became a broker and guarantor of global peace.

The collapse of the old order proved irreparable. Three competing governance models – communism, fascism, and capitalism – produced another, even more murderous conflict only 20 years after the last. The second world war and its aftermath confirmed the passing of Britain as a global power and in effect entrenched the true heirs to the age of empire – the US and the Soviet Union. Amid the spectre of nuclear annihilation, the post-imperial world was once again divided into rival camps as the cold war took root and spread.

Making predictions is a chancy business. But 2013, like 1913, could prove the precursor to another seminal turning point in the global order. China is rapidly approaching the point when the size of its economy will surpass that of the US. Its military capability is expanding hand over fist and so, too, is the confidence with which it asserts its sovereign and territorial claims.

Chinese money pays for US debt; Chinese tourists boost the coffers of the European nations that oppressed their forebears. Unlike the west, China is returning to growth – in fact, it never stopped. In 2013, China, with its alien political system, could definitively become the motor that keeps the global economic show on the road, opening the gate to a Chinese century.

With overriding economic power inevitably comes political dominance, and the US, like Britain before it, will have to get used to the change. In 2013 the world may learn to echo John F Kennedy in proclaiming: “Ich bin ein Beijinger!


Category : Stocks

- MIHL today announced today that it had finalized its registration with the National Futures Association as Commodities Pool Operator. This is significant step toward the development of MIHL Hedge Fund business.

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Scientist predicted New York flooding –

Category : Stocks

Scientist predicted New York flooding
Just eight months earlier, the Princeton University professor reported that what used to be once-in-a-century devastating floods in New York City would soon happen every three to 20 years. He blamed global warming for pushing up sea levels and changing

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Heseltine reveals plan for growth

Category : Business, World News

Lord Heseltine recommends ending a century of centralisation and moving growth funds nearer to industry in his report into boosting UK growth.

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I feel defensive about my second home – but my guilt is largely unnecessary | Ian Jack

Category : Business

The passion for home ownership we have developed must be one of the biggest changes in Britain’s social and economic history

Only after my father won

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