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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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Suntron Corporation Offers EMS Services for Semiconductor Equipment

Category : Stocks, World News

PHOENIX, AZ–(Marketwired – Apr 25, 2013) – Suntron Corporation, a leader in integrated electronics manufacturing systems (EMS), announces that it offers a variety of manufacturing services, including large scale integration, for semiconductor capital equipment companies. Suntron offers multiple clean-room options to serve the needs of a wide range of product classes, and has developed diverse quality control and test systems to meet the strict manufacturing needs for this industry.

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Security & Sound Design Provides Service to Protect Kids’ Safety Online and Monitor Device Time

Category : World News

WINDSOR, CO–(Marketwired – Apr 14, 2013) – Being a kid in today’s day and age isn’t always easy. With the over abundance of televisions, home theaters, personal computers and games, it seems impossible to get away sometimes. Security & Sound Design wants to help parents monitor and control the amount of time kids spend in front of media devices.

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MPs demand inquiry into HBOS directors’ ‘bonuses for going bust’

Category : Business

£914,000 cash – attributed to ‘change of control’ at bank – paid out to directors following bailout

MPs have called for an inquiry into why former HBOS bosses were given almost £1m in “bonuses for going bust”.

Seven HBOS directors collected cash bonuses of £914,000 in “change of control” payments when the bank was rescued by Lloyds and bailed out with £20bn of taxpayers’ money in 2008.

John Mann, a member of the Treasury select committee, told the Guardian the payments were scandalous and said there “could not be a more blatant reward for failure”.

He added: “This is taxpayers’ money being used to pay bonuses to bankers that brought down their own bank and cost thousands of ordinary workers their jobs. These are bonuses for going bust.”

Mann said the former bosses of the failed bank should pay the money back immediately and called for an inquiry to investigate why they were paid the cash.

“The money needs to be repaid, and if it’s not, these people need to be drummed out of the financial services sector entirely,” he said. “This is emerging as a full-blown scandal and warrants a full inquiry by the select committee. We need to know what due diligence was done.”

Pat McFadden, a member of the parliamentary commission on banking and one of the authors of its scathing report published last week, said: “These guys are incredible. This sounds like amazing rewards for failure.

“The banking commission report showed the bank was pursuing an ultimately disastrous strategy that should result in them taking responsibility, not getting extra rewards.”

McFadden also called for an investigation into the payments, which he described as “a reward for being taken over by us – the taxpayers”. He said: “It’s our money. We bailed them out for their failure – and they got bonuses for it.”

On top of the cash bonuses, the seven directors received 8,600 share bonuses at an undisclosed price band. The bonuses were paid on top of salary, pension contributions, awards in lieu of pension and redundancy payments.

Andy Hornby, the chief executive of HBOS at the time of its near collapse and takeover by Lloyds, collected £251,000 cash and 2,051 shares as a result of the change of control.

The others cashing in were Peter Cummings, the head of corporate lending who was fined £500,000 by the Financial Services Authority; Mike Ellis, former finance director; Philip Gore-Randall, former chief operating officer; Colin Matthew, who led the expansion into Ireland and Australia that cost the bank £14.5bn; Jo Dawson, former risk director; and Dan Watkins, her successor.

HBOS’s 2008 annual report said the payments were awarded “in accordance with contractual entitlements”. It said HBOS’s remuneration committee excluded “payments in relation to the 2008 financial year [the year HBOS failed]“, but allowed the directors to benefit from awards due to them for other years.

It said: “[When] these arrangements were settled, Lloyds did not own HBOS. All decisions with respect to the redundancy or severance terms applicable to departing HBOS senior executives, including pensions, were made by the HBOS remuneration committee or board of HBOS, prior to the acquisition by Lloyds.”

A spokesman for Lloyds was unable to state why the bosses received the money, or if any have decided to pay the cash back. Hornby, now chief executive of bookmakers Coral, declined to comment.

The revelation of the change of control bonuses comes as pressure mounts on HBOS’s former bosses to pay back millions of pounds of pension contributions collected from the bank after the parliament report blamed “a colossal failure of management” for the bank’s near-collapse.

Sir James Crosby, the boss of HBOS until 2006 and the man described by the parliamentary commission on banking standards as the “architect of the strategy that set the course for disaster”, has said he will give up his knighthood and 30% of his £580,000-a-year HBOS pension.

David Cameron’s spokesman said it was “a matter for their consciences and judgment” whether HBOS’s other former bosses follow his example.

Matthew is collecting a HBOS pension worth £416,000-a-year. Cummings is on a £344,000 pension.

Security & Sound Design Inc. Announces Paxton Access Control Certification

Category : World News

WINDSOR, CO–(Marketwired – Apr 2, 2013) – Security & Sound Design Inc., a leading provider of security and home automation technologies in Colorado, announces that they have been newly certified for the installation of Paxton Access Control systems. Paxton Access Control products will allow Security & Sound Design Inc. to further diversify their commercial security offerings. The new products provide robust and flexible access control options with many commercial applications.

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Cyprus has a future in the euro, insists president

Category : Business

Nicos Anastasiades says crisis has been averted but blasts eurozone members for turning island into an ‘experiment’

Cyprus’s president on Friday insisted his country has a future in the euro in a speech that also criticised his eurozone partners for forcing the Mediterranean island to be an “experiment”.

“We have no intention of leaving the euro. In no way will we experiment with the future of our country,” Nicos Anastasiades said.

Speaking the day after Cypriot banks reopened after a two-week closure to stave off financial collapse, the Conservative head of state said the threat of bankruptcy had been averted.

He also promised that restrictions on banking transactions – the first ever to be imposed on a eurozone member state – would be gradually lifted, but did not specify when.

Cash withdrawals from banks have been limited to €300 (£253) a day, while only €1,000 in cash can be taken out of the country, and there are restrictions on the use of credit cards abroad. Cypriot authorities loosened some restrictions on using cheques on Friday – but only to allow payments to government agencies of up to €5,000.

In another turnaround of capital controls placed on a euro member state, the finance ministry announced that debit and credit card transactions with the borders of the country could also be unlimited.

Cyprus’s Central Bank has also imposed limits on the money that can be taken “beyond the control of the Cypriot authorities” – a reference to the northern part of the island under Turkish control.

After an initial estimate that the capital controls would be in place for a matter of days, the government then warned later in the week they could last for “about a month”.

Anastasiades, who was elected in a landslide victory on a pro-bailout platform last month, has faced a backlash over the terms of the rescue. On Friday he accused eurozone leaders of making “unprecedented demands that forced Cyprus to become an experiment”. He also criticised European banking authorities for allowing money to flood into Laiki, the island’s second biggest bank, which had racked up billions of debt in bad loans and is now being wound up as part of the rescue deal.

“How serious were those authorities that permitted the financing of a bankrupt bank to the highest possible amount?” Anastasiades said.

Barely a month in power, the government has appointed an investigating committee of former supreme and international criminal court judges to probe possible criminal misconduct in the collapse of the Cypriot economy. With shocked Greek Cypriots now facing years of economic pain, there are mounting calls for punishment to be meted out to the politicians and bankers found to be responsible for the dire straits in which the island now finds itself.

The Swedish foreign minister, Carl Bildt, who flew into Cyprus to hold talks with Anastasiades, said Cyprus was heading for years of economic recession. “It is going to go into recession, a big slump,” he told the Guardian. “A lot could have been done to stop it reaching this point. I cannot say I am optimistic, but I am also not alarmed.”

Cyprus secured a €10bn (£8.4bn) bailout from the “troika” of lenders – the European Union, the European Central Bank and the International Monetary Fund – to avert financial collapse. As well as the winding up of Laiki, the island had to agree to an unprecedented levy on bank savings of more than $100,000 to fund the bailout. Earlier plans to raid the accounts of small depositors were abandoned amid fury from ordinary savers.

Cypriot banks were calm on Friday, with no big queues reported. “The situation, despite all its tragedy, has been contained,” said Anastasiades.

The Cypriot president’s attempt to draw a line under the crisis that has gripped the eurozone came as Slovenia, another minnow of the currency union, insisted it did not need the eurozone to rescue its troubled banks.

“We will need no bailout this year,” said the Slovenian finance minister, Uros Cufer. “I am calm.” Borrowing costs for the former Yugoslav republic, which has a population of two million, have jumped as investors look for the next weak link in the single currency.

The Cypriot crisis has sent shudders throughout the eurozone, where the outlook remains gloomy and unemployment rises to record levels.

Figures released on Friday showed that France failed to meet its budget deficit target in 2012 and will miss it again this year. The country’s public debt has also risen to a record level.

The latest bad news came only hours after French president François Hollande had gone on live television to reassure the nation of his ability to lead it out of the economic mire.

INSEE, France’s national statistics agency reported that public debt rose to €1.8 trillion, a record 90.2 per cent of GDP, in 2012, up from 85.8 per cent in 2011. France’s Socialist government has already admitted it will not be able to keep a pledge to bring the deficit down to 3 per cent by the end of 2013 as agreed with the European Commission. The figure is now expected to be around 3.7 per cent, and France has asked for an extension to the deadline for reaching the target. France has not balanced its books since 1974 under successive governments of different political hue.

S&P 500 index reaches record high

Category : Business

Shares in the US close at record highs on the last trading day of the quarter, driven by optimism that banking problems in Cyprus are under control.

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Kipper Williams on the financial policy committee

Category : Business

Financial policy committee: ‘Now all we need is some financial stability to take control of’

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Bourque Industries, Inc. (BORK: OTC Pink Current) | Bourque Industries Announces Change of Control

Category : World News

TUCSON, Ariz., March 19, 2013.

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Eye-tracking Samsung Galaxy unveiled

Category : Business

Samsung has launched its latest flagship smartphone, the Galaxy S4, which allows users to control the device with their eyes.

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RBS sells stake in Direct Line

Category : Business, World News

Royal Bank of Scotland is to give up control of Direct Line after saying it will sell part of its stake in the insurer.

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