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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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Cyprus banks reopen with tough cash limits

Category : Business

Banks in Cyprus open their doors for first time in nearly two weeks with strict controls on amount of cash people can withdraw.

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Cyprus cash curbs ‘may last a month’

Category : World News

Tight capital controls in Cyprus could last for up to a month, the country’s foreign minister says, on the day crisis-hit banks re-opened to customers.

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Police alert as Cyprus banks reopen

Category : World News

Armed police are on guard in Cyprus and strict capital controls are in place as banks prepare to reopen amid the crisis over an EU/IMF bailout.

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Greenlight Technologies Announces Real-Time Policy Enforcement for ERP Systems

Category : Stocks, World News

Greenlight Enterprise Business Controls Monitoring Solution Provides Preventative Controls That Stops High Risk Events in ERP Systems

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Swiss back curbs on executive pay

Category : Business

Swiss voters overwhelmingly back proposals to impose some of the world’s strictest controls on executive pay, final referendum results show.

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Libor rigging fine: a fit punishment for RBS’s tardiness

Category : Business

RBS was painfully slow in sorting its house out. As late as November 2010, employees were carrying on their old practices

“It’s just amazing how Libor fixing can make you that much money,” declared one Royal Bank of Scotland trader in 2007. It’s also amazing how long senior management at RBS took to fix the bank’s Libor controls once the rotten stench emerged.

The most damning judgment in the Financial Services Authority’s report reads: “In March 2011, RBS attested to the FSA that its systems and controls were adequate. The attestation was inaccurate.” Indeed, it was March 2012 before RBS twigged that Libor submitters and derivatives traders should not have their bonuses linked in any way.

That failure is one reason why RBS has been hit with a bigger fine than Barclays’ £290m, even though the abuses themselves don’t seem quite so outrageous. In RBS’s case, for example, there was no attempt to low-ball Libor submissions during the height of the financial crisis and no senior executive was implicated. As for the bravado-filled email exchanges between traders, they seem on a par: Barclays’ miscreants dealt in bottles of Bollinger; the taste at RBS was for steak and sushi.

But in terms of response, RBS was painfully slow. As late as November 2010, employees were laughing about “the BBA thing”, referring to RBS’s internal investigation, and carrying on their old practices, albeit trying to avoid instant messages on their Bloomberg terminals.

A deputy’s head must roll, RBS has concluded. John Hourican, head of the investment bank, had no direct involvement, but he can hardly count himself unfortunate to be asked to leave: when you’re earning a salary of £750,000 to lead a large investment bank, you’re a big boss and are expected to accept accountability.

Why no boardroom resignation? Stephen Hester, chief executive since November 2008, sounded miffed to be asked. He serves at the pleasure of those who appointed him, he explained, and will carry on until that situation changes. And his bosses clearly are happy. Chancellor George Osborne, Lord Turner at the FSA and Andrew Bailey, who will be head of the Bank of England’s new Prudential Regulation Authority, were consulted.

Satisfactory? More like understandable and pragmatic. The slowness in fixing RBS’s inadequate controls is a clear failure, but Hester’s overall record at the bank is much better. On balance, this was not a resigning matter for Hester.

Less understandable is chairman Sir Philip Hampton’s strong defence of his boardroom audit and risk committees, the latter established in late 2009, when the former was split in two. In theory, the non-executive directors who serve on these committees are meant to act as a safeguard of proper conduct – think of them as watchdogs who should hold the executive to account. In practice, they tend to be invisible when scandal erupts.

The banking standards commission, under Andrew Tyrie’s chairmanship, should not confine its list of witnesses to Hampton and Hester. Summon a few RBS non-executives, Mr Tyrie, and let’s see if, and when, they were asking tough questions about the bank’s Libor clean-up.

Clean Diesel (CDTI) +0.5% AH after offering support for the Manufacturers of Emission Controls Association’s recent statement regarding the slow pace of diesel retrofit sales under the mandatory California Truck and Bus Regulation. CDTi believes this…

Category : World News

Clean Diesel (CDTI) +0.5% AH after offering support for the Manufacturers of Emission Controls Association’s recent statement regarding the slow pace of diesel retrofit sales under the mandatory California Truck and Bus Regulation. CDTi believes this may partly stem from the level of operator education and the intensity of state enforcement actions. Post your comment!

The rest is here: Clean Diesel (CDTI) +0.5% AH after offering support for the Manufacturers of Emission Controls Association’s recent statement regarding the slow pace of diesel retrofit sales under the mandatory California Truck and Bus Regulation. CDTi believes this…

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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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Weir pumped up by bid speculation ahead of results

Category : Business

Company due to report on Tuesday, amid renewed talk of possible overseas interest

Pumps group Weir is due to report results on Tuesday and its shares have jumped more than 3% ahead of time.

But the rise is as much to do with renewed takeover speculation as with anticipation for the half year figures. Weir is 53p better at £17.12, the second biggest riser in the FTSE 100, following talk that recent weakness had left it vulnerable to a bid. The likes of Siemens or GE have been mentioned as possible predators.

On a more fundamental note, Goldman Sachs has repeated its conviction buy on the shares.

Overall the market has maintained its early gains, with the FTSE 100 up 29.13 points at 5656.34 on optimism that progress is being made in the eurozone crisis. Much is being pinning on the European Central Bank’s meeting on Thursday, however, so there is scope for disappointment.

Elsewhere National Grid has edged up 2.5p to 664p after it said it had started the year well, with a solid performance in the four months to the 29 July. Chief executive Steve Holliday said:

We are working with [regulator] Ofgem to secure appropriate long term financing frameworks for our regulated businesses.

On Friday the regulator published new proposals for price controls for its UK business, including plans for around £35bn of expenditure. Angelos Anastasiou at Investec said the initial price controls had disappointed the market:

We see these proposals overhanging the stock until the final proposals are released in December, and we remain wary.

Johnson Controls (JCI) declares $0.18/share quarterly dividend, in line with previous. Forward yield 3.04%. For shareholders of record Sep 07. Payable Oct 02. Ex-div date Sep 05. (PR)

Category : Stocks

Johnson Controls (JCI) declares $0.18/share quarterly dividend, in line with previous. Forward yield 3.04%. For shareholders of record Sep 07. Payable Oct 02. Ex-div date Sep 05. (PR) Post your comment!

The rest is here: Johnson Controls (JCI) declares $0.18/share quarterly dividend, in line with previous. Forward yield 3.04%. For shareholders of record Sep 07. Payable Oct 02. Ex-div date Sep 05. (PR)

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