PennyStockPayCheck.com Rss

Featured Posts

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...

Read more

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...

Read more

Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

Read more

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...

Read more

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...

Read more

Dell buyout bid deadline approaches

Category : World News

A deadline expires on Friday for other bidders to put in offers that top Michael Dell’s bid for personal computer firm Dell.

See more here: Dell buyout bid deadline approaches

Post to Twitter

Cyprus MPs due to vote on new plan

Category : Business

Cypriot MPs are to vote on new measures to raise the funds the country needs to secure vital bailout before Monday’s deadline.

The rest is here: Cyprus MPs due to vote on new plan

Post to Twitter

Williams & Glyn’s bank to be resurrected after 30 years

Category : Business

Forced to dispose of 316 branches under state aid rules, RBS plans to float them under brand last seen in the 1980s

A bank that disappeared from the high street nearly 30 years ago – Williams & Glyn’s – is to be revived by Royal Bank of Scotland.

The bank has failed to secure a buyer for the 316 branches it must sell off under the terms of its £45bn taxpayer bailout. Now it intends to rename them under the old brand and float them on the stock market as a separate business.

Stephen Hester, RBS’s chief executive, said the branches could be “an attractive standalone bank”.

Williams & Glyn’s was created by RBS in 1969 to unite its English and Welsh branches. It brought together three RBS business – Williams Deacon’s Bank; Glyn, Mills & Co and the English and Welsh branches of National Bank. It was disbanded in 1985 and, while RBS has suggested the use of the brand in the past, Hester said its rebirth was now his “baseline” plan to dispose of the branches which the EU demanded be sold after the government rescue.

However, RBS will need to ask the EU to extend the November 2013 sale deadline – in a setback for the government, which is keen to inject new competition into high street banking.

The Financial Services Authority is intending to allow new banks to run on nearly half as much capital as established ones in effort to bolster competition, a plan which did not appear to be immediately popular with RBS.

The costly collapse of the sale of the branches to Santander last year has highlighted the difficulties in injecting competition into retail banking which is dominated by the “big four” players.

Lloyds Banking Group, required to spin off 632 branches by Europe, is expected to admit on Friday that it will miss a self-imposed deadline to sell them to the Co-op when it publishes its results for 2012.

That deal also involves the reappearance of an old banking name: TSB – the Trustee Savings Bank, which Lloyds took over in the 1990s. Lloyds is also working on a potential flotation of this business in case the Co-op deal falls through.

Hester said the possibility of uniting the two carved-out branch networks from the two bailed-out banks to make a bigger and stronger entity had been considered, informally but was likely to be too complicated to be practical.

It is possible that a private equity buyer could become an investor in the business before the flotation of the RBS branches, but Hester warned: “There aren’t a lot of buyers for UK banks right now”.

No deal in sight on US budget cuts

Category : World News

The US is braced for steep budget cuts after Republicans and Democrats in Congress adjourn for the weekend despite a Friday deadline for a deal.

More: No deal in sight on US budget cuts

Post to Twitter

Construction Writers Association Call for Speakers- Annual Conference "CONNECTED 2013" in Chicago

Category : Stocks

CHICAGO, IL–(Marketwire – Feb 15, 2013) – The Construction Writers Association (CWA) is accepting speaker proposals for the upcoming annual conference — CONNECTED 2013 – that will be held October 21-22, 2013 in Chicago. CWA is celebrating its 55th anniversary as an association. This is a two-day conference includes the presentation of awards at the Grand Awards Dinner and a construction tour. The deadline to submit speaker proposals is Friday, March 15, 2013.

More here: Construction Writers Association Call for Speakers- Annual Conference "CONNECTED 2013" in Chicago

Post to Twitter

Construction Writers Association Call for Speakers- Annual Conference "CONNECTED 2013" in Chicago

Category : Stocks, World News

CHICAGO, IL–(Marketwire – Feb 15, 2013) – The Construction Writers Association (CWA) is accepting speaker proposals for the upcoming annual conference — CONNECTED 2013 – that will be held October 21-22, 2013 in Chicago. CWA is celebrating its 55th anniversary as an association. This is a two-day conference includes the presentation of awards at the Grand Awards Dinner and a construction tour. The deadline to submit speaker proposals is Friday, March 15, 2013.

View original post here: Construction Writers Association Call for Speakers- Annual Conference "CONNECTED 2013" in Chicago

Post to Twitter

Missed tax return figures fall

Category : World News

About 730,000 taxpayers have missed the deadline for filing their self-assessment tax returns, fewer than a year ago, HM Revenue and Customs says.

Original post: Missed tax return figures fall

Post to Twitter

Nominations Announced for 17th Annual Art Directors Guild Excellence in Production Design Awards Presented by BMW; Ceremony to Take Place February 2 at Beverly Hilton Hotel

Category : World News

LOS ANGELES, CA–(Marketwire – Jan 3, 2013) – The Art Directors Guild (ADG) today announced nominations in nine categories of Production Design for theatrical motion pictures, television, commercials and music videos competing in the ADG’s 17th Annual Excellence in Production Design Awards Presented by BMW for 2012. The nominations were announced by ADG Council Chair John Shaffner and Awards co-producers Greg Grande and Raf Lydon. Deadline for final voting, which is done online, is January 31. The black-tie ceremony announcing winners will take place Saturday, February 2, 2013, from the International Ballroom of the Beverly Hilton Hotel in Beverly Hills with Paula Poundstone serving as host for the fourth consecutive year.

The rest is here: Nominations Announced for 17th Annual Art Directors Guild Excellence in Production Design Awards Presented by BMW; Ceremony to Take Place February 2 at Beverly Hilton Hotel

Post to Twitter

Obama’s tax threshold concession bodes ill for debt ceiling talks | Dean Baker

Category : Business

The president won re-election promising to raise taxes on those earning more than $250,000. Now he’s already capitulating

There are three points that people should recognize about the fiscal cliff deal that appears to have been agreed by President Obama and the Republicans in Congress. The first is the simple and obvious point that we have gone over the cliff. There was no deal approved by Congress and signed by President Obama before the 1 January deadline.

This is important because the budget reporting on the “fiscal cliff” repeatedly asserted that the country and the economy faced dire consequences from not having a deal reached by this deadline. They repeatedly asserted that we risked a recession, grossly misrepresenting forecasts from the Congressional Budget Office, and others predicted the consequences of leaving higher tax rates and large spending cuts in place for the whole year.

There was also the prediction that the financial markets would melt down if there was no deal approved by the deadline. While the markets are not yet open, they actually rallied on the last day of 2012 on the news that the outlines of a deal had been agreed, even though the deadline would almost surely be missed.

In other words, the financial markets responded as many of us non-insiders predicted. As long as it was clear that a deal would be forthcoming, they didn’t give a damn about the fiscal “cliff” deadline. Chalk this one up as yet another example of the experts – the people who report on the budget and the economy for the Washington Post and other major news outlets – not having a clue.

The second point has to do with the substance of the deal. For those who wanted to see key programs like social security and Medicare protected, this deal is pretty good news. The hare-brained idea of raising the age of Medicare eligibility to 67 seems to be off the table.

The plan to cut social security benefits by an average of 3% by changing the indexation formula for the cost of living adjustment is also, at least temporarily, off the table. The deal also continues the period of extended unemployment benefits, ensuring that 2 million unemployed workers will continue to receive checks.

On the revenue side, President Obama gave in to some extent, raising the threshold for applying the Clinton era tax rates to $450,000, compared to the $250,000 level he had touted during his campaign. This is a gift of roughly $6,000 to very rich households, since it means even the wealthiest people will have the lower tax rate applied to $200,000 of their income. Perhaps more importantly, it continues the special low tax rate for dividend income, with the richest of the rich paying a tax rate of just 20% on their dividend income.

The resulting loss of revenue from these concessions is roughly $200bn over ten years, or about 0.5% of projected spending during this period. By itself, this revenue loss would not be of much consequence; what matters much more is the dynamics that this deal sets in place.

This is the third point. President Obama insisted that he was going to stick to the $250,000 cut-off requiring that the top 2% of households, the big winners in the economy, go back to paying the Clinton era tax rates. He backed away from this commitment even in a context where he held most of the cards. We are now entering a new round of negotiations over extending the debt ceiling where the Republicans would appear to hold many of the cards.

While the consequences may not be as dire as the pundits claim, no one could think it would be a good idea to allow the debt ceiling to be reached and force the government into default. The Republicans intend to use this threat, however, to coerce further concessions from President Obama. The president insists that there will be no negotiations over the debt ceiling: no further concessions to protect the country’s financial standing.

At this point, though, is there any reason for people to believe him?

This is a president who encouraged members of Congress to vote for the Troubled Asset Relief Program (Tarp) in 2008 with a promise that he would put bankruptcy cramdown for mortgage debt (allowing restructuring of housing loans for people with distressed mortgages) at the top of his agenda once he took office. This is a president whose top aids boasted about “hippie punching” when they ditched the public option in the Affordable Care Act. This is a president who has explicitly put cuts to social security on the agenda, while keeping taxes on Wall Street speculation off the agenda.

And this is a president who decided to put deficit reduction, rather than job creation, at the center of the national agenda – even though he knows the large deficits are entirely the result of the collapse of the economy. And, of course, he is the president who appointed former Senator Alan Simpson and Morgan Stanley director Erskine Bowles to head his deficit commission, enormously elevating the stature of these two foes of social security and Medicare.

Given his track record, there is little doubt that President Obama can be trusted to make further concessions, possibly involving social security and Medicare, in negotiations on the debt ceiling. Oh well, at least we can laugh at the experts being wrong about the fiscal cliff “Mayan apocalypse”.

US fiscal cliff deal ‘reached’

Category : Business

The US formally misses a deadline to avert spending cuts and tax rises – the “fiscal cliff” – despite a tentative last-ditch deal in the Senate.

More: US fiscal cliff deal ‘reached’

Post to Twitter