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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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Yankees Lose Lead and Chance to Expand Edge – New York Times

Category : Stocks


New York Times
Yankees Lose Lead and Chance to Expand Edge
New York Times
MINNEAPOLIS — With the Yankees embroiled in what at times has felt like a 22-game playoff series against the Baltimore Orioles, Joe Girardi has asked the left-handed reliever Boone Logan to pitch in 14 of those games. That has pushed Logan's total
Twins rally to hand Yankees a costly defeatChicago Tribune
Logan can't hold Yankees lead in loss to TwinsUSA TODAY
Mauer closes in on Miggy, Twins beat Yankees 5-4 The Associated Press

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Sir Martin Sorrell versus the shareholder spring

Category : Business

Investor revolts over remuneration hold no fear for WPP’s combative head, who believes he’s worth a pay rise and will take to the media to say so

Sir Martin Sorrell, the chief executive of advertising group WPP, is – to his credit – rarely one to duck a debate over executive pay. Most other listed-company executives who find themselves in the midst of a remuneration controversy attempt to absent themselves from the debate, perhaps believing – doubtless after taking extensive public relations advice – that they can disappear from view like a grinning Cheshire cat. Not so Sorrell.

Facing near-certain defeat in a vote over his pay arrangements at next week’s annual shareholder meeting, the WPP boss has taken to the pages of the FT to remind the swelling ranks of investor ingrates that 27 years ago it was he who had the vision to set up WPP, building it up from one room, with two people and a market value of just £1m. Today the business employs 160,000 people in 108 countries and has a value of £10bn.

He finds objections to his pay “deeply disturbing”, even “wounding”. He rails: “WPP is not a public utility.” The role of the well-paid boss at WPP, he says, is “to behave like an owner and entrepreneur and not a bureaucrat”. There is raw hurt and anger in his words. Not yet King Lear raging at pernicious daughters, but perhaps – in the buttoned-up language of the corporate world – veering in that direction.

Last year some 42% of WPP shareholder votes were cast against the group’s remuneration report – a clear signal of investor disquiet, which shareholder groups feel has, since then, gone almost entirely unheeded. All the significant governance watchdogs – the Association of British Insurers, Pirc, ISS and Manifest – have delivered swingeing criticisms of Sorrell’s pay. Meanwhile, not a single institutional investor has spoken up in his defence.

All the signs are that WPP will have to stomach defeat at next week’s AGM and then find a way to move on. The event will break two records, becoming the third remuneration vote defeat for a FTSE 100 company in a single year and the sixth in a single year across the wider market.

But what perhaps marks out the WPP spat is Sorrell’s particular line of defence. Pirc notes that only once in his FT commentary does he refer to shareholders and the alignment of their interests with those of the firm’s executive leadership. His emphasis, instead, is on top executives as owner-entrepreneurs.

In truth, however, having built the business through a string of acquisitions into a global empire, Sorrell can no longer plausibly cast himself entrepreneur in any recognisable definition of the word. An entrepreneur, moreover, is not the kind of leader that a company of the scale and maturity of WPP needs at the helm. To argue otherwise, surely, would be a triumph of public relations beyond even the wit of Sorrell’s smartest lieutenants.

Calif. voters split on tax targeted by Big Tobacco – BusinessWeek

Category : Stocks


USA TODAY
Calif. voters split on tax targeted by Big Tobacco
BusinessWeek
By HANNAH DREIER A high-profile California cigarette tax initiative backed by cycling legend Lance Armstrong that once seemed like a sure thing teetered on the brink of defeat Wednesday, a testament to the efficacy of a $50 million campaign backed by
Prop. 29's tobacco tax teeters on edge of defeatLos Angeles Times
Tobacco-tax measure likely to lose in close raceSan Jose Mercury News
Push to quash tobacco tax could echo beyond CalifMaui Weekly

all 803 news articles

Adelaide United eliminates Nagoya Grampus from Asian Champions League

Category : World News

Nagoya Grampus crashed out of the Asian Champions League after a 1-0 defeat away to Australia’s Adelaide United in the round of 16 on Tuesday.
Jonathan McKain scored the decider late in the first half and Adelaide goalkeeper Eugene Galekovic was in superb form, pulling off a string of saves to deny the 2010 J.League champions a place in the quarterfinals.

Read more here: Adelaide United eliminates Nagoya Grampus from Asian Champions League

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Microsoft wins text patent fight

Category : Business, World News

Google suffers its first patent defeat since taking over Motorola Mobility in a battle over how Android handles texts.

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Fukumi captures national judo title

Category : World News

Tomoko Fukumi won a unanimous decision over Riho Okamoto in overtime to claim victory in the women’s 48-kg final at the judo national invitational weight-class championships on Sunday.
Fukumi, 26, took the honors with three judges’ flags to win her first title in two years and fourth overall, but two-time world champion Haruna Asami was left shell-shocked after suffering a defeat in her first match at the hands of Okamoto at Fukuoka Kokusai Center.

See original here: Fukumi captures national judo title

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After Lugar, Conservative Activists Pick New Targets – Wall Street Journal

Category : Stocks


The Guardian
After Lugar, Conservative Activists Pick New Targets
Wall Street Journal
By NAFTALI BENDAVID WASHINGTON—Conservative activists, energized by their defeat of Sen. Richard Lugar, are turning their fire to other established Republicans facing primaries, a bid to prove to opponents their Indiana victory wasn't a fluke.
Lugar's loss further polarizes US SenateCNN International
Sen. Richard Lugar's defeat bodes badly for compromise, centrismMiamiHerald.com
Ex-senators Specter, Bennett reflect on Lugar's lossUSA TODAY
The Associated Press

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Francois Hollande has defeated Nicolas Sarkozy by a comfortable margin in the race for the French Presidency, reports Bloomberg, citing exit polls. It will put the Socialist party in power for the first time in 2 decades. Sarkozy’s defeat makes him…

Category : Stocks, World News

Francois Hollande has defeated Nicolas Sarkozy by a comfortable margin in the race for the French Presidency, reports Bloomberg, citing exit polls. It will put the Socialist party in power for the first time in 2 decades. Sarkozy’s defeat makes him the 11th EU leader tossed from power since the sovereign debt crisis began. 6 comments!

The rest is here: Francois Hollande has defeated Nicolas Sarkozy by a comfortable margin in the race for the French Presidency, reports Bloomberg, citing exit polls. It will put the Socialist party in power for the first time in 2 decades. Sarkozy’s defeat makes him…

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Francois Hollande Wins French Presidency (Update1)

Category : Stocks

Updated from 1:54 p.m. EDT with confirmation of Hollande’s victory in French presidential election.

NEW YORK (TheStreet) — Socialist Francois Hollande defeated incumbent Nicolas Sarkozy in the French presidential election Sunday.

Sarkozy conceded defeat just minutes after polls closed and said he had called Hollande to wish him “good luck,” the Associated Press reported.

View original post here: Francois Hollande Wins French Presidency (Update1)

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Yokozuna Hakuho wins title in playoff

Category : World News

Hakuho pulled off an improbable comeback in Houdini-esque fashion, rallying from behind and beating yokozuna destroyer Kakuryu in a playoff to win the Spring Grand Sumo Tournament on Sunday.
The yokozuna got his chance for a rematch against countryman Kakuryu after the sekiwake was sent to a second defeat at the hands of Goeido, forcing a playoff when Hakuho disposed of ozeki Baruto in the final bout of regulation to leave both men with 13-2 marks.

Read the original: Yokozuna Hakuho wins title in playoff

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