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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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Budget ‘defers cuts until 2015-16′

Category : Business, World News

The Budget allows further departmental spending cuts to be deferred until after the next election, according to the Institute for Fiscal Studies.

Continue reading here: Budget ‘defers cuts until 2015-16′

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Goldman Sachs considers shifting bonuses to benefit from tax rate cut

Category : Business

Payment of bonuses in April – when top rate falls to 45% – would save employees thousands of pounds

Goldman Sachs is kickstarting the controversial City bonus season by considering whether to defer bonuses into the new tax year in April – when the top rate of income tax falls to 45% from 50%.

A number of banks are known to have considered whether to make the move, which would save their top employees thousands of pounds. But City sources believe many of them have rejected the idea to avoid any negative publicity in the wake of the row surrounding corporation tax paid by Starbucks in the UK.

The Wall Street firm – which publishes its full year results on Wednesday and tells staff their bonuses for 2012 shortly afterwards – is not thought to be considering changing the way the bonuses for 2012 are handed out. The proposal being considered would benefit parts of bonuses deferred from the years 2009, 2010 and 2011, which are due to be handed to staff this year in the form of shares.

The bank is not thought to have decided whether to press ahead with deferral of the shares early in to the new tax year on 6 April. But it has already attracted attention for paying some deferred bonuses early in the US to avoid a hike in tax rates. The firm paid out about £40m in so-called restricted stock in early January just as the “fiscal cliff” budget talks led to taxes being raised – and despite earlier remarks by Goldman chief executive Lloyd Blankfein that “tax rises, especially for the wealthiest, are appropriate”. Goldman refused to comment on Sunday night.

It is regarded as one of the most generous payers in the City and forecast to have a bill of just over £8bn to pay its staff for 2012, slightly more than 2011 when the average per employee was about £238,000.

Goldman is among a number of major Wall Street players announcing results next week – along with Citigroup and JP Morgan.

In the UK, employees at bailed-out banks Lloyds Banking Group and Royal Bank of Scotland will benefit from the lower top tax rate as the bulk of their bonuses are not paid until June at the earliest. This is in line with the pay regime from previous years agreed with UK Financial Investments, which controls the taxpayer stakes in the bailed-out banks and limits cash bonuses to £2,000.

The cash bonuses are paid in March but subsequent sums in shares are deferred into June and subsequent months.

Deferral of bonuses over at least three years has been demanded by regulators such as the Financial Services Authority as a way to make employees less likely to run huge risks for a single year and to allow banks to claw back any bonuses if performance turns sour. Such clawbacks may be a feature of the bonus season because of the waves of scandal to hit the industry ranging from payment protection insurance mis-selling in the UK to fines for Libor fixing and money laundering.

Cloud ERP and HR software firm Workday, which used the JOBS Act to quietly file for an IPO in July, has finally provided an S-1. The company, which wants to raise up to $400M and will use the symbol WDAY, posted revenue of $119.5M (+118% Y/Y) in the…

Category : World News

Cloud ERP and HR software firm Workday, which used the JOBS Act to quietly file for an IPO in July, has finally provided an S-1. The company, which wants to raise up to $400M and will use the symbol WDAY,

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Lloyds online fraud chief admits £2.4m fraud

Category : Business

Jessica Harper took money over four years while head of fraud and security for digital banking at Lloyds Banking Group

A former Lloyds bank boss in charge of online security has admitted a £2.4m fraud.

Jessica Harper took the money over a four-year period while working as head of fraud and security for digital banking at Lloyds Banking Group.

Harper stood in the dock at Southwark crown court, in London, and admitted a single charge of fraud by abuse of position by submitting false invoices to claim payments totalling £2,463,750.

She also admitted a single charge of transferring criminal property, the money, which she had defrauded from her employers.

The 50-year-old, from Croydon, south London, carried out the fraud between 28 December 2007 and 21 December 2011, the court heard.

Antony Swift, prosecuting, did not open the facts of the case.

Carol Hawley, defending, said Harper was in the process of selling her £700,000 home to repay some of the stolen cash and was due to exchange contracts on Tuesday.

She will be sentenced at a later date.

Hawley applied for bail for Harper but Judge Nicholas Loraine-Smith deferred a decision until retiring to consider the matter.

Harper was allowed to leave the dock in the courtroom but ordered not to leave the building.

Why is the SEC investigating the Amish?

Category : Business

The SEC announced a deferred prosecution agreement with the Amish Helping Fund, settlling allegations that Amish financiers misled investors by failing to update financial documents for 15 years.

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Barclays – Wall Street’s repeat offender

Category : Business

US regulators knew of Barclays’ potential for misconduct before last week, as it fined the bank for violating sanctions in 2010

The £290m fine levied on Barclays for its role in manipulating Libor is the second time in less than two years that the British bank has been penalised by US regulators.

Barclays was forced to pay $298m (£190m) to the US Department of Justice to settle August 2010 charges that it “knowingly and willfully” violated international sanctions, by handling hundreds of millions of dollars in clandestine transactions with banks in Cuba, Iran, Libya, Sudan and Burma.

At the time of the deal Lanny A Breuer, the DoJ’s assistant attorney general, said: “Banks like Barclays will not be permitted to disregard sanctions put in place by the US government. Not just once, but numerous times over more than a decade, Barclays stripped vital information out of payment messages that would have alerted US financial institutions about the true origins of the funds.”

The Manhattan district attorney, Cyrus R Vance Jr, added: “Criminal activity of the type we found at Barclays does more than deceive our financial institutions, it threatens the security of our country.”

Documents filed at a federal court in Washington accused Barclays of handling money transfers totalling $500m from banks in prohibited countries through its dollar clearance branch in New York between 1995 and 2006. The bank accepted that staff at a payment processing centre in Poole, Dorset, had changed the wording in international money transfers to hide the fact the transactions involved countries barred from accessing the US financial system.

Under a deferred prosecution agreement signed by Barclays’ general counsel, Mark Harding, the bank agreed to pay $149m to the DoJ and a further $149m to the office of New York’s district attorney, while committing to a string of measures to improve training and tighten internal procedures, as well as promising to co-operate with any further investigation by the US authorities.

The bank, which has become a force on Wall Street since buying much of the US operation of the bankrupt Lehman Brothers in 2008, spent $250m on an internal inquiry that involved 100 million records and 300 interviews with 175 employees.

The DoJ’s 2010 statement added: “In light of the bank’s remedial actions to date and its willingness to acknowledge responsibility for its actions, the department will recommend the dismissal of the information in two years, provided Barclays fully co-operates with, and abides by, the terms of the deferred prosecution agreement.” The justice department would not comment on whether the current Libor scandal will reactivate the sanction-busting charges approaching expiry, although it is understood that Barclays is in talks on that issue with the US judge in the case. The bank’s Libor actions pre-date the 2010 deal.

Barclays did not comment about the deferred prosecution, nor did it respond when asked if behaviour that attracts the attention of regulators was endemic within the bank. At the weekend, the business secretary, Vince Cable, wrote in the Observer: “Incompetence, corruption and greed have been endemic in British banking”.

Despite the large 2010 fine, there have been critics of the settlement. The judge in the case, Emmet Sullivan, questioned why the penalty was hitting investors’ pockets rather than coming “out of the assets of the board of directors” and asked why nobody was “standing up and taking criminal responsibility” for the prohibited transactions.

“These are shocking charges. What the bank is being charged with is doing business with the enemy. These were prohibitions everyone in the banking community was aware of,” he said. “You don’t believe the government is putting on kid gloves here at all?”

Prosecutors replied that they had been unable to find sufficient evidence to bring any individuals to trial, while top Barclays executives had been unaware of the transactions.

Barclays was not alone in facing charges of violating international sanctions, which breached America’s International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA). Lloyds TSB and Credit Suisse both settled with the US government in 2009 over similar dealings with institutions in repressive regimes.

Similarly, Barclays is not the only bank being investigated over Libor and the US authorities, along with the UK’s Financial Services Authority (FSA), has made it clear that further announcements on Libor should follow.

Last week the FSA slapped a £59.5m fine on the bank while US authorities hit Barclays with penalties of £230m for what were described as repeated breaches of rules dating back to 2005.

Mitel Networks ([[MITL]] +7.6%) holds solidly in the green after its FQ4 easily beat estimates yesterday. Net income soared as the online-communications company saw higher deferred income-tax recoveries and better-than-expected sales buoy results.

Category : World News

Mitel Networks (MITL +7.6%) holds solidly in the green after its FQ4 easily beat estimates yesterday. Net income soared as the online-communications company saw higher deferred income-tax recoveries and better-than-expected sales buoy results. Post your comment!

Read the rest here: Mitel Networks ([[MITL]] +7.6%) holds solidly in the green after its FQ4 easily beat estimates yesterday. Net income soared as the online-communications company saw higher deferred income-tax recoveries and better-than-expected sales buoy results.

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Red Hat (RHT): FQ1 EPS of $0.30 beats by $0.03. Revenue of $314.7M (+19% Y/Y) beats by $3.9M. Deferred revenue totaled $913.3M at quarter’s end, up 16% Y/Y but down 4% Q/Q. Shares -11.3% AH. (PR)

Category : Stocks, World News

Red Hat (RHT): FQ1 EPS of $0.30 beats by $0.03. Revenue of $314.7M (+19% Y/Y) beats by $3.9M. Deferred revenue totaled $913.3M at quarter’s end, up 16% Y/Y but down 4% Q/Q. Shares -11.3% AH. (PR) Post your comment!

View original post here: Red Hat (RHT): FQ1 EPS of $0.30 beats by $0.03. Revenue of $314.7M (+19% Y/Y) beats by $3.9M. Deferred revenue totaled $913.3M at quarter’s end, up 16% Y/Y but down 4% Q/Q. Shares -11.3% AH. (PR)

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Sony warns of steeper loss

Category : Business

Sony warned Tuesday that its annual loss would be twice as large as its prior forecast, blaming write-offs of deferred tax credits.

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Red Hat (RHT) guides on its FQ4 earnings call (webcast) for FQ1 revenue of $307M-$311M and EPS of $0.25-$0.27, compared with a consensus of $306.2M and $0.27 (aggressive spending is limiting EPS). It’s also guiding for FY13 revenue of $1.34B-$1.36B…

Category : World News

Red Hat (RHT) guides on its FQ4 earnings call (webcast) for FQ1 revenue of 311M and EPS of 0.27, compared with a consensus of $306.2M and $0.27 (aggressive spending is limiting EPS). It’s also guiding for FY13 revenue of 1.36B and EPS of 1.20, above a consensus of $1.3B and $1.15. Red Hat adds its off-balance-sheet backlog (not covered by deferred revenue) is now above $200M. Shares +8.7% AH. Post your comment!

More: Red Hat (RHT) guides on its FQ4 earnings call (webcast) for FQ1 revenue of 311M and EPS of 0.27, compared with a consensus of $306.2M and $0.27 (aggressive spending is limiting EPS). It’s also guiding for FY13 revenue of 1.36B…

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