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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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Diamond Fortress Technologies Announces Successful Testing Results

Category : Stocks


BIRMINGHAM, AL–(Marketwired – April 24, 2013) –  
Diamond Fortress Technologies, Inc. (DFT) has completed the first round of internal testing of its touchless mobile biometrics technology and is pleased to announce that the results are excellent!

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Diamond Fortress Technologies Announces Successful Testing Results

Category : Stocks


BIRMINGHAM, AL–(Marketwired – April 24, 2013) –  
Diamond Fortress Technologies, Inc. (DFT) has completed the first round of internal testing of its touchless mobile biometrics technology and is pleased to announce that the results are excellent!

Read the original here: Diamond Fortress Technologies Announces Successful Testing Results

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Rare blue diamond found in S Africa

Category : Business, World News

An African company recovers a rare blue diamond, thought to be worth $10m (£6.5m), from its mine in South Africa.

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Diamcor Mining Inc. (DMIFF: OTCQX International) | Diamcor Announces Conversion of Convertible Debenture

Category : World News

KELOWNA, April 8, 2013 – Diamcor Mining Inc. (TSX-V.DMI) (the “Company”) is pleased to announce that pursuant to the terms of the $2,000,000 convertible debenture (“Convertible Debenture”), originally issued to its strategic alliance partner, Tiffany & Co. Canada (“Tiffany”), a subsidiary of Tiffany & Co., in March 2011, the Company has exercised its right to convert the principal and accrued interest into Company common shares.

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Barclays independent review: bankers tried to ‘win at all costs’

Category : Business

Anthony Salz’s 244-page report – commissioned after Libor scandal – finds pay ‘contributed significantly to a sense among a few that they were somehow unaffected by the rules’

Barclays bankers were engulfed in a culture of “edginess” and had a “winning at all costs” attitude which raised tensions with regulators and damaged its reputation, according to a review into the ethics of the embattled bank.

In a 244-page report (pdf), which cost £17m and was compiled after interviews with 600 individuals in the wake of the Libor-rigging scandal, City lawyer-turned-banker Anthony Salz calls on Barclays to strengthen its board, co-operate more closely with City watchdogs and link its pay to the bank’s “long-term success”.

Salz, who makes 34 recommendations, provides an insight into the pay of a cabal of the top 70 Barclays executives who received up to 35% more than peers at rivals, while 60 investment bankers benefited from a lucrative long-term bonus scheme that paid out £170m a year between 2002 and 2009.

“Based on our interviews, we could not avoid concluding that pay contributed significantly to a sense among a few that they were somehow unaffected by the rules,” the report says. “A few investment bankers seemed to lose a sense of proportion and humility.”

The review says the bank underestimated the reputational hit it took from its tax schemes. Data shows its controversial structured capital markets (SCM) arm made £1bn of revenue a year between 2007 and 2010. The division, which is being shut down with its 100 staff being redeployed around the bank, generated revenues of £9.5m in the 11 years to 2011.

The review also reveals that Barclays paid just £82m in corporation tax to the exchequer in 2012 after top-line profits of £7bn shrank to £246m.

Salz found the most deep-rooted culture was inside the investment bank, which was focused on success. “Winning at all costs comes at a price: collateral issues of rivalry, arrogance, selfishness and a lack of humility and generosity,” he writes.

The report – which puts a focus on the management of former chief executive John Varley – reveals that 728 Barclays bankers received more than £1m in 2010. That number fell to 428 in 2012.

The review, which does not attempt to blame any individuals for the damaging collapse in the bank’s reputation, highlights the 10 years of rapid growth that took place as Barclays rose to become a top-five global bank under Varley.

Varley, who handed the top job to Bob Diamond in January 2011, had an executive committee of six colleagues which did “not develop a cohesive team at the top”, putting Diamond in charge of the investment bank and Frits Seegers – who left in 2009 – in charge of the retail bank where he instilled a “culture of fear”.

Diamond, who quit in July 2012 just days after the bank was fined £290m for rigging Libor, had taken steps to develop one culture across the bank, says Salz, who is a director of the Scott Trust, owner of the Guardian. Rothschild, where Salz is also a director, received £1.5m in fees for his time.

Salz says: “Significant failings developed in the organisation as it grew. The absence of a common purpose or common set of values has led to conduct problems, reputational damage and a loss of public trust.”

He admitted that some Barclays staff had refused to be interviewed for the review and one City analyst described the report as an “inappropriate use of trees”, alluding to its focus on the bank’s past instead of its future challenges.

Divisions previously run by Diamond’s successor and current chief executive, Antony Jenkins, are also mentioned. Barclaycard had a culture of making money ahead of customer satisfaction. The retail bank focused on sales where loans sold with payment protection insurance generated two-and-a-half times more commission for staff than loans sold without the discredited insurance, which generated £400m in revenue a year for the bank.

Jenkins has announced a new set of values and a programme of reform, although a survey of 9,000 staff by Salz found that 70% had a high degrees of scepticism about the changes.

The review says the bank came across as “too clever by half” and that its battle to avoid a taxpayer bailout damaged its reputation. “Barclays was sometimes perceived as being within the letter of the law but not within its spirit,” the review says, describing “an institutional cleverness”.

The complicated Protium transaction it used to move loans off its balance sheet in 2009 had concerned regulators while Barclays could have communicated its 2008 fundraisings from Middle Eastern investors – now under investigation by the Serious Fraud Office – more clearly, according to the report. During crucial stress tests to assess its financial health, the bank was “insufficiently sensitive” about the way it presented the results.

Sir David Walker, appointed chairman of Barclays in the wake of the Libor fine, said: “The report makes for uncomfortable reading in parts”.

Diamond Hill Financial Trends Fund, Inc. (DHFT: OTC Link) | Venue Change

Category : Stocks, World News

Fri, Mar 08, 2013 12:00 – Diamond Hill Financial Trends Fund, Inc. (DHFT: OTC Link) – Venue Change – The symbol, DHFT, no longer trades on Nasdaq. As of Fri, Mar 08, 2013, DHFT trades on OTC Link. You may find a complete list of venue changes at otcmarkets.com.

See the article here: Diamond Hill Financial Trends Fund, Inc. (DHFT: OTC Link) | Venue Change

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Libor rigging: timeline

Category : Business

How the benchmark rate fixing unfolded

The Libor interest-rate scandal dates back to 2005. Little known outside the City, it underpinned trillions of pounds worth of loans, mortgages and financial contracts in Europe and the US.

Regulators have already imposed £1.7bn of fines on a string of the world’s biggest banks, while police are pursuing criminal investigations into staff involved in rigging the rates to suit their employers.

2005

Between January 2005 and June 2009, Barclays derivatives traders made a total of 257 requests to fix Libor and Euribor rates. Initially, traders sought to inflate the bank lending rate to boost profits – and their own bonuses.

2007

After Northern Rock collapses, Barclays submits artificially low rates to give a healthier picture of its ability to raise funds.

In a phone call in December, a Barclays employee tells the New York Fed that the Libor rate was being fixed at a level that was unrealistically low.

2008

In April the New York Fed queries a Barclays employee over Libor reporting.

The Wall Street Journal publishes the first article questioning the integrity of Libor.

Following the WSJ report, Barclays is contacted by the British Bankers’ Association over concerns about the accuracy of its Libor submissions.

Later in the year, the Fed meets to begin inquiry. Fed boss Tim Geithner gives Bank of England governor Sir Mervyn King a note listing proposals to tackle Libor problems.

2009

A year on, the BBA issues guidelines for setting Libor rates.

2010

In June, Barclays makes first effort to clamp down on Libor manipulation in email setting out standards of behaviour.

2011

Royal Bank of Scotland sacks four people for their alleged roles in the emerging Libor-fixing scandal.

2012

22 June Barclays chief executive Bob Diamond learns of emails sent by dodgy traders. He later says reading them made him feel “physically ill”.

27 June Barclays admits misconduct. Regulators fine it £360m.

29 June Diamond insists he will not resign.

July Barclays chairman Marcus Agius and Diamond resign, followed by chief operating officer Jerry del Missier.

The prime minister, David Cameron, announces a review of the banking sector, sets up Banking Commission. Serious Fraud Office (SFO) launches a criminal inquiry into Libor manipulation.

Deutsche Bank confirms that a “limited number” of staff were involved in the Libor rate-rigging scandal. It clears senior management. SFO arrests three men in connection with investigations into Libor.

Swiss bank UBS is fined £940m by US, UK and Swiss regulators.

2013

January Barclays’ new boss, Antony Jenkins, tells staff to sign up to a new code of conduct – or leave the firm – in clean-up operation.

February RBS is fined £390m by

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Morena Baccarin Wears Jacob Arabo Jewelry at SAG Awards

Category : Stocks, World News

NEW YORK, NY–(Marketwire – Feb 6, 2013) – The brand Jacob & Co. represents world’s leading luxury watches and exquisite diamond jewelry for over 25 years. Jacob Arabo, the company’s founder and owner, has been showing his passion for jewelry design with his unique and precious diamond creations, as well as by pushing the limits of technique, style and innovation with his Swiss-made timepieces. His jewelry collectors appreciate the world-class standards and range from high society, royalty, and aristocracy, to musicians, athletes, and celebrities.

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Barclays ‘ignored pay warnings’

Category : World News

Ex-Barclays boss Bob Diamond was “reluctant” to agree that pay at the bank was too high, a former employee tells a Parliamentary commission.

Excerpt from: Barclays ‘ignored pay warnings’

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Kilimanjaro Capital Ltd. Signs Oil & Mineral Development Contract With Forest Gate Energy Inc.

Category : Stocks, World News

CALGARY, ALBERTA–(Marketwire – Jan. 30, 2013) - Kilimanjaro Capital Ltd., a private Canadian company focusing on emerging nations in West Africa, is pleased to announce that on 29 January, 2013 it signed an agreement with Forest Gate Energy Inc. granting Forest Gate Energy a 20% stake in the future oil and mineral development of the Southern Cameroons. The region contains known petroleum reserves and significant untapped opportunities for gold, diamond, uranium, iron, bauxite, and manganese exploration.

Read the original: Kilimanjaro Capital Ltd. Signs Oil & Mineral Development Contract With Forest Gate Energy Inc.

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