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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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BP asks PM to help curb US leak cost

Category : World News

BP appeals to Prime Minister David Cameron to intervene over the escalating compensation costs of the Gulf of Mexico oil disaster.

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Senator: JPMorgan strategy like a ‘runaway train’

Category : Business, Stocks

Democrat Carl Levin kicked off the hearing, calling the trading loss a “disaster” and likening JPMorgan’s trading strategy to “a “runaway train.”

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BP oil spill probe ‘had limitations’

Category : Business

A BP executive admits that the scope of an internal investigation into the Gulf of Mexico oil disaster that he led did not include budget pressures from top management.

Excerpt from: BP oil spill probe ‘had limitations’

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Deepwater Horizon safety was a shared effort, says BP executive

Category : Business

Oil company’s US president at the time of the disaster tells court hearing that managing rig hazards was a team responsibility

Safety at the Deepwater Horizon rig was a shared effort, one of BP’s top executives told a court on the second day of the trial over the 2010 disaster.

Lamar McKay, BP’s US president at the time, is the most senior oil executive yet to testify in court about the fire that killed 11 men and triggered the worst oil spill in US history.

McKay was giving evidence on Tuesday in a case brought by the US justice department, five gulf states affected by the spill and lawyers representing businesses and individuals harmed. Robert Cunningham, an attorney for the plaintiffs, repeatedly pressed McKay to concede that BP bore ultimate responsibility for the blowout. McKay repeatedly insisted that managing the hazards was a “team effort.”

“I think that’s a shared responsibility, to manage the safety and the risk,” said McKay, now chief executive of BP’s upstream unit. “Sometimes contractors manage that risk. Sometimes we do. Most of the time it’s a team effort.”

In combative questioning Cunningham asked whether a company that took “excessive risks” should be “allowed to exist”. McKay said that was a “hypothetical question” adding “I don’t know what context you would put that in.” Cunningham replied: “How about the oil and gas industry?”

“I generally don’t think anything in excess is good but I can’t comment on that. It’s a hypothetical,” countered McKay.

Cunningham asked McKay if he had read the report into BP’s disaster compiled by Bob Bea, a veteran safety expert and professor at the University of California, Berkeley, who testified earlier in the day. Bea said a “classic failure of leadership and management in BP” had caused the spill and that BP had not used its own safety code — known as the operating management system (OMS) — safety framework at the ill-fated rig.

McKay answered that he had not read the report and was unaware of Bea’s consulting work for BP until after the disaster. Cunningham showed McKay an internal report that said “80% of these accidents have their root cause in human organizational factors.” The attorney accused BP of ignoring management’s role in the disaster. “You think this represents failure of men on the rig,” he said. “I don’t draw the conclusions you are drawing,” replied the company executive.

McKay said deepwater drilling was risky but that those risks were managed across a team that included BP’s partners as well. He contradicted Bea’s testimony saying that BP’s OMS included provisions that would allow a rig’s owner — in this case Transocean — to use its own safety systems when appropriate. BP’s OMS “recognises and utilizes contractors’ systems on their facilities,” he said.

“Is there one sentence of criticism about any of those individuals in the Bly report?” asked Cunningham. “I don’t think so no,” said McKay, who is expected back on the stand on Wednesday. He may be followed by Mark Bly, BP head of safety at the time of the disaster.

BP set for trial over Gulf oil spill

Category : Business, World News

BP is set to face civil proceedings over the 2010 Deepwater Horizon disaster, which killed 11 men and caused one of the worst oil spills in history.

See the article here: BP set for trial over Gulf oil spill

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BP record $4bn penalty approved

Category : World News

A US court approves the biggest criminal fine in US history given to British oil giant BP as part of a settlement related to the fatal 2010 Deepwater Horizon disaster.

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Pre-Marketing: Obama pal gets into private equity

Category : Stocks

Also: Inside HP’s missed chance to avoid disaster. Groupon cancels all gun-related deals.

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SolarWinds Urges Remote Support Action as Survey Shows 25% Have No Disaster Recovery Plan

Category : Stocks

BRISBANE, AUSTRALIA–(Marketwire – Jan 23, 2013) – SolarWinds (NYSE: SWI), a leading provider of powerful and affordable IT management software, cautioned that up to 25 per cent of organizations are at risk as they have no disaster preparedness and response plan, according to a recent survey.

See original here: SolarWinds Urges Remote Support Action as Survey Shows 25% Have No Disaster Recovery Plan

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Statement by the Minister of National Defence on the Cost-Recovery Measures for Disaster Relief

Category : World News

OTTAWA, ONTARIO–(Marketwire – Jan. 10, 2013) - Today, the Honourable Peter MacKay, Minister of National Defence, issued the following statement on the Department of National Defence’s cost-recovery measures for disaster relief:

Read this article: Statement by the Minister of National Defence on the Cost-Recovery Measures for Disaster Relief

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Could fiscal cliff spark stimulus?

Category : Stocks

Fixing the fiscal cliff isn’t just about avoiding disaster.

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