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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to 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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New Mail on Sunday mag is a happy Event for print

Category : Business

Event, the Mail on Sunday’s new culture and celebrity magazine, is a serious and very welcome effort to be creative with what print can do

A few random swallows hint at the end of winter in the newspaper trade. There, a few weeks ago, was the Guardian adding a cookery pullout section. Here, under its new provisional editor, is the Sunday Times shuffling its magazine pack and playing a game of “Hunt the AA Gill”. And now, today, as titles called Live and Review go to the great Mail on Sunday knacker’s yard, comes Event, a “brilliant, superb” NEW celebrity and culture mag.

The sell, you may gather, is not exactly soft. Geordie Greig, after a year as MoS editor, is taking his first big leap, and running full tilt. But the real point, amid a welter of glowing adjectives, is that Associated Newspapers is investing in print again.

Its global growth online may be a thing of wonder, especially in America. But here at home, Greig has been allowed – nay, encouraged – to spend time, effort and cash on his day job, the main event.

Some of the hype, for what Geordie calls his target audience of “easyJet Britons” (like him and me, apparently) may seem a tad extreme. A gossip column by Piers Morgan; motoring notes from Chris Evans; Craig Brown on books, Deborah Ross on TV and Tom Parker Bowles doing food. It’s a decent enough line-up, spaciously presented, if not quite a revolution. Few horses shaken or stirred. What’s important, though, is that it’s a properly serious effort to engage editorial brain.

Look at most newspapers over the past few years. They’ve barely changed. Their online presence may have been revamped over and over again, but print has just pottered along. The Sun shines in a design timewarp, even on Sundays. The Mail that drops through the letterbox is much the same. The Mirror tries nothing off the wall.

Fleet Street, by previous standards, is a world that stood still. The buzz words have been integration and contraction, not expansion. Event at least challenges that thesis – and calls attention to one or two things about the Associated empire that make it different.

No, not necessarily the Daily Dacre, fuming over supposed slights to Maggie’s hallowed memory; the way, rather, that it’s more quietly run and organised. Greig’s boss and hero is Jonathan Harmsworth, the fourth Viscount Rothermere, whose 15 years in supreme charge have seen the Daily Mail and General Trust quietly push revenue to £1.9bn in 2012, and turn in profits of £300m or so, operating in 55 countries. Journalism is only a part of that story, but it is still traditionally organised – which today makes it very different indeed.

Greig may have an “editor-in-chief” (Paul Dacre) but, apart from praising the chief’s general support, he seems to operate totally autonomously.

Event looks quite like the Mail’s Saturday TV mag, doesn’t it? “Oh no, it’s younger and much more fun.”

Surely there’s a move to save money by integrating daily and Sunday staffing? No, not in any major way. Greig talks about the value of a dedicated reporting staff in much the same way that Martin Clarke, the king of Mail Online, talks about his own discrete team.

None of the above means that DMGT is internet-averse: click on Wowcher, Zoopla and many more online enterprises to be disabused of that. But there is, still, a continuing warmth for what print can do.

Joe Public spends proportionately more on the Mail on Sunday than on any other paper in Britain, says Greig. Of every pound spent on Sunday papers every week, 25p comes his way. He’s a market leader, then, and theoretically others will follow if Event (with advertising sold out for three weeks already) is a success. But that’s an issue, and an eventuality, stretching far beyond even easyJet queues at Gatwick. It’s about pumping the tigers of creativity and cash into an old tank – and seeing what difference, if any, it makes.

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.

Beer giants try to salvage merger

Category : Business, Stocks

In an effort to gain approval for a $20 billion merger, Anheuser-Busch InBev says Grupo Modelo will sell its stake in a joint venture that distributes Modelo beer in the U.S.

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Venezuela devalues currency by 32%

Category : Business

In a widely expected move, Venezuela cuts the value of its currency by 32% against the US dollar, in an effort to boost its economy.

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CGrowth Capital, Inc. (CGRA: OTC Link) | CGrowth Capital, Inc. Initiates Share Reduction Plan

Category : Stocks, World News

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CGrowth Capital, Inc. Initiates Share Reduction Plan

PR Newswire

SILVERDALE, Wash., Jan. 15, 2013


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Morgan Stanley defers executive bonuses

Category : Business, Stocks

Morgan Stanley will defer some 2012 bonuses in an effort to stave off risky bets and encourage employees to stay with the company.

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The ticking time bomb in bond funds

Category : Business

In an effort to attract investors, bond fund managers are buying debt that’s getting riskier by the minute.

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Obama praises ‘fiscal cliff’ deal

Category : Business

US President Barack Obama hails a deal reached to stave off a looming “fiscal cliff” as “just one step in the broader effort to strengthen the economy”.

Continued here: Obama praises ‘fiscal cliff’ deal

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Global Water Technologies, Inc. (GWTR: OTC Link) | Global Water Technologies issues shareholder letter with 2013 plans

Category : World News

For immediate release: Global Water Technologies (OTC Pink: GWTR)

December 31, 2012

Dear Shareholders of Global Water Technologies,

As we end the year and prepare for 2013, it is time for our
annual shareholder letter with a review of the company’s progress and future

During the past year, we focused our efforts on the
opportunities to create a pilot “smart water grid” that utilizes information
technology to better manage the distribution of drinking water in the United
States. We identified this as a significant and growing market, as aging
systems of underground pipes continue to develop leaks and cause hundreds of
water main breaks each day. This not only wastes approximately 20 percent of
the clean water that has been treated to high drinking water standards, but it
is an expensive problem that also damages infrastructure, disrupts business and
causes public health and safety problems.

With the massive amount of funding needed to restore the
nation’s drinking water infrastructure in the coming decade, a fragmented
market with thousands of water utilities and increasing demands for greater
accountability and efficiency, we believe there are significant opportunities
for new technologies that can reduce water loss and create a “smarter” delivery

We also believe that the benefits of such technologies must
be demonstrated on a local basis in a way that shows their impact on people,
pipes and policy. Earlier this month, we announced our plans to launch a pilot
smart water grid that shows how our comprehensive “people + pipes + policy”
approach can be a model for sustainable water infrastructure.

Global Water Technologies has been working with several
partners to launch such a pilot project with new technologies that engage the
people who are consumers of water, the pipes and infrastructure that make up
the delivery system and the policies that encourage water efficiency at the
local, state and national levels.

The company announced initial partnerships during the past
year, including our effort to introduce a patented sensor + software system that
has been deployed across Europe to provide better measurement and early warning
of underground water leaks. We also announced a partnership with the Buried
Asset Management Institute – International (BAMI-I) that works with owners of
underground water infrastructure to improve their asset management. We expect
to announce additional partnerships as we develop our pilot project in the
coming year.

While we believe there are great opportunities ahead, the
company also recognizes the challenges of introducing new technology solutions
to water utilities that are generally conservative and slow to adopt change.
That is one reason that we are pursuing a comprehensive approach with a pilot
project that demonstrates benefits to the wider community. The successful
launch of a pilot project can then serve as an example from which additional
deployments of the technologies can be expanded and scaled into larger systems.

While focusing on these new opportunities, Global Water
Technologies has continued to provide shareholders with quarterly filings of
financial statements through the OTC Markets. In 2012, GWTR stock maintained
its “Current Information” status, which is the highest tier for pink sheet

Financial results demonstrated the challenges of transitioning
to a new area of focus, especially since the smart water grid efforts to date
have been pre-revenue business development and the company’s legacy product
line continues to have minimal sales through its Electric H2O subsidiary.
Business efforts have been hampered by a lack of working capital and securing
additional funding is a top priority for 2013.

The company continues to operate with a very lean cost
structure and has been careful in issuing new shares of its common stock to
secure new technologies and services, settle accounts payable and raise working
capital. At the end of 2012, the company had 11,698,605 shares of its common
stock issued and outstanding.

Development work has also continued on the patent issued to
the company in 2011 for on-site production of sulfuric acid. Global Water
Technologies recently met with its partner on that effort and was informed that
initial design work has been completed on a one-ton per day system and a
prototype is expected in the first half of 2013.

In the past month, the company has also met with its
securities attorney and accountant to discuss the possibility of making future
SEC filings, which would require auditing of financial statements and may
provide better access to capital markets. The company is reviewing such options
and will provide updates as appropriate.

Thank you to all our shareholders, customers, partners, vendors and staff for continuing to support the company as we build Global Water Technologies and look forward to a successful new year.


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Asda should have saved its Christmas message of martyrdom for Easter | Deborah Orr

Category : Business

It’s hard to believe that supermarket’s vision of a woman slaving over the festive feast really does create the perfect Christmas

This year’s crop of Christmas supermarket adverts created a minor controversy. The Asda offering featured a beautiful blonde mother (pictured)spending December doing every tiny piece of preparation by herself, eventually perching on a low-slung pouffe for Christmas lunch. Then, after she’d done the washing up, she was asked by her husband what was for tea, “love”. Both men and women complained of feeling “insulted” by this. But

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