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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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Cyprus and the euro: crisis island | Editorial

Category : Business

No small nation in the eurozone can look on without drawing appropriate lessons about what this means for them

In the summer of 1783, an eruption at the edge of Europe triggered chaos for an entire continent. In Iceland, lava and toxic gas from the Laki volcano devastated agriculture, killed livestock and caused a famine. But as the dust and sulphur particles were carried over the northern hemisphere the disruption was felt from Norway to Egypt. In Britain, the naturalist Gilbert White reported: “The heat was so intense that butchers’ meat could hardly be eaten on the day after it was killed.” Years after its haze had passed, Laki’s effects were still being felt: as the historian Greg Neale has written for this paper, the volcano’s explosions helped cause the food poverty that was a key factor in the French Revolution of 1789.

Over the past week, the world has been transfixed again by a disaster on a small island on the periphery of Europe. This catastrophe is in Cyprus, rather than Iceland, and rather than being natural is all too man-made. But as if to prove that history really does rhyme, one of the two main banks at the heart of this crisis is called Laiki. And the resonances don’t stop there.

Having been landed with yet another country’s banking crisis, the rest of the eurozone is understandably keen to get it resolved and move on. The general tenor of this week’s communications from the troika of the European commission, the European Central Bank and the IMF has been that Cyprus is a tiny economy with some idiosyncratic problems that cannot be read into the rest of the euro area. That same weariness was discernible in Brussels on Sunday, as Nicosia and the troika engaged in those familiar euro eleventh-hour negotiations over a bail-out package (a result, declared German finance minister, Wolfgang Schauble, “depends on the people in Cyprus having a somewhat realistic view of the situation”). But even if the troika’s leaders get their wish, the ripples from this fiasco over an economy worth only 0.2% of the euro area’s GDP will be felt for a long time to come. Because what is on show here, yet again, are some deep-rooted weaknesses in the organisation of the single-currency club, the competence of some of its key brokers, and even the European economic model.

As officials in Cyprus will tell you, the island’s problems only really took off after their banks were hit by massive write-offs on holdings of Greek bonds. Those write-offs were negotiated by Athens with the troika and the problems they would pose for Cyprus were evident. Yet, amazingly, European officials did next to nothing to shore up the island’s financial system. There was ample time to protect savers with Cypriot banks and to restructure the institutions. Despite a decade of existence and a 17-nation membership, even over the smallest crisis the euro area just cannot do collective action.

The troika has treated Nicosia with a toughness and a thoughtlessness that it would not apply to bigger and less peripheral nations. This is not a new trend – Madrid’s Mariano Rajoy was treated more respectfully in his bailout dealings than Athens’s George Papandreou – but it was massively extended last weekend, in the initial agreement to raid the bank accounts of ordinary Cypriots. And the troika’s imposition of austerity will probably sink the island into a Greek-style depression.

No small nation in the eurozone can look on without drawing appropriate lessons about what this means for them if they ever land in trouble. The introduction of capital controls may be an essential precaution for Nicosia, but it will surely be seen by international investors as a threatening precedent in an economic bloc, one of whose main purposes is the free flow of capital. There is a clear implication here about euro-hypocrisy. Those European politicians and bureaucrats now tut-tutting over Cyprus’s outsize banking sector were cheering it into the euro just five years ago. If the troika gets its way, the Laiki disaster will soon approach an end. But like the namesake volcano, its historical half-life will surely be much longer.

Travel tips: stay in a VW camper in France, and learn a new skill on holiday | Joanne O’Connor

Category : Business

Advice for tackling the French southwest in a combi van and doing upholstery or bee-keeping on holiday, plus deals in Rome and Somerset

Take me there: camping in southwest France

Retro charm meets digital technology in a new fleet of VW camper vans for hire in southwest France. We Dub You is a new venture from British couple Yvette and Tony Martin, who have equipped their five classic combi vehicles with iPhone/iPod music and phone systems as well as iPads loaded with films, games and guides. Keeping with the hi-tech theme, electric bikes are available to hire, too. Pick up your vehicle at the airport and the vineyards of Bordeaux, the sunflower fields of Dordogne or the surf beaches of Gascony are yours to explore. Seven nights cost from £375, based on pick-up and drop-off at Bergerac Airport (wedubyou.com).

It’s a good time to… learn a new skill

What do you mean you thought holidays were for relaxing? Hobbydays (I just made that up, sorry), where you spend your free time learning or perfecting a new skill, are among the fastest-growing sectors of the travel industry. Where once a

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BBC ‘has felt leaderless’ – BBC News

Category : Stocks


BBC News
BBC 'has felt leaderless'
BBC News
George Entwistle has stepped down as director general of the BBC, after less than two months in the job. Steve Hewlett, who presents The Media Show on BBC Radio 4, said the organisation “has felt leaderless”. He said the BBC had needed someone to
BBC Chief George Entwistle Quits Over ScandalWall Street Journal
BBC Director Quits in Furor Over Coverage of Sexual AbuseNew York Times
BBC chief quits over “shoddy journalism” failuresReuters
USA TODAY

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UBS traders ‘allowed to exceed risk limits’ court hears

Category : Business

Lawyer for accused ‘rogue trader’ Kweku Adoboli tells court bank traders felt they could ignore limits as long as they were making money

A culture existed at UBS where traders felt they could ignore risk limits as long as the were making money for the Swiss bank, the lawyer for the accused “rogue trader” Kweku Adoboli told a London court hearing the case, on Thursday.

Adoboli, 32, was arrested in September 2011 and denied fraud and false accounting that cost UBS $2.3bn (£1.4bn). In the first chance for Adoboli’s lawyers to put his case, Ronald Greenidge, his former boss, faced questions over whether the bank had turned a blind eye to traders exceeding risk limits in the pursuit of ever greater profits.

Charles Sherrard QC, for the defence, read out an electronic chat that took place between Adoboli and Greenidge on 14 April 2011, in which Adoboli made it clear he was finishing the trading day with a risk exposure of $40m, beyond his desk’s agreed $25m overnight limit. Greenidge did not raise any questions about that.

“This is, I suggest, the first example of where the culture and practice of the bank you were both working for was that risk limits didn’t matter as long as you were making money,” Sherrard said. Greenidge answered: “That’s not true.”

Shortly after that exchange Greenidge asked for a pause because he felt unwell and had to be helped to a chair by a court usher. Greenidge claims he is a scapegoat for being dismissed after Adoboli’s arrest, on the grounds that he had failed in his supervisory role by missing Adoboli’s actions.

Haven’s Facebook Fans Create New "Taste of Haven" Ice Cream for Devon Cliffs

Category : World News

HEMEL HEMPSTEAD, UNITED KINGDOM–(Marketwire – Sept. 11, 2012) - This August Haven took to Facebook to ask “if we were an ice cream what flavour would we be?” The best suggestion would then be whisked up into an ice cream to be sold at our South Beach Café in Devon Cliffs. Haven Facebook fans sent in plenty of ideas for fun flavours that they felt best reflect the Haven brand. From rhubarb and custard to cola with fizzy sherbet there was no limit to their imagination – it was almost too hard to choose!

Here is the original post: Haven’s Facebook Fans Create New "Taste of Haven" Ice Cream for Devon Cliffs

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UK cinemas see wet weather boom

Category : Business

IMAX and Odeon report jump in ticket sales during rainy summer, while outdoor festivals have largely been washouts

Indoor attractions are benefiting from the rain. The BFI’s IMAX cinema, where people usually book in advance, has noticed a huge jump in passing trade. Odeon, which sells one in three of the UK’s cinema tickets, says cinemas have been busier overall, and the opening weekend of Ice Age 4 smashed through expectations.

Advance bookings are also strong and the The Dark Knight Rises has taken more than £1m before opening, though whether that is down to in-your-face marketing or the expectation of more rain is hard to say.

Festivals, meanwhile, haven been blighted by the weather, with the Isle of Wight the most high-profile washout. On a smaller scale, Wayne and Gerardine Hemingway have merged their

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Like passengers on a runaway train, we have hurtled to the edge of a precipice

Category : Business

From Berlin to Washington, all eyes are on Greece in elections whose result will be felt around the world

In the many years I have lived in Athens, I have often heard Greeks joke that theirs is a world inhabited only by them. What happens elsewhere is of little import. If there is a grain of truth in every joke, then there can be no denying that Greece is well and truly at the centre of world events. From Berlin to Washington, Brussels and Beijing, all eyes are on Athens.

What happens on 17 June when Greeks cast their ballots – in an election that has become one of the most significant on the continent of Europe since the second world war – will have an impact that will not be contained by the borders of their debt-choked country. The decision of nine million people will ripple far beyond the craggy tip of the Balkan peninsula that they inhabit. An entire union of nations could be affected; world markets could fall. “Greece will decide the future of Europe,” says CNN.

In the birthplace of democracy, almost no one can believe the events that have hurled tiny Greece onto the front page of practically every newspaper on the planet. Like passengers on a runaway train, we have careered at ever greater speed on a tumultuous journey that has now led us to a precipice. We don’t know what lies below because no one has ever gone there. Some say it resembles the valley of death. Everyone knows the choice – between excruciating austerity measures and euro exit – is little more than a choice between bad and worse.

Vote in favour of those parties peddling vehement anti-European, anti-austerity rhetoric and be under no illusion, the Greeks are told, that EU-IMF rescue loans will dry up and chaos result. Vote for those who see the punishing policies as the only way of keeping bankruptcy at bay, and you might have a chance of survival. Even the German edition of the Financial Times felt fit to convey the message in a blistering editorial that it carried in Greek on its front page on Friday.

In their descent to a place where no nation would want to go, Greeks have found that nothing is the same. Everything has changed as certainties have crumbled. Many of my friends feel bewildered and fearful: bewildered that it should come to this, fearful of the dislocation from assurances of things past.

In the topsy-turvy world that they now inhabit, almost all have decided that they will throw their political convictions to the winds. For the first time ever, they will vote conservative, casting their ballot in favour of New Democracy, the “pro-European” party led by Antonis Samaras in the hope – no matter how slight – that Greece can be saved. The world is watching. They are at the centre of it. But this time there is no disputing that they wish they weren’t.

How to Get a Job: Stay Positive for Months

Category : Business

By Matt Cantor, Newser Staff

If you’re looking for a job, get ready to stick it out for four months–and keep up that can-do attitude.

Researchers tracked the job search experiences of 177 unemployed subjects for 20 weeks and found that 72% of them got work, particularly those who maintained a good outlook. That was easier at the start of the study, when subjects spent an average of 17 hours a week job-hunting and felt increasingly good about the project, the Atlantic reports.

See the article here: How to Get a Job: Stay Positive for Months

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Cory Booker ‘felt terror’ as he rescued neighbor from fire – Washington Post

Category : Stocks


CBC.ca
Cory Booker 'felt terror' as he rescued neighbor from fire
Washington Post
April 13 (Bloomberg) — Newark Mayor Cory Booker said he “felt terror” as he shook off his bodyguards and rescued a next-door neighbor from her bed last night in a burning, smoke- filled apartment. “I did not feel bravery,” Booker, the 42-year-old head
Cory Booker vs. Ryan Gosling: Who's the Greater Hero?BusinessWeek
Mayor of Newark, NJ, carries woman from burning homeReuters
Woman rescued by NJ mayor in serious conditionSan Francisco Chronicle
Albany Times Union
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Nakaima recounts fall and rise of Okinawa

Category : World News

Okinawa Gov. Hirokazu Nakaima was a bureaucrat at the now-defunct Ministry of International Trade and Industry when Okinawa reverted back to Japanese control in 1972.
Asked about his emotions at the time, Nakaima, 72, said in an interview in early March that he felt he “had become Japanese both in name and substance,” after spending nearly 30 years under the postwar rule of the United States.

See more here: Nakaima recounts fall and rise of Okinawa

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