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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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Man Utd shares fall on Sir Alex news

Category : Business, World News

Manchester United shares fall in New York amid concerns over the impact Sir Alex Ferguson’s retirement will have.

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"The resources boom is over," says Australian Resources and Energy Minister Martin Ferguson. "We’ve done well … the envy of the world. It has got tougher in the last 6-12 months." His comments come as BHP and other miners put…

Category : Stocks

“The resources boom is over,” says Australian Resources and Energy Minister Martin Ferguson. “We’ve done well … the envy of the world. It has got tougher in the last 6-12 months.” His comments come as BHP and other miners put the brakes on capital spending amidst high costs in Oz and slowing demand abroad (chiefly China). 2 comments!

Here is the original post: "The resources boom is over," says Australian Resources and Energy Minister Martin Ferguson. "We’ve done well … the envy of the world. It has got tougher in the last 6-12 months." His comments come as BHP and other miners put…

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Australian minister declares end of mining resources boom

Category : Business

Labor’s Martin Ferguson says mining boom has peaked after BHP Billiton delayed two major expansion projects

An Australian government minister has declared the end of the resources boom that had cushioned the country against the global financial crisis, a day after the world’s biggest miner, BHP Billiton, shelved two major expansion plans worth at least $40bn (£26bn).

“The resources boom is over,” resources and energy minister Martin Ferguson told Australian radio on Thursday. “We’ve done well – $270bn (£178bn) in investment, the envy of the world. It has got tougher in the last six to 12 months.”

Ferguson’s comments came after BHP announced it was indefinitely delaying the planned $20bn (£13bn) Olympic Dam copper expansion in South Australia and plans to build a new harbour, estimated at more than $20bn, to nearly double its iron ore exports in Western Australia, looking for cheaper alternatives.

But Ferguson’s Labor party colleague Senator Penny Wong, the finance minister, disagreed with his assessment. “We still have a lot of investment coming in to this country, about half a trillion dollars in the pipeline and more than half of that at the advanced stage,” she told ABC News Breakfast.

“I think the mining boom still has a long way to run. But what I would say is that the government has always assumed that the terms of trade would step down over time, that’s what our budget is predicated on.

“I think Mr Ferguson was referring to when the terms of trade peaked, and that’s factored into the Government’s budget.”

Ferguson later released a statement rowing back from what he had initially said. “The commodity price boom is over but in terms of investment in Australia the boom continues,” he said.

Fuelled by Chinese-led demand for coal, iron ore and other resources, Australia’s economy was one of the very few in the developed world to sail through the global financial crisis without sliding into recession.

The resources boom fuelled what has been dubbed a two-speed economy, which has pumped up the Australian dollar and exacerbated the pain felt in manufacturing sectors and retail in Australia’s most populous states.

While manufacturers like Ford and Bluescope Steel have shut down plants and axed jobs, Australia’s unemployment level has stayed around 5% thanks to substantial jobs growth in resources projects, where truck drivers command six-figure pay packets.

Politicians may be worried the whole economy is moving into the slow lane but analysts say the fear is premature, as energy projects, underpinned by customers who have already been locked in, will continue full steam ahead.

“A marriage of our macroeconomic research with analysis of already committed and possible projects has confirmed our expectations that a peak is coming, but is yet to arrive,” National Australia Bank economists said in a report.

NAB expects the resources boom to peak in 2013 and 2014, when resource capital spending will be around 1% of gross domestic product higher than now.

BHP put the Olympic Dam expansion on hold as it reported a 35% slide in second-half profit, the biggest sign of the pain inflicted by the slowdown in China’s economic growth.

Weaker demand from China has knocked prices of all key commodities, including iron ore, languishing at its lowest levels since December 2009, copper, coal and aluminium, clouding the outlook for all miners.

In response to pressure from shareholders worried about poor returns in a weak global markets, miners have put the brakes on capital spending, with BHP on Wednesday announcing it would not sanction any major new projects in the year to June 2013.

The Olympic Dam project, which had been due for approval by December 2012, would have created 25,000 jobs, according to the South Australian government.

“The next round was always going to be difficult and I must say Olympic Dam was always a very, very challenging project – its sheer size,” Ferguson said.

He said he still hoped the project could go ahead. “Our requirement now is to continue to work together in partnership, South Australian and Australian governments, with BHP Billiton to actually get this project in place,” he said.

Ferguson denies Man Utd windfall

Category : World News

Sir Alex Ferguson denies speculation that he stands to benefit financially from Manchester United’s imminent share flotation in New York.

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Ferguson: I won’t gain from flotation

Category : World News

Manchester United manager Alex Ferguson insisted on Thursday he will not gain financially from the Premier League club’s flotation on the New York stock exchange.
Ferguson released a statement in response to claims in the British media that he could benefit from an Equity Incentive Award Plan in the release of the Initial Public Offering (IPO) on Monday.

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United, City brace for crucial derby

Category : World News

The defining plot twist of the most enthralling title race in years could be written on Monday as Manchester City attempts to seize control of its Premier League destiny against leader Manchester United.
Three weeks ago, United already had one hand on a record 20th title after City’s defeat at Arsenal left Alex Ferguson’s team a hefty eight points clear with only six games remaining.

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True F-35 cost likely known by cabinet, auditor says

Category : World News

Auditor General Michael Ferguson said today that Prime Minister Stephen Harper’s cabinet would have known national defence’s cost estimate for the F-35 was $25 billion when the department said publicly it was only $15 billion.

Link: True F-35 cost likely known by cabinet, auditor says

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Building Trades Support the Auditor General: Stop the Cheaters Now!

Category : Stocks

TORONTO, ONTARIO–(Marketwire – April 5, 2012) - The Provincial Building and Construction Trades Council of Ontario announced its support for the Auditor General in his efforts to tackle the underground economy in construction. “If we are to build a strong economy and a fair society, we must rein in underground economic activities that continue to plague the construction industry,” urged Patrick Dillon, Business Manager, in response to Auditor General Michael Ferguson’s report to Parliament which was released earlier this week.

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Nicholas Ferguson: the man replacing James Murdoch at BSkyB

Category : Business

Private equity boss famous for attacking tax avoidance in industry has risen through BSkyB since joining board in 2004

As one of Britain’s leading private equity bosses, Nicholas Ferguson shot to public attention five years ago when he attacked other buyout barons who “pay less tax than a cleaning lady”.

Speculation that Ferguson, 62, was being lined up for the chairmanship at BSkyB was sparked by his resignation as chairman of SVG Capital, a stock market-listed private equity investor and fund manager, last month.

He made his named in the private equity industry when he co-founded Schroder Ventures, which later became Permira, the debt-fuelled buyout business that owns fashion group Hugo Boss and the company that makes Birds Eye fish fingers.

From 1996 to 2005 he served as chief executive of SVG, until he moved on to the chairmanship. In 2007 he attacked tax avoidance in the controversial private equity industry. “Any commonsense person would say that a highly paid private equity executive paying less tax than a cleaning lady or other low-paid workers can’t be right,” he said. “I have not heard anyone give a clear explanation of why it is justified.”

As well as announcing his intention to step aside from SVG later this year, he has also cleared his diary of other commitments including the chairmanship of the Institute for Philanthropy and the Courtauld Institute of Art.

Ferguson joined the BSkyB board in 2004 and quickly rose to become the senior independent non-executive director. He was made deputy chairman in June 2010. His appointment as chairman was widely expected as he served as the de facto chairman during last year’s failed takeover talks with News Corporation, .

Ferguson praised James Murdoch for his “vision, drive and strategic insight” first as chief executive at the age of 30 from 2003 and then chairman of BSkyB. He added that the board’s “support for James and belief in his integrity remain strong”.

Although he is very close to the Murdoch family, Ferguson is also well-liked and respected by BSkyB’s independent directors, many of whom had raised increasing concerns about the Murdochs’ influence on the firm.

Ferguson, who was paid £155,685 last year, will get a significant pay rise as the chairman.

He will be replaced as deputy chairman by Tom Mockridge, the boss of News International, who will also continue in that role.

Toshiba to supply Texas power plant

Category : World News

Toshiba Corp. has won a

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