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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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Pacnet Announces New Head of Human Resources

Category : Stocks

Syed Ali Abbas to Fill Newly Created Position of Chief Human Resources Officer

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REPEAT-BMO: Support Canadian Farmers This Thanksgiving

Category : Stocks, World News

- Canadian farmers fill the harvest table with healthy choices

- Local farmers’ markets are responsible for more than $1 billion in sales and have a total economic impact of more than $3 billion

- BMO study finds 86 per cent of consumers believe it is important to purchase food products made in Canada.

Continue reading here: REPEAT-BMO: Support Canadian Farmers This Thanksgiving

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Best Buy bid shows leverage is back

Category : Business

Bid for electronics retailer not out of line with recent debt-fill deals.

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Olympics tickets go back on sale after empty seat embarrassment – Fox News

Category : Stocks


CBC.ca
Olympics tickets go back on sale after empty seat embarrassment
Fox News
A large portion of Monday's daily Olympic organizing committee briefing was spent discussing one subject: tickets. London organizers have gone to international federations to reclaim unused tickets, which have become a bit of an embarrassment because
London Olympics 2012 tickets: Hunt proposes 30-minute rule to fill empty seatsTelegraph.co.uk
Olympic athletes frustrated by empty seats at GamesChicago Sun-Times
Games Organizers Move to Quell Ticket AngerWall Street Journal
The Guardian

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Olympics: more pressure on G4S as police replace missing staff

Category : Business

Company’s share price slumps by almost 9% as chief executive prepares for critical appearance before MPs

The beleaguered leadership of the global security firm G4S is facing intense pressure after it emerged that hundreds of police officers from nine forces across England have been drafted in to fill gaps in Olympic security after staff the company was meant to supply failed to turn up for work.

The company’s share price slumped by just under 9% on Monday as its chief executive, Nick Buckles, was preparing for Tuesday’s critical appearance before MPs.

The home secretary, Theresa May – who announced last week that 3,500 troops would be drafted in to cover the security shortfall left by G4S – told MPs the firm had repeatedly assured ministers it would overshoot its recruitment targets. Labour raised the prospect that more troops may be needed when the final security figures become clear in the next few days.

Assistant Commissioner Chris Allison, the National Olympic security co-ordinator, said officers from Dorset, Surrey, Hertfordshire, Northumbria, South Wales, Strathclyde, West Midlands, Thames Valley and Greater Manchester had been deployed to provide security at venues in their areas.

In Manchester, police were forced to fill in after only 17 of an expected 56 G4S staff turned up for work at an Olympic team hotel in Salford at the weekend.

In the West Midlands, the regional chair of the police federation, Ian Edwards, said the force had provided 150 officers a day to cover a hotel in Warwickshire where Olympic footballers are staying.

“The worst-case scenario is that we end up having to find another 200 officers for the security at the City of Coventry stadium, and we’ve yet to find out what the shortfall is in Birmingham,” said Edwards. “It’s chaos, absolute chaos. You shouldn’t lose your local police officer because of the Olympics. Communities are suffering because a private company has failed to deliver on a contract.”

Clive Chamberlain, chairman of Dorset Police Federation, said that although the army had covered for the majority of the shortfall so far, police officers were now being dragged in to fill the gaps.

“On a daily basis it’s a lottery as to how many staff are going to turn up. The best they’ve managed is 15% not turning up, and on the worst occasions they have been 59% down. It’s a fiasco, it’s an absolute debacle.”

May said that the “precise balance of numbers” for Olympic security would not become clear for a few days, adding that G4S had 20,000 accredited security guards but had struggled to get them to different venues at the right time.

G4S has acknowledged it stands to lose £50m on the contract and Buckles has admitted his position is under threat in advance of the grilling by MPs on the home affairs select committee.

In a statement G4S said: “Some venues are being supported by police in the short-term while the private security workforce is being mobilised. This situation is being rectified over the coming days, which should lead to the withdrawal of police from those roles assigned to private security.”

The company said it had accredited more than 20,000 people. “Recruiting staff for the Games has never been an issue – we received over 100,000 applications, and have accredited over 20,000 people,” the statement said. “However, as the Games got closer, we have been encountering problems with scheduling, in part exacerbated by staff not turning up for shifts. Clearly this is extremely disappointing, particularly for the thousands of people we had to turn down for positions.

“We are working flat out to address this issue, but for the time being, we are extremely grateful to the police and the armed forces for stepping in where needed.’

Kevin Lapwood, a Seymour Pierce analyst, said: “It appears certain that CEO Nick Buckles, who is due to appear before MPs on Tuesday, will fall on the sword along with other senior UK management. This could lead to a period of instability at the company which appointed a new chairman just over a month ago.”

If Buckles does lose his job he will be entitled to £20m in pay and benefits, although the final sum is still subject to revision as a chunk of the potential pay-off consists of performance related shares, which are subject to a clawback policy.

The Olympics minister, Hugh Robertson, said on Monday that Buckles should keep his job “for now”.

Asked if the G4S boss should resign, Robertson said: “No, not at the moment. G4S remain an integral part of the security plan. The last thing we want is a loss of leadership.”

Robertson said he believed the crisis over security had bottomed out and, pressed by members of the foreign media who have arrived in London in large numbers to cover the games, he denied the situation was a “national embarrassment”.

“There is a scale from mild embarrassment to complete disaster and this isn’t significantly embarrassing,” he said.

The army will provide at least 3,500 soldiers to cover the shortfall on G4S’s £284m contract and the MoD made clear that it could probably provide more military personnel if needed. However, officials said it had not been asked to add to the troop deployment announced last week.

G4S has promised to meet all the extra police and military costs including the bill for sending officers to cover for G4S staff failing to turn up for work.

It is understood the company has also offered to pay a cash bonus to anyone in the military called up late, but commanders are likely to veto the idea, and suggest the company pay for better facilities at the proposed base at the Tobacco Dock site in east London.

Olympics: more pressure on G4S as police replace missing staff

Category : Business

Company’s share price slumps by almost 9% as chief executive prepares for critical appearance before MPs

The beleaguered leadership of the global security firm G4S is facing intense pressure after it emerged that hundreds of police officers from nine forces across England have been drafted in to fill gaps in Olympic security after staff the company was meant to supply failed to turn up for work.

The company’s share price slumped by just under 9% on Monday as its chief executive, Nick Buckles, was preparing for Tuesday’s critical appearance before MPs.

The home secretary, Theresa May – who announced last week that 3,500 troops would be drafted in to cover the security shortfall left by G4S – told MPs the firm had repeatedly assured ministers it would overshoot its recruitment targets. Labour raised the prospect that more troops may be needed when the final security figures become clear in the next few days.

Assistant Commissioner Chris Allison, the National Olympic security co-ordinator, said officers from Dorset, Surrey, Hertfordshire, Northumbria, South Wales, Strathclyde, West Midlands, Thames Valley and Greater Manchester had been deployed to provide security at venues in their areas.

In Manchester, police were forced to fill in after only 17 of an expected 56 G4S staff turned up for work at an Olympic team hotel in Salford at the weekend.

In the West Midlands, the regional chair of the police federation, Ian Edwards, said the force had provided 150 officers a day to cover a hotel in Warwickshire where Olympic footballers are staying.

“The worst-case scenario is that we end up having to find another 200 officers for the security at the City of Coventry stadium, and we’ve yet to find out what the shortfall is in Birmingham,” said Edwards. “It’s chaos, absolute chaos. You shouldn’t lose your local police officer because of the Olympics. Communities are suffering because a private company has failed to deliver on a contract.”

Clive Chamberlain, chairman of Dorset Police Federation, said that although the army had covered for the majority of the shortfall so far, police officers were now being dragged in to fill the gaps.

“On a daily basis it’s a lottery as to how many staff are going to turn up. The best they’ve managed is 15% not turning up, and on the worst occasions they have been 59% down. It’s a fiasco, it’s an absolute debacle.”

May said that the “precise balance of numbers” for Olympic security would not become clear for a few days, adding that G4S had 20,000 accredited security guards but had struggled to get them to different venues at the right time.

G4S has acknowledged it stands to lose £50m on the contract and Buckles has admitted his position is under threat in advance of the grilling by MPs on the home affairs select committee.

In a statement G4S said: “Some venues are being supported by police in the short-term while the private security workforce is being mobilised. This situation is being rectified over the coming days, which should lead to the withdrawal of police from those roles assigned to private security.”

The company said it had accredited more than 20,000 people. “Recruiting staff for the Games has never been an issue – we received over 100,000 applications, and have accredited over 20,000 people,” the statement said. “However, as the Games got closer, we have been encountering problems with scheduling, in part exacerbated by staff not turning up for shifts. Clearly this is extremely disappointing, particularly for the thousands of people we had to turn down for positions.

“We are working flat out to address this issue, but for the time being, we are extremely grateful to the police and the armed forces for stepping in where needed.’

Kevin Lapwood, a Seymour Pierce analyst, said: “It appears certain that CEO Nick Buckles, who is due to appear before MPs on Tuesday, will fall on the sword along with other senior UK management. This could lead to a period of instability at the company which appointed a new chairman just over a month ago.”

If Buckles does lose his job he will be entitled to £20m in pay and benefits, although the final sum is still subject to revision as a chunk of the potential pay-off consists of performance related shares, which are subject to a clawback policy.

The Olympics minister, Hugh Robertson, said on Monday that Buckles should keep his job “for now”.

Asked if the G4S boss should resign, Robertson said: “No, not at the moment. G4S remain an integral part of the security plan. The last thing we want is a loss of leadership.”

Robertson said he believed the crisis over security had bottomed out and, pressed by members of the foreign media who have arrived in London in large numbers to cover the games, he denied the situation was a “national embarrassment”.

“There is a scale from mild embarrassment to complete disaster and this isn’t significantly embarrassing,” he said.

The army will provide at least 3,500 soldiers to cover the shortfall on G4S’s £284m contract and the MoD made clear that it could probably provide more military personnel if needed. However, officials said it had not been asked to add to the troop deployment announced last week.

G4S has promised to meet all the extra police and military costs including the bill for sending officers to cover for G4S staff failing to turn up for work.

It is understood the company has also offered to pay a cash bonus to anyone in the military called up late, but commanders are likely to veto the idea, and suggest the company pay for better facilities at the proposed base at the Tobacco Dock site in east London.

G4S could lose £50m due to Olympic Games security shambles

Category : Business

Security company says it ‘deeply regrets’ shortfall in workforce, resulting in call for military backup at Games sites

Private security firm G4S says it stands to lose up to £50m after admitting it is unable to provide enough staff to fulfil its Olympic Games contract, a failure that forced the government to this week call up 3,500 troops to fill in at the 11th hour.

The beleaguered security company said on Friday night that it “deeply regrets” the problems, adding: “G4S accepts its responsibility for the additional cost of the increased military deployment resulting from the shortfall in workforce delivery.”

The company’s admission it is in line to take a major financial hit over the shambles came hours after the prime minister weighed into the row, warning that firms which failed to deliver on their contracts would be pursued for the money.

The security firm had been committed to supply 13,700 guards as demanded in its contract, worth £284m, which it now says it is unlikely to be able to fulfil. Overall, the 23,700-strong security force for the Games will include a mix of military, private security guards and at least 3,000 unpaid volunteers.

Contingency plans have also been drawn up for police officers to secure venues in the days leading up to the start of the Games because of G4S’s recruitment shortage. The original plan was for specialist police teams to search the venues, before lockdown was carried out by either G4S or the military.

But plans are now being made for the potential need to deploy hundreds of officers to control what goes into the arenas until the extra military personnel arrive.

Assistant Commissioner Chris Allison, head of Scotland Yard’s security operation, said: “Delivering a safe and secure Games is a priority but we will not compromise on keeping the streets and our local communities safe.

“The 12 venue police forces are working closely with the Locog [London Organising Committee], G4S and the military to ensure that the venues have the necessary levels of security as they move into lockdown.

“The police service always had to operate to a very tight timescale to deliver the defensive search regime at venues and so in some cases forces may have to deploy officers into duties at venues that we had not anticipated. Plans are being worked up to deliver this where necessary.

“These forces are taking measures to maximise available officers to support venues if necessary, on top of continuing to deliver policing to our communities. This is not impacting on our existing plans for the safety and security operation, which we are confident we can still meet.”

In a statement, G4S said on Friday: “The company is also incurring other significant costs as it endeavours to meet the contract challenges.

“Whilst it is not possible to gauge the precise financial impact, it is estimated that the company will incur a loss on the contract in the range of £35m to £50m, all of which will fall in the current financial year.”

The home secretary, Theresa May, had been pressing G4S to provide assurances over its commitments, but patience in Whitehall ran out last weekend and talks began to establish whether the Ministry of Defence could fill the gap.

As May came under sustained opposition attack in parliament this week, she repeatedly refused to spell out what penalties G4S would face, insisting that the contract was with Locog and not the Home Office.

The depth of the crisis over G4S’s Olympic security preparations became increasingly clear on Thursday as recruits revealed to the Guardian details of a “totally chaotic” selection process and police joined the military in bracing themselves to fill the void left by the private security contractor.

Nick Buckles, the chief executive of G4S, who has been summoned with his chairman to appear next week before the Commons home affairs select committee to explain the failure to provide sufficient staff, also issued a mea culpa as the firm tried to limit damage to its reputation.

“We are deeply disappointed that we have not been able to fully deliver against our contract with Locog and that it has been necessary to call upon the additional military personnel,” he said.

“In partnership with the military and Locog, we are working flat out around the clock to resolve the situation. We are determined that together we will deliver a successful and secure Games.

“I would like to thank the members of the current security workforce who are already on the ground securing many of the Olympic sites across the country.”

Opposition politicians have called for a pause in the award of any more government contracts to G4S, and there had been speculation in recent days that it would face financial penalties amounting to tens of thousands of pounds per venue per day for failing to deliver sufficient staff.

Locog, which has also been summoned to appear before the home affairs select committee along with the Home Office and the Department for Culture, Media and Sport, admitted in December it had wildly underestimated the number of staff required to deliver security at 34 Olympic venues in London and around the country.

Lions Gate Energy Inc.: Corporate Update

Category : World News

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 2, 2012) - Lions Gate Energy Inc. (TSX VENTURE:LG) (the “Company”) announces that Mr. Farshad Shirvani has resigned from the Board of Directors of the Company. Mr. Paul Saxton, P.Eng., an experienced public company director, has agreed to fill the vacancy left by Mr. Shirvani’s resignation. The Company thanks Mr. Shirvani for his service and wishes him well in his future endeavours.

Excerpt from: Lions Gate Energy Inc.: Corporate Update

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Cardia Bioplastics, Ltd. (CDRBY: OTC Link) | Home Country News Release – Sealed Air Selects Cardia for Fill -Air R5 packaging

Category : World News

Cardia Bioplastics, Ltd. has filed a Home Country News Release – Sealed Air Selects Cardia for Fill -Air R5 packaging To view the full release click here (link to PDF).

Continue reading here: Cardia Bioplastics, Ltd. (CDRBY: OTC Link) | Home Country News Release – Sealed Air Selects Cardia for Fill -Air R5 packaging

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Tax fine error hits 12,000 people

Category : Business, World News

About 12,000 people who had been told that they no longer needed to fill in self-assessment tax forms have been sent penalty notices in error.

Link: Tax fine error hits 12,000 people

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