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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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Era Group Inc. Announces Q1 2013 Earnings Release Call

Category : World News

HOUSTON, TX–(Marketwired – May 10, 2013) – Era Group Inc. (“Era”), a leading helicopter transport operator based in the United States, today announced it will release financial results for its fiscal year 2013 first quarter after the market closes on Tuesday, May 14, 2013. In connection with the release, Era has scheduled a conference call for Wednesday, May 15, 2013 to begin at 10:00 a.m. ET (9:00 a.m. CT). 

Continued here: Era Group Inc. Announces Q1 2013 Earnings Release Call

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George Osborne’s tears draw Tory jeers – but will it help chancellor’s image?

Category : Business

Osborne was seen to be shedding a tear at Thatcher’s funeral, which prompted unkind remarks from some of his own party

In the space of a few minutes, the world was given a rare glimpse of a more complex side to George Osborne when the chancellor shed a tear during Lady Thatcher’s funeral.

Tory MPs, who regard Osborne as aloof and little too grand for their tastes, privately joked that the chancellor was showing his pain after it was announced yesterday that unemployment increased by 70,000 in the three months to the end of February.

But the chancellor suggested he cried for the simple reason that he found the service at St Paul’s Cathedral immensely touching. “A moving, almost overwhelming day,” the chancellor tweeted shortly after leaving the cathedral.

Osborne appeared emotional at Thatcher’s funeral after the Rt Rev Richard Chartres, the bishop of London, had said “our hearts go out” to Thatcher’s children, Mark and Carol, and the rest of their family.

He then blinked repeatedly, apparently fighting tears, as Chartres related a story about how a young boy wrote to Thatcher asking if she had ever done wrong. Osborne managed a brief smile before shedding a tear, prompting a mini-Twitter storm.

His tears contrasted with David Cameron, who smiled for a longer period during the bishop’s story and showed no other emotions at that stage. The prime minister has a better public image than the chancellor but lacks his humour and warmth in private.

The chancellor, whose father-in-law, Lord Howell of Guildford, was in Thatcher’s first cabinet, admitted last week in a Times article that he had little personal connection with the late prime minister. But he did recall taking his young son to meet Thatcher for tea. Howell, a Foreign Office minister for two years of Cameron’s government, also attended the funeral.

But Conservatives lined up to mock the chancellor. One said: “Perhaps George had just read what Oscar Wilde said of Little Nell.” Wilde reputedly said of Nell’s death in Dickens’ novel The Old Curiosity Shop: “One would have to have a heart of stone to read the death of little Nell without dissolving into tears … of laughter.”

Osborne has been under huge immense political pressure after admitting that he will fail to meet his two main fiscal targets – eliminating the fiscal deficit by the next election and ensuring that debt is falling as a share of GDP by 2016.

As the Tories’ main political strategist, Osborne knows he risks becoming a major liability for the party before the general election in 2015. He gave another display of unease this month in front of a group of workers at the main Morrisons distribution centre for the south of England in Sittingbourne, Kent.

But some argue that the tears may soften Osborne’s image. Andrew Lilico, former chief economist of the centre-right Policy Exchange thinktank, tweeted: “Shame on all of you that are mocking Osborne for crying at a funeral. Do you never cry yourselves?”

Japan banks on success of Abenomics | Joseph Sitglitz

Category : Business

Shinzo Abe is doing what many economists have been calling for in the US and Europe: a comprehensive programme entailing monetary, fiscal, and structural policie

Japanese prime minister Shinzo Abe’s programme for his country’s economic recovery has led to a surge in domestic confidence. But to what extent can “Abenomics” claim credit?

Interestingly, a closer look at Japan’s performance over the past decade suggests little reason for persistent bearish sentiment. Indeed, in terms of growth of output per employed worker, Japan has done quite well since the turn of the century. With a shrinking labour force, the standard estimate for Japan in 2012 – that is, before Abenomics – had output per employed worker growing by 3.08% year on year. That is considerably more robust than in the United States, where output per worker grew by just 0.37% last year, and much stronger than in Germany, where it shrank by 0.25%.

Nonetheless, as many Japanese rightly sense, Abenomics can only help the country’s recovery. Abe is doing what many economists (including me) have been calling for in the US and Europe: a comprehensive programme entailing monetary, fiscal, and structural policies. Abe likens this approach to holding three arrows – taken alone, each can be bent; taken together, none can.

The new governor of the Bank of Japan, Haruhiko Kuroda, comes with a wealth of experience gained in the finance ministry, and then as president of the Asian Development Bank. During the East Asia crisis of the late 1990s, he saw firsthand the failure of the conventional wisdom pushed by the US Treasury and the International Monetary Fund. Not wedded to central bankers’ obsolete doctrines, he has made a commitment to reverse Japan’s chronic deflation, setting an inflation target of 2%.

Deflation increases the real (inflation-adjusted) debt burden, as well as the real interest rate. Though there is little evidence of the importance of small changes in real interest rates, the effect of even mild deflation on real debt, year after year, can be significant.

Kuroda’s stance has already weakened the yen’s exchange rate, making Japanese goods more competitive. This simply reflects the reality of monetary policy interdependence: if the US Federal Reserve’s policy of so-called quantitative easing weakens the dollar, others have to respond to prevent undue appreciation of their currencies. Someday, we might achieve closer global monetary-policy coordination; for now, however, it made sense for Japan to respond, albeit belatedly, to developments elsewhere.

Monetary policy would have been more effective in the US had more attention been devoted to credit blockages – for example, many homeowners’ refinancing problems, even at lower interest rates, or small and medium-size enterprises’ lack of access to financing. Japan’s monetary policy, one hopes, will focus on such critical issues.

But Abe has two more arrows in his policy quiver. Critics who argue that fiscal stimulus in Japan failed in the past – leading only to squandered investment in useless infrastructure – make two mistakes. First, there is the counterfactual case: how would Japan’s economy have performed in the absence of fiscal stimulus? Given the magnitude of the contraction in credit supply following the financial crisis of the late 1990s, it is no surprise that government spending failed to restore growth. Matters would have been much worse without the spending; as it was, unemployment never surpassed 5.8%, and, in throes of the global financial crisis, it peaked at 5.5%. Second, anyone visiting Japan recognises the benefits of its infrastructure investments (America could learn a valuable lesson here).

The real challenge will be in designing the third arrow, what Abe refers to as “growth”. This includes policies aimed at restructuring the economy, improving productivity, and increasing labour-force participation, especially by women.

Some talk about “deregulation” – a word that has rightly fallen into disrepute following the global financial crisis. In fact, it would be a mistake for Japan to roll back its environmental regulations, or its health and safety regulations.

What is needed is the right regulation. In some areas, more active government involvement will be needed to ensure more effective competition. But many areas in which reform is needed, such as hiring practices, require change in private-sector conventions, not government regulations. Abe can only set the tone, not dictate outcomes. For example, he has asked firms to increase their workers’ wages, and many firms are planning to provide a larger bonus than usual at the end of the fiscal year in March.

Government efforts to increase productivity in the service sector probably will be particularly important. For example, Japan is in a good position to exploit synergies between an improved healthcare sector and its world-class manufacturing capabilities, in the development of medical instrumentation.

Family policies, together with changes in corporate labour practices, can reinforce changing mores, leading to greater (and more effective) female workforce participation. While Japanese students rank high in international comparisons, a widespread lack of command of English, the lingua franca of international commerce and science, puts Japan at a disadvantage in the global marketplace. Further investments in research and education are likely to pay high dividends.

There is every reason to believe that Japan’s strategy for rejuvenating its economy will succeed: the country benefits from strong institutions, has a well-educated labour force with superb technical skills and design sensibilities, and is located in the world’s most (only?) dynamic region. It suffers from less inequality than many advanced industrial countries (though more than Canada and the northern European countries), and it has had a longer-standing commitment to environment preservation.

If the comprehensive agenda that Abe has laid out is executed well, today’s growing confidence will be vindicated. Indeed, Japan could become one of the few rays of light in an otherwise gloomy advanced-country landscape.

Destiny Media Technologies, Inc. (DSNY: OTCQX U.S.) | Destiny Media Technologies Schedules Second Quarter Fiscal 2013 Earnings Release and Conference Call

Category : Stocks, World News

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Destiny Media Technologies Schedules Second Quarter Fiscal 2013 Earnings Release and Conference Call

PR Newswire

VANCOUVER, April 5, 2013

VANCOUVER, April 5, 2013 /PRNewswire/ – Destiny Media Technologies (TSXV: DSY)
(OTCQX: DSNY), the global standard for the secure distribution of
pre-release music to radio and the developer of a new cross platform
playerless video streaming format, today announced that the Company
will hold a conference call on Tuesday, April 16, 2013 at 10:00

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Skystar Bio-Pharmaceutical Reports Fiscal Year 2012 Financial Results

Category : Stocks

Fiscal Year Revenue of $33.6 Million; Fiscal Year 2013 Revenue Growth Forecasted to Be 20% to 35% Above 2012 Level

View original post here: Skystar Bio-Pharmaceutical Reports Fiscal Year 2012 Financial Results

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Grill Concepts, Inc. (GLLC: OTC Link) | Annual Report – Supplemental Information

Category : World News

Fri, Mar 29, 2013 09:08 – Grill Concepts, Inc. (GLLC: OTC Link) released their Annual Report – Supplemental Information concerning Financial Statements-Fiscal 2012. To read the complete report, please visit:

Original post: Grill Concepts, Inc. (GLLC: OTC Link) | Annual Report – Supplemental Information

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Budget ‘defers cuts until 2015-16′

Category : Business, World News

The Budget allows further departmental spending cuts to be deferred until after the next election, according to the Institute for Fiscal Studies.

Continue reading here: Budget ‘defers cuts until 2015-16′

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Ryan unveils House Republican budget

Category : Business

House Republicans begin the latest round of US fiscal negotiations by unveiling a budget proposal that aims to cut through the social safety net.

Read the original here: Ryan unveils House Republican budget

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More women work past the age of 60

Category : Business

More women are working past the age of 60, as a result of the increase in the state retirement age, according to the Institute for Fiscal Studies (IFS).

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How long will voters let Republicans put the rich before everyone else? | Sadhbh Walshe

Category : Business

Wall Street may be having a banner week, but the poor, thanks to the GOP, are not

We are nearly a week into the dreaded sequester and already there is reason to believe that the spending cuts that were designed to be so
draconian and unpalatable that even the Republican party could not
stomach them are here to stay.

Despite there being widespread consensus that these cuts will be extremely damaging to the economy and that they may ultimately even increase our debt load rather than lower it, the party that pushed us over this particular fiscal cliff is refusing to budge an inch. The only question that now remains is why, and for how long more, ordinary Americans will let them get away with it.

Balancing the budget and reducing the deficit are noble goals, but when a party who claims to be all about balanced budgets, shifts the entire burden of achieving one onto the poorest and neediest in our society, while doing everything in their power to protect the pocket books of the wealthy, I would be inclined to distrust their motives. All the evidence points to the fact that our most vulnerable citizens are the ones who will be hit the hardest by the sequester cuts (more on that in a moment). Yet the GOP are already making moves to reduce the impact of the cuts on the military, while they look for even more ways to cut welfare spending that will hurt the poor.

On Monday, congressional Republicans put forth a bill ostensibly designed to prevent a government shut down at the end of the month. This is welcome news in so far as I don’t think any of us could stomach another round of the kind of school yard bullying that now passes for governance in the house of representatives.

But the Republican bill, which was authored by House Appropriations Committee Chairman Hal Rogers, has come under criticism for incorporating several measures that would ease the pain of the sequester cuts on military spending, while doing nothing whatsoever to counteract the damage the cuts will inflict on domestic programs that our poorest citizens rely on. Meanwhile, both senate minority leader Mitch McConnell and house majority leader John Boehner have made it clear that any talk of revenue increases, even closing tax loopholes that only benefit the super rich, are out of the question.

So it seems that the poor are on track to take the hit for the Republican party’s apparent zeal to reign in government spending, at least on programs they don’t care for. The Center on Budget and Policy Priorities outlined what this will mean for low income families and children. They estimated that up to 775,000 mothers and children will be turned away from the WIC Nutrition program by the end of the fiscal year; over 100,000 low income families will lose their housing assistance; 3.8 million long term unemployed people will see an 11% reduction in their weekly benefits and over 70,000 poor children will no longer benefit from the vital preschool program known as Head Start. War veterans, children with disabilities and elderly people living alone will also be made to feel the pain.

In addition to the various cuts in services, the Congressional Budget Office estimates that 750,000 jobs will be lost by the end of the year and the GDP will slow down by 0.6%. But, hey, Wall Street had a bumper day on Tuesday, so who really cares about a few hundred thousand job losses or if the poor get poorer?

Actually, we should all be deeply concerned about the long-term implications of the trickle down poverty policies that the Republican party has grown so fond of. It’s no secret that inequality has been steadily rising in America for the past few decades, but I don’t think most Americans are aware of the full extent of it. Mother Jones has put together a very illuminating video, based on income inequality charts that is worth a look to understand just how big the wealth gap has grown. The top 1% in this country now own 40% of the wealth while the bottom 80% only own 7% between us.

In the past 30 years the wealth of the top 1% has more than tripled, meanwhile 15% of the country are now living in abject poverty, up from 13.8% in 2008 and real median household incomes declined 1.5% in 2011, the second consecutive annual drop.

So the old cliche about the rich getting richer while the poor (and middle class) get poorer is alive and kicking. If anyone fails to see the link between this reality and the policies promoted by the Republican party that protect the rich and punish the poor, then I guess you should just keep voting republican and you will keep getting more of the same.

Certainly the Democrats have made mistakes along the way in the various debt ceiling and budgetary showdowns, and President Obama may have ceded too much ground here and there. But it’s not easy to negotiate effectively when you have a congress that is run by a party who are so irresponsible they are willing to shut down the government and let children go hungry unless they get their way. It’s hard to imagine that they will change their ways before 2014 when many of them are up for reelection. I just hope that between now and then the president and senate democrats manage to keep their worst excesses in check.

Come election time, I hope those who have been forced to shoulder the burden for the Republican party’s fiscal recklessness make their pain felt at the ballot box.