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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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Ex-Goldman trader pleads guilty

Category : Business

Former Goldman Sachs trader Matthew Marshall Taylor pleads guilty to defrauding the bank with an $8.3bn (£5.5bn) unauthorised futures trade in 2007.

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MF Global trustee expects quicker cash payouts to creditors after deal

Category : Business

James Giddens says he has negotiated deals with former British affiliate and failed brokerage’s parent company

The trustee for the failed futures brokerage MF Global Inc has announced two key agreements that are expected to accelerate cash payouts to clients and creditors.

James Giddens, trustee for the MF Global estate, said in a statement Saturday he had negotiated deals to resolve disputes with the company’s former British affiliate and the parent company, MF Global Holdings Ltd. As a result of the UK agreement, Giddens estimated that between $500m and $600m could be returned to the MF Global estate if the deal is finalized.

Giddens, whose job is to recover as much money as possible for customers, has returned about 80% of the money in customer trading accounts. He said claims by MF Global’s securities customers could be fully restored. Commodities customers could get “significant additional distributions”.

The estate has a hearing scheduled for 31 January 2013 before the United States bankruptcy court for the southern district of New York, the first step toward getting the UK agreement approved.

“The trustee’s goal is still to return 100% to the commodities customers, and we will be going before the court in an attempt to achieve that,” said Kent Jarrell, a spokesman for Giddens, on Saturday.

MF Global improperly used customer money to plug liquidity gaps as it was in freefall last year, creating a roughly $1.6bn gap in customer accounts, according to a June report by Giddens. The company filed for bankruptcy in October 2011. As a result of money changing hands during MF Global’s chaotic collapse, company affiliates have been fighting over who owes money to whom.

Earlier this month, Giddens released a report saying that more than 28,000 claims had been filed by the brokerage’s commodities and securities customers – all but 200 have been fully resolved. So far, Giddens has returned approximately $4.7bn to commodities customers hit by the brokerage’s collapse.

Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth…

Category : Stocks

Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth and Chinese demand. Chinese orders fell 6% Q/Q, Nike mentioned on its call – a slowing economy, changing consumer habits, and inventory draw-downs all received blame. 1 comment!

See the original post here: Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth…

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Looking ahead, optimism prevails. We can’t help it.

Category : Business

Several polls show that Americans are still bullish about their own financial futures. What does that mean for the election?

See the original post: Looking ahead, optimism prevails. We can’t help it.

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Brokerage boss admits $100m fraud

Category : World News

The founder of US futures broker Peregrine Financial Group pleads guilty to a massive fraud involving 24,000 customers in the US state of Iowa.

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China’s August HSBC PMI declines to 47.6 from 49.3 in July, and from the flash estimate of 47.8. It’s the lowest print since the dark days of March 2009. The number falls into the “so bad it’s good” category, with Shanghai, Hong Kong, and Sydney all…

Category : Stocks, World News

China’s August HSBC PMI declines to 47.6 from 49.3 in July, and from the flash estimate of 47.8. It’s the lowest print since the dark days of March 2009. The number falls into the “so bad it’s good” category, with Shanghai, Hong Kong, and Sydney all reversing early losses to turn higher as thoughts turn to stimulus out of Beijing. S&P 500 futures, -0.5% earlier, now off 0.2%. Post your comment!

Read the original: China’s August HSBC PMI declines to 47.6 from 49.3 in July, and from the flash estimate of 47.8. It’s the lowest print since the dark days of March 2009. The number falls into the “so bad it’s good” category, with Shanghai, Hong Kong, and Sydney all…

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EIA Natural Gas Inventory: +24bcf. Futures -0.05% to $2.93.

Category : Stocks, World News

EIA Natural Gas Inventory: +24bcf. Futures -0.05% to $2.93. 1 comment!

Visit link: EIA Natural Gas Inventory: +24bcf. Futures -0.05% to $2.93.

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PFG founder Wasendorf arrested in fraud case

Category : Business

Russell Wasendorf, Sr., founder and chief executive officer of Peregrine Financial Group, was arrested Friday in connection with an alleged $200 million fraud involving his futures trading company, government attorneys said Friday.

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Suicide bid, alleged fraud figure in firm’s liquidation

Category : Stocks

Futures brokerage Peregrine Financial Group has moved to liquidate the firm, after its founder attempted suicide and amid allegations of fraud.

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US brokerage files for bankruptcy

Category : World News

US futures broker Peregrine Financial Group files for Chapter 7 bankruptcy, meaning it will be liquidated, after being accused of fraud.

Link: US brokerage files for bankruptcy

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