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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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Green Energy Solution Industries, Inc. (GESI: OTC Link) | Attorney Letter with Respect to Current Information

Category : Stocks

Sat, May 11, 2013 01:35 – Green Energy Solution Industries, Inc. (GESI: OTC Link) released their Attorney Letter with Respect to Current Information. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=104245.

Original post: Green Energy Solution Industries, Inc. (GESI: OTC Link) | Attorney Letter with Respect to Current Information

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Fraudsters ‘use Green Deal as cover’

Category : Business, World News

Trading standards officers in West Yorkshire and Wales warn that door-to-door conmen are posing as Green Deal assessors.

Here is the original post: Fraudsters ‘use Green Deal as cover’

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Green Mountain expands Starbucks partnership

Category : Business

Green Mountain announced that it will keep producing Starbucks-branded single serve pods for the firm’s popular Keurig brewing machines. Shares soared on the news.

Follow this link: Green Mountain expands Starbucks partnership

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Green Envirotech Holdings, Corp. (GETHD: OTC Link) | Symbol Change

Category : Stocks, World News

Thu, Apr 25, 2013 12:00 – Green Envirotech Holdings, Corp. (GETHD: OTC Link) – Symbol Change – The symbol, GETHD, is no longer a valid symbol for Green Envirotech Holdings, Corp.. As of Thu, Apr 25, 2013, the new trading symbol is GETH. You may find a complete list of symbol changes at otcmarkets.com.

Go here to see the original: Green Envirotech Holdings, Corp. (GETHD: OTC Link) | Symbol Change

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On the road: Toyota Auris Hybrid

Category : Business

‘I become MPG Man in this, not slowing down for corners, junctions, anything’

A few years ago, a new threat to road safety emerged: Satnav Racer. Millions of drivers (I forget the exact figure – it was probably a survey of about three people) admitted to trying to get home before their satnavs predicted they would. Britain’s roads were no longer safe.

In these leaner economic – and more environmentally-conscious – times, you don’t hear so much about Satnav Racer. I have, however, identified a potentially even more lethal menace: MPG Man. You’ll find

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The Cypriot ‘poison’ is spreading

Category : Business

• Euroland nightmare weighs on UK
• BP and ‘on target’ results
• HBOS hubris
• Lord Green visits Latin America

→It is tempting from a UK perspective to regard events in Cyprus as a case of domestic violence within the eurozone that doesn’t much affect us.

That would be mistake. The serving of “poison” to Cyprus, as the country’s parliamentary president put it this week, amounts to another statement by Germany that the hard way is the right way. There will be no slackening in the austerity message ahead of September’s election, and thus no meaningful debate on how creditors and debtors are going to live in harmony. Minor accidents like Cyprus, it seems, will simply be allowed to happen and eurozone lenders will try to minimise the bill for themselves.

Progress on banking union, supposedly last year’s big step forward, has been negligible and there’s an unfilled hole at the centre. The European stability mechanism (ESM) was intended to deal with insolvent banks, but then it turned out the fund would not deal in “legacy” issues. That’s not an advance.

Thus every bailout remains an ugly scrap in which, as in Cyprus, heroic assumptions are made about recovery and business confidence across the continent is jolted. Is the next crisis Portugal mark 2, or Slovenia? Only then will companies and large depositors discover whether a Cypriot-style savings-grab is the new template.

Add up the austerity, the mixed messages and the backtracking and it’s no surprise that the IMF expects the euro area GDP to contract 0.2% this year, after contraction of 0.4% last year. For the UK economy euro recession is impossible to ignore. “Engineering a recovery while our main trading partner is in a downturn is a difficult undertaking,” said the Bank of England governor, Sir Mervyn King, in January.

You bet. The economy is not rebalancing in favour of manufacturing. Britain’s trade deficit in goods widened to £9.4bn in February, we learned this week, and factory production is back at levels seen last September. A government desperate for growth – any growth – is reduced to trying to pump up the housing market by underwriting sub-prime mortgages. Stagnation and indecision in euroland are infecting not just the economy but economic policy.

Hope springs eternal that Germany, after the election, will finally decide how far it is prepared to go to save the single currency. Well, maybe. But it’s a reasonable guess that markets, currently understanding of Angela Merkel’s political bind, will demand a quick answer. And a post-election mini-revolt in the eurozone debt markets would be no bad thing: the current muddle-through approach is leading nowhere.

→BP’s pay structure, according to remuneration chief Antony Burgmans, employs a “relatively simple” system. Relative to what, he doesn’t say, but it’s a challenge for ordinary mortals to keep track of the moving parts. The annual cash bonus scheme alone has 13 “measures and targets”. Then there’s the deferred bonus, and the performance share scheme, not forgetting basic salary and pension.

Thankfully, somebody is paying attention. He is Guy Jubb of Standard Life Investments, who told the board at this week’s shareholder meeting to “raise its game”. He’s right about the complexity, and he’s also right when he says the executives have the potential to receive “significant rewards for achieving unchallenging performance targets”.

The giveaway is the table that illustrates what chief executive Bob Dudley should receive in a year in which he achieves merely an “on target” performance – a cool $10m (£6.5m), even if the share price went sideways.

How is that possible for a middling performance? It’s because long-term incentive plans (LTIPs) have become vastly inflated over the years. Once upon a time, 100% of salary for an LTIP was seen as the largest carrot that could be offered to an executive. These days Dudley can earn 550% of salary under his LTIP. In cash terms, today’s “on target” performance equates to yesterday’s hit-the-ball-out-of-the-park performance.

Jubb calculates that by merely coming third out of five in a league table of oil companies ranked by total shareholder return (TSR), BP’s chief executive can receive shares equivalent to nearly two-thirds of his $1.7m salary. Third out of five? If BP really believes that’s worthy of a £1m bonus it should drop the pretence that Dudley’s package is driven by tough performance targets.

The company was very pleased that 94% of voting shareholders backed the pay report. The reason for that, one suspects, is that executive payouts from incentive schemes have been depressed by the Deepwater Horizon disaster in 2010. Now that the effect of the disaster on the share price will drop out of the three-yearly TSR calculations, Dudley’s generous rewards for “on target” results are much more likely to materialise.

Complexity and the redefinition of success are how boardroom pay outstripped shareholders’ gains in the past. It’s happening again. BP is probably not unique.

→HBOS famously ignored a cardinal rule of banking: never take an equity stake in a company to which you are a lender. If you do, you are no longer a bank but a private equity house and there’s trouble in store in the event of a restructuring.

Some of HBOS’s early loan-plus-equity adventures turned out spectacularly well, such as Sir Philip Green’s takeover of Arcadia, the Top Shop group, in 2002. But that doesn’t deflect from the wisdom of the basic risk-management principle that lenders should not dabble in the shares of a customer.

Less remembered is how far HBOS was prepared to go. Ray Perman’s lively book – Hubris: how HBOS wrecked the best bank in Britain – recalls the detail of Green’s attempt (eventually abandoned) to buy Marks & Spencer in 2004. In that case, HBOS would have been a major lender in the £9.5bn offer. But the bank’s chairman, Lord Stevenson, was also lined up to be a non-executive director of Green’s bid vehicle. It is hard to think of a more glaring example of a conflict of interest.

Perman reports that arrangement caused one of the few rows within the HBOS board. It also caused a fuss in the outside world at the time, but should have caused more. It was an early clue that HBOS directors had deluded themselves that traditional rules of banking didn’t apply to them.

Jeremy Grantham, environmental philanthropist: ‘We’re trying to buy time for the world to wake up’

Category : Business

You’ve probably never heard of him, and for years Jeremy Grantham liked it that way. But now the man who made billions by predicting every recent financial crisis is speaking out

One icy morning in February, a train pulled into Washington DC. It was loaded with environmentalists planning to handcuff themselves to the gates of the White House, in protest at the building of a 3,500km oil pipeline from Canada to the Gulf of Mexico. Amid the hundreds of placard-carrying protesters stood a somewhat incongruous figure in a suit – Jeremy Grantham, a 74-year-old fund manager. “What we are trying to do is buy time,” he told reporters. “Buy time for the world to wake up.”

Grantham – who occupies a legendary place in the world of finance for predicting all the major stock market bubbles of recent decades (and doing very well in the process) – had decided, after 15 years of low-key environmental philanthropy, to, as he puts it, “walk the walk”.

“I was committed to getting arrested,” says Grantham, a tall, slight man, as he looks out across the City from his

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Swansea Bay tidal lagoon project seeks £10m funding

Category : Business

Entrepreneur, Mark Shorrock, says scheme could power 107,000 homes and generate 250MW of renewable energy

A project to power 107,000 homes using a tidal lagoon in Swansea Bay is seeking £10m of funding from the public.

The first of its kind in the UK, the scheme intends to generate up to 250MW of renewable power by harnessing the tides to drive enormous turbines, enough to meet Swansea’s annual domestic electricity needs.

Tidal Lagoon, a company backed by entrepreneur Mark Shorrock, who previously developed windfarms in Scotland and solar arrays in Cornwall and Spain, wants to start construction in Swansea in 2017.

Shorrock said tidal lagoons could eventually provide 10% of the UK’s energy, and the company has already carried out initial investigations into a second project in Cardiff Bay.

Nearly seven miles of breakwaters need to be built to create a lagoon which will capture water at high tide. Once the sea begins to flow the other way, release gates will funnel water through turbines set in the lagoon wall.

Tidal Lagoon is offering small-scale investors a 55% stake in the company to fund it through the planning stage. About 10,000 shares worth £800 each will be issued, with the offer expected to close by 7 June.

Half of those shares will be offered under the government’s enterprise investment scheme, which offers tax relief to those buying shares in smaller, higher-risk companies.

“We are keen to attract investment from ordinary individual shareholders who like the idea of shifting the energy mix to a low-carbon, benign format,” Shorrock said.

He is confident of securing major funding from pension funds and the government’s green investment bank once Tidal Power has secured planning permission in Swansea. But he says: “Where we struggle to get government, pension funds or energy investors is this stage. It is the good people of the UK that will really help the project take wing. Everyday people are more ballsy and happy to take risks on something they believe in.”

The technology is not new – a 240MW system has been in operation in La Rance, France, for nearly 50 years and a 254MW project was recently launched at Sihwa lake in Korea – but similar projects planned in the UK have been delayed because of the relatively high costs of building the lagoons.

Such tidal projects have also been lumped in with the unpopular Severn Barrage plan, which has yet to get off the ground partly owing to worries over the environmental impact of blocking a major estuary.

Shorrock insists the Swansea project is environmentally friendly because it does not stop the sea flowing in and out, and does not harm seabirds. Friends of the Earth supports the technology, saying it could produce “clean and effortless energy”.

Shorrock has used profits from previous enterprises, as well as investment from unnamed wealthy individuals, to fund three years of development on the tidal lagoon including environmental surveys, local consultation and design.

The Swansea project must now put together a set of detailed designs before seeking approval from the government, which oversees significant infrastructure developments. Shorrock claims the project has local backing and will create up to 4,500 jobs, including those related to building the breakwater and the turbines, as well as managing it as a tourist attraction and leisure facility in the future.

Call for ‘green badges’ and free parking for electric cars

Category : Business

Parking charges exemption and removing yellow and red line restrictions will improve take-up, thinktank says

Electric car owners should be allowed to park on yellow and red lines, and park for free, a leading thinktank said on Thursday.

On one of the busiest days of the year for road traffic as people take to their cars for Easter breaks, the Institute for Public Policy Research (IPPR) said that a ‘green badge’ akin to the blue badge scheme for disable drivers should be introduced to drive take-up of electric vehicles, seen as a key way to cut carbon emissions. Owners of such a badge would be exempt from charges in car parks and permit areas, and allowed to drive for free through congestion charging zones such as London’s and Durham’s and across toll roads such as the M6 toll or Severn bridge.

But the idea was immediately attacked by motoring organisation AA, which suggested the plans could in fact increase greenhouse gas emissions rather than reduce them.

An AA spokesman said: “Allowing them [electric car owners] to park on double yellow lines, which are there mainly to ensure good traffic flow, you may create problems. The disturbing irony is that these low emission vehicles could create more congestion, which would increase emissions from other vehicles and be a bit of an own goal.”

He warned that if electric cars became much more popular, a “saturation point” could be reached. However, he said that cheaper parking charges for such cars would be a good idea to encourage take-up.

Electric car sales increased rapidly in 2012 in part due to the £5,000 government grant launched in 2011, outstripping growth in the wider car industry. But the number registered under a grant scheme last year – about 2,000 – was just a fraction of the 1.9m conventional cars sold in 2012.

The IPPR also suggests fining owners of combustion engine-powered cars parked in front of electric charging points, and that parking charges should go up for normal cars to offset loss revenue for local authorities giving exemptions to electric cars. It even suggests electric cars should potentially be allowed into bus lanes, an idea which has been trialled in Oslo, Norway.

The proposals are contained in an IPPR report due soon on the UK’s automotive industry, whose authors say “the UK is already lagging behind other countries” on electric car ownership because they are perceived to be too expensive and people do not know enough about them. The thinktank also calls for keeping the £5,000 ‘plug-in car grant’, which is due to expire in 2015.

Will Straw, IPPR’s associate director, said: “Although early days, Britain is currently behind other European countries and the US in terms of the take up of electric cars and other ultra low emission vehicles. A ‘green badge’ scheme would help increase demand, giving a much needed boost to the industry and supporting other government policies like the ‘plug in’ grant.

“While we want to encourage innovation from local authorities, they need to act together to make sure their policy is uniform across neighbouring areas. This will provide clarity for drivers about the privileges that they are entitled to as they travel around.”

Market Research Report — Demand for Green Building Materials to Grow 11% Annually Through 2017

Category : World News

ROCKVILLE, MD–(Marketwire – Mar 20, 2013) – MarketResearch.com has announced the addition of the market research report “Green Building Materials” to their product offering.

See more here: Market Research Report — Demand for Green Building Materials to Grow 11% Annually Through 2017

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