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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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Market Preview: Placing Bets on QE3

Category : Business, Stocks

NEW YORK (TheStreet) — In keeping with the “not if but when” shift in sentiment of late about additional monetary stimulus, the predictions about what QE3 may entail are starting to roll in.

Bank of America Merrill Lynch, for one, is expecting the Federal Reserve to go pretty big at its Sept. 12-13 meeting. Here’s the firm’s characterization of the central bank’s thought process: “In our view, the Fed will move when it is comfortable that the growth slowdown is likely to persist.”

With the data still pointing in that direction — Thursday’s drop in weekly initial jobless claims aside — B of A revised its expectations of QE3′s parameters to reflect a more aggressive move than previously predicted. …

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Market Preview: Not So Great Expectations

Category : Stocks

NEW YORK (TheStreet) — Those looking to second-quarter reporting season to bring the U.S. equity market back to the highs of the year despite softening economic data and Europe’s debt crisis should be careful about getting their hopes up.

Like clockwork, trepidation about earnings season is starting to boil up just ahead of the first rash of reports that matter, i.e. the big banks like JPMorgan Chase and Wells Fargo, which are both due on Friday.

UBS is predicting the S&P 500 should be able to deliver a “modest” 2% beat overall, a performance that’s reflected in its top-down estimate for a profit per share of $25.75 but the firm notes that the consensus view is indicative of “slower growth than we’ve experienced over the past three years.” …

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What’s Propping Stocks Up?

Category : Business

NEW YORK (TheStreet) — Whether it’s the product of lingering euphoria from last week’s seeming progress by the eurocrats or just a function of this being a truncated trading week, the major U.S. equity indices have held up surprisingly well in the wake of Monday’s poor read on the health of the manufacturing sector

The Institute for Supply Management reported that manufacturing activity as measured by its purchasing managers index fell 3.8 percentage points on a sequential basis to 49.7% in June, the first contraction since July 2009. New orders were especially weak, losing 12.2 percentage points to 47.8%, contracting for the first time since April 2009.

But instead of freaking out and selling off, the Dow Jones Industrial Average is up 60-plus points so far this week and both the S&P 500 and Nasdaq have kept the flame of Friday’s rally alive by starting the week with consecutive gains. …

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Stocks Stay Upbeat on Easing European Fears

Category : Stocks

NEW YORK (TheStreet) — The major U.S. equity averages were holding steadfast in positive territory early Friday afternoon as the European Central Bank pursued measures to boost banks on the continent and a growth package was put forth at a “mini” European summit in Rome.

The news provided a measure of relief for investors still digesting earlier statements from U.S. central bank officials that the Federal Reserve is unlikely to pursue any aggressive measures to stimulate the economy in the near term.

The Dow Jones Industrial Average was gaining 44.4 points, or 0.35%, at 12,618. The S&P 500 was rising more than 4 points, or 0.37%, at 1330, and the Nasdaq was ahead by 18.8 points, or 0.66%, at 2878. …

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Fed Extends Operation Twist, Hints at More Action

Category : Business, Stocks

NEW YORK (TheStreet) –The Federal Reserve chose to extend its Operation Twist program till the end of the year on Wednesday, delivering a dose of accommodation that Wall Street was widely expecting.

The central bank’s open market committee, whose decision was the culmination of a two-day policy meeting, also said it was “prepared to take further action as appropriate to promote a stronger economic recovery and market sustained improvement in labor market conditions in a context of price stability.”

The Fed now plans to purchase Treasuries with remaining maturities between 6 years and 30 years at the current pace and sell or redeem Treasury securities with remaining maturities of 3 years or less as it attempts to keep long-term interest rates low. The current Operation Twist program was scheduled to expire in June. …

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Market Preview: Speculation Vs. News

Category : Business

NEW YORK (TheStreet) — The calm demeanor of Jamie Dimon could only keep the bears at bay for so long.

The CEO of JPMorgan Chase kept his cool during his visit to Capitol Hill on Wednesday, and stocks even went green for a little while there in early afternoon trades before reports surfaced of elevated bank withdrawals in Greece ahead of the company’s crucial elections this weekend.

That wiped out chances for a rally into the close. Instead, the major U.S. equity indices swooned but finished with only modest losses. As has been previously discussed, volatility is the watch word this week, and Wednesday was more the same. The VIX jumped nearly 10%. …

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Dow Snags Triple-Digit Gain

Category : Business

NEW YORK (TheStreet) — U.S. stocks surged Tuesday as investors focused on the possibility of more monetary stimulus from the Federal Reserve, looking past ongoing questions about the stability of the eurozone.

Hopes that the central bank could come across with another round of quantitative easing were stoked by comments from Charles Evans, the president of the Federal Reserve Bank of Chicago, who was quoted as saying he’s in favor of “pretty much any accommodative policy.”

The major U.S. equity indices all managed to finish just below their session highs despite anxiety about Greece’s general elections, which will take place this coming weekend. In addition, Spanish 10-year bond yields reportedly reached 6.85%, the highest level on record, earlier in the day as global investors remain unimpressed with the $125 billion bailout plan for the country’s banking system. …

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Market Preview: Desperate Measures

Category : Stocks

NEW YORK (TheStreet) — There’s not much argument out there about whether or not the situation in Europe constitutes desperate times.

The big questions now are when will the eurocrats step up and take the desperate measures that such times call for, and will it be too late? It’s a good bet U.S. stocks are in for more of the roller-coaster action we’ve seen so far this week until those answers materialize.

Deutsche Bank sees cause for hope in the overall strength of the global economy but it’s still keeping a sharp eye on the day-to-day headlines, most importantly the general elections in Greece. This latest trip to the polls will be interpreted as a referendum on whether the populace will ultimately be able to accept the austerity measures necessary to keep the country as part of the single-currency bloc. …

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Spain in Spotlight for Coming Week

Category : Business

NEW YORK (TheStreet) — All eyes will be focused on Spain this weekend, and the events that transpire are likely to have the biggest impact on the direction U.S. stocks take in the coming week.

Eurozone officials are expected to discuss an aid package for Spain’s banks over the weekend.

“If they announce some kind of package that’s firm and fair, the market would rally,” said Adrian Day, president of Adrian Day Asset Management. “If they don’t, I don’t think it will fall a lot to be honest, because people have gotten used to people in Europe pushing things off.” …

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Dow Books Biggest Weekly Gain of 2012

Category : Business, Stocks

NEW YORK (TheStreet) — U.S. stocks got a boost Friday after President Barack Obama spoke out against Greece leaving the eurozone.

The president said Greece remaining part of the single-currency bloc was in “everyone’s interest” and urged eurozone leaders to shore up weak banks. He also noted growing signs of progress in talks about combining austerity measures and growth to combat the region’s debt crisis.

The positive trading action came ahead of a weekend that features a raft of economic data from China and a potential banking sector aid request from Spain. …

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