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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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Netherlands’ Rabobank International Selects HP Autonomy for Dodd Frank Compliance

Category : Stocks

Global Banking Institution Relies on HP Autonomy for End-to-End Document Life Cycle Management

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MPs call for savings safety alert

Category : Business, World News

Banks should tell customers when their savings increase beyond the level that would be guaranteed if the institution collapsed, MPs suggest.

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VIDEO: Indonesia’s pitch for WTO top job

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Indonesia’s candidate for the top job at the World Trade Organisation tells the BBC why the institution still matters.

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UK universities face threat from online courses and for-profit colleges

Category : Business

Pearson education adviser says British institutions must make themselves distinctive to stop ‘avalanche of change’

Traditional, middle-ranking universities face extinction within the next decade, a leading education expert has said.

Sir Michael Barber, chief education adviser of the world’s biggest education firm, Pearson, said even elite universities could struggle to survive in the face of competition from online courses and giant for-profit colleges.

In a report for the Institute for Public Policy Research, a centre-left thinktank, Barber urges British universities to “mark themselves out of the crowd” to stop an “avalanche of change” sweeping them away.

“The traditional multipurpose university with a combination of a range of degrees and a modestly effective research programme has had its day,” he writes in his report, An Avalanche Is Coming.

“While some of the most elite universities will no doubt be strong enough to continue … for others it may prove more difficult … they will need an offer that marks them out from the crowd.”

Barber, who was chief adviser on delivery to Tony Blair, said the threat was from giant US for-profit colleges, such as the University of Phoenix, DeVry University and Laureate, and free online courses.

At its peak, Phoenix has had more than 600,000 students, while DeVry has more than 70,000 undergraduates and Laureate has a presence in 29 countries.

However, Phoenix is one of a number of for-profits to have had its admissions procedures criticised. In 2004, it was fined $9.8m (£6.56m) for paying incentives to recruiters.

“I wouldn’t be surprised if there weren’t a few [universities] that could go under, given that this avalanche is coming,” Barber said. “I think within a decade or so that is possible.”

He said universities needed to move away from the traditional lecture model and embrace one of five models: the elite institution, the mass university, the niche institute, the local university or the institution that specialises in educating mature students.

Barber said one advantage universities had over free online courses was their attachment to a city.

But Saad Rizvi, an executive director at Pearson, said it was pointless for 100 universities to develop the same courses when “the best professors are making their course available for free”. “Within the next decade, there could be a lot of consolidation and some universities will go under,” he said.

Correctional Service of Canada: Hostage Taking at Edmonton Institution for Women

Category : Stocks

EDMONTON, ALBERTA–(Marketwire – Feb. 22, 2013) - On February 21, 2013, at approximately 3:30 p.m., an inmate at Edmonton Institution for Women took two other inmates hostage. The incident was concluded at approximately 7:00 p.m.

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House sales pick up, say surveyors

Category : Business

Property sales continue to pick up across the UK, according to the latest survey from the Royal Institution of Chartered Surveyors.

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Obama selects Elisse Walter to lead Securities and Exchange Commission

Category : Business

Walter replaces Mary Schapiro, who reshaped the SEC after the 2008 financial crisis amid criticisms over settlements with banks

President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the 2008 financial crisis.

Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission. A Democrat, she was appointed to the SEC in 2008 by President George W Bush.

Earlier, Walter was a senior official at the Financial Industry Regulatory Authority, the securities industry’s self-policing organization. She served under Schapiro at Finra, who led the organization before becoming SEC chairman in January 2009.

“I’m confident that Elisse’s years of experience will serve her well in her new position, and I’m grateful she has agreed to help lead the agency,” Obama said in a statement.

Schapiro will leave the SEC on December 14. She was appointed by Obama in the middle of the worst financial crisis since the Great Depression. She also took over after the agency failed to detect the Bernard Madoff Ponzi scheme.

Schapiro, 57, is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street’s largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation’s largest banks.

In a statement Monday, Obama said: “The SEC is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary’s hard work.”

But critics argued that Schapiro failed to act aggressively to charge leading individuals at those banks who may have contributed to the crisis. Consumer advocates questioned Schapiro’s appointment because she had led Finra.

Under Schapiro, the SEC reached its largest settlement ever with a financial institution. Goldman Sachs & Co agreed in July 2010 to pay $550m to settle civil fraud charges that it misled investors about mortgage securities before the housing market collapsed in 2007. Similar settlements followed with Citigroup Inc, JPMorgan Chase & Co and others.

The Goldman case came to symbolize a lingering critique of Schapiro’s tenure: no senior executives were singled out. The penalty amounted to roughly two weeks of earnings at Goldman. And Goldman was allowed to settle the charges without admitting or denying any wrongdoing, as were other large banks that faced similar charges.

Among the leading critics was US district judge Jed Rakoff, who questioned how the SEC could allow an institution to settle serious securities fraud without any admission or denial of guilt. Rakoff later threw out a $285m deal with Citigroup because of that aspect of the deal.

Lawmakers and experts say Schapiro made the SEC more efficient, and they note that she fought for increased funding needed to enforce new rules enacted after the crisis. She often clashed with Republican lawmakers who had opposed the 2010 financial overhaul law and wanted to cut the SEC’s budget.

Schapiro also faced criticism over a key decision she made in response to the Madoff Ponzi scheme. Madoff had been arrested a month before Schapiro took over at the SEC in January 2009.

Schapiro allowed her general counsel at the time, David Becker, to help craft the SEC’s policy for compensating victims. It was later discovered that Becker had inherited money his mother had made as a Madoff investor. Schapiro acknowledged in 2011 that she was wrong to have allowed Becker to play a key role in setting the policy.

The SEC’s inspector general concluded in a report that Becker participated “personally and substantially” in an issue in which he had had a financial interest. Some lawmakers complained that the affair further eroded the public’s trust in the SEC.

AUDIO: Should lettings be more regulated?

Category : Business, World News

A housing expert explained to 5 live the concerns of the Royal Institution of Chartered Surveyors about the rental market.

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Correctional Service of Canada: Death of Inmate at Edmonton Institution

Category : Stocks

EDMONTON, ALBERTA–(Marketwire – Oct. 11, 2012) - On October 11, 2012, inmate Mehari Wodaje from Edmonton Institution was found unresponsive in his cell. Correctional Officers immediately performed CPR and an ambulance was called.

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Vince Cable reveals £1bn backing for business bank to help small firms

Category : Business

Business secretary to announce plan that has chancellor’s approval and will help companies struggling to secure high-street funds

George Osborne has agreed to set aside £1bn to establish a British business bank to help small- and medium-sized enterprises, Vince Cable will announce on Monday.

In what Liberal Democrats are hailing as one of the major announcements of their conference, the business secretary will say that the new bank could leverage up to £10bn to help businesses struggling to find funds from high-street banks.

Cable, seen as the leading candidate to succeed Nick Clegg in the event of a Lib Dem leadership contest, will highlight his credentials on the left by saying he is working to develop a state-backed institution.

The business secretary will tell the conference in Brighton: “We need a new British business bank with a clean balance sheet and an ability to expand lending rapidly to the manufacturers, exporters and high-growth companies that power our economy. Today I can announce we will have one. I am working with the chancellor to develop a state-backed institution that will combine up to a billion pounds of new government capital with a larger private contribution.”

Clegg signalled in a Guardian interview last month that a business bank would be created when he said the government needed to bypass Britain’s “broken banking system”. The deputy prime minister said: “The effects of 2008, the heart attack in the banking system, [have lasted] much longer than we feared.”

The Lib Dems say they have had to fight hard to persuade the chancellor to sign up to the bank, which will be funded from “underspends” by Whitehall departments. These are the funds that remain unspent by departments, which are then clawed back by the Treasury.

Osborne is likely to be relaxed at the Lib Dem claims that they have to work hard to persuade him of the need for such a bank. It was first signalled by Downing Street earlier this month when the coalition announced a series of growth measures.

Cable hopes the £1bn of state funds will be matched by slightly more than £1bn from the private sector. He hopes this will then leverage a total of £10bn into a wholesale bank modelled on the KfW banks in Germany and the Small Business Administration in the US.

The bank will not have branches in the high street and will act as a wholesale institution. It will aim to make loans to small- and medium-sized enterprises through innovations such as peer-to-peer lending, run by companies such as Zopa, in which individuals bypass traditional banks to lend to each other.

The business secretary said last night: “The government understands the frustration felt by many small- and medium-sized businesses around securing credit, especially from the big four retail banks. Many new, promising, growing companies simply can’t get the loans they need to expand on reasonable terms. Manufacturers, exporters, startup companies are struggling to finance growth. We are going to help fix this.”

Chuka Umunna, the shadow business secretary, said: “Labour has led calls for a British investment bank since last year. It is crucial that this business bank is more than merely a rebadging of existing schemes [and] that it gets credit to profitable firms that can’t access it.”

The speech by Cable will be the most significant moment of the Lib Dem conference after Clegg’s speech on Wednesday. The business secretary confirmed in the Sunday Times that he would stand for the leadership if a vacancy arose.

Senior Lib Dems believe there is no threat to Clegg, who tried to stabilise his position by apologising for his decision to break a written pledge not to raise tuition fees. But the deputy prime minister is expected to face a difficult conference next year if his ratings have not improved by then.