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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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Diamond Fortress Technologies Announces Successful Testing Results

Category : Stocks


BIRMINGHAM, AL–(Marketwired – April 24, 2013) –  
Diamond Fortress Technologies, Inc. (DFT) has completed the first round of internal testing of its touchless mobile biometrics technology and is pleased to announce that the results are excellent!

See more here: Diamond Fortress Technologies Announces Successful Testing Results

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Diamond Fortress Technologies Announces Successful Testing Results

Category : Stocks


BIRMINGHAM, AL–(Marketwired – April 24, 2013) –  
Diamond Fortress Technologies, Inc. (DFT) has completed the first round of internal testing of its touchless mobile biometrics technology and is pleased to announce that the results are excellent!

Read the original here: Diamond Fortress Technologies Announces Successful Testing Results

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BP oil spill probe ‘had limitations’

Category : Business

A BP executive admits that the scope of an internal investigation into the Gulf of Mexico oil disaster that he led did not include budget pressures from top management.

Excerpt from: BP oil spill probe ‘had limitations’

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JP Morgan has plenty of shaping up to do

Category : Stocks

An internal report is just a start. Regulators and JP Morgan’s board have much more they need to examine.

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JP Morgan ordered to improve control functions after heavy losses

Category : Business

Regulators in the US order the Wall Street bank to strengthen its internal systems and controls

US regulators on Monday night ordered JP Morgan to improve its control functions after multimillion-dollar losses on trading positions.

After the losses, which eventually reached $6bn (£3.7bn), were first announced by the US bank in May, it became known as the “London Whale” incident and was said to have taken place in a trading operation known as the bank’s “chief investment office”(CIO).

The Financial Services Authority said it had referred the matter to its enforcement division as regulators in the US ordered the Wall Street bank to strengthen its internal systems and controls.

The FSA, the City regulator, said: “In addition to its extensive supervisory agenda, the FSA is continuing to conduct a formal enforcement investigation into the trading losses. Conclusions will be reached in the enforcement investigation in due course and any further appropriate action determined at that time”.

The US regulator, the Office of Comptroller of the Currency, said it had conducted “several targeted exams” and listed “deficiencies” in the so-called chief investment office, including “inadequate oversight and governance to protect the bank from material risk, inadequate risk management processes and procedures, inadequate control over trade valuation, inadequate development and implementation of models used by the bank”.

The OCC issued a so-called cease and desist order as it also cited inadequate internal audit processes.

The US Federal Reserve gave 60 days to submit a plan to enhance its risk management. The way top executives are paid also needs to be reviewed to take account of “adverse risk outcomes and control deficiencies”.

The Fed also issued another order against JP Morgan requiring it to take corrective action to enhance its programme for compliance with the bank secrecy act and other anti-money laundering requirements at various subsidiaries.

The CIO where the problems are understood to have occurred involved the arcane $10 trillion credit default swaps markets, a type of insurance against companies defaulting, one an index of 125 companies including Campbell’s Soup, Time Warner and Walt Disney.

Thomas Curry, of the OCC, said in June that the so-called CIO had “inadequate risk management” while the bank’s high-profile chief executive, Jamie Dimon, had been left embarrassed by the losses that occurred only months after he dismissed reports about the trading activities.

Dimon – who until the “London Whale” debacle had been regarded as having escaped the financial crisis with his reputation relatively unscathed – is now expected to be stripped of part of his bonus following the publication of the bank’s results later this week.

JP Morgan neither admitted or denied the findings but said it had “already made progress” in dealing with the matters raised. The bank said there were no allegations of “intentional misconduct by the firm or any of its employees”.

BHP Billiton hints at change of CEO

Category : Business

Latest statement from mining company suggests that the search for a successor to Marius Kloppers is under way

“Succession planning for the CEO and senior management team is an ongoing process and one of the most critical tasks of any board,” said BHP Billiton yesterday. That is not confirmation that boss Marius Kloppers is heading for the exit in the next year or two. But it is a reasonable hint that a search is now under way.

Kloppers has a decent record. The biggest feather in his cap is that BHP avoided a rights issue when commodity prices collapsed in 2009. Rio Tinto and Xstrata did not. That counts for a lot, notwithstanding the subsequent failed pursuit of Potash Corporation in Canada and the overpayment for shale gas assets in the US.

Kloppers is only 50 but, if he is going soon, it’s probably helpful for chairman Jac Nasser that the obvious internal candidates know so. Management wheels in the mining industry are turning, not least at Anglo American. Best to keep Alberto Calderon, Andrew Mackenzie and Marcus Randolph – all older than Kloppers – focused on the chance of internal promotion.

Internal Fixation Systems, Inc. (IFIX: OTC Link) | Venue Change

Category : World News

Fri, Oct 19, 2012 12:00 – Internal Fixation Systems, Inc. (IFIX: OTC Link) – Venue Change – The symbol, IFIX, no longer trades on OTC Link/FINRA BB. As of Fri, Oct 19, 2012, IFIX trades on OTC Link. You may find a complete list of venue changes at otcmarkets.com.

Continue reading here: Internal Fixation Systems, Inc. (IFIX: OTC Link) | Venue Change

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Merged BAE-EADS could be too big to prosecute, anti-corruption group warns

Category : Business

Company should set up independent board if £30bn deal goes ahead, says Transparency International director

A merger of BAE Systems and EADS could produce an arms company so big it would operate beyond the reach of the law, the author of a report on corruption in the defence industry has warned.

“This will be a huge defence company in Europe and there will be a concern that it will be above prosecution, almost like the banks,” said Mark Pyman, director of the defence and security programme at Transparency International UK.

He said that if the planned £30bn merger went ahead, the company should set up an independent board to ensure it did not indulge in bribery and corruption.

The warning adds another potential obstacle to the deal, which has already run into political headwinds as governments from Berlin to Washington argue about how and where the new company would be run.

The British, German and French governments all have stakes in the companies’ merger and the US administration is the biggest customer of BAE.

Pyman was speaking prior to the launch of an unprecedented study looking at defence companies around the world and their attitudes towards corruption.

Transparency International’s first anti-corruption index shows that British and US firms have responded to past scandals by adopting a much more rigorous approach towards corruption than continental European firms, including EADS. There were significant differences between BAE and EADS in their approaches to transparency and disclosure, Pyman said.

BAE came up at the top of band B in the index, while EADS only made band C. Neither EADS nor any French defence company agreed to supply internal company information to the compilers of the study, even on a confidential basis.

“If the merger goes ahead it is really important that the combined companies have anti-corruption systems at least equal to BAE’s, and which really should be in band A,” Pyman said.

He spoke of BAE’s slush fund for secret payments to Saudi dignitaries in a contract initiated in the 1980s (which was exposed by the Guardian), the payments to foreign governments by the US company Lockheed Martin in the 1970s, and the 2003 bribery scandal involving Boeing employees over a contract for a new US air force tanker aircraft. “It is clear that scandals have had an immense effect on changing a company’s behaviour.”

The TI study concludes that two-thirds of the world’s biggest defence firms do not provide enough public evidence on how they fight corruption. It states: “Defence corruption threatens everyone – taxpayers, soldiers, governments, companies. With huge contracts and high secrecy in the defence sector there are numerous opportunities to hide corruption away from public scrutiny.

“A company website is the best place for a company to tell the world exactly how it fights corruption.”

Pyman said: “Corruption in defence is dangerous, divisive, wasteful. The cost is paid by everyone. Governments and taxpayers do not get value for their money and clean companies lose business to corrupt [ones]. Money wasted on defence corruption could be better spent.”

Lord Robertson, a former Nato secretary general, said: “Companies must have a reputation for zero tolerance to corruption

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Tax fraud banker gets $104m award

Category : Business

The US Internal Revenue Service awards $104m (£65m) to a convicted former banker who informed US tax authorities about overseas tax cheats.

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Nomura punished for trading flaws

Category : Business

Japan’s Nomura is told to bolster internal controls by the country’s regulators after it admitted some staff were guilty of insider trading.

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