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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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Standard Chartered warning on cost of rules

Category : Business

Bank has notched up a 10th successive rise in annual profit, but said new regulations were costing it more than $500 a year

Standard Chartered has notched up a 10th successive rise in annual profit, with a 1% gain that was capped by the bank’s big fine for breaking US sanctions on Iran and rising regulatory costs.

London-listed Standard Chartered, which has benefited from Asia’s boom in the last decade, said new regulations including tougher liquidity and capital rules and a UK bank tax were costing it “well north” of $500m a year, and could be near $800m.

Many banks have said extra global regulations, brought in to make them safer after the 2008 financial crisis, are hurting profitability and could restrict their lending. But few have quantified the impact on their bottom line.

A European Union proposal to cap bankers’ bonuses at double their salary was also a worry, the bank said.

“We are concerned about it because we are a global bank and 97% of our staff are outside the EU and we are concerned about our ability to be competitive in attracting and retaining talent,” chief executive Peter Sands said.

Asked if it could prompt the bank to leave London, Sands said it was “too early to draw conclusions on what action we would take as we don’t know what we are dealing with”.

Standard Chartered said it had cut its 2012 bonus pool by 7% from a year before to $1.43bn, after it was fined $667m by US regulators for breaching sanctions related to Iran and three other countries.

Sands said his bonus would fall 10% to $3.15m.

The bank reported pretax profit of $6.9bn for 2012, up from $6.8bn in 2011 but just short of an average forecast from analysts of $7bn.

Bank sees profits rise despite fine

Category : Business

Standard Chartered bank increases profits despite being hit by a $667m (£440m) fine in the US for breaking sanctions on Iran.

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Friends of Simon Wiesenthal Center for Holocaust Studies Congratulates Israeli Prime Minister Benjamin Netanyahu on His Re-Election

Category : Stocks

FSWC Says His Commitment to Deal with the Challenge of Iran Is in Line with Canadian Values

See more here: Friends of Simon Wiesenthal Center for Holocaust Studies Congratulates Israeli Prime Minister Benjamin Netanyahu on His Re-Election

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Bank sees $330m Iran settlement

Category : World News

Standard Chartered expects to pay $330m (£205m) to US regulators to settle claims that it did not comply with US sanctions against Iran.

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Sara Roy Where’s our humanity for Gaza? – Boston Globe

Category : Stocks


Boston Globe
Sara Roy Where's our humanity for Gaza?
Boston Globe
A young Palestinian boy carries a bag with scavenged plastic in a dump outside Gaza City. Oliver Weiken/EPA. A young Palestinian boy carries a bag with scavenged plastic in a dump outside Gaza City earlier this month. Reprints; E-mail. Share via e-mail. To
Middle East shifts may weaken Iran's influence with PalestiniansLos Angeles Times
Mideast waits on outcome of truce; both sides say they're committed to peaceDetroit Free Press
For Israel, Gaza Conflict Is Test for an Iran ConfrontationNew York Times
USA TODAY

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Mitt Romney argues for more US intervention in Syria, Egypt, Iran – Newsday

Category : Stocks


Newsday
Mitt Romney argues for more US intervention in Syria, Egypt, Iran
Newsday
Mitt Romney argues for more US intervention in Syria, Egypt, Iran WASHINGTON – Republican presidential nominee Mitt Romney is proposing the US take a more assertive role in Syria, put conditions on aid to Egypt and tighten sanctions on Iran as he looks
Obama chides Romney on taxes but acknowledges he debated poorlyLos Angeles Times
Romney to propose new sanctions on Iran, new help for Syrian rebelsCBS News
Obama ribs his own debating; Romney eyes speechBusinessweek
Fox News

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Iran currency crisis sparks Tehran street clashes

Category : Business

Police use teargas and batons on demonstrators and Tehran bazaar closes as value of rial plunges

Hundreds of demonstrators in the Iranian capital clashed with riot police on Wednesday, during protests against the crisis over the country’s currency. Police used batons and teargas to try to disperse the crowds.

The day after President Mahmoud Ahmadinejad appealed to the market to restore calm, the Grand Bazaar – the heartbeat of Tehran’s economy – went on strike, with various businesses shutting down and owners gathering in scattered groups chanting anti-government slogans in reaction to the plummeting value of the rial, which has hit an all-time low this week.

“Mahmoud [Ahmadinejad] the traitor … leave politics,” shouted some protesters, according to witnesses who spoke to the Guardian. Other slogans were “Leave Syria alone, instead think of us,” said opposition website Kaleme.com.

Iran’s alleged financial and military support for the regime of Bashar al-Assad appears to have infuriated protesters in the wake of the country’s worst financial crisis since the Iran-Iraq war in the 1980s.

Angry protesters and foreign exchange dealers were demonstrating near the bazaar in the south of the capital, where many exchange bureaux are located.

“The Bazaaris shouted ‘Allahu Akbar’ [God is great] as they closed down their shops in the morning,” said a witness. “It’s impossible to do business in the current situation.” Amateur videos posted on YouTube which appeared to have been taken from Wednesday’s protests, showed demonstrators encouraging Bazaaris to close down shops in solidarity. Security forces were soon sent to quell the protests.

“They used teargas to disperse demonstrators in Ferdowsi Street and also blocked the streets close to the protests in order to prevent people joining them,” said another witness, who asked to remain anonymous. “Some shop windows in that area have been smashed and dustbins set on fire.” A number of demonstrators had been arrested, according to Kaleme.

A bazaar official, Ahmad Karimi Esfahani, denied that the “turbulences” were linked to the business owners, claiming said shops were closed for security reasons and not as part of a strike. “The bazaar will open tomorrow as normal,” he told the semi-official Ilna news agency. A conservative website, Baztab, described the clashes as “suspicious”, denying Bazaaris were involved.

The devaluation of the rial and soaring prices of staple goods are the latest signs that western sanctions – targeting the regime’s nuclear programme – and government mismanagement are compounding the country’s economic woes.

On Wednesday, many foreign exchange dealers and bureaux across the country refused to trade dollars and some currency-monitoring websites refused to announce exchange rates.

Some Iranians expressed anger on social networking websites over the national TV blackout of the protests, saying it discussed the European financial crisis with little if any coverage of Tehran’s unrest. The authorities were also reported to have jammed signals of the BBC’s Persian service as the protest unfolded.

The government has failed to bring the rial under control despite several attempts. It has lost 57% of its value in the past three months and 75% in comparison with the end of last year. The dollar is now three times stronger than early last year. The economy minister, Shamseddin Hosseini, said the government planned to “gather up” the unofficial currency market in the latest desperate ditch to curb the crisis.

On Tuesday Iranian authorities announced they would send security services to calm the market but Wednesday’s developments appear to show that the move has backfired.

Ahmadinejad was bombarded with questions about the currency crisis on Tuesday as he spoke to reporters in a press conference but the embattled president, who is under fire from his conservative rivals, rejected the suggestion that it was the result of his economic policies or government incompetence.

Instead, he blamed the rial’s slump on his enemies abroad and opponents at home, saying his government was the victim of a “psychological war”. Ahmadinejad acknowledged western sanctions have contributed to the crisis.

An opinion poll posted on a conservative website, Khabaronline.ir, showed that more than 90% of those participated were not convinced with Ahmadinejad’s responses on Tuesday.

Iran’s supreme leader, Ayatollah Ali Khamenei, speaking to elites on Wednesday, said the country was under pressure because “it did not yield to the demands of tyrannies”.

Iran is one of the world’s largest oil producers and relies on crude sales as the main source of its the foreign currency reserves. The latest US and EU embargo on the imports of Iranian oil has affected that reserve, sending the rial tailspinning and making the dollar hard to come by.

Commenting on Iran’s currency slump, the US secretary of state, Hillary Clinton, said that sanctions could be “remedied” swiftly if Tehran were cooperating with the international community to address the questions about its disputed nuclear programme.

“They have made their own government decisions – having nothing to do with the sanctions – that have had an impact on the economic conditions inside of the country,” Clinton told reporters.

“Of course the sanctions have had an impact as well, but those could be remedied in short order if the Iranian government were willing to work with the P5+1 [the five security council members plus Germany] and the rest of the international community in a sincere manner,” she added.

Iran clashes over currency crisis

Category : Business

Riot police in Iran break up protests in the capital, after sharp falls in its currency, the rial, which has plummeted against the US dollar.

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Netanyahu at the UN: Bibi Makes Nice with Obama – TIME

Category : Stocks


TIME
Netanyahu at the UN: Bibi Makes Nice with Obama
TIME
By Jay Newton-Small | @JNSmall | September 27, 2012 | + Benjamin Netanyahu, Prime Minister of the State of Israel, addresses the UN General Assembly in New York City, Sept. 27, 2012 Benjamin Natanyahu offered an unlikely endorsement of President Barack
Netanyahu's Iran 'Red Line' Deadline May Buy US TimeBusinessweek
Iran claims right to retaliate, after Israel UN speechBBC News
Netanyahu's Iran 'Red Line' Deadline May Buy U.S. TimeBloomberg
Hindustan Times

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Iranian Leader Softens Anti-Israel Rhetoric in UN Speech – Businessweek

Category : Stocks


NEWS.com.au
Iranian Leader Softens Anti-Israel Rhetoric in UN Speech
Businessweek
By Indira AR Lakshmanan on September 27, 2012 Iran's president made no overt calls for Israel's destruction and omitted any mention of his nation's disputed nuclear program during a United Nations speech that instead offered his vision of a spiritual
Netanyahu brings fears about Iran to UNBoston.com
Iran's rhetoric casts pall over Jewish holidayUSA TODAY

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