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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 leads FTSE 100 lower as US investor cautions on bank’s loan book

Category : Business

Leading index dips after seven days of gains, after disappointing Chinese data and banking sector weakness

Standard Chartered is leading the way lower as the market slips back after seven days of gains.

The bank is down 70p at £15.13, a decline of more than 4%, following a report that investment group Muddy Waters was shorting its shares. According to Bloomberg, the group’s Carson Block said he was concerned about the bank’s deteriorating loan quality, and said its loan book could come under stress when the Chinese economy slows down. He reportedly said at a conference in Las Vegas on Friday:

We think the market misunderstands the amount of risk that’s presently in the book.

He pointed to a $1bn loan to Samin Tan, the chairman of Bumi, the coal company at the centre of a dispute between co-founders Nathaniel Rothschild and Indonesia’s Bakrie family.

Meanwhile HSBC is 11.4p lower at 733.4p after Investec moved from buy to reduce. Analyst Ian Gordon said:

We are perfectly comfortable with HSBC’s first quarter 2013 financials – sharply lower impairments and an improving cost performance broadly offsetting weak revenues – but after the stock’s recent outperformance we see limited further upside.

Overall the FTSE 100 is down 21.65 points at 6603.33, not helped by disappointing Chinese industrial production figures. Investors have turned a little more cautious following recent market performances, including a five and a half year high on the FTSE 100.

Miners are mixed after the Chinese data, with Anglo American down 29.5p at 1561.5p and Eurasian Natural Resources Corporation 4.7p lower at 289.2p.

But Lonmin has been lifted 15.4p to 294.2p after the platinum miner reported a better than expected first half profit of $54m, up from $18m and lifted its production guidance. The group has been hit by a wave of unrest and violence in South Africa, and warned that wage talks ahead presented a significant challenge.

Elsewhere GlaxoSmithKline has climbed 19p to £16.89 following news late on Friday that US regulators had approved Breo, a treatment for chronic pulmonary disease made in partnership with American group Theravance.

G4S has added 5.1p to 252.8p as bargain hunters emerged after the company’s recent declines. The company has won a couple of UK government contracts as it tries to shed the legacy of its chaotic London Olympic performance.

FTSE 100 climbs to new five year highs as mining shares gain on central bank moves

Category : Business

Equities lifted by Australian interest rate cut and hopes of further action from ECB after Draghi comments

Mining stocks are among the main gainers as leading shares rose to a new five year high.

Hopes of further central bank action to boost the global economy have been fuelling share price rises, and with the Reserve Bank of Australia cutting rates and ECB boss Mario Draghi hinting on Monday of more to come if things get no better, that mood is continuing.

Rebecca O’Keeffe, head of investment at Interactive Investor, said:

In recent weeks, every piece of bad news has been tempered by the knowledge of unlimited central bank support, whilst every piece of good news has heralded a wave of new money. So far in May we’ve had the Fed, the ECB and now the RBA, who cut rates overnight, making all the right noises sending markets the multi-year and all time highs, providing investors with continued positive momentum.

With the central bank safety net in place and alternative asset classes unattractive, equities have reaped the rewards, but questions are now starting to be asked about how long equities can continue to provide such stellar returns – in particular during the historically volatile month of May. With some markets, including the Dow, reaching psychological barriers, alongside the period when the weight of new money typically slows, these constraints may well limit the ability of the markets to make significant further gains over the next few weeks.

Controversial Kazakh miner Eurasian Natural Resources Corporation has climbed 19.3p to 312p, Rio Tinto has risen 73p to 3095.5p and Glencore Xstrata has added 7p to 350.95p.

Randgold Resources missed out, dropping 163p to £49.42 as brokers including Numis and Investec cut their target prices following a biggest than forecast fall in earnings reported last week.

HSBC is 21.3p higher at 735.2p after better than expected results but G4S slid 37.3p to 268.2p after the security company warned on margins following a difficult first quarter in Europe.

J Sainsbury is down 2p at 388.9p as it confirmed reports it was in advanced talks with Lloyds Banking Group, up 0.64p to 54.69p, to take full ownership of their joint venture.

Overall the FTSE 100 has climbed 22.02 points to 6543.48.

Chesapeake stock sinks despite solid earnings

Category : Business, Stocks

The embattled natural gas company reported a profit. But skeptical investors are still not sure the turnaround is for real.

Read the original post: Chesapeake stock sinks despite solid earnings

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FTSE 100 continues winning streak as Antofagasta gains ground after update

Category : Business

Investors continue to support markets with miners leading the way on hopes of further central bank moves

Investors are not selling in May so far, defying the old stock market adage.

Despite the FTSE 100 recording its eleventh monthly rise in a rose – the best performance since the index began in 1984 – it has added another 24.17 points to 6454.29. Early days yet of course, but the continuing hope of further moves by central banks to stimulate the global economy continue to spur the market on.

Later comes the US Federal Reserve and on Thursday is the monthly update from the European Central Bank, which is widely expected to cut rates. Any disappointments from these meetings are likely to be taken badly. The US non-farm payrolls, an important indicator of the state of the world’s largest economy, are out on Friday.

The mining sector was among the gainers despite China’s manufacturing index slipping from 50.9 in March to 50.6 last month, adding to concerns about economic growth in the region. Most analysts however said the new Chinese government’s plans for infrastructure investment should keep things ticking over.

Chilean mining group Antofagasta added 29p to 926.5p after a 13% rise in first quarter copper production and strong cost control. Mining investors have been concerned about soaring costs but Antofagasta said they were flat in the first three months of the year. Canaccord Genuity said:

Total copper produced in the quarter was 183,800 tonnes ahead of our 177,900 tonnes estimate. Cash costs were a lot better than we had expected with gross cash costs at 172c cents a pound, well below our 187 cents estimate.

Randgold Resources has risen to the top of the leading index, up 175p at £52.35 ahead of an update on Thursday and despite a pay revolt by investors on Monday.

An exception to the sector optimism was controversial Kazakh miner Eurasian Natural Resources Corporation, 7.4p lower at 267p on news of another possible investigation by City regulators.

A number of companies went ex-dividend including insurer Admiral, down 40p at £12.41, Reed Elsevier, 21p lower at 731p and ITV, off 3.4p at 122.5p.

Home Retail, the owner of Argos and Homebase, dipped 0.1p to 155.7p as profits fell for the fifth year to £91m but met analyst forecasts.

Rival Dixons Retail has risen 1.07p to 36.17p after Deutsche Bank raised its price target from 36p to 41p with a buy recommendation. Ahead of an update on 16 May analyst Charlie Muir-Sands said:

We expect sales for the 16 weeks to end April to follow a similar pattern to the third quarter: robust sales growth in markets where Dixons is market leader (mainly UK and northern Europe) offset by ongoing weakness in peripheral divisions. We make no material changes to our forecasts. However, recent (admittedly small) disposals [equanet and Webhallen] increase our conviction that management is serious about restructuring/ disposing of these loss-making businesses.

UK fraud probe for Kazakh miner ENRC

Category : World News

The UK’s Serious Fraud Office starts an investigation into Kazakh mining company and FTSE 100 member Eurasian Natural Resources Corporation.

Read more: UK fraud probe for Kazakh miner ENRC

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FTSE falls as China slowdown hits mining shares, but United Utilities lifted by bid talk

Category : Business

Leading shares undermining by disappointing Chinese GDP, with metal prices and mining groups under pressure

A smattering of bid talk was not enough to prevent markets moving lower, with mining shares leading the way down.

Disappointing economic data from China – a key market for commodities – hit metal prices, with gold falling to a two year low. China reported a 7.7% rise in first quarter GDP but this was lower than the 7.9% growth achieved in the fourth quarter of 2012 and below forecasts of 8%.

So Randgold Resources is down 366p to £45.92, not helped by Citigroup cutting its price target from £55.40 to £43 and issuing a sell recommendation. Polymetal International is down 57p to 802p while Fresnillo has fallen 79p to £11.94.

Eurasian Natural Resources Corporation has dropped 13.3p to 236.1p, with JP Morgan Cazenove edging down its price target to 295p from 300p.

Overall the FTSE 100 has fallen 68.22 points to 6316.17, despite takeover speculation lifting water shares. United Utilities has jumped 19.5p to 740.5p, a 2.7% rise following weekend reports the company was beefing up its defences against a bid. Infrastructure funds are said to be keen on UK utilities, which has also helped lift Severn Trent 19p to £17.25. But Peter Atherton at Liberum Capital was cautious:

United Utilities has (according to a Sunday Times article) appointed Goldman as an advisor. The Sunday Times says that this is to beef up its defence team against a possible bid, although the company is quoted as saying that the appointment was part of a normal review of advisors. Last week it was Pennon, this week United Utilities.

These rumours do the rounds every few months. The reason they keep re-appearing is that there is some logic. We know that infra funds like UK network assets and especially their inflation protection. But there are several things against a bid. First, we are already into year 3 of this 5 year regulatory cycle. So a bidder would only have 1.5 years left where they know the regulatory settlement. Ofwat are changing a lot in 2015 so a bidder would face considerable uncertainty over the post 2015 cash flow. Second is size, United Utilities has a market cap of £4.7bn so a bidder would need to pay somewhere north of £5.5bn which is probably too big for any infra fund (this is not 2006). So the chance of a bid – 20%.

Still with utilities, Centrica has climbed 1.3p to 380.7p after the British Gas owner linked up with Qatar Petroleum to pay $987m for oil and gas assets in Canada.

Australian $40bn LNG project shelved

Category : World News

Australia’s second biggest oil company, Woodside Petroleum, puts a $40bn proposed liquefied natural gas project on hold.

Read the original here: Australian $40bn LNG project shelved

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Fat Grafting and Breast Augmentation Workshop in New York City Ahead of ASAPS 2013

Category : Stocks, World News

Dr. Stafford R. Broumand Will Participate in the First Composite Breast Workshop to Discuss the Combination of Natural Breast Enhancement Through Fat Grafting and Breast Implants

See the rest here: Fat Grafting and Breast Augmentation Workshop in New York City Ahead of ASAPS 2013

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Horizons Betapro Nymex Natural Gas Bear Plus ETF (HBNNF: Grey Market) | Symbol Change

Category : Stocks, World News

Fri, Apr 05, 2013 12:00 – Horizons Betapro Nymex Natural Gas Bear Plus ETF (HBNNF: Grey Market) – Symbol Change – The symbol, HBNNF, is no longer a valid symbol for Horizons Betapro Nymex Natural Gas Bear Plus ETF. As of Fri, Apr 05, 2013, the new trading symbol is HBNND. You may find a complete list of symbol changes at otcmarkets.com.

Link: Horizons Betapro Nymex Natural Gas Bear Plus ETF (HBNNF: Grey Market) | Symbol Change

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Delek Group Ltd. (DGRLY: OTCQX International Premier) | Delek Group Announces Consolidated Results for 2012

Category : Stocks

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Delek Group Announces Consolidated Results for 2012

PR Newswire

TEL AVIV, Israel, March 24, 2013

TEL AVIV, Israel, March 24, 2013 /PRNewswire/ –

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