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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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FRO – Special General Meeting

Category : Stocks

HAMILTON, BERMUDA–(Marketwired – May 10, 2013) – Frontline Ltd. (the “Company”), advises
that the Special General Meeting of the
Shareholders of the Company was held on May 8, 2013 at 9:30 a.m. (Bermuda
time)
at the offices of the Company, 4(th) Floor, Par-la-Ville Place, 14
Par-la-Ville Road, Hamilton HM08, Bermuda. The following Resolutions were
passed:

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Which cities do the world’s millonaires and billionaires live in?

Category : Business

Twenty cities have more than 100,000 millionaires – but which has most? And where do the world’s billionaires live?
Millionaires | Multi-millionaires | Billionaires | Country
Get the data
More data journalism and data visualisations from the Guardian

Where do the world’s wealthiest individuals live? Well, it depends if you’re talking millionaires, multi-millionaires or billionaires, according to a new list of the global rich.

Tokyo may contain the most millionaires (US$), however London is the city with the highest number of multi-millionaires – defined as individuals with over $30m each. For the fattest of the fat cats, though, look to New York where 70 billionaires have made their home – or maybe one of their many global homes.

The ranking of top global cities for millionaires, multi-millionaires and billionaires has been compiled by London based wealth consultancy WealthInsight using five years of data analysed by their team. So what insights can we glean from this latest rich list?

Millionaires

Tokyo tops the list with 461,000 millionaires at the end of 2012, followed by New York City with 389,000. London and Paris take third and fourth place respectively with Frankfurt, Beijing, Osaka, Hong Kong and Shanghai making up the the remainder of the top ten. Interestingly the second highest city for billionaires, Moscow, comes in 20th for its number of millionaires.

The report also looks at the proportion of each country’s millionaires in each city. Tokyo accounts for 21% of Japan’s millionaires whereas New York City accounts for only 7% of US millionaires. Cities with much higher proportions include Seoul (83%), Rome (49%) and London (42%).

Multi-millionaires

Now for the big players, those individuals with over $30m each. London is top of the list as the city with the most multi-millionaires (4,224) but Tokyo and Singapore follow in second and third place respectively.

New York makes an appearance at fourth place on the rankings – but if you’re surprised by the Big Apple’s slip down the rich list, WealthInsight do point out that ‘many wealthy New Yorkers live off the Island in cities such as Greenwich which has over 350 multi-millionaires on its own’.

Billionaires

New York (Manhattan) contains the most billionaires according to the release with 70 in the city. Moscow has 64 billionaires and London boasts 54.

Moscow, Mumbai and Istanbul are significantly higher on the billionaire list than they are on the millionaire rankings. Moscow which is ranked 20th for millionaires and is absent from the top 20 cities for multi-millionaires, comes in at third place on the billionaires list.

Hong Kong, Beijing, Mumbai, Istanbul, Shanghai, Paris and Los Angeles all make it into the top ten.

Country

Despite Tokyo topping the list as the city with the highest total of millionaires, when it comes to country level the US boasts the most with 5,231 in 2012 – a figure WealthInsight expects to jump to 7,318 by 2020.

But the country to watch according to the wealth consultancy is China. They predict that it will overtake Japan and Germany to become the second largest wealth market in the world by 2020. India is also expected to rise up the rankings, from 11th place in 2012 to 5th place in 2020.

The tables below show the top ten cities for millionaires, multi-millionaires and billionaires. The downloadable spreadsheet contains data at country level and the proportion of country’s millionaires in each city. What can you do with this?

Data summary

Download the data

DATA: download the full spreadsheet

More data

More data journalism and data visualisations from the Guardian

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Mather is Rangers chief executive

Category : Business

Craig Mather is appointed as interim chief executive of Rangers and given a place on the board.

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International Display Advertising, Inc. (IDAD: OTC Pink Current) | International Display Advertising Completes Corporate Reorganization With New CUSIP Number 459410 106 And Launches Operations

Category : Stocks

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International Display Advertising Completes Corporate Reorganization With New CUSIP Number 459410 106 And Launches Operations

PR Newswire

ST. PETERSBURG, Fla., April 18, 2013

ST. PETERSBURG, Fla., April 18, 2013 /PRNewswire/ –

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Stocks may be up, but fear is back in the market

Category : Stocks

Opinion: The terror attack in Boston is a sad reminder that the world is a scary place … and that stocks may need to pull back further,

Read more here: Stocks may be up, but fear is back in the market

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Living on borrowed call time as Vodafone fails to deliver

Category : Business

When our two sons needed new smartphones to take on their travels, we had to lend them our own

I tried to order smartphones for my two teenage sons and an iPhone 4 for myself. I was told by Vodafone that there would be a wait for the iPhone, but the phones for my sons were to be delivered the next day. I spent several days waiting for couriers who didn’t turn up, only to be told that I had rejected the delivery; that the phones were back at the warehouse; that the salesman hadn’t put the order through in the first place. The excuses of the courier not being able to find the house were negated by the fact that the iPhone was delivered within days by the same firm.

My sons needed their new phones to go travelling, so I lent one son my new iPhone and my husband lent his exisiting iPhone to the other. Both were used on our iPhone contracts. We then had to pay extra costs to use old Nokia phones out of the back of the drawer. I was then promised two refurbished iPhones instead of the missing smartphones. DR, Cumbria

Vodafone appears aghast at its own incompetence and immediately sends the two missing phones, but too late. Your sons have grown wedded to their borrowed iPhones and you prefer to buy two replacements for you and your husband elsewhere. The only good news is that Vodafone has offered you a discounted price plan as hard-won compensation.

If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.

PSA for April 25 "Eye of the Beholder" Fundraising Event at the Ranche Restaurant in Fish Creek Provincial Park

Category : Stocks, World News

CALGARY, ALBERTA–(Marketwired – April 5, 2013) - The Eye of the Beholder VIP event will take place on Thursday, April 25 from 6:30 -10:00 pm.

See the rest here: PSA for April 25 "Eye of the Beholder" Fundraising Event at the Ranche Restaurant in Fish Creek Provincial Park

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Demolishing some myths about the single currency

Category : Business

Capital controls will intensify the slump while severely damaging the credibility of the euro

The introduction of capital controls in Cyprus is a textbook example of shutting the stable door after the horse has bolted. Rich Russians and wealthy Cypriots knew the crisis was coming and have had the best part of a fortnight to spirit their money out of the country since it broke, even assuming they did not do so beforehand. The restrictions will intensify the slump Cyprus faces while not removing the risk of bank runs when branches finally open for businesson Thursday. What’s more, the controls severely damage the credibility of the euro.

That’s not to say the controls are unnecessary. Even with the severe restrictions announced in place, there is a possibility of bank runs. Without them, bank runs would be a certainty. Modern banking is essentially based on a sleight of hand under which banks have readily available funds that are only a fraction of their total deposits. If all the customers demand their money at once, as would be the case in Cyprus without controls, the banks go under.

The government in Nicosia insists capital controls will be removed within a week, but that looks as heroic an assumption as the idea that the economy will shrink by just 3.5% this year, the current EU forecast. Iceland introduced capital controls in 2008 and still has them in place. There will no doubt be pressure from Brussels on Cyprus to lift the controls as quickly as possible, but most analysts expect them to be in place for a minimum of six months.

As far as the real economy is concerned, Latvia – which had pegged its currency to the euro – suffered an 18% contraction of its economy following a banking collapse. And bank deposits were just 100% of GDP in Latvia; in Cyprus they were 800% of GDP before the crisis. To sum up, Cyprus is going to have a collapsing economy buttressed by capital controls, but unlike Iceland will not have the option of devaluation to make itself more competitive. Speculation that it will become the first country to leave the euro will not go away. Indeed, it will intensify the longer the capital controls are in place.

There are, of course, wider implications for Europe despite attempts over the last week to say that Cyprus is a special case. When the euro was created just over a decade ago it was supposed to embody certain principles. One of those principles was that a euro would be a euro anywhere inside the single currency zone. That has now been violated; a euro in Nicosia is not worth the same as a euro in Berlin.

A second trait of the single currency was that it was supposed to be a secure store of wealth. International investors would have confidence in it and it would rival the dollar as a global reserve currency. That idea has also taken a pasting as a result of the disastrous handling of Cyprus; the decision to make deposit holders pay a share of the bailout has been accompanied by a fall in the value of the euro against the dollar. That’s hardly surprising; savings in US banks are perceived as rock solid whereas those in eurozone banks are not.

A third core belief was that the euro would lead to economic convergence, with the weaker and poorer countries raising their performance to the level of the rich nations at the monetary union’s core. This has looked increasingly absurd against a backdrop of bailouts for Greece, Ireland and Portugal, and the chronic lack of competitiveness displayed by Italy, Spain and – more recently – France.

So Cyprus has put two myths to bed. One is the myth of convergence; the other is that the debt crisis is over. A new chapter has opened, that’s all.

Police alert as Cyprus banks reopen

Category : World News

Armed police are on guard in Cyprus and strict capital controls are in place as banks prepare to reopen amid the crisis over an EU/IMF bailout.

Go here to read the rest: Police alert as Cyprus banks reopen

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REPEAT: Earth Hour-BMO Survey Shows 51% of Canadians Surprised by Costs of Utilities

Category : Stocks, World News

Turn the lights down low – Earth Hour takes place today between 8:30 and 9:30 p.m. local time

- BMO provides tips for homeowners on how to reduce their environmental footprint and overall utility bills

Read more: REPEAT: Earth Hour-BMO Survey Shows 51% of Canadians Surprised by Costs of Utilities

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