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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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Minimum drink price challenge fails

Category : World News

A legal challenge to the Scottish government’s plans to introduce minimum pricing per unit of alcohol has failed.

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Gas supplier Statoil attacks UK’s market price reporting system

Category : Business

Norwegian gas company says British pricing is open to manipulation and calls for more transparent methods

One of the biggest suppliers of gas to Britain, Statoil of Norway, has said the UK’s system of power market price reporting is open to manipulation and “gaming” and needs to be shaken up.

The damning assessment of the UK system from one of the world’s biggest energy companies comes six months after the Guardian triggered an investigation by City and energy watchdogs with a report detailing concerns about wholesale gas market rigging raised by an ICIS Heren price reporter, Seth Freedman.

The inquiries into the £300bn market, started by the then Financial Services Authority and Ofgem, are still looking at the way the price reporting agencies such as ICIS cover the markets as well as how energy companies go about their wholesale trading activities.

Huge gyrations in reported prices on 28 September last year raised fears that it could represent market manipulation similar to Libor interest-rate rigging, a scandal that has undermined financial markets and led to fines of £290m for Barclays and £390m for Royal Bank of Scotland.

The prices reported by agencies such as ICIS form the basis for long-term contracts and one explanation for the 28 September price movements is that traders stood to benefit by manipulating the benchmark price.

In a letter in response to a consultation exercise launched by ICIS and published on its website, Statoil UK’s regulatory affairs adviser, Shelley Rouse, said the current price reporting methodology should be amended to improve the transparency and reliability of the calculations and the pricing indices. “We are concerned that the current methodology allows for the potential use of incorrectly reported trades to be factored into the index calculations, which can result in inaccurate prices being published,” she wrote. “Statoil would support the use of a daily weighted average of reported physical trades. This will enable the published pricing indices to fully reflect the traded market and would reduce the opportunity for gaming or market manipulation.”

As part of the same exercise, another of the world’s most powerful energy companies, RWE of Germany, said it too “may not always have full confidence in the accuracy of their [reporter-led] price assessments.”

Centrica, the owner of British Gas, also expressed positive views about basing prices on deals done through exchanges rather than on the over-the-counter (OTC) market.

ICIS, owned by Reed Business Systems, has now promised to set up an alternative system of price reporting based only on actual executed trades, which will run alongside its current system. In a statement signed by Louise Boddy, head of gas and power at ICIS Heren, she admitted her company needed to address these concerns. “Responses to this consultation do show consensus that a deals-based closing index methodology would provide a reliable measure of closing market value. ICIS will therefore develop a new pricing methodology to provide this,” she said .

“ICIS proposes to run a new closing index alongside certain closing assessments in a first phase lasting at least six months. After six months of publication, ICIS will analyse the reliability of this index. It will also go back to market participants for feedback on the reliability of the index and potential replacement of the existing assessments.”

Freedman was critical of the methodology used by ICIS, alleging among other things that his fellow reporters were not trained properly. He was subsequently sacked and has launched an unfair dismissal case.

Concerns about how all price reporting agencies conduct their business have also led to calls for changes from the International Organisation of Securities Commissions. This comes amid a trend for longterm wholesale contract prices to be linked to OTC gas prices established by companies such as ICIS and Platts rather than oil prices as usually happened in the past.

But the OTC market, estimated to be worth around £300bn annually, is largely unregulated and prices are hard to establish because the price reporters often have to rely on talking to only one party in any deal.

In February, three major brokers launched their own set of indices covering the UK and Europe based on confirmed transactions. The “Tankard” benchmarks have been created by ICAP, Marex Spectron and Tullet Prebon.

Interest List Now Forming for William Lyon Homes’ The Townes at ThreeSixty — A Groundbreaking Collection of Classic Modern Townhomes

Category : Stocks, World News

HAWTHORNE, CA–(Marketwired – Apr 12, 2013) – William Lyon Homes has announced plans for The Townes at gated ThreeSixty, a groundbreaking South Bay address of townhomes inspired by historic Los Angeles neighborhoods and the forerunners of classic modern architecture, Irving Gill and Rudolph Schindler. Showcasing innovation at its best, The Townes will represent the first neighborhood of its kind in the nation, a collection of timeless attached designs graced with light, form and function. With the highly anticipated model grand opening scheduled for summer 2013, now is the time to get dialed in for The Townes by visiting lyonhomes.com/the-townes to join the interest list and to stay ahead of the game on early phase pricing and key neighborhood events.

See the original post here: Interest List Now Forming for William Lyon Homes’ The Townes at ThreeSixty — A Groundbreaking Collection of Classic Modern Townhomes

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American Vanadium Corp. (AVCVF: OTC Link) | Home Country News Release

Category : Stocks, World News

Fri, Apr 05, 2013 07:37 – American Vanadium Corp. (AVCVF: OTC Link) released their Home Country News Release concerning AMERICAN VANADIUM AMENDS PRICING OF PRIVATE PLACEMENT. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=102257.

More here: American Vanadium Corp. (AVCVF: OTC Link) | Home Country News Release

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Liverpool’s season ticket ‘insult’

Category : World News

Liverpool FC supporters say planned season ticket rises are pricing loyal fans out of a seat.

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Australia summons technology giants

Category : World News

Technology giants Apple, Microsoft and Adobe are called by the Australian parliament to appear before a committee looking at pricing levels.

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CanAm Coal Corp. (COECF: OTC Link) | Home Country News Release – Contract Sales & Pricing 2012

Category : Stocks, World News

CanAm Coal Corp. has filed a Home Country News Release – Contract Sales & Pricing 2012 To view the full release click here (link to PDF).

Visit link: CanAm Coal Corp. (COECF: OTC Link) | Home Country News Release – Contract Sales & Pricing 2012

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CanAm Coal Corp. (COECF: OTC Link) | Home Country News Release – Contract Sales & Pricing 2012

Category : Stocks, World News

CanAm Coal Corp. has filed a Home Country News Release – Contract Sales & Pricing 2012 To view the full release click here (link to PDF).

Read more here: CanAm Coal Corp. (COECF: OTC Link) | Home Country News Release – Contract Sales & Pricing 2012

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Simba Energy Inc. (SMBZF: OTC Link) | Simba Energy Sets New Option Pricing

Category : Stocks, World News

October 25, 2012, Vancouver, B.C., Canada. Simba Energy Inc. (“Simba” or the “Company”) (TSXV: SMB; Frankfurt: GDA; OTCQX: SMBZF), announces that is has re-priced a total of 4,550,000 options held by directors and officers of the Company from $0.20 per share to $0.13 per share.

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HP Delivers Comprehensive Windows 8 PC Portfolio

Category : World News

PALO ALTO, CA–(Marketwire – Oct 24, 2012) – HP (NYSE: HPQ) today announced availability and pricing details for its new lineup of consumer and business PCs that are designed to work with Windows 8.

Original post: HP Delivers Comprehensive Windows 8 PC Portfolio

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