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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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TAD Acquires the Iskut Copper Gold Prospect

Category : Stocks

VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 6, 2013) - TAD Mineral Exploration Inc. (“TAD” or the “Company”) (TSX VENTURE:TJ) wishes to announce it has acquired approximately 2,165 acres of land prospective for copper and gold near the village of Iskut, British Columbia, the “Iskut Copper Gold Prospect”. This new prospect is in the vicinity of the recent discovery made on Colorado Resources Ltd.’s (TSX VENTURE:CXO) North Rok Property that retuned grades of 242 m of .63% Cu and .85% Au (April 25, 2013). This region of British Columbia also hosts the Red Chris mine owned by Imperial Metals. This prospect was acquired through staking.

Read the original here: TAD Acquires the Iskut Copper Gold Prospect

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Mossack Fonseca & Co. Sponsors the International Film Festival of Panama

Category : Stocks

PANAMA CITY–(Marketwired – May 3, 2013) –  Mossack Fonseca & Co. will participate as a sponsor of the International Film Festival of Panama (IFF Panama), which will be held from 11 to 17 April 2013. The company participates as a law firm specializing in intellectual property and other legal services. Carlos Sousa-Lennox, Director of Marketing for the company, said: “We are pleased to work with the various cultural initiatives and the protection of intellectual property in this way to support national and international artists.”

See more here: Mossack Fonseca & Co. Sponsors the International Film Festival of Panama

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The investment trend hedge funds want kept secret

Category : Stocks

Hedge funds are scooping up personal property tax liens from municipalities at a quick pace after big banks decided it was too risky.

Read the rest here: The investment trend hedge funds want kept secret

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Homebuyers turn to five-year fixed-rate mortgages

Category : Business

The number of five-year fixes has increased 73% in the past year as two-year deals lose popularity with mortgage borrowers

Would you fix your mortgage for five years, seven or even 10? A few years ago the vast majority of people would have said no, opting instead for a cheaper, shorter-term two-year deal. But the tide has turned and increasing numbers of borrowers want the certainty of a longer-term commitment, say brokers – and lenders are offering more, and better, deals.

Tomorrow HSBC is launching the lowest ever five-year fixed rate at 2.49% for those with a 40% deposit or the equivalent equity (be warned; the fee is a whopping £2,000).

This is the first time a five-year fix has dropped below 2.5% – but it’s not just HSBC getting in on the act. In the last year, the number of five-year fixed-rate deals has increased by 73%, says data provider Moneyfacts. By comparison, the traditionally popular two-year fixes have only increased by 33%.

Sylvia Waycot, editor at moneyfacts.co.uk said: “Five-year fixed-rate mortgages have traditionally been a bit too expensive to be the first choice for most of us. However, thanks to lenders enjoying cheap loans from the government this is changing.”

The government announced last week that it is extending its Funding for Lending scheme, which has been widely credited with bringing mortgage rates down for borrowers.

Experts believe rates on all mortgage terms could become more competitive in the year ahead. So, with all these cheap deals around, should you look to fix at all and if so, for how long?

Consider the base rate

Borrowers deciding whether to fix will undoubtedly want to take into account the widespread speculation that interest rates are unlikely to rise any time soon. “Our view is that we won’t see a rise in the 0.5% base rate until 2016,” says Rob Harbron, economist from the Centre for Economics and Business Research (CEBR). “Expectations for continued low rates are a result of our outlook for the economy – weak growth conditions are expected to remain the ‘new normal’ for the next few years.”

Economist Ian Kernohan from Royal London Asset Management adds that as the UK is still in post-crisis recovery mode, this means disappointing growth and low interest rates for at least a few years. “We have pencilled in the first rate rise for late 2015 at the very earliest,” he says.

Martin Ellis, housing economist at the Halifax, adds that as interest rates look set to remain at the same level for the rest of the year, this offers a compelling reason for some borrowers to stay on tracker rates.

“However, a fix provides absolute certainty about the cost of monthly repayments,” he says.

Robin Barter, 44, and his wife, Tracey, 46, are among those who have just remortgaged on to a five-year fix for the first time. The couple live in a four-bedroom house in Oxfordshire with their three children: Scott, nine, Luke, seven, and Hugh, four.

Prior to remortgaging, the Barters had held tracker mortgages with Halifax for 14 years but have now switched to NatWest. “Initially, I thought we’d go for another tracker, as I’m familiar with this kind of deal,” says Robin, an account director. “But when we contacted broker London & Country, they came back with the same conclusion that I was starting to reach, that in the current economic climate we’d be better on a fix.

“Given that the base rate is only going to go up at some point, we decided to go for a five-year fix with NatWest.”

This was priced at 2.99% and came with a £995 fee; the deal also offered both free valuation and legal work. “Locking into a low five-year fix now gives us peace of mind that our payments are protected for longer,” says Robin.

“It also means we won’t have to pay fees to remortgage again in a few years, as we would with a shorter deal.”

Beware sky-high fees

For some borrowers, choosing a rock-bottom mortgage rate may be a false economy, according to Andrew Montlake from broker Coreco.

“Having to remortgage and pay high arrangement fees every two years may not be the best way to go,” he says.

“For example, while borrowers may like the sound of HSBC’s two-year fix at 1.89%, at up to 60% loan-to-value (LTV), the fee of £1,999 adds roughly 0.5% to the rate spread over the two years. As a result, Norwich & Peterborough’s fix with a slightly higher rate of 1.99% at up to 60% LTV and a fee of £995 could be a better option over two years.” The key is to factor in the product fee as well as the headline rate. “This will determine whether you are better off paying a higher fee and taking the very lowest rate, or opting for a slightly higher rate with a lower arrangement fee,” says Montlake.

Is two years long enough?

With little expectation of the base rate climbing in the near term, brokers say borrowers are increasingly turning to deals that protect their payments for longer than two years.

After the new HSBC five-year fix, the lowest on rate alone is Yorkshire building society at 2.59% at 60% LTV. Again, this comes with a £1,475 fee. Norwich & Peterborough building society has a five-year fix at 2.74% at 60% LTV with a much lower fee of

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Homebuyers turn to five-year fixed-rate mortgages

Category : Business

The number of five-year fixes has increased 73% in the past year as two-year deals lose popularity with mortgage borrowers

Would you fix your mortgage for five years, seven or even 10? A few years ago the vast majority of people would have said no, opting instead for a cheaper, shorter-term two-year deal. But the tide has turned and increasing numbers of borrowers want the certainty of a longer-term commitment, say brokers – and lenders are offering more, and better, deals.

Tomorrow HSBC is launching the lowest ever five-year fixed rate at 2.49% for those with a 40% deposit or the equivalent equity (be warned; the fee is a whopping £2,000).

This is the first time a five-year fix has dropped below 2.5% – but it’s not just HSBC getting in on the act. In the last year, the number of five-year fixed-rate deals has increased by 73%, says data provider Moneyfacts. By comparison, the traditionally popular two-year fixes have only increased by 33%.

Sylvia Waycot, editor at moneyfacts.co.uk said: “Five-year fixed-rate mortgages have traditionally been a bit too expensive to be the first choice for most of us. However, thanks to lenders enjoying cheap loans from the government this is changing.”

The government announced last week that it is extending its Funding for Lending scheme, which has been widely credited with bringing mortgage rates down for borrowers.

Experts believe rates on all mortgage terms could become more competitive in the year ahead. So, with all these cheap deals around, should you look to fix at all and if so, for how long?

Consider the base rate

Borrowers deciding whether to fix will undoubtedly want to take into account the widespread speculation that interest rates are unlikely to rise any time soon. “Our view is that we won’t see a rise in the 0.5% base rate until 2016,” says Rob Harbron, economist from the Centre for Economics and Business Research (CEBR). “Expectations for continued low rates are a result of our outlook for the economy – weak growth conditions are expected to remain the ‘new normal’ for the next few years.”

Economist Ian Kernohan from Royal London Asset Management adds that as the UK is still in post-crisis recovery mode, this means disappointing growth and low interest rates for at least a few years. “We have pencilled in the first rate rise for late 2015 at the very earliest,” he says.

Martin Ellis, housing economist at the Halifax, adds that as interest rates look set to remain at the same level for the rest of the year, this offers a compelling reason for some borrowers to stay on tracker rates.

“However, a fix provides absolute certainty about the cost of monthly repayments,” he says.

Robin Barter, 44, and his wife, Tracey, 46, are among those who have just remortgaged on to a five-year fix for the first time. The couple live in a four-bedroom house in Oxfordshire with their three children: Scott, nine, Luke, seven, and Hugh, four.

Prior to remortgaging, the Barters had held tracker mortgages with Halifax for 14 years but have now switched to NatWest. “Initially, I thought we’d go for another tracker, as I’m familiar with this kind of deal,” says Robin, an account director. “But when we contacted broker London & Country, they came back with the same conclusion that I was starting to reach, that in the current economic climate we’d be better on a fix.

“Given that the base rate is only going to go up at some point, we decided to go for a five-year fix with NatWest.”

This was priced at 2.99% and came with a £995 fee; the deal also offered both free valuation and legal work. “Locking into a low five-year fix now gives us peace of mind that our payments are protected for longer,” says Robin.

“It also means we won’t have to pay fees to remortgage again in a few years, as we would with a shorter deal.”

Beware sky-high fees

For some borrowers, choosing a rock-bottom mortgage rate may be a false economy, according to Andrew Montlake from broker Coreco.

“Having to remortgage and pay high arrangement fees every two years may not be the best way to go,” he says.

“For example, while borrowers may like the sound of HSBC’s two-year fix at 1.89%, at up to 60% loan-to-value (LTV), the fee of £1,999 adds roughly 0.5% to the rate spread over the two years. As a result, Norwich & Peterborough’s fix with a slightly higher rate of 1.99% at up to 60% LTV and a fee of £995 could be a better option over two years.” The key is to factor in the product fee as well as the headline rate. “This will determine whether you are better off paying a higher fee and taking the very lowest rate, or opting for a slightly higher rate with a lower arrangement fee,” says Montlake.

Is two years long enough?

With little expectation of the base rate climbing in the near term, brokers say borrowers are increasingly turning to deals that protect their payments for longer than two years.

After the new HSBC five-year fix, the lowest on rate alone is Yorkshire building society at 2.59% at 60% LTV. Again, this comes with a £1,475 fee. Norwich & Peterborough building society has a five-year fix at 2.74% at 60% LTV with a much lower fee of

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Osborne’s woes capped by damning verdict on housing policy

Category : Business

George Osborne also faces a jump in unemployment, another ratings downgrade and the IMF’s criticisms on austerity

George Osborne faces a fresh onslaught on his economic credibility this weekend, as the influential Treasury select committee publishes a damning report on his flagship budget housing policy, hours after Fitch became the latest credit ratings agency to strip the UK of its coveted AAA rating.

Capping a grim week for the chancellor, in which the International Monetary Fund urged him to rethink his austerity plans and the latest official figures showed a jump in unemployment, MPs accuse him of failing to answer 19 key questions about the Help to Buy scheme, aimed at helping first-time buyers.

“It is by no means clear that a scheme whose primary outcome may be to support house prices will ultimately be in the interests of first-time buyers,” the MPs say.

They warn that the chancellor’s package of measures to boost the property market could instead stoke a housing bubble and leave taxpayers exposed to a future downturn in prices.

Andrew Tyrie, the Tory MP who chairs the committee, said: “The government’s Help to Buy scheme is very much work in progress. It may have a number of unintended consequences.”

The committee’s report, published on Saturday, is a fresh blow for Osborne, after Fitch followed rival agency Moody’s in reducing the UK’s credit rating to AA+.

The chancellor had made retaining the coveted AAA badge a key gauge of his credibility, but Fitch said that its decision reflected sickly growth and the worse than expected state of the public finances.

“The downgrade of the UK’s sovereign ratings primarily reflects a weaker economic and fiscal outlook and hence the upward revision to Fitch’s medium-term projections for UK budget deficits and government debt,” it said.

Of the major ratings agencies, only Standard & Poors now describes the UK as an AAA country.

Speaking in Washington, the chancellor adopted a defiant tone, signalling his determination to face down calls from the IMF to soften his deficit reduction strategy and insisting that his approach to putting the public finances in order was both “credible and flexible”.

Asked whether he would accept the advice of the report that will be published by the IMF after a team visits the UK next month, Osborne said: “It depends whether I agree with the advice.”

The chancellor’s bold attempt to get the housing market moving, by offering interest-free loans worth up to 20% of the price of a property and taxpayer-backed mortgage guarantees, was the centrepiece of last month’s budget.

But Saturday’s report from the Treasury select committee cautions that the new measures give the Treasury “a financial interest in maintaining house prices to limit the losses to the taxpayer”, which could make the housing support measures permanent.

If mortgage lenders got tough on borrowers, the report adds, repossessions could rise, leading to a sharp fall in prices, so that “the Treasury could end up facing large losses on those mortgages it has guaranteed”.

The MPs’ strongly worded report will stir memories at the Treasury of last year’s “omnishambles” budget, when the chancellor was forced to reverse a series of key policies, including the controversial “pasty tax” and a cap on tax relief for charitable donations, after vocal public criticism.

Cathy Jamieson, the shadow Treasury minister, said: “At the end of a week when unemployment rose and the IMF warned Britain needs a plan B, this damning report is another damaging blow to George Osborne.

“We will only tackle the housing crisis and help first-time buyers if we have a major programme of affordable house building.”

The select committee finds there is no evidence that Osborne’s housing plans would help to boost the construction of much-needed new homes. “If the government’s priority was housing supply, its housing measures should have concentrated there,” the report says.

Several City economists have also expressed scepticism about the chancellor’s mortgage measures. Danny Gabay, of consultancy Fathom, accused the chancellor of encouraging households to take on even more debt, exposing them to the risk of a housing downturn.

“Square the circle: ‘excessive government debt, bad; excessive private sector debt, good,’” he said, calling Osborne’s policies “the most naked, cynical attempt to engender a housing-based boom, built on yet more debt”.

Asked whether his housing subsidies risked inflating a new bubble, the chancellor said: “I don’t agree. This is a period of real weakness in the housing market. The risks of a housing bubble are pretty nonexistent.”

He insisted he was trying to tackle the “abnormally high cost of mortgages and the very high deposits being asked of people”.

The chancellor said the Bank of England would have the power to end the scheme if it had concerns that it might create a housing boom.

“This is a time-limited scheme and I have given the key to its continued operation to the Bank of England financial policy committee. It can turn the key off in the next parliament,” he said.

But the select committee expressed concerns that exercising this power would be “a distraction or burdensome” for the fledgling body, which could face intense pressure from hard-pressed homebuyers to continue taxpayer support.

Instead, MPs argued, there was a strong case for the final decision on ending the scheme to rest with politicians.

Despite two years in which the economy has moved sideways, the chancellor said he did not feel under threat politically.

“I don’t see anybody coming up with a political alternative,” he said. “I remain focused on delivering what I said I

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Quick house sale firms spark OFT investigation

Category : Business

Watchdog says such firms provide useful service for homeowners but are often used by consumers in vulnerable situations

Companies who offer desperate homeowners a quick sale are to be investigated by the Office of Fair Trading, following concerns that their customers may be receiving tens of thousands of pounds less than their property is worth.

Quick house sale providers offer to buy a house or find a third party buyer very quickly, usually at a discount from the full market value. The sale is a cash sale, and the emphasis is on speed, with promises of completion in as little as five days in some cases. While most firms claim to offer fair or “realistic” prices and “no hidden fees”, consumers have reported cases where a price has been agreed, only to be dropped at the last minute, and being hit with high charges after a valuation has been accepted.

The OFT has launched a market study into the industry, writing to more than 50 quick house sale firms asking for information on their business models and calling for consumers who have used these services to tell it about their experiences.Cavendish Elithorn, the OFT’s senior director for goods and consumer, said: “Businesses offering quick house sales may provide a useful service for homeowners who need to unlock cash in a hurry.

“However, they are often used by consumers in vulnerable situations and therefore we are concerned about the risk of consumers being misled and losing out on large sums of money.”

Activity by these firms has increased in recent years, against a backdrop of falling property sales and a growing numbers of people struggling to repay their mortgages – by the end of 2012, more than 150,000 households had fallen behind on mortgage repayments.

In their website marketing some companies appear to be targeting people in danger of repossession, offering a quick sale before the lender can act. Many seem to be focussing on areas where the housing market is very slow or repossession rates are high.

Consumers who have used these schemes can contact the OFT at quickhousesales@oft.gsi.gov.uk by 16 May 2013.

Solar3D Files Patent Application in China for Breakthrough 3-Dimensional Solar Cell

Category : World News

Company Intellectual Property for Its Ultra-Efficient Silicon Solar Cell Will Be Protected in One of the World’s Largest Solar Markets

Read more from the original source: Solar3D Files Patent Application in China for Breakthrough 3-Dimensional Solar Cell

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Redstar Gold Corp.: Drilling at Newman Todd Intersects High-Grade Gold; 63.10 g/t Gold Over 0.50 Metres

Category : Stocks

VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 8, 2013) - Redstar Gold Corp. (TSX VENTURE:RGC) (“Redstar” or the “Company”) is pleased to announce additional high-grade gold results from the ongoing 2013 diamond drill program at the Newman Todd property in Red Lake, Ontario.

Go here to see the original: Redstar Gold Corp.: Drilling at Newman Todd Intersects High-Grade Gold; 63.10 g/t Gold Over 0.50 Metres

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Sierra Iron Ore Corp. (SIOCF: OTCQX International) | Sierra Iron Ore Corp. Provides an Update on the Legal Action Against A Neighboring Company to the Mazomique Property

Category : Stocks, World News

< ?xml version="1.0" encoding="UTF-8"?>

Sierra Iron Ore Corp. Provides an Update on the Legal Action Against A Neighboring Company to the Mazomique Property

PR Newswire

VANCOUVER, March 27, 2013

Symbol:-TSX-V:NAA

OTCQX:SIOCF

VANCOUVER, March 27, 2013 /PRNewswire/ – SIERRA IRON ORE CORP (the “Company”)
is pleased to provide an update on the legal action against PARADOX
GLOBAL RESOURCES, SA DE CV (“Paradox”) that owns and operates an iron ore mine on the adjacent
property to the recently optioned Mazomique property that is located
south of the El Creston property.

As previously announced on January 8, 2013, the legal action claims that Paradox has illegally crossed the property lines and has been operating
and extracting iron ore from the Mazomique property for resale into the
market. The legal action initiated by Sierra Iron Ore has successfully
resulted in the termination of any further mining operations conducted
by Paradox on the Mazomique property.

The Company is also in discussions with several interested parties to
evaluate the ore resource that was illegally removed from the Mazomique
property in order to determine the existence of an economic material
zone that can be mined for production in the very near term.

“Samples from the Mazomique zone are being analyzed to confirm that the
ore meets the standard for immediate sale into the global markets and
support the criminal motive by Paradox to conduct the theft of the ore
resource,” stated Wally Boguski, President and CEO. “We continue to
vigorously pursue all legal remedies and will aggressively defend and
protect the company’s assets. We are working with the local court and
government authorities at the state and federal levels and expect full
cooperation with a favorable resolution to our legal claim.”

About Sierra Iron Ore

Sierra Iron Ore is a growth focused mineral exploration company creating
value through the exploration and development of the El Creston
property located in the Sinaloa State of Mexico. The company has a
continual fieldwork program at the El Creston Property that is
comprised of drilling, mapping, sampling and planning for further
property development. Roads have been built and upgraded and equipment
has been mobilized for further developing the known magnetite zones
identified by recent exploration work.

Sierra Iron Ore also has 100% ownership of the Tom Cat property which is
located 200 kilometres east-northeast of Vancouver within the historic
Aspen Grove copper camp. The company is currently conducting an
exploration program of geological mapping and sampling program as a
prelude to a planned diamond drill program.

On behalf of The Board of Directors of Sierra Iron Ore Corporation.

Paul Lee, Director

This news release contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not under
the control of Sierra Iron Ore Corp. which may cause actual results,
performance or achievements of Sierra Iron Ore Corporation to be
materially different from the results, performance or expectation
implied by these forward looking statements. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release, which has been prepared
by management

SOURCE Sierra Iron Ore Corporation

View original post here: Sierra Iron Ore Corp. (SIOCF: OTCQX International) | Sierra Iron Ore Corp. Provides an Update on the Legal Action Against A Neighboring Company to the Mazomique Property

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