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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...
Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday
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...
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...
Eurozone crisis live: Japan's strong growth figures... PM Shinzo Abe's stimulus package could generate feelgood factor needed to end two decades of stagnant growthPhillip Inman
LONDON, UNITED KINGDOM–(Marketwire – March 2, 2013) - Following a major overhaul and site upgrade, Go-Game.com has announced Sky Vegas will rank at number one position on its comprehensive online gaming directory.
Read the original post: Sky Vegas Secures Premier Ranking On Go-Game.com
Mongolian ozeki Harumafuji defeated countryman and yokozuna Hakuho in an epic final bout to win the Autumn Grand Sumo Tournament on Sunday, virtually guaranteeing himself promotion to the sport’s top rank of yokozuna.
Harumafuji has not only met the Japan Sumo Association’s yokozuna promotion standard of back-to-back championships having triumphed in Nagoya in July, but he has done it in style with another spotless 15-0 record en route to his fourth overall title.
More: Harumafuji wins title, set for yokozuna rank
OTTAWA, ONTARIO–(Marketwire – Sept. 13, 2012) - Commander Peter Lamont, a Canadian Forces military judge, has sentenced Major Christopher Lunney to a reduction in rank to Captain and a severe reprimand in relation to the death of Corporal Joshua Baker and the injury of four other soldiers.
Original post: Major Lunney Sentenced Following Court Martial
Malaysian billionaire Quek Leng Chan’s Rank Group is already the UK’s second-largest operator
The acquisition of the casino arm of the gambling firm Gala Coral by Malaysian billionaire Quek Leng Chan’s Rank Group has been referred to the Competition Commission for scrutiny.
With 34 casinos trading under the Grosvenor and GCasino brands, Rank is already the UK’s second-largest operator. Only Genting, run by Lim Kok Thay, the scion of another Malaysian billionaire dynasty, is larger. The addition of Gala casinos would add a further 23 sites, giving Rank a commanding 40% share of UK casinos. The group also holds licences for further casinos, as does its controlling shareholder, Quek’s conglomerate Guoco.
If Rank’s takeover of Gala casinos goes ahead, the two Malaysian groups will together control 75% of UK casinos.
For many years the ownership of the stock market-listed Rank was fought over by competing Malaysian interests – Quek’s Guoco and Lim’s Genting. Genting became Britain’s largest casino operator in 2006 when it acquired Stanley Casinos. Guoco tried sought to apply for its own casino licences but after limited success started to acquire shares in Rank. Fearing Quek would take control of Rank, Genting swooped on shares, taking a large stake overnight in what appeared to be an attempt to thwart the takeover ambitions of Guoco.
The two Malaysian groups interest on Rank’s share register appeared to be in deadlock until last year when Genting seemed to surrender its interest in Rank to its arch-rival without a fight. Lim’s group sold its 11.6% stake – big enough to block a Guoco takeover – to Quek’s empire in a near nil-premium deal, baffling many analysts and industry experts.
That took Guoco’s stake to over 40%, triggering a mandatory takeover. Despite advice to the contrary from Rank directors, many smaller shareholders sold out – again without receiving a takeover premium – leaving Guoco with a stake of 74.5%.
The Office of Fair Trading said: “Rank and Gala are two of only three large national casino operators in the UK. This merger would represent a major consolidation, which could be expected to reduce competition, both locally and nationally. The high barriers to entry and expansion in the casino sector mean the loss of competition could potentially be irreversible.”
Category : Business
The proposed takeover by betting firm Rank Group of Gala Casinos is referred by the Office of Fair Trading to the Competition Commission.
See original here: Rank’s Gala takeover faces review
Philip Hammond unveils cost-cutting plan in bid to show all ranks are making savings
One in four senior military and civilian staff at the Ministry of Defence are to be axed over the next two years, the defence secretary, Philip Hammond, has said.
A new senior structure for the ministry will be introduced next year in an attempt to show that all ranks of the services are making savings, and the cuts are not falling disproportionately on serving lower ranks.
“At a time when we are making difficult decisions about defence spending and have had to accept reductions across the board, we cannot ignore the volume of posts at the top,” said Hammond. “For too long the MoD has been top heavy, with too many senior civilians and military.”
In July, Hammond announced that 17 units were to be axed from the British army as part of sweeping reforms that will reduce its overall strength by 20,000. There would be at least two tranches of redundancies next year and in 2014.
By April 2013, 26 civilian and military posts at the rank of Commodore, Brigadier, Air Commodore or above are expected to have been phased out, saving an estimated £3.8m a year. Following the change, the slimmed-down head office is expected to focus on strategic direction, and frontline commanders will start to take responsiblity for their own budgets.
The changes were recommended in a report in 2011 by Lord Levene, the former chairman of Lloyds of London. The 84-page report also recommended a joint forces command to break down rivalries and barriers between the army, air force and Royal Navy, and that senior military should lose their jobs if over-spending got out of control.
Category : Business
Profits at betting group Rank rise 9% thanks to growth in its Grosvenor Casinos business and its online operations.
See original here: Casinos and online bets help Rank
Baruto dropped the sledgehammer on rank-and-filer Myogiryu in another blitzkrieg Tuesday, continuing his brilliant form on the third day of the Spring Grand Sumo Tournament.
Baruto, who won the New Year meet in January and is making a bid at promotion to yokozuna, sits in a group of eight wrestlers sharing the lead, including lone yokozuna Hakuho, in the early going at 3-0.
See the article here: Baruto dominates in victory over Myogiryu
Category : World News
“We’re the law and you’re not,” the ECB seems to be saying to Greek bondholders as it gets to do a bond swap with no loss while private holders will have no such luck. It’s a violation of the principal that holders of the same paper rank equally, but the ECB, says Richard Barley, is more worried about its credibility. 
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