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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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Will the stock market momentum continue?

Category : Business

After fresh records last week, investors will have slew of data on on the housing market, manufacturing sector and the consumer.

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Dow, S&P hit new highs in quiet trading

Category : Business, Stocks

U.S. stocks continue to set new records as investors welcome better-than-expected corporate earnings and signs of strength in the job market.

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Getting used to a slower pace of growth in China

Category : Business

Why Chinese growth can’t carry on breaking records

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Universal Music launches new label

Category : Business, World News

Universal Music UK has announced the launch of a new label which brings together Virgin Records and Mercury Records under one name.

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VIDEO: World records boost for Middle East

Category : World News

Middle East Business Report examines the growing appeal of setting new world records in the Middle East.

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More men working beyond pension age

Category : World News

More men than women have been found to be working beyond state pension age in the UK for the first time since comparable records began in 2005, official figures show.

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Public Libraries Generate Record eBook Traffic on Christmas

Category : Stocks, World News

Single-Day eBook and Audiobook-Lending Records Shattered at OverDrive Libraries

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Ancestry.com bought for £1bn

Category : Business

Family history website has been bought in a private equity-backed deal that will make multimillionaires of two of its bosses

The world’s biggest family history website has been bought for $1.6bn (£1bn) in a private equity-backed deal that will make multimillionaires of two of its bosses.

Ancestry.com’s chief executive, Tim Sullivan, and its finance chief, Howard Hochhauser, were part of a buyout led by the private equity firm Permira that has taken the genealogy giant private at a 41% premium to its share price before speculation over a sale started pushing the shares up.

“This is a successful outcome for our public stockholders, and a great day for Ancestry.com employees and subscribers around the world,” said Sullivan.

The group of buyers includes Spectrum Equity, the biggest shareholder with a stake of about 30%.

Permira said that it intends to invest in international expansion of the business, which was once cited as potential suitor for the failed UK social networking site Friends Reunited.

The 15-year old Ancestry.com allows users to scour more than 10bn digitised records from around the world, some dating back to the 13th century. Records include Australian election rolls, US military records and transatlantic steamer passenger lists.

The company has more than 2 million subscribers paying up to $34.95 a month, mostly in the US, although it has users in Canada, Australia and the UK. The website has operated in the UK since 2001 and sponsors a Who Do You Think You Are? genealogy live event.

It boosted subscribers by more than 40% through its association with the US version of the TV programme Who Do You Think You Are? on NBC – but its share price dipped 12% when the show was cancelled earlier this year after three series.

The company started out as Ancestry Inc in the early 1980s, when the only way to research family history was by going to far flung libraries.

In 1996 it moved online and three years ago it became Ancestry.com and listed on the Nasdaq stock market.

The firm now has 850 employees in 10 offices in the US, Britain, Italy and Germany, and revenues of around $475m.

Earlier this year it bought Archives.com for $100m.

In 2009 the company was linked with a potential bid for ITV’s Friends Reunited. The profitable element of the social networking site was its Genes Reunited sub-brand. Friends Reunited – which ITV bought for £175m – was eventually sold to Dundee-based DC Thomson, which publishes Beano and The Dandy, owns findmypast.co.uk and runs 1901censusonline.com, for just £25m.

Since listing on the Nasdaq stock exchange Ancestry.com has performed relatively well. In the second quarter it beat analyst expectations with earnings per share of $0.44 and revenues of $119m.

“With its pioneering technology and market leading position, Ancestry.com is an exciting investment opportunity for the Permira funds,” said Brian Ruder, a partner at Permira, the European private equity firm. “We are thrilled to be able to back the company as it continues to develop new and innovative content, and expand in both its core markets and into new geographies.”

Ancestry.com received offers from the private equity firms in August, but they did not meet the price at the time.

FSA fines Bank of Scotland £4.2m

Category : Business, World News

Bank of Scotland has been fined £4.2m for failing to keep accurate records of the mortgage payments of 250,000 Halifax customers.

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While the advent of electronic medical records ((EMR)) was supposed to reduce costs, expenses have actually risen, the NYT has found. Hospitals that obtained government incentives to adopt EMRs received a 47% increase in Medicare payments at higher…

Category : Stocks

While the advent of electronic medical records (EMR) was supposed to reduce costs, expenses have actually risen, the NYT has found. Hospitals that obtained government incentives to adopt EMRs received a 47% increase in Medicare payments at higher levels from 2006-2010, well above the 32% rise at hospitals that didn’t receive the inducements. A main reason is that EMRs have made fraud easier to carry out. 2 comments!

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