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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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VIDEO: Eco-tourism in Tunisia’s new era

Category : Business, World News

A slump in the number of visitors to Tunisia since the country’s revolution has forced those in the tourism industry to rethink their businesses.

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My crowdfunding concern

Category : Business, Stocks

The revolution will not be crowdfunded.

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Anthony Bolton keeps faith in China, as Fidelity investment fund recovers

Category : Business

Investors in the Fidelity China Special Situations fund will hope Bolton’s confidence in Chinese consumer spending is justified

Anthony Bolton’s stellar reputation as a fund manager took a dip when tens of thousands of small investors piled £580m into his Fidelity China Special Situations fund three years ago – and then lost a quarter of their money. But after a rally in the Shanghai and Hong Kong stock markets, the fund has made up nearly all its losses. Will 2013 be the year when Bolton finally starts to deliver?

The launch story for the fund in 2010 was seductive. Bolton was convinced a consumer revolution would follow China’s industrial revolution, and invested in the type of consumer-friendly stocks that would benefit. But after an initial surge, which took the share price from £1 to £1.25, his fund fell to a low of 70p, a drop of over 40% and a significantly worse performance than the China index. In perhaps the most embarrassing failure, one of Bolton’s investments, China Integrated Energy, lost 90% of its market value.

But the last three months have been kinder to Bolton. China Special Situations’ share price has jumped from 70p in September last year to touch 98p in recent trading, or just a whisker from its 100p initial price three years ago. His biggest holding, Tencent, an internet company that has more than 700m active users of its instant messaging service and up to 145m on the system at any one time, has seen its share price rise from HK$200 to HK$280 over the past year.

Bolton is convinced the recovery is not just temporary. “This year there are a lot of things that are aligned positively,” he says, citing the once-in-a-decade leadership change, with the president Hu Jintao passing control to Xi Jinping and a revival in economic growth with credit surging but inflation remaining under control. “After a long period in which people have been withdrawing money from Chinese shares, the money is now coming back. It is helping the parts of the market that have hurt me most. The small companies that dominated the downside will help me most in the upturn.”

New curbs on China’s overheating property market have sent stock prices in Shanghai downwards in the past two weeks (and the Fidelity fund has fallen back to 93p), and many economists are fretting over rising inflation. But Bolton says: “I wouldn’t put too much emphasis on the changes to property taxes, which have been in the pipeline for some time, and I think inflation is 2014′s problem, not this year’s. There is unlikely to be any real tightening [interest rate rises] until next year. What I’m interested in is the long-term change in China as it moves from investment to consumption. If you look at the degree to which wages are rising, that very much underwrites the consumption story. The demand side of the economy is looking fine.”

One sector where Bolton is hoping to capitalise on increased consumer spending is airline companies, and he has been building up significant holdings in China Southern Airlines and Air China. China Southern, although virtually unheard of in the UK, is the world’s sixth biggest airline, carrying more passengers than British Airways, Air France or Ryanair. “I don’t normally like airline stocks, especially in the west, where there is so much competition from budget airlines. But in China it’s different, with a heavily regulated market and just three players serving a market where there is a huge desire to travel, both domestically and internationally.”

The blow-up at China Integrated Energy has not deterred Bolton from investing in power companies. He reckons that a difficult time for power companies, which have been unable to pass on rising costs of coal and other raw materials, may now be over. He likes Huaneng Power International, which he believes will benefit from recent falls in coal prices. He is also investing in what China hopes will be a shale gas revolution akin to that in the US – but Bolton prefers the companies supplying services to the explorers rather than the explorers themselves, investing in Anton Oilfield Services and SPT Energy Group. Since October last year, the share price of SPT has doubled while Anton is up 150%.

However, the bit of China we see most in the west – its enormous export machine – is about the worst place for investors, says Bolton. “The exporters are being squeezed by a stronger currency and higher wages,” he warns.

Independent investment adviser Jason Hollands of Bestinvest.co.uk says the revival of Bolton’s fund is welcome news, but it is not in the clear just yet: “The launch of Fidelity China Special Situations was, to say the least, ‘unfortunate’ in its timing as it has had a torrid first couple of years both as a result of a weak market and underperformance of the trust against the index. But there is some scope for optimism. More recently the fund has had a very strong six months and the medium-term outlook for China has also improved as fears of a ‘hard landing’ for the Chinese economy have subsided, the leadership transition appears to have gone smoothly and latest wave of infrastructure spending will boost economic data. Of course, China is not out of the woods yet, with a key concern being the risks linked to its shadow banking system.”

PatientsLikeMe Unveils New Tool to Match Patients With Clinical Trials Worldwide

Category : Stocks, World News

Launch at European NHS Healthcare Innovation Expo Comes as PatientsLikeMe Chairman Calls for Revolution in Disease Measurement

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Revolution Resources Corp. (RVRCF: OTC Link) | Home Country News Release – Revolution Signs Formal Agreement with Lake Shore Gold for Mexican Property Portfolio

Category : Stocks, World News

Revolution Resources Corp. has filed a Home Country News Release – Revolution Signs Formal Agreement with Lake Shore Gold for Mexican Property Portfolio To view the full release click here (link to PDF).

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We need a revolution in how our companies are owned and run | Will Hutton

Category : Business

The second of this series on a new capitalism calls for a culture dedicated to long-term, ethical goals

Twenty years ago, Britain’s greatest industrial companies were ICI and GEC. A third, Rolls-Royce, secured from hostile takeover by a government golden share, had a board that was boringly committed to research and development and to investing in its business. ICI and GEC, under colossal pressure from footloose shareholders to deliver high short-term profits, tried to wheel and deal their way to success. Neither now exists. Rolls Royce, free from concerns about hourly movements in its share price, has gone on to be almost our last remaining great industrial company.

Britain, as the Kay review on the equity markets reported, has far too few Rolls-Royces. Instead the report identified a lengthening list of companies – Marks and Spencer, Royal Bank of Scotland, BP, GlaxoSmithKline, Lloyds and now BAE – which have made grave strategic errors, taken ethical short cuts or launched ill-judged takeovers, hoping to benefit their uncommitted tourist shareholders. Their competitors in other countries, with different ownership structures and incentives, have survived and prospered.

It is an unreported crisis of ownership that goes to the heart of our current ills. Over the last decade, a fifth of quoted companies have evaporated from the London Stock Exchange, the largest cull in our history. Virtually no new risk capital is sought from the stock market or being offered across the spectrum of companies. A share is now held for an average of seven months. Britain has no indigenous quoted company in the fields of car, chemical or building materials. They are all owned overseas, with design and research and development travelling abroad as well.

The stock market has descended into a casino, served by a vast industry of intermediaries – agents, trustees, investment managers, registrars and advisers of all sorts – who have grown fat from opaque fees. It has become a transmission mechanism for highly short-term expectations of profit driven into the boardroom. Directors’ pay has been linked to share price performance, offering them the prospect of stunning fortunes. As a result, R&D is consistently undervalued.

British companies are now hoarding some £800bn in cash, cash they would rather use buying back their own shares than committing to investment. We have allowed a madhouse to develop. An important reason why Britain is at the bottom of the league table for investment and innovation is the way our companies are owned or, rather, not owned.

It is a crisis of commitment. Too few shareholders are committed to the companies they allegedly “own”. They consider their shares either casino chips to be traded in the immediate future or as no more than a contract offering the opportunity of dividends in certain industries and countries; this requires no engagement in how those profits and dividends are generated. British law and corporate governance rules demand the narrowest interpretation of investors’ and directors’ duties: to maximise short-term profits while having minimal associated responsibilities.

The company is conceived as nothing more than a network of short-term contracts. Any shareholder – from a transient day trader to a long-term investor – has the same standing in law. American directors’ ability to defend their company from hostile takeover or German directors having to live – horrors – with trade union representatives on their supervisory boards are seen as obstacles to enterprise that Britain must not go near. But companies and wealth generation, as Professor Colin Mayer argues in his important forthcoming book Firm Commitment, are about co-creation, sharing risk and long-term trust relationships: Britain’s refusal to embrace these core truths is toxic. Companies were originally invented as legal structures to enable groups of investors to come together, committing to share risk around a shared goal and so make profit for themselves, but delivering wider economic and social benefits in the process. Incorporation was understood to be associated with obligations: a company had to declare its purpose before earning a licence to trade. There existed a mutual deal between society and company.

No game-changing improvement in British investment and innovation is possible without a return to engagement, stewardship and commitment. Limited liability should not be a charter to do what you like. It must be conditional on a core business purpose, along with the creation of trustees to guard it. Directors’ obligations should be legally redefined to deliver on this purpose. What’s more, every shareholder should be required to vote, with voting strength, as Mayer argues, increasing for the number of years the share is held.

To solve the problem that individual shareholders – even savings institutions – do not have sufficient muscle nor sufficient incentive to engage with managements, voting rights could be aggregated and given to new mutuals. These would support directors in delivering their corporate purpose, a proposal made by the Ownership Commission I chaired. Companies would become trust companies, with a stewardship code. The priority in takeovers would be the best future for the business, not the ambition to please the last hedge fund to take a short-term position.

Stakeholders should also have a voice in how the company is run. In Germany, a company’s bankers and its employee representatives have seats on the supervisory board. Why not copy success rather than continue with our failed system? The Kay review’s proposals to stop quarterly profit reporting, while a useful first step, do not address the core of the problem. The company has become a dysfunctional organisational construct that needs root-and-branch reform.

As part of the reform, Britain also needs more co-operatives, more employee-owned companies and more family-owned firms. It needs to be more attentive to which foreign companies own our assets and for what purpose. It is an ownership revolution to match the revolution in finance proposed last week. Together with an innovation revolution – see next week – the British economy could at last begin to deliver its promise.

VIDEO: Economic fall-out from film protests

Category : Business, World News

The violence in response to the US-made anti-Islam film in the Middle East could not have come at a worse time for countries in the region trying to move on after revolution.

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Salesfore.com (CRM) CEO Marc Benioff was in full hype mode during his Dreamforce conference keynote. He predicted the adoption of corporate social networking tools such as Salesforce’s Chatter would foster a "trust revolution" among…

Category : Stocks

Salesfore.com (CRM) CEO Marc Benioff was in full hype mode during his Dreamforce conference keynote. He predicted the adoption of corporate social networking tools such as Salesforce’s Chatter would foster a “trust revolution” among businesses, and brought out motivational speaker Tony Robbins to declare “the future is connect or die.” At least he didn’t compare rivals to Arab dictators this year. (product announcements) (TechCrunch Disrupt) 2 comments!

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Identity Access and Management Software CEO to Present at Biometric Consortium Conference 2012

Category : Stocks, World News

Avatier CEO and Industry Pioneer Discusses Potential Revolution in Identity and Access Management Software

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Revolution Resources Corp. (RVRCF: OTC Link) | Management Discussion and Analysis

Category : Stocks, World News

Fri, Sep 14, 2012 04:35 – Revolution Resources Corp. (RVRCF: OTC Link) released their Management Discussion and Analysis concerning Form 51-102F1 MD&A for the Nineth Month Period Ending July 31 2012. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=90749.

Read the original: Revolution Resources Corp. (RVRCF: OTC Link) | Management Discussion and Analysis

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