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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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Boston Beer buzz kill: Stock down 11%

Category : Stocks

The maker of Sam Adams badly missed analyst expectations as it battles to keep a competitive edge in a crowded market of micro-brewers.

Excerpt from: Boston Beer buzz kill: Stock down 11%

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New rules ‘could end Carroll deal’

Category : World News

West Ham manager Sam Allardyce says new financial fair play rules could scupper any move for striker Andy Carroll.

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Stockbroker faces ban over share sale tactics

Category : Business

Sam Kenny appeals against £450,000 fine and City ban for pressuring clients into buying unsuitable products

A stockbroking firm that used high-pressure tactics to try to coerce customers into buying risky small company stocks has been censured by the Financial Services Authority and its chief executive faces a ban on working in the City.

Sam Kenny, the former chief executive of Gracechurch, is fighting a £450,000 fine from the FSA and its decision to bar him after he was found to have personally pressured clients to buy shares and encouraged his staff to do the same.

Gracechurch would have been fined £1.5m by the FSA if it had not already been in administration and the watchdog would have fined its compliance officer, Carl Davey, £175,000 if it was not for the “serious financial hardship” this would cause. Davey has been prohibited from working in the financial services industry. The FSA said he was involved in deliberately withholding the records of sales calls that it had requested.

Between April 2008 and November 2009, Gracechurch advised 340 clients to buy about £4m of stocks on Aim and Plus markets, despite protestations from some clients that they did not have enough money to invest.

“The FSA will not tolerate firms coercing clients into buying financial products or services that aren’t suitable for them. Senior management of stockbroking firms should be clear that the buck will stop with them,” said Tracey McDermott, director of enforcement and financial crime at the FSA.

Kenny has referred his case to the upper tribunal, which in effect hears appeals against FSA decisions and can then uphold, change or block them altogether.

Trade analysis: Rays get top prospect, Royals boost rotation – USA TODAY

Category : Stocks


San Francisco Chronicle
Trade analysis: Rays get top prospect, Royals boost rotation
USA TODAY
Outfielder Wil Myers was selected as USA TODAY's Minor League Player of the Year after hitting a combined .314 with 37 home runs and 109 RBI for the Kansas City Royals' Class AA and AAA affiliates. (Photo: Lisa W. Buser for USA TODAY Sports)
Sam Mellinger | Royals trade is a reach for MooreKansas City Star
Rays deal Shields to Royals in 7-player tradeChicago Tribune
Royals Acquire ShieldsNew York Times
Boston.com

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“The market environment is more important than the tax environment,” says WisdomTree’s Jeremy Schwartz, brushing off concern about a probable hike in the dividend tax rate in 2013 by pointing out the large amount of these assets held in…

Category : World News

“The market environment is more important than the tax environment,” says WisdomTree’s Jeremy Schwartz, brushing off concern about a probable hike in the dividend tax rate in 2013 by pointing out the large amount of these assets held in tax-insensitive accounts. Sam Stovall, however, notes the S&P’s highest yielding sectors have been the worst performers since the end of September. 7 comments!

Continue reading here: “The market environment is more important than the tax environment,” says WisdomTree’s Jeremy Schwartz, brushing off concern about a probable hike in the dividend tax rate in 2013 by pointing out the large amount of these assets held in…

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‘Son of Sam’ killer: ‘Take the glory out of guns’ – Sacramento Bee

Category : Stocks


New York Daily News
'Son of Sam' killer: 'Take the glory out of guns'
Sacramento Bee
AP He's serving 25 years to life for killing six people during a 13-month shooting spree in the 1970s. He lamented the latest fatal shootings in Colorado, Wisconsin and on New York City streets, including that of a 4-year-old boy in the Bronx.
'Son of Sam' serial killer decries violence, 'regrets' pastUSA TODAY
'Son of Sam' killer David Berkowitz talks from NY prison: 'Take the glory out Washington Post

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Standard Chartered affair has a whiff of US hypocrisy

Category : Business

British targets can be tempting for American regulators, but in the US it’s often a case of ‘do as I say, not as I do’

On a day like this when another British bank faces accusations of serious wrongdoing by a regulator in the United States, it’s worth remembering that, for all its talk of level playing fields and open trading, the US has always practised a robust form of economic nationalism.

Foreigners are often expected to do as Uncle Sam says, not as Sam does. In the 19th and early 20th century Uncle Sam was and remains pretty good at the very economic protectionism it deplores in others. General Motors (GM) is in court in its home state of Michigan this week, accused of driving Saab into bankruptcy for competitive reasons by its former Swedish owners.

Let’s stick to banks.

Standard Chartered, the Asia-focused but London-based British bank, clearly has some serious questions to answer about its dealings with Iran, in which a little-known US regulator (there are so many) called the New York state department of financial services (NYDFS) alleges it hid £160bn worth of transactions over a decade when international sanctions against Tehran were being tightened.

The language deployed is hyperbolic – the US financial system has been left open to “terrorists, weapons dealers, drug kingpins and corrupt regimes”, says the report from the NYDFS. A new and little-known player in the forest of publicity-hungry American regulators, it was created by the New York governor, Andrew Cuomo, last year in what the FT calls “a land grab” from the state’s attorney general (as distinct from the much more famous federal US attorney’s office for the southern half of the empire state – the bit that covers Wall Street).

The bank denies the charges, which relate to transactions that were not all necessarily illegal as such but required time-consuming notification to US authorities. It is something said to have been managed by removing codes – “wire stripping”, in the jargon – that identified them as Iranian money passing, albeit briefly, through the American banking system.

It’s all part of a bigger picture. Four foreign banks – Barclays, ING, Credit Suisse and Lloyds TSB – have paid US state and federal fines for evading sanctions without the case going to court. That’s an American practice we don’t have to admire: plea bargaining. At levels both high and low it often provides pretty rough justice.

The context, of course, is the appalling recent record of London-based banks, banks often largely owned and run by Americans like Barclays’ Bob Diamond, I need hardly point out. Reckless lending practices and poor risk assessment pushed UK (and US) banking to the cliff’s edge in 2008-9 and we are all paying the price in the protracted recession which followed.

Last month Barclays was fingered for its role in rigging the London interbank rate (Libor) and HSBC was charged with systemic money laundering of Mexican drugs funds, both much more serious allegations. Other banks are likely to be affected. It’s all awful.

But London is a tempting target. As a global financial centre it and Tokyo are New York’s only serious rivals and – as we have learned to our cost – it is less effectively policed by British regulators, notably the Bank of England and the Financial Services Authority (FSA). JP Morgan traders and – in the 90s – those at Goldman Sachs got into trouble at the London end. So have French banks.

So we have brought a lot of the trouble on ourselves by not enforcing rules and regulations. But let’s not forget that American banks misbehaved on a heroic scale in the great disaster rooted in the sub-prime mortgage market (read Michael Lewis’s The Big Short for a lively account, a good book for the beach) and that it was the Bush administration’s failure to prevent the collapse of Lehman Brothers in 2008 that brought the crisis to a head.

US-based credit ratings agencies like Standard & Poor’s were asleep on the job – to put it kindly – during the boom and have been playing tough guy on the US and even German triple-A ratings ever since. Our time for a mauling will come, as Danny Alexander, the Lib Dem Treasury minister, appeared to admit this week.

More than that, the US regulatory system, admirably robust in so many ways, is also highly fragmented and competitive. The NYDFS is a new kid on the block, so it may be trying to get a reputation at StanChart’s expense. Congressional committees, industry regulators and even the Obama White House showed just how tempting a UK company can be when they lambasted BP – hey, let’s make that BRITISH Petroleum – for its role in the Gulf oil spin. Two major US suppliers, Haliburton and Deepwater, were also heavily implicated. The case is still in the courts.

We’ll see how things turn out this time. StanChart had a good reputation and kept it during the financial crisis – until now. It boasts of having a more solid corporate culture. It says what it did was not illegal. Meanwhile its share price tanks on world markets.

When dealing with sanctions against Iran, however, it’s worth remembering one covert bit of sanctions-busting which was undoubtedly illegal. Back in the mid-80s the US, still smarting from the humiliating siege of its embassy in Tehran, devised a scheme to break the arms embargo against Iran by shipping weapons via Israel in return for the release of some remaining hostages.

The Brits at the time were selling weapons to Iran’s enemy, Saddam Hussein’s Iraq: immoral but at least vaguely consistent, though Baghdad didn’t pay its bills and we ended up fighting them too.

Under President Ronald Reagan – literally so, since they worked in the White House basement – the likes of Colonel Oliver North, working in cahoots with Robert “Bud” MacFarlane, the national security adviser, evolved the Iran dodge into a money-raising scheme to fund the contra rebels against the leftwing Sandinista regime in Nicaragua. The Iran-Contra affair was secret too because Congress had explicitly banned such action.

When it all came out, Reagan said he knew nothing (strangely believable, too) and got away with it. North was briefly a hero and they later renamed Washington’s downtown airport after the president – who remains a much loved and iconic leader for the nostalgic American right. I hope the StanChart lawyers spare the time to refresh their memories.

Google (GOOG) has thousands of brilliant engineers, but do they understand consumers? Gizmodo’s Sam Biddle has his doubts after going over Google I/O’s product announcements. The sharing features of the Nexus Q streamer, panned in reviews, don’t…

Category : Stocks, World News

Google (GOOG) has thousands of brilliant engineers, but do they understand consumers? Gizmodo’s Sam Biddle has his doubts after going over Google I/O’s product announcements. The sharing features of the Nexus Q streamer, panned in reviews, don’t “sound like any fun unless you’re an Android engineer.” Google+’s new “party mode” feature “is as painfully dorky as it sounds.” And the adoption of Project Glass requires “not just a leap in technology, but in culture.” (also) 9 comments!

Read this article: Google (GOOG) has thousands of brilliant engineers, but do they understand consumers? Gizmodo’s Sam Biddle has his doubts after going over Google I/O’s product announcements. The sharing features of the Nexus Q streamer, panned in reviews, don’t…

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10 Summer Beers That Won’t Break Your Budget

Category : Business

NEW YORK (MainStreet) — Craft beer geeks and mainstream beer drinkers usually don’t mix, but summer has a way of getting everybody to the same bar.

By necessity, beer drinkers tend to shift to lighter, more refreshing brews as temperatures rise. They also tend to drink a lot more of it than at any other time of the year. The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau’s statistics show that brewers produced roughly 17 million barrels last may and 18 million barrels a month from June through August. That’s well up from the 14 million to 15 million a month they generally crank out during the rest of the year.

Considering that uptick in volume, is there any way to buy beer during the summer without breaking the bank or sipping swill? With help from folks at multistate wine and beer sellers Total Wine and reviewers at RateBeer and Beer Advocate, we priced out 10 of the summer’s best beer offerings that won’t break your budget. Price may vary by location, but these widely available brews won’t: …

Click to view a price quote on TAP.

Click to research the Food & Beverage industry.

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On the road: VW Beetle 1.4-litre 160 PS six-speed manual – review

Category : Business

It’s not just about getting from A to B with the new Beetle, it’s about getting there with a :)

Chirrup! says Tweetdeck, announcing the arrival of somebody’s wisdom in up to 140 characters. @Marys_Daughter’s, in fact, ooh I don’t think I know her, and she’s addressing me personally. “Ah,” she tweets. “You’re the reason for the parade of new cars on my route to the tube.” Hmmm, found out. My neighbours on either side know my secret, that I am actually Sam Wollaston the Famous Motoring Journalist; and John the greengrocer at the top of the road does. But I was hoping to keep it at that. I don’t like to make a fuss. And I rather like the image I no doubt have, Dollis Hill’s man of mystery, so successful he changes his car every week. Or they might just be cross that I’m using up all the parking spaces.

Anyway now @Marys_Daughter, who lives in the next street down, knows, it surely won’t be long before everyone does. Cover blown. A few days later she tweets again: “My 5-yr-old is loving the red Beetle

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