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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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Buyer Group International, Inc. (BYRG: OTC Pink Current) | Management to Release Primer: Management, Discussion, and Analysis in Upcoming Financials Release

Category : Stocks, World News

BYRG (“Company”) to update Management Discussion, and Analysis with Release of Primer: Management, Discussion, and Analysis in Upcoming Financial Update

BYRG management will issue a Primer for MD&A of BYRG in the following days as updates come out.

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Investors to SEC on social: ‘Dislike’

Category : Business

The SEC showed up late to the social media party with its new guidance, and investors now have more questions than answers about how companies can share material information.

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SEC’s new social media policy falls short

Category : Business, Stocks

SEC identifies social media problem, but fails to propose adequate solution.

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Twitter, Facebook OK for announcements – SEC

Category : Business, Stocks

SEC decided it’s OK for companies to use social media outlets to release important information, as long as they alert investors in advance about which platforms they will use.

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Deutsche Telekom AG (DTEGY: OTCQX International Premier) | T-Mobile USA and MetroPCS Announce Board of Directors of Combined Company

Category : World News

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T-Mobile USA and MetroPCS Announce Board of Directors of Combined Company

Timotheus Hottges Named Chairman of the Board

PR Newswire

BONN, Germany, BELLEVUE, Wash. and RICHARDSON, Texas, March 19, 2013

BONN, Germany, BELLEVUE, Wash. and RICHARDSON, Texas, March 19, 2013 /PRNewswire/ –

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US hedge fund SAC pays record fine to settle insider trading allegations

Category : Business

SAC Capital, a hedge fund run by billionaire Steve Cohen, is to pay $600m (£397m), the biggest insider dealing fine in history

A US hedge fund has paid a record $600m (£397m) fine to settle claims that it traded on insider information about a dud Alzheimer’s drug.

US regulator the Securities and Exchange Commission said SAC Capital, a hedge fund run by billionaire Steve Cohen, had agreed to pay the biggest insider dealing fine in history to settle the case.

The hedge fund had been accused of profiting from “the most lucrative insider trading scheme ever” by selling shares in the companies developing the drug before the negative clinical trial results were officially released.

SR Intrinsic, a division of SAC Capital, sold $960m of securities in pharmaceutical companies Elan Corporation and Wyeth after a doctor tipped off the hedge fund that the drug, Bapineuzumab, would have negative results. The hedge fund allegedly made a $276m profit from the deal.

Mathew Martoma, who was the manager of SR Intrinsic at the time, received a $9.3m bonus after the deal. Martoma still faces both criminal and civil charges in relation to the case. His lawyer said: “SAC’s business decision to settle with the SEC in no way changes the fact that Mathew Martoma is an innocent man. We will never give up our fight for his vindication.”

George Canellos, acting director of the SEC’s enforcement division, said: “The historic monetary sanctions against CR Intrinsic and its affiliates are sharp warning that the SEC will hold hedge fund advisory firms and their funds accountable when employees break the law to benefit the firm.”

SAC said it was happy to put the matter behind it. “This settlement is a substantial step toward resolving all outstanding regulatory matters and allows the firm to move forward with confidence. We are committed to continuing to maintain a first-rate compliance effort woven into the fabric of the firm.” The hedge fund did not admit any wrongdoing.

Cohen, who has long been the focus of a federal investigation into insider trading, was not personally implicated in this case.

In addition to the Alzheimer’s drug insider trading settlement, SAC also agreed to pay $14m to settle allegations that the $14bn hedge fund traded in advance of Dell’s earning results.

Mortgage finance pioneer’s fund settles with SEC

Category : Stocks

The private equity fund run by Lewis Ranieri, the “godfather of mortgage finance,” agreed to pay $375,000 to settle SEC charges that it used an unregistered broker to raise more than $500 million.

Continued here: Mortgage finance pioneer’s fund settles with SEC

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Pacificore Mining Corporation (APAFF: OTC Link) | D. Wilson Named to Board

Category : Stocks, World News

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Pacificore Mining Corporation (APAFF: OTC Link) | D. Wilson Named to Board

Category : Stocks, World News

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Pacificore Mining Corporation (APAFF: OTC Link) | D. Wilson Named to Board

Category : World News

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