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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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An economist’s view of The Low Road

Category : Business

Bruce Norris’s play skewers the failings of capitalism, but ignores some sensitive and nuanced debates

In broad terms, I’m sympathetic to the central theme of this play by Bruce Norris. From 18th-century America to today, he examines the idea that capitalism has failed as a model of human advancement – that it’s just led to a “greed is good” culture. If we look at the last 20 years, I can’t disagree – something has gone badly wrong, not least with the role of banking and the City. But Norris’s position is too black and white: the reality is a lot more complex.

Churchill famously said that “democracy is the worst form of government, except all those other forms that have been tried”. It’s the same with capitalism: yes, something has gone wrong, but it has still led to huge leaps of prosperity. Look at the Soviet Union: not only did it collapse in chaos, it revealed huge levels of poverty and disparity. If you took a straw poll, I don’t think anyone watching this play would want to return to 18th-century standards of living.

The play is also a bit too hard on its narrator, Adam Smith: we see Jim Trumpett, a passionate advocate of the free market, inspired by Smith’s writings about the “invisible hand”, and the way that market interference can be bad for society. Smith did write about this in Wealth of Nations; but he also wrote The Theory of Moral Sentiments, which is much more about cooperation – the need for a “helping hand”, as Gordon Brown put it in 2010.

Norris tries to marry Trumpett’s rise and fall with what’s going on today in the eurozone. To me, this felt glib and clunky, and I was frustrated by the fact the play didn’t really consider how we can get out of today’s crisis. There’s a line about handing the keys back to the driver after the car has crashed. That’s a bit trite – and it ignores the sensitive, nuanced debate that’s going on between today’s economists about the negative effects of capitalism, and of excessive austerity.

I did enjoy the play, though – and I appreciate that many of these flaws are down to the necessary constructions of theatre. You wouldn’t want to go out on a Friday night to watch a lecture about how we can get out of this economic mess. That would make for dull theatre.

• Neil Shearing is the chief emerging markets economist at Capital Economics Ltd. The Low Road is at the Royal Court, London SW1 (royalcourt.org) until 11 May.

West End’s best seats price rise

Category : Business

Ticket prices for the best seats at West End theatres rise to nearly £80, according to The Stage.

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Teachers announce series of strikes

Category : Business, World News

Teachers in England and Wales are to stage a series of strikes in a continuing row over pay, pensions and workload, unions have announced.

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Advanced talks over Hearts takeover

Category : Business

Talks are at an advanced stage between Supporters Direct and representatives of Vladimir Romanov on transferring the ownership of Hearts.

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Throwing some cold water on India, and the BRIC story

Category : Stocks

Growth rates in India and the other large emerging economies are unlikely to stage a comeback this decade, argues a new book by Morgan Stanley’s emerging markets equity head.

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Lessons from the frontlines of early-stage biotech investing

Category : Stocks

Tips for navigating early-stage investments in biotech

Originally posted here: Lessons from the frontlines of early-stage biotech investing

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Congress extends US debt limit

Category : Business

The US Congress extends the nation’s borrowing limit until the middle of May, setting the stage for yet another fiscal fight in the spring.

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TiGenix: Positive Interim Safety Results of Phase IIa Rheumatoid Arthritis Study With Allogeneic Adult Stem Cells "Cx611"

Category : Stocks

LEUVEN, BELGIUM and MADRID, SPAIN–(Marketwire – Dec 19, 2012) – TiGenix (EURONEXT BRUSSELS: TIG), the European leader in cell therapy, announced today positive interim safety results of its Phase IIa study of Cx611 in rheumatoid arthritis (RA). Cx611 is an intravenously injected suspension of expanded allogeneic adult stem cells derived from human adipose (fat) tissue. The Phase IIa clinical trial is a 53-subject, multicenter, placebo-controlled study in 3 cohorts with different dosing regimens, designed to assess safety, feasibility, tolerance, and optimal dosing. The study is being conducted at 23 centers. The Company believes that this clinical trial can set the stage not only for the further development of Cx611 in RA, but also in a wide range of other autoimmune disorders.

Excerpt from: TiGenix: Positive Interim Safety Results of Phase IIa Rheumatoid Arthritis Study With Allogeneic Adult Stem Cells "Cx611"

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Fiscal cliff wrangling pressures stocks

Category : Business, Stocks

Sick of the fiscal cliff negotiations yet? Well, tough luck — the talks in Washington took center stage for investors again on Tuesday.

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Green Mountain Development Corp. (GMND: OTC Link) | Green Mountain Development and Osprey Oil & Gas Ltd Sign Canadian Oil Field Project Development Agreement

Category : Stocks

CARLSBAD, Calif. – November 2, 2012 – Green
Mountain Development Corp (Pinksheet: GMND), announced today that it has entered into an Oil Field Project
Development Agreement (the “Agreement”) with Osprey Oil & Gas Ltd
of Calgary, Alberta.

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