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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to 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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Twitter flash crash ‘is just noise’

Category : Business

Retail investors say they’re not worried about market structure issues following the so-called Twitter flash crash.

See the article here: Twitter flash crash ‘is just noise’

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Talisman Energy Announces Financial Settlement on Yme Project

Category : World News

CALGARY, ALBERTA–(Marketwire – March 12, 2013) - Talisman Energy Norge AS (Talisman), (TSX:TLM) (NYSE:TLM) on behalf of its joint venture partners, has reached an agreement with SBM Offshore to terminate the YME MOPUstorT project, including scrapping the existing above-surface structure, and ending all joint activity for an agreed cost.

Continued here: Talisman Energy Announces Financial Settlement on Yme Project

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Hedge fund boss must pay millions of pounds in tax after court ruling

Category : Business

Patrick Degorce promises to appeal after HMRC persuades court to throw out film investment scheme

One of London’s most successful hedge fund managers, Patrick Degorce, has been forced to part with millions of pounds in tax after Revenue and Customs persuaded the courts to throw out a complex film financing investment which sought to shelter earnings of almost £19m.

The discredited scheme was marketed to the Kensington-based fund manager, best known for co-founding the Children’s Investment Fund with Chris Hohn, by financiers from Goldcrest Pictures. Goldcrest was behind films such as Gandhi, The Killing Fields, Chariots of Fire and A Room with a View.

The treasury minister David Gauke said the Goldcrest structure was a “dubious avoidance scheme” and that HMRC was getting increased powers and resources to clamp down on such activities. “The government has made it clear that we will not allow marketed avoidance schemes to deprive the UK of vital tax revenues.”

It is the latest in a long line of film investment schemes to be challenged by the taxman. Desperate to get on top of the backlog of such cases, in December Revenue and Customs wrote to investors in certain film financing structures – many of them among the UK’s wealthiest bankers, financiers and celebrities – urging them strongly to settle. Settling was “the best opportunity to resolve these disputes in a way which was cost-effective and consistent with the law”, investors were told.

HMRC said its victory over Degorce underlined how weak the credibility of many tax avoidance structures were that involved, or purported to involve, film investments. “Sadly, many people have been tempted by similar schemes which we also believe don’t work, and we have opened a settlement opportunity to get them back on the straight and narrow,” said Jim Harra, HMRC director general. “I would urge anyone in this position to sign up for this facility quickly.”

Goldcrest is owned by the veteran film financier John Quested, 77, who lives in Switzerland. Its outlawed scheme had been sold to 11 other wealthy investors in addition to Degorce who had sought to reduce income taxes by incurring combined losses of £47.6m. If successful, they would have benefited by £17.7m.

Artificial “losses” of £18.8m created for Degorce by the Goldcrest-devised investment structure would have benefited the fund manager by £7.5m. In a statement, a spokesperson for Degorce – who set up a $700m (£466m) hedge fund called Theleme Partners, based in Mayfair, three years ago – said he was disappointed that the tax tribunal had thrown out his appeal against HMRC’s decision and would appeal against the judgment at the earliest opportunity. “HMRC’s public statement … is riddled with errors,” the spokesman said.

“Mr Degorce believes his film business has been conducted in full accordance with UK tax rules. He devoted substantial resources and time to create this successful business, which will pay several millions in tax in the coming years. As soon as HMRC first questioned the business arrangements in 2009, Mr Degorce suspended his film activity pending clarity on the taxation issue.”

During the dispute, it emerged that Degorce, a former Merrill Lynch banker and one-time French naval officer, had also participated in separate film financing schemes devised by Ingenious Media which were also under investigation by tax inspectors, though the tribunal was not asked to consider their merits. Further investments by him in other Goldcrest schemes were also being examined. The tribunal only considered investments in 2006-2007, involving the purchase and assignment of rights in two Hollywood comedies – Mike Myers’s The Love Guru and Ben Stiller’s Tropic Thunder.

Tax avoidance schemes involving film finance have attracted the ire of MPs on the public accounts committee, with the chair, Margaret Hodge, describing some as “immoral” when representatives from the industry appeared before parlliament in December.

The Ingenious Media founder and chief executive, Patrick McKenna, told MPs: “I can tell you categorically that we are not involved in the business of tax avoidance or the marketing of tax avoidance schemes. We are in the business of creating much-needed commercial investment for the creative industries.”

Hodge responded: “For heaven’s sake, Mr McKenna, have a little bit of common sense. I was involved, as culture minister, in that film tax. I was involved in trying to encourage a lot of film production here in the UK, and it was the most disappointing thing, particularly from a company such as yours that pretended to be at the heart of supporting the creative industry … Actually you were exploiting a well-intentioned tax relief to try to get individuals, and God knows who else, to mitigate their taxes.”

McKenna said this was not correct.

San Leon Energy Plc (SLGYY: OTC Link) | Albania Farm-Out Update

Category : World News

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Tax campaigners study multinationals’ enthusiasm for going Dutch

Category : Business

Brewer SABMiller is just one of the consumer goods giants accused of using tax treaties in the Netherlands to shift profits around the world and avoid millions in tax

In the centre of Rotterdam lies the Cool district, well known for its bars, cafes and cinemas. Less well known, though, is a small office used by 10

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Galapagos acquires Cangenix, a structure-based drug discovery company

Category : Stocks, World News

MECHELEN, BELGIUM and CANTERBURY, UNITED KINGDOM–(Marketwire – Jan 15, 2013) – Galapagos
NV (Euronext: GLPG) and Cangenix Ltd announced today that Galapagos has
acquired Cangenix to add structure-based drug discovery to the Argenta
service offering. Cangenix’s state-of-the-art technology will augment
Argenta’s ability to design new drugs and fill a growing client need.

Continue reading here: Galapagos acquires Cangenix, a structure-based drug discovery company

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£700,000 for DNA sampling project

Category : Business

A Dundee-led project helping scientists make predictions about the structure and function of proteins by sampling genetic data is awarded £700,000.

Here is the original post: £700,000 for DNA sampling project

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RMJM Laboratory of Molecular Biology Shortlisted for National LABC Honors

Category : Stocks, World News

EDINBURGH, UNITED KINGDOM–(Marketwire – Nov 13, 2012) – After nearly 50 years and 9 Nobel Prizes, the Medical Research Council (MRC) is excited to celebrate its new home for their Laboratory of Molecular Biology (LMB). And after winning the Best Large Commercial Building award from the LABC for the East Anglia region, this completed structure is now being shortlisted for a National Building Excellence Award.

Read more: RMJM Laboratory of Molecular Biology Shortlisted for National LABC Honors

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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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Local won’t get a look-in at Trinity Mirror now

Category : Business

The group has put all its papers – national and local – under one management structure. It’s hard to believe that will work

Two sorts of peas don’t always fit in the same pod. And, almost invariably, this means regional and national papers can’t flourish within a single management structure.

That (diminuendo) is a problem for Gannett’s Newsquest and Johnston Press, ever since they bought Scotland’s two nationals, the Herald and the Scotsman, and found they needed to be much more than pumped-up local dailies. That’s a problem for Northcliffe, the Daily Mail’s regional collection, ever since it failed to sell while the price was more or less right. And, as for Trinity Mirror, just ask yourself how things have gone since 1999, when Trinity bought the Mirror nationals and bathed in the triumph of becoming Britain’s biggest newspaper company, some 240 papers strong?

Contraction, distraction, acute shareholder dissatisfaction: so exit Sly Bailey, CEO for a decade. Enter Simon Fox, the new master signing from what’s left of HMV. Then exit Georgina Harvey, the fairly widely respected boss of TM’s regionals. Henceforth one man, Mark Hollinshead, will run everything: the Mirror and Hounslow Chronicle, the People and the Uxbridge Leader. Fox thinks that integration – including website development – is the path of the future. He doesn’t believe local papers need to be local.

Well, experience would say just the opposite. Human experience would say that a media giant run from Canary Wharf would grow fatally deaf on the outlying streets where its readers live. Advertising experience would say that local jobs and local store ads are the staple diet of survival in print and on the web: and that you can’t orchestrate them from Canada Square, or invent some kind of command and control system that makes one digital strategy cover all bases. And journalists’ experience would confirm that their roles and their focus – national, local, one looking across the country, one exploring communities – are crucially different.

But hey! This is Trinity Mirror: and, 13 wasted years on, why expect anything but more upheavals based on hope rather than experience?