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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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Koninklijke Ten Cate NV : Supervisory board of Royal Ten Cate compensates CEO

Category : World News

ALMELO, NETHERLANDS–(Marketwire – Mar 21, 2013) – Further to the press releases in 2007,
issued by the then supervisory board of
Royal Ten Cate (TenCate), the following statement is made.

Read the rest here: Koninklijke Ten Cate NV : Supervisory board of Royal Ten Cate compensates CEO

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DSM – proposed appointment to the Managing Board of Directors

Category : World News

HEERLEN, THE NETHERLANDS–(Marketwire – Mar 14, 2013) – The Supervisory Board of Royal DSM
is pleased to announce that it will propose
to the Annual General Meeting of Shareholders on 3 May 2013 to appoint Mr.
Dimitri de Vreeze to the Managing Board of DSM with responsibility for
DSM’s
Materials Sciences clusters, with effect from 1 September 2013.

Read more from the original source: DSM – proposed appointment to the Managing Board of Directors

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EU in deal on bank supervision

Category : World News

EU leaders agree to phase in a single supervisory body for eurozone banks over the course of 2013, in an apparent Franco-German compromise deal.

See the original post here: EU in deal on bank supervision

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AkzoNobel announces leadership changes

Category : World News

AMSTERDAM, THE NETHERLANDS–(Marketwire – Oct 18, 2012) – AkzoNobel today announced that
the Supervisory Board and Board member Leif
Darner have mutually agreed that Leif will step down from the Board of
Management at the 2013 AGM in April. Conrad Keijzer, currently Managing
Director
of AkzoNobel Industrial Coatings, will succeed Leif Darner in his
responsibilities for Performance Coatings. Keijzer will join the Executive
Committee on January 1, 2013, ensuring a smooth hand-over.

Original post: AkzoNobel announces leadership changes

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Eurozone bank bailout deal throws lifeline to Spain and Italy

Category : Business

Angela Merkel softened hard line on fiscal discipline and debt repayment to hand Mariano Rajoy summit triumph

European leaders have moved to halt the crisis engulfing Spain and Italy by agreeing a radical bailout package for the single currency’s teetering banks.

Amid deep divisions over the debt and currency crisis, and under immense pressure to come up with credible moves, Angela Merkel, the German chancellor, softened her hard line on fiscal discipline and debt repayment to hand Mariano Rajoy, the Spanish prime minister, a summit triumph.

Leaders agreed to set up a supervisory system for eurozone banks that will form the first step towards full banking union, scrapped the requirement that governments get preferential status over private investors in the event of a default and eased the stiff terms for future bailouts.

Markets surged after the deal was agreed, giving European leaders the respite they have been seeking for several months. The German and French stock markets jumped more than 4% while the main market in New York soared in early trading as renewed confidence among investors erased several weeks of losses.

In Madrid and Rome, the deal was hailed as a victory over the all-important bond markets, which have crippled both governments with sky-high interest rates. The interest rate on Spain’s 10-year bonds fell the most since August to 6.3% after hitting 7% in recent weeks, a level analysts believe is unaffordable.

There was also relief for prime minister Mario Monti of Italy, below, who spoke of “double satisfaction” following the defeat of Germany in the Euro 2012 football contest.

A two-day summit ran on through Thursday night as brinkmanship from Rome and Madrid pitched the meeting to the brink of collapse. It concluded with some of the more far-reaching political decisions to emerge from 30 months of crisis in the single currency.

Divisions remain, however, and working out the detail and implementation of a “banking union” – a first step towards establishing a eurozone federation – will be protracted. The most immediate decisions concerned Spain and its attempts to contain a crisis sparked by bad banks.

Merkel’s main concession was to agree to waive so-called preferred creditor status on the mooted €100bn eurozone rescue programme for the banks. This is to take place within weeks, meaning that private investors will not play second fiddle to the eurozone bailout fund if the debt has to be rescheduled. In effect, eurozone taxpayers are at as much risk as private creditors in the Spanish bank bailout, a politically sensitive concession for the German leader. The other big decision was to change the eurozone bailout rules to enable direct recapitalisation of banks without the money going via governments and adding to national debt levels.

This can only take place once the new bank supervisory system is up and running – that could take two years – but at that point the Spanish government would be allowed to erase the borrowing from its books. “I’m quite pleased with the outcome,” said Mario Draghi, the president of the European Central Bank, who has been a fierce critic of political leaders’ failure to get to grips with the crisis. He confirmed the new supervisory powers would be vested in the ECB.

While Rajoy emerged as the main beneficiary of the summit, Monti also claimed success from a vaguely worded decision enabling the eurozone bailout funds to buy up government bonds, a move he hopes will reduce the cost of Italy’s borrowing. While the statement said that the funds could be used more “flexibly”, Draghi and Merkel emphasised continuing “conditionality” or strict terms for any country seeking help.

President François Hollande of France mentioned Italy as a possible beneficiary and said: “We agreed to fully use [these] tools without additional requirements from these countries.”

Monti and Rajoy ambushed the summit on Thursday evening, blocking any progress on an overall deal until they were guaranteed specific decisions aimed at bringing down their soaring borrowing costs. That meant that the 17 leaders of the eurozone held their own summit for several hours until four in the morning and hammered out the accord.

Tempers were frayed. North European diplomats spoke of brinksmanship from Monti. “Because of the crazy demands of Spain and Italy, the end result is not satisfactory,” said one.

With acute divisions remaining, there will be plenty of argument in the months ahead. “They will be quite difficult negotiations because we are in a new area,” said Merkel. The Germans want the new banking regime to cover only the eurozone’s “systemic banks,” but Hollande said all eurozone banks should be included. “If any are left out, then we will be back to the Spanish situation.”

And while the German parliament moved to pass Merkel’s new euro rulebook, the fiscal pact, Hollande tied ratification in France to several other elements on the eurozone fiscal and economic agenda and a much slower schedule. Despite the concessions from Germany, Merkel also emphasised that she retained the power to block too liberal a use of the bailout funds. Banks could only be recapitalised directly once the new supervisory system was in place “in the medium-term” and she would be able to veto any such decisions. The decision to waive the preferential treatment for the bailout fund on the Spanish rescue was a one-off that would not be repeated in any further programmes, Merkel said.

Eurozone bank bailout deal throws lifeline to Spain and Italy

Category : Business

Angela Merkel softened hard line on fiscal discipline and debt repayment to hand Mariano Rajoy summit triumph

European leaders have moved to halt the crisis engulfing Spain and Italy by agreeing a radical bailout package for the single currency’s teetering banks.

Amid deep divisions over the debt and currency crisis, and under immense pressure to come up with credible moves, Angela Merkel, the German chancellor, softened her hard line on fiscal discipline and debt repayment to hand Mariano Rajoy, the Spanish prime minister, a summit triumph.

Leaders agreed to set up a supervisory system for eurozone banks that will form the first step towards full banking union, scrapped the requirement that governments get preferential status over private investors in the event of a default and eased the stiff terms for future bailouts.

Markets surged after the deal was agreed, giving European leaders the respite they have been seeking for several months. The German and French stock markets jumped more than 4% while the main market in New York soared in early trading as renewed confidence among investors erased several weeks of losses.

In Madrid and Rome, the deal was hailed as a victory over the all-important bond markets, which have crippled both governments with sky-high interest rates. The interest rate on Spain’s 10-year bonds fell the most since August to 6.3% after hitting 7% in recent weeks, a level analysts believe is unaffordable.

There was also relief for prime minister Mario Monti of Italy, below, who spoke of “double satisfaction” following the defeat of Germany in the Euro 2012 football contest.

A two-day summit ran on through Thursday night as brinkmanship from Rome and Madrid pitched the meeting to the brink of collapse. It concluded with some of the more far-reaching political decisions to emerge from 30 months of crisis in the single currency.

Divisions remain, however, and working out the detail and implementation of a “banking union” – a first step towards establishing a eurozone federation – will be protracted. The most immediate decisions concerned Spain and its attempts to contain a crisis sparked by bad banks.

Merkel’s main concession was to agree to waive so-called preferred creditor status on the mooted €100bn eurozone rescue programme for the banks. This is to take place within weeks, meaning that private investors will not play second fiddle to the eurozone bailout fund if the debt has to be rescheduled. In effect, eurozone taxpayers are at as much risk as private creditors in the Spanish bank bailout, a politically sensitive concession for the German leader. The other big decision was to change the eurozone bailout rules to enable direct recapitalisation of banks without the money going via governments and adding to national debt levels.

This can only take place once the new bank supervisory system is up and running – that could take two years – but at that point the Spanish government would be allowed to erase the borrowing from its books. “I’m quite pleased with the outcome,” said Mario Draghi, the president of the European Central Bank, who has been a fierce critic of political leaders’ failure to get to grips with the crisis. He confirmed the new supervisory powers would be vested in the ECB.

While Rajoy emerged as the main beneficiary of the summit, Monti also claimed success from a vaguely worded decision enabling the eurozone bailout funds to buy up government bonds, a move he hopes will reduce the cost of Italy’s borrowing. While the statement said that the funds could be used more “flexibly”, Draghi and Merkel emphasised continuing “conditionality” or strict terms for any country seeking help.

President François Hollande of France mentioned Italy as a possible beneficiary and said: “We agreed to fully use [these] tools without additional requirements from these countries.”

Monti and Rajoy ambushed the summit on Thursday evening, blocking any progress on an overall deal until they were guaranteed specific decisions aimed at bringing down their soaring borrowing costs. That meant that the 17 leaders of the eurozone held their own summit for several hours until four in the morning and hammered out the accord.

Tempers were frayed. North European diplomats spoke of brinksmanship from Monti. “Because of the crazy demands of Spain and Italy, the end result is not satisfactory,” said one.

With acute divisions remaining, there will be plenty of argument in the months ahead. “They will be quite difficult negotiations because we are in a new area,” said Merkel. The Germans want the new banking regime to cover only the eurozone’s “systemic banks,” but Hollande said all eurozone banks should be included. “If any are left out, then we will be back to the Spanish situation.”

And while the German parliament moved to pass Merkel’s new euro rulebook, the fiscal pact, Hollande tied ratification in France to several other elements on the eurozone fiscal and economic agenda and a much slower schedule. Despite the concessions from Germany, Merkel also emphasised that she retained the power to block too liberal a use of the bailout funds. Banks could only be recapitalised directly once the new supervisory system was in place “in the medium-term” and she would be able to veto any such decisions. The decision to waive the preferential treatment for the bailout fund on the Spanish rescue was a one-off that would not be repeated in any further programmes, Merkel said.