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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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Unthinkable? The IMF copying Vatican hiring policy | Editorial

Category : Business

Mock the Vatican’s papal rigmarole if you must – but the IMF procedure is no more transparent or based on merit

It took the Roman Catholic church over 1,200 years but, in Jorge Bergoglio of Argentina, it has a non-European head once more. The IMF on the other hand was created only in 1945, yet this globetrotting baby boomer institution has never once hired a non-continental boss. Of the 11 managing directors the fund has had to date, five have been French – including the current incumbent, Christine Lagarde. Of the rest, all but one have been drawn from northern Europe (the sole exception being Spain’s Rodrigo Rato, who, as economy minister during the bubble years, bears heavy responsibility for the mess that country is now in). Fund insiders in Washington evidently could learn a thing or two from the Vatican. Mock, if you must, the rigmarole that goes into choosing a new pope – the conclaves, the repeated voting, the concluding puffs of white smoke – but it is more prepossessing and far less predictable than observing handovers at the fund, which are no more transparent or open. Nor is the IMF selection procedure based on merit, but on a longstanding gentlemen’s agreement, which decrees that the IMF has to be run by a discarded European politician, while an American must head the World Bank. With Francis I, the Catholic church has decisively shifted its focus from Europe to the rest of the world. It thus has a lesson to teach the IMF: an international business should have a management to match. Still, at least in Washington they have fewer qualms about being run by a woman.

How Apple should deal with its cash

Category : Business

Progressive has an intelligent, rational, and transparent way to deal with the surplus cash that its operations generate. Apple doesn’t.

Here is the original post: How Apple should deal with its cash

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Hacked Off’s 27 pages seem simple until you look at the details

Category : Business

Turning the Leveson report into a workable solution isn’t easy – as a close reading of campaigners’ draft media bill demonstrates

Let’s be frank: the business of turning a 2,000-page report on press regulation into an instant, permanent fix was never going to be easy. It’s grinding work in progress.

But critics who can’t understand why implementing Leveson is taking so long might care to scan the draft Media Freedom and Regulatory Standards Bill which the Hacked Off campaign pulled out of its back pocket last week.

Only 27 pages of possible law, so supposedly simple, so swift. But turn to Schedule 2. We need an “independent, fair and transparent” appointments panel to appoint an “independent etc” recognition commission that will monitor, review and sanction the new “independent” replacement for the Press Complaints Commission.

Who can these duly appointed appointees be? They’ll need letters patent from the Queen to begin with. They may be a) “present or former civil service commissioners”, or b) “present or former holders of high judicial office”, or c) a suitable nominated person “independent of all political parties and all media organisations”.

And when at least three of them have got “a draft scheme”, how to find suitably fair, independent and transparent members of the recognition body? Then it needs a) the prime minister, b) the leader of the opposition, c) the leader of the third party with the largest number of seats in the House of Commons, d) the convenor of crossbench peers in the House of Lords, and e) the editors of at least six national papers, to agree.

And before those draft notions can go forward, they must also consult a) each political party with at least one seat in the House of Commons, b) one or more bodies “appearing to be representative of the interests of media organisations”, c) “anyone who has expressed a wish to be consulted”, and d) such other persons as they “deem to be appropriate”.

As well, it should be noted, as getting £5m out of the Treasury to get this three-ring circus up and running (and hoping the Greens or the Nats don’t throw a wobbly).

The whole Leveson and nothing but the Leveson? as Hacked Off claim. On the contrary, there were moments, even in his commodious report, where Sir Brian took a sleeping pill and retired to bed early.

OTC Markets Group Inc. (OTCM: OTC Link) | Dalradian Resources, Inc. Joins OTCQX

Category : Stocks, World News

Dalradian Resources, Inc. Joins OTCQX

NEW YORK, NYSeptember 19, 2012 – OTC Markets Group Inc. (OTCQX: OTCM), operator of Open,Transparent and Connected financial marketplaces, today announced that Dalradian Resources, Inc. (OTCQX: DRLDF; TSX: DNA), a Canadian based exploration company, is now trading on the highest OTC marketplace, OTCQX

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OTC Markets Group Inc. (OTCM: OTC Link) | Peak Resources Ltd. Joins OTCQX

Category : Stocks, World News

Peak Resources Ltd. Joins OTCQX

NEW YORK – June 28, 2012 – OTC Markets Group Inc. (OTCQX: OTCM), the financial information and technology services company that operates the world’s largest Open, Transparent and Connected marketplace platform, today announced that Peak Resources Ltd. (OTCQX: PKRLY; ASX: PEK), a company engaged in the exploration and evaluation of mineral licenses in Australia and Tanzania, has chosen to have its American Depositary Receipts (ADRs) traded on the highest tier of the OTC market, OTCQX

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OTC Markets Group Inc. (OTCM: OTC Link) | EDGAR Online, OTC Markets Group Launch New OTC Financials Data Service

Category : World News

EDGAR Online, OTC Markets Group Launch New OTC Financials Data Service

Companies Team Up to Distribute Financials Data on over 800 OTC Issuers to Increase Visibility and Liquidity

New York, NY – June 11, 2012 – EDGAR

OTC Markets Group Inc. (OTCM: OTC Link) | Bio-Path Holdings, Inc. Joins OTCQX

Category : Stocks, World News

Bio-Path Holdings, Inc. Joins OTCQX

NEW YORK – June 1, 2012 OTC Markets Group Inc. (OTCQX: OTCM), the financial information and technology services company that operates the world’s largest OTC marketplace platform, today announced that Bio-Path Holdings, Inc. (OTCQX: BPTH), a biotechnology company focused on developing therapeutic products, is now trading on the OTC market’s highest tier, OTCQX

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OTC Markets Group Inc. (OTCM: OTC Link) | Providence Resources Corp. Joins OTCQX

Category : Stocks

Providence Resources Corp. Joins OTCQX

NEW YORK – May 3, 2012 OTC Markets Group Inc. (OTCQX: OTCM), the company that operates the world’s largest electronic marketplace for OTC-traded equities, today announced that Providence Resources Corp. (OTCQX: PRVSF; TSX.V: PV), a precious and base metal junior exploration company, is now trading on the highest tier of the OTC market, OTCQX

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OTC Markets Group Inc. (OTCM: OTC Link) | Nautilus Minerals Inc. Joins OTCQX

Category : Stocks

Nautilus Minerals Inc. Joins OTCQX

NEW YORK – April 27, 2012 OTC Markets Group Inc. (OTCQX: OTCM), the company that operates the world’s largest electronic marketplace for OTC-traded equities, today announced that Nautilus Minerals Inc. (OTCQX: NUSMF; TSX: NUS), a seafloor exploration company, is now trading on the highest tier of the OTC market, OTCQX

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Why the big rush to vote for a World Bank president?

Category : Business

Jim Yong Kim is the only World Bank presidential candidate who hasn’t addressed an open forum. Officials say he’s had no time, but his nomination is controversial – so why not delay the vote?

On Monday 16 April, the World Bank board is scheduled to vote on its choice for the next World Bank president. There is no compelling reason for this date, but there are excellent reasons to consider a delay.

The deadline seems especially unfortunate since the American nomination of Jim Yong Kim has generated unprecedented controversy, and two credible alternative candidates have been nominated in Ngozi Okonjo-Iweala and José Antonio Ocampo.

The Centre for Global Development (CGD) and the Washington Post co-sponsored a forum that would have been an ideal place for Kim to address the controversies. Okonjo-Iweala and Ocampo spoke at the forum earlier this week, but Kim declined to participate.

An administration official kindly agreed to speak with me last Wednesday evening about why Kim did not participate in the forum. The official said it was purely logistical: Kim has been constantly on the road meeting member governments, and would continue to be on the road right up until the vote.

Moreover, Kim’s nomination happened at the last possible moment, and the nominations of Okonjo-Iweala and Ocampo were also late. The official said this was a global appointment and not a Washington one, so member governments have a higher claim on Kim’s very limited time than development experts.

I confess this argument (almost) convinces me. I have myself criticised the pretensions of development experts, and think even less of my own pretensions to be anything more than a cranky dissident with a minority viewpoint. But the administration cannot have it both ways: both the administration’s and Kim’s approach to development stress the importance of expert advice in achieving good results. It follows that an intellectual debate about Kim’s qualifications and views on development is unavoidable.

A public forum allows many different minority viewpoints to be heard. Indeed, the backlash against Kim has generated its own backlash. The point of a forum is not to privilege Kim’s critics but to let both sides speak. Debates between opposite viewpoints are crucial to any democratic process, preventing “groupthink”; even when the dissidents are wrong, they force those with the right view to make their case. The CGD/Washington Post forum was transparent (the sessions with Okonjo-Iweala and Ocampo were both live-streamed and posted afterwards on the internet). Kim’s discussions with global leaders were not transparent.

Imagine a nominee with controversial environmental views or credentials were in the frame to lead America’s Environmental Protection Agency (EPA). It’s unlikely the administration would say the nominee was so busy meeting members of Congress behind closed doors that he or she had no time to consult with environmentalists.

So let us grant the problem is simply logistical; that Kim would be happy to meet with his critics in a public forum and address their concerns, but there is simply no time left before the vote on Monday. This leads naturally to the question: what’s the rush?

There is universal agreement that the World Bank presidential selection process should be transparent. There is now a historic opportunity, generated by unprecedented and widespread participation in the debate on the respective merits of the three candidates, for this to happen. It is in the interests of the constituents of the World Bank, and of Kim himself, that this opportunity be seized.