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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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US retailer’s plus-sized dress gaffe

Category : Business

US retailer Target apologises after its labelling of a plus-sized dress after a rotund marine mammal triggered online uproar.

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Netflix adds poison pill to shares scheme

Category : Business

Netflix shareholder rights plan, which could scupper any takeover bid, comes as activist investor snaps up 10% stake

Netflix, the online video company, has inserted a poison pill into its share structure less than a week after activist investor Carl Icahn disclosed a stake of nearly 10%.

The shareholder rights plan is designed to make it difficult, or even impossible, for someone to take over the company without an agreement from the board. When the provision is triggered, additional shares flood the market and make it prohibitively expensive for a takeover.

Netflix, which has more than 1 million subscribers in the UK, said the provision would be triggered if a person or group acquires 10% of the company, or 20% in the case of institutional investors, in a deal not approved by the board.

“Adopting a rights plan is a very reasonable thing to do in light of the recent accumulation of a lot of Netflix stock by an activist shareholder,” its spokesman Jonathan Friedland said on Monday.

Icahn disclosed last Wednesday that he spent some of his $14bn fortune on his 10% stake. The documents he filed did not disclose why Icahn and his investment funds have been buying 5.5m Netflix shares since early September. But it is likely that he would press Netflix to make dramatic changes to boost its stock price.

The company has been stumbling since it raised its US prices by up to 60% last year. The move triggered a backlash that resulted in the loss of hundreds of thousands customers and raised concerns on Wall Street that its chief executive and co-founder, Reed Hastings, would have trouble paying for an ambitious plan to expand the company’s service into dozens of other countries.

Save the Children Ready to Respond as Thousands of Children Flee After Floods Hit Filipino Capital

Category : Stocks

MANILA, PHILIPPINES–(Marketwire – Aug. 8, 2012) - Save the Children is ready to respond to the needs of thousands of displaced children and their families, after floods triggered by torrential rain from the Southwest Monsoon swept through Manila and the National Capital region.

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Dozens killed in central Nigeria floods

Category : World News

At least 35 people dead and several others missing in floods triggered by heavy rain in Jos city.

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Wage subsidies brought forward

Category : Business

Wage subsidies for firms hiring jobless 18 to 24-year-olds will be triggered earlier in 20 deprived areas, Nick Clegg announces.

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Shares drop again on weak US data

Category : World News

Stock markets fall after weaker-than-expected jobs data from the US on Friday triggered concerns about the global economic recovery.

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NEW: No danger to air travel by bomb plot, homeland security secretary says – CNN

Category : Stocks

Globe and Mail
NEW: No danger to air travel by bomb plot, homeland security secretary says
Device was meant to be put on a US-bound airline, US Rep. Peter King says Washington (CNN) — Investigators were studying an explosive device Tuesday that they say terrorists in Yemen crafted to slip past airport metal detectors and onto an airplane
US airport security could detect Qaeda device: officialsReuters
Recommended: Insider thwarted underwear bomb plot, triggered drone strike, US
International sting operation brought down underwear bomb plotLos Angeles Times
Christian Science Monitor

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Noda confirms nuclear progress with Vietnam

Category : World News

Prime Minister Yoshihiko Noda and his Vietnamese counterpart, Nguyen Tan Dung, confirmed Saturday that they will continue to cooperate on nuclear power generation and the development of rare earth metals, the Foreign Ministry said.
In their second meeting in about five months, Noda and Dung also confirmed that progress is being made on a plan to build two reactors in Vietnam, after Japan won the contracts for them in October 2010, the ministry said. Whether foreign countries will continue to import Japan’s nuclear technology has been an issue since the March 11 earthquake and tsunami triggered the nuclear crisis at the Fukushima No. 1 power plant.

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US oil boom fuels earthquake rise – but fracking not to blame, scientists say

Category : Business

No evidence that fracking – where chemicals are pumped into rock – has caused rise in man-made quakes, research shows

America’s oil and natural gas boom has led to a “remarkable” rise in earthquakes in the middle of the country, the US Geological Survey said on Wednesday. But scientists said the man-made quakes were not directly caused by hydraulic fracturing, or fracking, which involves pumping chemicals and water deep into underground rock formations.

“We don’t find any evidence that fracking is related to any of these magnitude 3 earthquakes that we have been studying,” Bill Ellsworth, the USGS seismologist leading the study of man-made quakes, told a conference call with reporters. “We simply don’t see any evidence that fracking is related to earthquakes that are of concern to people.”

However, he said there were a few instances when waste water wells, in which chemicals used in fracking are injected deep underground, had triggered seismic activity.

Ellsworth set off a man-made quake of his own a few days ago in a report on NPR about his forthcoming study, to be presented at the annual meeting of seismologists in San Diego on Wednesday evening.

The study found a sixfold increase in man-made quakes in an area including Arkansas, Colorado, Oklahoma, New Mexico, and Texas against the 20th century average, the increase taking place over a 10-year period starting in 2001. The quakes were small, a magnitude just over 3.0, but there were even more of them after 2009, which corresponded with a sharp rise in natural gas drilling around the country.

“A remarkable increase in the rate of (magnitude 3) and greater earthquakes is currently in progress,” Ellsworth and his colleagues wrote in a summary of the study.

“While the seismicity rate changes described here are almost certainly manmade, it remains to be determined how they are related to either changes in extraction methodologies or the rate of oil and gas production,” the abstract said.

The next three years saw a far greater increase in such events. The time period corresponds to a boom in natural gas production, made possible by the use of hydraulic fracturing. There were 50 earthquakes in 2009, 87 in 2010 and 134 last year.

The USGS dispatched scientists to look for links between the quakes and drilling activity after a swarm of earthquakes in 2009.

Steve Horton of the University of Memphis Center for Earthquake Research and Information, who was on Wednesday’s call, said it was difficult to prove a connection between those waste wells and earthquakes.

Scientists were only able to establish a clear link between a waste water well in Arkansas because the quake was actually triggered by its construction.

“It is very difficult to prove that earthquake are related to fluid injection or triggered by it. In the case of Arkansas, the injection started and then very soon after the earthquake started. After the injection stopped the earthquake stopped, so there is a strong association,” he said.

In other cases, there were seismic changes only several years after the wells were injected.

Waste water wells have been in use for decades as a disposal method. Ellsworth noted there were more than 140,000 around the country, and very few had triggered earthquakes. “It’s only a small fraction of wells that can be problematic,” he said.

Publish or perish

Category : World News

A U.S. government panel has concluded that findings from two avian flu studies can be published even though there is a risk that the work could be misused by governments or terrorists to create biological weapons. The weight of the panel’s expert opinion is that the “real and present danger” of naturally occurring influenza poses a greater threat than the potential for acts of terrorism that use the work. This is precisely the sort of judgment that the public relies on experts to make. We should defer to their conclusions.
The U.S. National Science Advisory Board for Biosecurity triggered an international controversy last December when it asked researchers to withhold from publication two studies that outlined ways to make the H5N1 bird flu virus transmittable via human-to-human contact. The virus cannot be transmitted this way in nature; the artificially induced mutation makes this possible and the virus much more lethal.

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