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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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Stora Enso Oyj (SEOAY: OTCQX International Premier) | Stora Enso treasury shares cancelled and share conversion registered

Category : World News

Stora Enso treasury shares cancelled and share conversion registered


In accordance with a decision of Stora Enso’s Annual General Meeting on 23 April 2013, 918 512 treasury R shares (approximately 0.12% of the issued shares) have been cancelled. The cancellation of these treasury shares was recorded in the Finnish trade register today, 15 May 2013.

In addition, during the 6 February – 30 April 2013 conversion period there was one conversion and a total of 400 A shares were converted into R shares. The shares were recorded in the Finnish trade register today, 15 May 2013, and trading in the new R shares will start on 16 May 2013.

Breakdown of shares after cancellation and conversion:

< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

A shares

177 146 372

R shares

611 473 615


788 619

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Costar Technologies, Inc. (CSTI: OTC Pink Limited) | Costar Technologies, Inc. Announces Adoption of Corporate Governance Measures

Category : World News


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Italy’s new government faces confidence vote – Eurozone crisis live

Category : Business

Prime minister Enrico Letta faces a confidence vote this afternoon, after a sale of Italian debt this morning

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Soros reveals stake in J.C. Penney; stock surges

Category : Business

George Soros has given ailing J.C. Penney a big vote of confidence.

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MSC Cruises Selects Most Original Videos

Category : Stocks, World News

View Shortlist and Vote for Best Video on Official MSC Cruises Facebook Pages

Link: MSC Cruises Selects Most Original Videos

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Amazon to pilot TV shows online

Category : World News

Fourteen comedy and children’s pilot shows – including Alpha House and Zombieland – are to be put to the public vote on LoveFilm and

Originally posted here: Amazon to pilot TV shows online

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Key libel reform thwarted as Conservatives block defamation bill

Category : Business

Conservatives succeeded in blocking a Lords amendment to tighten up laws which allow corporations to stifle free speech

The Conservatives have succeeded in their attempt to water down defamation laws which would have prevented large companies ranging from McDonald’s to Tesco from suing their critics unless they could prove financial losses.

The Conservatives won a vote in the House of Commons to remove a House of Lords amendment to the defamation bill to tighten up the laws which critics say allow corporations to stifle free speech.

But during the Commons debate, the justice secretary Helen Grant promised to reconsider the amendment after the vote to get the support of the Liberal Democrats.

But Labour denounced Grant’s concession as a sham and it is almost certain the Liberal Democrat peer Lord Lester, who has led a three-year battle for libel reform, will move to reinstate the amendment when the bill returns to the Lords.

After losing the vote 298 to 230, shadow justice secretary Sadiq Khan said: “The government gave the impression there would be last minute concessions but this has proved false.”

Labour MP Paul Farrelly said “the issue here is not just about big corporations which want to bully like McDonalds intimidating the little people just because they could … it’s also about the desire of big businesses to silence its critics”. He said big corporations used the libel laws “to take journalist out of the game”.

Tracey Brown from Sense about Science which has campaigned for doctors and scientists who have been sued after they criticised big health companies said she was “deeply disappointed” the clause was removed but that support from many MPs on the issue had led to the government concession.

The amendment also included a clause, now struck out, which would have banned local councils and their subcontractors from suing anyone who criticised them in their performance of public duties, paid for by the taxpayer.

Tory MP Sir Peter Bottomley made an impassioned plea with his fellow politicians not to vote to remove this clause said that although case law had established, under the so-called Derbyshire principle, that councils could not sue, this did not extend to private companies such as Atos Healthcare, a company employed by the department of work and pensions, which has threatened disability blogs and websites with legal action.

Agreeing with Bottomley, Khan said: “Just because a school, prison or hospital is run by a private company doesn’t mean it should be insulated from public criticism.”

English PEN, whose campaign for libel reform has been backed by high-profile figures including Stephen Fry and William Boyd said: “We’re depending on the Lords now to deliver the reform that all the parties signed up to.

“It’s essential that companies are no longer allowed to exploit libel law to bully whistleblowers into silence. This has always been a key demand for the campaign.”

Crucial vote to decide Scottish football’s future

Category : Business, World News

Scotland’s clubs are going to vote on a proposed league restructure – BBC Scotland’s Chris McLaughlin explains the background

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Executive pay: the likely flashpoints

Category : Business

After last year’s shareholder spring, the mood of rebellion against directors’ rewards may bubble up again this month – and is likely to be at its strongest at these annual meetings


Pay campaigners have in the past confined their criticism to companies gifting bonuses to executives who have manifestly failed. Latterly, however, many have grown increasingly uneasy at the size of potential payouts on offer, which have ballooned at many large companies. Tougher laws requiring shareholder approval for large individual bonus payouts have been passed in Switzerland, adding to calls in the UK and elsewhere for payouts to be kept in check. Campaigners calculate BP chief executive Bob Dudley could receive performance-related payouts of up to 923% of his $1.75m (£1.15m) salary. Last year, 13.5% of votes cast at the oil group’s annual meeting were in protest – that is, “no” votes or abstentions – over pay deals for Dudley and his fellow directors.


The insurance group is expected to see investors register a protest at its decision to replace long-standing auditor Deloitte with rival KPMG.

This is not because they are keen for Deloitte to stay on – quite the contrary, after the firm received £10m for additional services sold to RSA on top of £6m for audit work. The proposed move from Deloitte has prompted concern because RSA’s audit committee chairman, Alastair Barbour, only stepped down as a senior KPMG partner in March 2011. Too close a relationship for some. Meanwhile, big bonuses for chief executive Simon Lee after a 20% fall in pre-tax profits and a dividend cut also sticks in the craw for many. Last year 9% of votes at the AGM were cast in protest over RSA boardroom pay deals.


Most chief executives facing a pay controversy try to absent themselves from the debate, or defer irate questions to the chairman or head of the remuneration committee. Not so Sir Martin Sorrell. In the runup to what he knew would be certain defeat at WPP’s meeting last year, he railed against those who suggested he was excessively remunerated. “WPP is not a public utility,” he said. His role, he argued, was “to behave like an owner and entrepreneur and not a bureaucrat”, and that meant paying him accordingly. Last year some 60% of votes were cast in protest at pay deals for Sorrell and his fellow directors.


Chief executive Sam Laidlaw and four boardroom colleagues shared payouts totalling £16.4m last year. Such rewards have already sparked outrage from unions and fuel poverty campaigners who insist they are unmerited after Centrica subsidiary British Gas raised consumer gas prices by 6%. Coincidentally, the rise in payouts for executive directors was also 6% – gains the company insisted were based “squarely on performance”. That was not an argument that convinced all shareholders last year. Some 16.2% of votes cast at the 2012 annual shareholder meeting were in protest at the pay arrangements for Laidlaw and his fellow directors.

National Express

A delegation of American trade unionists is expected to return to National Express’s shareholder meeting this year, determined to highlight what they see as the company’s moves to block Teamster union recruitment efforts at school bus depots in America.

US union leaders said they had held talks with institutional investors and members of parliament about their concerns. The group is unlikely to face pressure this year from activist investor Elliott Advisors, which has in the past agitated for strategic changes. Elliott sold half of its near-20% holding last month and described itself as a “strong believer in National Express’s management team and its strategy”.


Chief executive Tidjane Thiam surprised some by retaining the support of shareholders following the group’s ill-fated takeover bid for Asian competitor AIA three years ago. Last month, however, that sorry episode came back to haunt the FTSE 100 boss when he became the highest-profile figure to be personally censured by the Financial Services Authority. The regulator suggested he had not behaved “openly and cooperatively” towards it over the proposed deal, and went on to fine the group £30m.

Despite the huge fine and the censure, Thiam has received a £2m bonus. Last year the group faced a protest vote of 33.6% over its boardroom pay arrangements. Thiam, however, enjoyed near-unanimous support, with 99.1% of votes in favour of his re-election to the board.

Hewlett-Packard chairman quits over Autonomy sale

Category : Business

Raymond Lane has been replaced on interim basis by Ralph Whitworth as crisis over acquisition of software firm continues

The chairman of Hewlett-Packard has stepped down and its two longest-serving independent directors are to leave the board as the fallout from the firm’s disastrous acquisition of British software firm Autonomy continues.

Two weeks ago at HP’s annual meeting, chairman Raymond Lane and directors John Hammergren and Kennedy Thompson scraped through a vote on their re-election with the slimmest of margins.

They were rebuked for mistakes at the world’s largest maker of personal computers, including the ousting of two chief executives in as many years and admissions that recent acquisitions are worth billions of dollars less than their purchase price.

Lane has been replaced as chairman on an interim basis by activist investor Ralph Whitworth, who has sat on the HP board since 2011, but will remain a director. Hammergren and Thompson, who have served for eight and seven years respectively, will stay only until the May board meeting and a search is underway for their replacements.

“After reflecting on the stockholder vote last month, I’ve decided to step down as executive chairman to reduce any distraction from HP’s ongoing turnaround,” said Lane. “I’m proud of the board we’ve built and the progress we’ve made to date in restoring the company. I will continue to serve HP as a director and help finish the job.”

Lane, a former executive at leading software firm Oracle, was in charge when the previous HP chief executive Léo Apotheker was given the go-ahead to spend $11.7bn (£7.7bn) acquiring Autonomy, then listed on the London Stock Exchange.

HP’s attempts to move away from the low margin PC business into more profitable software sales failed to convince investors, and after a 40% drop in the share price and less than a year in the top job, Apotheker was forced out.

Lane held on, helping to install fellow HP board member and Ebay’s former chief executive Meg Whitman as Apotheker’s successor. But 41% of shareholders opposed his re-election last month, while 46% voted against Hammergren and 45% against Thompson.

A spokesman for one of the largest North American pension funds, the California Public Employees’ Retirement System (Calpers), took the floor at the annual meeting to express “extreme concern with HP’s path in recent years”.

HP’s new interim chairman has a reputation for building small stakes in troubled companies in order to fight his way on to the board and agitate for change. Whitworth’s previous scalps include Robert Nardelli, whom he helped oust as chief executive of retailer Home Depot, and mobile network Sprint Nextel’s Gary Forsee. His firm, Relational Investors, owns $800m of HP shares.

“Ray, John and Ken are terrific leaders, and they’re passionate about doing the right thing for HP,” said Whitworth. “Meg is leading a Herculean turnaround, so most of all, we must build and maintain the best possible leadership structure for Meg and HP’s entire team to succeed.”