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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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Era Group Inc. Announces Q1 2013 Earnings Release Call

Category : World News

HOUSTON, TX–(Marketwired – May 10, 2013) – Era Group Inc. (“Era”), a leading helicopter transport operator based in the United States, today announced it will release financial results for its fiscal year 2013 first quarter after the market closes on Tuesday, May 14, 2013. In connection with the release, Era has scheduled a conference call for Wednesday, May 15, 2013 to begin at 10:00 a.m. ET (9:00 a.m. CT). 

Continued here: Era Group Inc. Announces Q1 2013 Earnings Release Call

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Extend migrants’ benefits says EU

Category : Business, World News

The European Commission will unveil plans on Wednesday to extend the length of time home states must support their own citizens seeking work in other EU countries.

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Stocks: Earnings back in focus

Category : Stocks

Investors may see a bounce back after ‘sell in May’ sentiment took hold on Wednesday but earnings will again hold sway.

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Bird flu eats up Yum profits in China

Category : Business, Stocks

Yum said Wednesday that same-store sales in China dropped 20% in the first quarter, as it continues to grapple with the fallout from a food safety scandal and fears over a new strain of bird flu.

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Bitcoin hits new high before losing $160 in value in one day

Category : Business

The digital currency spikes at $266 before plunging to $105 on Wednesday in wild ride possibly linked to Reddit user

Bitcoin, the digital currency, lost more than $160 (£104) in value on Wednesday, just hours after hitting a record high.

The currency hit a new high of $266 before falling to $105 and then bouncing back to $130. The fall is unlikely to put off speculators. Two months ago, a Bitcoin was worth $20.

With Europe racked by economic uncertainty following the banking crisis in Cyprus, there have been fears that a “bubble” is being created with speculators piling into the four-year-old digital currency. But Bitcoin has crashed before only to bounce back. It hit a low of $7 in August 2011 after hitting a high of $32 two months earlier.

Jon Matonis of the Bitcoin Foundation, the currency’s promoter, denied a euro-bubble was being created in an interview with Der Spiegel this week.

“Most transactions are still coming from affluent regions, like the United States and northern Europe. What we are seeing is not a Cyprus bubble,” he said.

Until recently Bitcoin had been a largely obscure currency used by the tech-savvy, libertarians wishing to thumb their noses at central bankers and people involved in more nefarious activities such as online gambling (often illegal in the US) or drug deals.

There are around 11m Bitcoins in circulation, 25 new bitcoins are produced every 10 minutes, and they are traded through online exchanges like Mt.Gox.

Dealing in the currency is volatile as has been the history of the services that allow people to trade in Bitcoins. Mt.Gox has been subject to repeated hacking attacks. Instawallet, a popular service for storing Bitcoins, had to be suspended after it was hacked.

Many financial experts have warned against Bitcoin. Veteran UBS stockbroker Art Cashin has compared the interest in Bitcoin to the tulip mania that led many to financial ruin in the 17th century. But interest in the currency has shot up as the euro has become ever more embattled. The value of a Bitcoin passed the $200 mark for the first time on Tuesday.

Wednesday’s wild ride came as someone gave away thousands of dollars worth of Bitcoins on Reddit, the social news site. News blog Business Insider calculated a Reddit user under the name “Bitcoinbillionaire” had given away $13,627.69896 worth of Bitcoins to Reddit users over the day. The mystery donor signed off with a quote from Ron Paul, libertarian politician and one-time would-be presidential candidate: “It’s no coincidence that the century of total war coincided with the century of central banking.”

Bitcoin bubble begins to burst

Category : Business

The price of Bitcoins, which has surged nearly 20-fold this year, plunged 60% Wednesday.

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Yum Brands still struggling in China amid bird flu fears

Category : Business

Yum Brands said Wednesday that its same-store sales in China had dropped amid a continuing food-safety scare.

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Diesel prices cut at supermarkets

Category : World News

The UK’s supermarkets announce they will cut the price of diesel from Wednesday after recent falls in wholesale prices.

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Is the Bitcoin boom just a bubble?

Category : Business

The value of individual Bitcoins hit a record high of almost $147 before falling back to $117 on Wednesday – as the value of all Bitcoins in circulation approaches $1.4bn

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US Airways merger with American Airlines approved by US judge

Category : Business

Companies a step closer to creating world’s largest airline as judge rejects $19.9m severance package for outgoing CEO

A judge on Wednesday approved the merger of American Airlines and US Airways Group, a step toward creating the world’s largest airline.

AMR, parent of American Airlines and in bankruptcy since November 2011, must still construct a formal restructuring plan incorporating the merger that meets court and creditor approval before the airline can emerge from bankruptcy.

American Airlines announced the plan to combine with US Airways last month, a deal that also requires regulatory approval.

In a crowded Manhattan courtroom on Wednesday, US bankruptcy judge Sean Lane declined to approve, for now, a planned $19.9m severance package for Tom Horton, AMR’s outgoing chief executive.

Lane said he was uncertain as to whether the severance package requires his approval at all, or whether the matter is more appropriate for inclusion in AMR’s formal restructuring plan.

That plan, which all debtors in bankruptcy must propose, will lay out how creditors will get paid back, and will require creditor approval.

The fate of the severance payment is unclear. The version of the merger agreement that earned the judge’s approval may have to be amended to remove it.

Jack Butler, a lawyer for AMR’s creditors’ committee, said it was too early to tell how the parties will deal with the severance issue.

“The companies said they were prepared to amend the merger agreement in any respect, and I expect that there will be an amendment,” Butler said after the hearing.

AMR filed for bankruptcy citing untenable labor costs after years of futile attempts to negotiate cost savings from its unionized workforce. It had been the last major US carrier to go through bankruptcy, after its competitors underwent the same process in the last decade.

Wednesday’s approval was a key moment in AMR’s 16-month odyssey through reorganization under chapter 11 of the bankruptcy code. Stephen Karotkin, a lawyer for AMR, called Wednesday’s hearing a “watershed event” that moves AMR a step closer to exiting bankruptcy.

The airline began its bankruptcy process flatly opposed to merging while still in bankruptcy, but eventually relented to pressure from its creditors’ committee.

US Airways chief executive Doug Parker wooed AMR aggressively, taking advantage of AMR’s labor relations problems to appeal to its unions.

US Airways hammered out a tentative deal with the unions last April, before formal merger talks between the two companies’ management teams had gone into full swing.

AMR’s current shareholders are expected to receive a 3.5% equity stake in the new firm, which would make it one of the few major bankruptcies in which equity holders earn some recovery.

Parker will serve as CEO of the combined carrier, while Horton, who became AMR’s CEO when it filed for bankruptcy, will serve as chairman of the airline through the first annual meeting of shareholders. After that Parker will take on the chairman role.

The merger is expected to be completed in the third quarter.