Monday, April 8, 2013

Rogue Trader Nick Leeson Back In Finance - Business Insider

REUTERS / Reuters Photographer

Nick Leeson is escorted by three Commercial Affairs Department (CAD) officers from a Singapore Airlines flight from Frankfurt which arrived in Singapore, in this November 23, 1995 file photo.

He is, as his new employer puts it, the man ?famed for his role in the collapse of Barings Bank?.

Investors and staff at what was once the City?s oldest merchant bank may not remember Nick Leeson in quite such glowing terms, but his new clients may see the ?827m of trading losses he racked up in 1995 as a badge of honour.

After 13 years on the speaking circuit since being released from a Singapore jail, Mr Leeson has landed a job in financial services in Ireland as an alternative insolvency practitioner. He plans to help over-indebted borrowers negotiate a deal with their banks.

Mr Leeson is joining GDP Partnership to mediate on behalf of distressed borrowers with debts of more than ?1m (?850,000) to find ?the best possible outcome for both bank and borrower?, said Conor Devine, a chartered surveyor and one of GDP?s founding partners.

Mr Leeson, who has lived in Ireland for the past 10 years, told the Irish Independent newspaper: ?Banks in Ireland were part of the problem by lending recklessly and now they have to be part of the solution.?

He will join as head of the Dublin office and will be supported by a team of property, accountancy, legal and banking professionals.

It builds on GDP?s successful model in Northern Ireland, where the company?s catchphrase is ?a solution is always possible?.

Mr Leeson may have broken Barings, but Ireland?s financial crisis brought the entire country to its knees. Since the crash, Dublin has injected ?80bn into its banks and nationalised or part-nationalised six of them.

Source: http://www.businessinsider.com/rogue-trader-nick-leeson-back-in-finance-2013-4

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Sunday, April 7, 2013

EU's Rehn: Big depositors could suffer in future bank bailouts under new law

HELSINKI (Reuters) - Big bank depositors could take a hit under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said on Saturday, but noted that Cyprus's bailout model was exceptional.

"Cyprus was a special case ... but the upcoming directive assumes that investor and depositor liability will be carried out in case of a bank restructuring or a wind-down," Rehn, the European Economic and Monetary Affairs Commissioner, said in a TV interview with Finland's national broadcaster YLE.

"But there is a very clear hierarchy, at first the shareholders, then possibly the unprotected investments and deposits. However, the limit of 100,000 euros is sacred, deposits smaller than that are always safe."

The European Commission is currently drafting a directive on bank safety which would incorporate the issue of investor liability in member states' legislation.

To secure a 10 billion euro EU/IMF bailout last month, Cyprus forced heavy losses on wealthier depositors. Initially it had also pledged to introduce a levy on deposits of less than 100,000 euros - even though they are supposedly protected by state guarantees - before reneging in the face of widespread protests.

Rehn also said that the European Central Bank should launch fresh action to help boost the recession-hit euro zone economy.

ECB President Mario Draghi, at a press conference on Thursday, opened the way for the bank to possibly cut interest rates and to take fresh 'non-standard measures' - steps other than classic rate moves, such as government bond purchases or funding operations like the twin three-year loans it offered banks just over a year ago.

Rehn said that high financing costs for companies, especially in southern Europe, were a major problem right now.

"Therefore, the ECB's talk on Thursday about both standard and non-standard measures is very important because the ECB may have a role in making the situation easier," Rehn said.

(Reporting by Jussi Rosendahl; Editing by Susan Fenton)

Source: http://news.yahoo.com/eus-rehn-big-depositors-could-suffer-future-bank-100343082--business.html

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Friday, April 5, 2013

Cancer checkpoint: Mitochondrial metabolic regulator SIRT4 guards against DNA damage

Apr. 4, 2013 ? Healthy cells don't just happen. As they grow and divide, they need checks and balances to ensure they function properly while adapting to changing conditions around them.

Researchers studying a set of proteins that regulate physiology, caloric restriction and aging have discovered another important role that one of them plays. SIRT4, one of seven sirtuin proteins, is known for controlling fuel usage from its post in the mitochondria, the cell's energy source. It responds to stressful changes in the availability of nutrients for the cell.

New research reveals that SIRT4 is also extremely sensitive to a different form of stress: DNA damage. This unsuspected response by the metabolic checkpoint means SIRT4 doubles as a sentry guarding against cancer, which is spurred by genetic abnormalities.

Sirtuins have become familiar for their connection to longevity and to resveratrol, the red-wine compound that activates SIRT1, but less attention has been focused on SIRT3, SIRT 4 and SIRT5, all of which are found in mitochondria. Marcia Haigis, HMS associate professor of cell biology, led a team that has uncovered SIRT4 as an important player in the DNA damage response pathway, coordinating a sequence of events that normally result[s] in tumor suppression. They published their results April 4 in Cancer Cell.

"When we started studying SIRT4, we were focused only on its metabolic role, looking for functions related to diabetes and obesity," said Haigis. "What we found, to our surprise, was that SIRT4 was responsive to DNA damage, so that led us to investigate the metabolic response to DNA damage and how SIRT4 controls the metabolic response to genotoxic stress."

To see how SIRT4 normally functions, Haigis and her colleagues induced DNA damage by exposing cells in a lab dish to ultraviolet light. This damage triggered a halt in glutamine metabolism, limiting the amount of nutrients the cell could use as it goes through a cycle of division and growth.

Blocking the cell cycle at this juncture is important. If cell growth after DNA damage goes unchecked, proliferation of impaired cells can lead to cancer. When SIRT4 works properly, this chain of events is broken before bad cells and their abnormal genes multiply. SIRT4 blocks glutamine metabolism, arrests the cell cycle and suppresses tumor formation.

The scientists tested this SIRT4 response in mice. Bred to lack the gene that encodes the SIRT4 protein but otherwise normal, the mice spontaneously developed lung cancer by 15 months.

"When SIRT4 is missing, you don't have this metabolic checkpoint involving glutamine, which is important because glutamine is an amino acid required for proliferation in the cell," Haigis said. "Without SIRT4, the cell keeps dividing even in the face of DNA damage, so the cell accumulates more damage."

The scientists also analyzed data showing SIRT4 gene expression levels are low in several human cancers, including small-cell lung carcinoma, gastric cancer, bladder carcinoma, breast cancer and leukemia.

While they cannot say if SIRT4 loss alone will initiate cancer, its absence appears to create an environment in which tumor cells survive and grow.

"Our findings suggest that SIRT4 may be a potential target against tumors," they conclude.

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Story Source:

The above story is reprinted from materials provided by Harvard Medical School. The original article was written by Elizabeth Cooney.

Note: Materials may be edited for content and length. For further information, please contact the source cited above.


Journal Reference:

  1. Seung?Min Jeong, Cuiying Xiao, Lydia?W.S. Finley, Tyler Lahusen, Amanda?L. Souza, Kerry Pierce, Ying-Hua Li, Xiaoxu Wang, Ga?lle Laurent, Natalie?J. German, Xiaoling Xu, Cuiling Li, Rui-Hong Wang, Jaewon Lee, Alfredo Csibi, Richard Cerione, John Blenis, Clary?B. Clish, Alec Kimmelman, Chu-Xia Deng, Marcia?C. Haigis. SIRT4 Has Tumor-Suppressive Activity and Regulates the Cellular Metabolic Response to DNA Damage by Inhibiting Mitochondrial Glutamine Metabolism. Cancer Cell, 2013; DOI: 10.1016/j.ccr.2013.02.024

Note: If no author is given, the source is cited instead.

Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/~3/g2hXsrHcg8E/130405094517.htm

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Thursday, April 4, 2013

Ericsson Nigeria Recruits HR Business Partner - Managed Services ...

Ericsson Nigeria - With operations in 45 countries in Sub-Saharan Africa and a staff complement of approximately 2 300, Ericsson is the largest global telecommunications vendor that is innovating, developing and improving the lives of people, business and society. We supply and service all major African operators, with market leadership in Mobile Broadband, Communication Services, Fixed Broadband Convergence, Operations and Business Support Systems. We also boast the largest MS community in the world and are the technology leaders in both Television and Media Management and the Service Enabling Area.

Ericsson is looking for a strategic HR Business Partner to be the HR leader of the Managed Services organization.

Job Title: HR Business Partner - Managed Services

Ref No: RSSA-00081312

Job Description
Ericsson is looking for a strategic HR Business Partner to be the HR leader of the Managed Services organization. The HR BP Managed Services will support the RSSA Head of MS with existing MS operations and also support with Due Diligence on new MS opportunities. Main customers with be the RSSA Head MS and central team, MSCOOs and country management teams for Airtel.
You will be required to translate business objectives into a set of strategic HR initiatives and actions, which fully align with the company?s Group People Strategy and contribute to business growth, profitability and high levels of employee engagement. This will be accomplished through close partnership with the unit?s leadership team, developing a deep understanding of the business, and its strategic objectives, and by leveraging the full breadth of the Global HR function. In addition, you will be expected to provide functional leadership & expertise to your business on the company?s global HR processes, programs and policies. You will also be accountable to influence the global HR function leading to more effective business solutions.

The role is based in Dakar, Lagos or Accra reporting to the Head of HR RSSA.

Responsibilities:

  • Contribute to the business strategy by helping business leaders to identify, prioritize, and build organizational capabilities, behaviors, structures, and processes
  • Develop the Workforce Strategy in support of the Business Strategy and support line managers in forecasting and planning their talent pipeline requirements
  • Describe the key competencies needed to support the business and ensure the appropriate training and development is available to meet the business needs
  • Facilitate long-term initiatives aligned with the business strategic agenda
  • Provide expert advice and coaching to senior leaders and managers when appropriate
  • Understand employee opinions and anticipate their needs and concerns
  • Identify and drive the communication and sharing of best practices across the regions to facilitate continuous improvement
  • Act as a liaison between the line and HR to ensure that HR services are aligned with internal client needs
  • Identify new opportunities where HR can add value to the business
  • Maintain knowledge of progressive HR practices and key trends
  • Ensure that a strong leadership and coaching culture permeates the organization
  • Manage specific projects as determined in the annual HR operational plan and participate in functional and cross-functional initiatives

Qualifications
  • Bachelor?s degree in business administration, HR management, or related field
  • Graduate degree preferred
  • 10 - 12 years? experience in Human Resources
  • Minimum of 3 years experience in the telecommunication/ICT industry mandatory
  • Documented experience with handling managed services / mergers and acquisitions in an ICT environment
  • Substantial business acumen
  • Clear, comprehensive understanding of the link between HR and business strategy
  • Ability to develop and deliver relevant, effective training programs to targeted audiences
  • Ability to engage, inspires, and influence people
  • Effective team player
  • Strong ability to lead global teams on a virtual basis and drive influence in a matrixed organization
  • Strong interpersonal, communication, and customer service skills
  • Significant knowledge of HR policies and processes (e.g., workforce planning and talent management)

Application Deadline
27th April, 2013

Method of Applicatiion

Interested and qualified candidates should:
Click here to apply online
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Source: http://www.hotnigerianjobs.com/hotjobs/12776/icsson-nigeria-recruits-hr-business-partner-manage.html

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Weekend playdates? Whole family?

I don't ever bring my husband to playdates. In fact, he hasn't been working for a little over a month and I still schedule things without him during the week.

However, in our group, it's not necessarily weird to bring your husband. Some girls do it, and some don't. I don't ever think that the fathers are uninvolved if they do not attend playdates.

Source: http://community.thebump.com/cs/ks/forums/thread/73100386.aspx

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Wednesday, April 3, 2013

AstraZeneca suffers fresh drug patent setback in U.S.

LONDON (Reuters) - AstraZeneca has suffered a fresh patent setback with a U.S. court decision that a patent protecting its Pulmicort Repsules asthma treatment is invalid, clearing the way for a generic copy from Actavis.

The ruling comes as AstraZeneca is already facing a big fall in sales due to patent expiries on other medicines, prompting a $2.3 billion restructuring plan and further job losses announced by new CEO Pascal Soriot last month.

AstraZeneca said on Tuesday it strongly disagreed with the court's decision and was considering next steps, including lodging an appeal.

The District Court for the District of New Jersey ruled in favor of Actavis, which has developed a generic version that it now intends to launch immediately.

The verdict will not change AstraZeneca's revenue guidance for 2013, which is that the company anticipates a mid to high-single digit decline in sales.

But Britain's second-biggest drugmaker said additional generics entering the U.S. market would materially impact royalties received on sales of Teva's existing generic version of Pulmicort Repsules. Teva already has a generic on the market following an earlier deal with AstraZeneca.

Total branded and generic sales of Pulmicort Repsules were around $1.2 billion in the United States in the 12 months to January 2013, according to Actavis.

(Reporting by Ben Hirschler; Editing by Louise Heavens)

Source: http://news.yahoo.com/astrazeneca-suffers-fresh-drug-patent-setback-u-065000317--finance.html

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