Visa hires JPMorgan’s Charles Scharf as CEO

October 27, 2012

Visa hires JPMorgan's Charles Scharf as CEO

Visa Inc., said Charles Scharf, a former head of JPMorgan Chase & Co. division of consumer financial services, shall Joseph Saunders Director with effect from 1 November succeed.

Visa

was looking for a successor to Saunders, 66, who has led the company since 2007 and was expected to retire.

Scharf, 47, was a member of the board of directors of Visa from 2007 to January 2011.

Known as Charlie, Scharf moved to retail banking JPMorgan in its private equity arm in 2011, after the lender some mixed retail banking executives in an effort to increase profits.

Scharf

worked closely with Jamie Dimon, Chairman and CEO of JPMorgan, when both men were at Citigroup Inc. in 1990. Scharf followed Dimon Chicago-based Bank One, which JPMorgan acquired in 2004.

Scharf is currently Managing Director of One Equity Partners, of which $ 10 billion of investments and commitments for JPMorgan Chase manages.

“We believe that the experience Scharf management on a large scale is a good … and our first checks were positive about his style of leadership,” Jefferies analyst Jason Kupferberg wrote in a note to clients.

Scharf

experience with JPMorgan will also help Visa. The bank card issuer Visa Card largest and accounts for about 10 percent of its profits, Kupferberg said.

Scharf came at a time as Visa, MasterCard Inc. competitor cards and issuing banks are trying to trace their way through a storm of new digital technologies and companies that have come to the industry Payments from outside the bank, such as eBay and PayPal Price Place Inc.

Analysts do not expect

Scharf major changes in the payment network generation.

“I think Visa is doing well. I think everything will be loaded to the march in the same direction,” Wedbush Securities analyst Gil Luria said.

The San Francisco-based company has already announced its annual forecast twice this year as people move on the map based payments in the world.

Visa

is scheduled for the fourth quarter report on 31 October.

Saunders led

current CEO of Visa IPO in 2008 and continues as Executive Chairman until 31 March, after Visa appoints new non-executive chairman to be independent.

Visa

said Scharf $ 950,000 per year in base salary and a bonus of up to receive up to 500 percent.

Scharf

will also be a “make-whole” get allocation options and restricted stock of $ 19 million, the company said in a filing with the U.S. Securities Commission scholarship. The price is based on a portion of the remuneration is leaving JPMorgan Scharf.

Saunders received $ 11.8 million in total compensation in 2011, according to legal documents.

Shares

network of credit and debit cards increased by less than 1 percent to $ 137.48 on the New York Stock Exchange on Wednesday.

Goldman CEO: I’ll pay 5 percent more tax for budget deal

October 27, 2012

Goldman CEO: I'll pay 5 percent more tax for budget deal

Goldman Sachs CEO Lloyd Blankfein on Thursday was the last leader of the party of big names to commit to a higher tax pay – 5 percent, he said – in exchange a long-term bipartisan agreement in Congress to the country keep from falling off the “cliff tax.”

Blankfein is part of a group of business leaders who have raised nearly $ 30 million to an agreement to support the nearly $ 600 billion in tax increases and spending cuts planned to avoid to introduce at the end of the year.

Asked if he would pay 5 percent more taxes if it was necessary for Congress to an agreement, he said: “Of course I do not know … who does not.”

Blankfein, who described his political views as “center-left”, was interviewed Thursday with Erskine Bowles and Alan Simpson on CNBC.

Blankfein also said that a “huge” impact on the economy as a bipartisan compromise was reached.

“I would be a buyer’s market,” he said.

Simpson and Bowles were co-chairmen of a bipartisan commission by President Barack Obama in December 2010, with a comprehensive proposal of the budget deficit, which on top $ 1 trillion was a number of years to reduce.

Commission report has some support among Democrats and Republicans as a model reducing the deficit, but when it was first proposed, Obama has not acted on it and most House Republicans against.

two Simpson and Bowles would be the country with the group of companies urge a similar proposal

They are also looking for a group of senators known as the “Gang of Eight” to influence -. four Democrats and Republicans together work out a bipartisan agreement and the model

.

Despite the pressure for a broad deficit reduction deal to the cliff to avoid budget, Congress has postponed any decision until November 6 presidential and legislative.

This gives lawmakers a few weeks to act for the automatic cuts and tax increases are activated under a Finance Act passed by Congress in 2011.

budget and fiscal issues among the main issues discussed during the vice-presidential debate on Thursday.

MISCELLANEOUS BUSINESS GROUP

business, all eager to tax cuts, splinters details of which tax breaks to eliminate.

More than half of all businesses are not companies like Goldman Sachs, but are so organized that they pay taxes at special rates. This includes small businesses and larger companies such as law firms and hedge funds.

“Everyone is comfortable giving away money to someone else,” says Dirk von Dongen, president of the National Association of wholesalers and distributors, the composition 60 percent pass-through companies.

Another skeptic is Brian Reardon, a former economic adviser to the Republican and now head of a group of commercial pressures that these companies.

“The problem with this theory is that it assumes that you rates and more revenue will go to reducing the deficit to increase,” said Reardon.

The corporate tax rate does not change at the end of the year, although most individual taxes could increase. Both Obama and Republican challenger Mitt Romney support lowering the maximum rate of 35 percent legal.

Singer Bobby Brown arrested in LA for drunken driving: police

October 27, 2012

Singer Bobby Brown arrested in LA for drunken driving: police
Rhythm and blues

star Bobby Brown, former husband of the late Whitney Houston, was arrested in Los Angeles and was charged with driving under the influence of alcohol, Los Angeles police said Wednesday.

Brown was arrested by police at the intersection of Corbin Avenue and Ventura Boulevard, north of Topanga Canyon in Los Angeles, Los Angeles Police Officer Rosario Herrera said.

Herrera could not immediately additional information about the arrest, which Brown was second this year for impaired driving.

Celebrity News Service Online TMZ, citing law enforcement sources, said Brown was erratic driving and stopped, officers smelled alcohol on his breath. He failed a sobriety test, TMZ said.

In March, Brown was arrested on the same charge, did not contest in April, and went to a treatment center for alcohol abuse during the summer.

In June, Brown married her manager, Alicia Etheridge, Hawaii, four months after the death of a Houston hotel room in Los Angeles.

DeGeneres honored for lifetime as U.S. entertainer

October 27, 2012

DeGeneres honored for lifetime as U.S. entertainer

Ellen DeGeneres, an American artist and prominent supporter of gay rights, the highest honor for reaching the American comedy on Monday.

Mark Twain Receiving the award for American Humor at the Kennedy Center, the national showcase arts DeGeneres has been hailed as a pioneer woman whose edgy comedy variety show, the TV format for the days in the past years.

But several guests also emphasized the courageous decision comedian 15 years ago to go public with his sexual identity in a career of comedian boots said, was a necessary step in the personal dignity.

“I did it for me and he came to many other people to help and a great cause ruckus,” DeGeneres, 54, told reporters before the homage which are summarized decision in 1997 to publicly come out as gay in tandem with his character on the screen in a move that has led to controversy and prompted some advertisers to flee.

The price Twain, named after the satirist of the 19th century, the nation’s highest honor for her performance in comedy.

originally from New Orleans, DeGeneres has spent twenty years as a traveling comedian on the circuit Los Angeles nightclub to the important tasks on television late at night leads to his own prime-time sitcom.

The original show, Ellen DeGeneres presented in the lead role as the owner of the bookstore in a quirky neighborhood. While the show received a boost from the star is out of the closet, it was a few years later.

Later, she returns to the stand-up scene, and host of the 2001 Emmy Awards, which was twice postponed after the attacks of September 11 -. celebration a little austere, which enabled him to try to lighten the national mood

Some guests told DeGeneres made a compassion for his comedy that is rare in the field.

“The rest of us come from the comic really messed up, dark childhood. It can come from that, I do not know. But that’s not what it brings,” said John Leguizamo, who joined the tribute. “She’s just put this goodwill beautiful. “

last 10 seasons on television, has DeGeneres left its mark with a variety show what day it is often used as a means of promoting a commitment to equality for gay people.

” For many people, their only friend Ellen is gay, “said late night talk show host Jimmy Kimmel.

DeGeneres is the woman has received this award since its inception in 1998.

Comedian and actor Will Ferrell

won last year. winners the past have included Bob Newhart, Steve Martin, Richard Pryor and Bill Cosby.

Monday ceremony will be broadcast on PBS on 30 October.

Religious leaders and Russians favored for Nobel Peace Prize

October 27, 2012

Religious leaders and Russians favored for Nobel Peace Prize

Russian dissidents and religious leaders who work for reconciliation between Christians and Muslims are among the favorites for the Nobel Peace Prize win in 2012, when the result will be announced on Friday.

This year has led to some remarkable advances peace, causing an unusual choice of names in circulation and the chance of a surprise winner to increase.

“I’m sure the committee would monumental events in the Middle East to honor,” said Jan Egeland, director of Human Rights Watch Europe.

“But as the Arab Spring turns to fall,” it is very difficult, so one approach might be to look at those who work for dialogue between religions, “said Jan Egeland, former UN Secretary-General.

The agency paris Unibet promotes Gobran Maggie, a nun who runs the mission Coptic children in Cairo, giving him a chance to get to 13 percent.

philanthropist citation Pakistan and the welfare of employees and Abdul Sattar Edhi John Onaiyekan Nigerian religious leaders and Mohamed Saad Abubakar, who helped calm the Christians and Muslims in their country of violence this year.

direct recognition of Arab Spring is unlikely, however, that the commission part of its 2011 price gave to journalist Tawakkol Karman in recognition of his work in the transformation of Yemen, and he rarely makes a problem for two consecutive years.

RUSSIAN HUMAN

“Jagland is always criticized on the grounds that there is a conflict of interest and he would not dare anger the Russians,” said Kristian Berg Harpviken, director of the Peace Research Institute in Oslo. ” So maybe that is likely to prove his critics wrong. “

Although the Norwegian Nobel Committee is independent of the government, its members are elected by parliament and Jagland, a former prime minister, so foreign governments often see a subsidiary of the Norwegian government.

China diplomatic relations froze with Norway in 2010 when Jagland committee gave the award to dissident Liu Xiaobo, Norway accused of meddling in the affairs.

“Russian names are still on the list, but if you wanted to give democracy oriented movements in Russia would boost for this year, “said M. Egeland.

criticism of Russia in the field of human rights grew louder this year that the government’s freedom of expression is suppressed for the presidential elections, and riot police were punk Pussy in prison for a demonstration in the main cathedral in Moscow against Vladimir Putin, Russia’s dominant leader for nearly 13 years.

The list of winners includes potential Russian Svetlana Gannushkina and Memorial human rights civil society contributes to navigate, and the radio station Ekho Moskvy and its editor Alexei Venediktov.

RIOT NOT PUSSY

Pussy Riot

itself is likely to consider the nominations for the price closed on 1 February, before the group has attracted international attention.

The committee received 231 nominations this year, including 43 organizations. Usually in the list to between 25 and 35 names at its first meeting narrows, said Geir Lundestad, executive secretary of the committee.

In April the list is still generally fell between five and seven names. A decision is made about two weeks before the announcement.

The winner gets $ 8 million Swedish crowns ($ 1.21 million), 2 million less than last year while the economic downturn has affected the legacy of Alfred Nobel.

Other names are

popular Gene Sharp, former U.S. professor of political science known for his work on the non-violent struggle, and the doctor and Afghan politician Sima Samar, a champion of women’s rights in the Islamic world.

The Irish bookmaker Paddy Power Sharp his favorite, followed by Samar.

most important step towards peace year was gradual democratization of Myanmar, but the committee has already met opposition leader Aung San Suu Kyi and the government must not only be recognized as less totalitarian, according to experts.

“If they really wanted to do something different, they would look in South Sudan and a peace quite exemplary, “says Iver Neumann, professor of International Relations at London School of Economics.

” But the Nobel Peace Prize Committee has never adventurous, I think she’s someone like themselves, an ordinary politician won a discovery type of agreement. “($ 1 = 6.5846 Swedish crowns)