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May 1, 2012

Smartcompany News and Analysis: Magazine publisher goes into liquidation, Will the banks pass on super-size rate cut, Calls for $30 million small biz tax break,Fraud on the rise

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The Reserve Bank’s “super-sized” rate cut yesterday has been welcomed by business, but the banks are so far refusing to play ball. We’ve looked at the impact of the cut on business and James Thomson writes in Entrepreneur Watch about how the RBA slashes as Murdoch crashes.

In other stories, industry is behind the Victorian Government’s belt-tightening Budget, while a number of Australian businesses have emerged triumphant in the Webby Awards.

Elsewhere, we speak to importer and venue owner Gerard Anderson, who tells us the secret of longevity in the hospitality industry, and we also consider whether it is time for your business to pivot.

Lunch with an Entrepreneur
Gerard Anderson
Gerard Anderson is thriving in the notoriously fickle hospitality industry. He recently launched Urban Importers, a new venture that imports niche drink brands. BY CARA WATERS.

Is it time to pivot?
Has the time come for you to change – or “pivot” – your business direction? Before you do, here are some key points you need to consider. BY OLIVER MILMAN.

Aunty B
My wife wants to grow fast, but I don't
You might need to do an emotional audit of your situation before you start drawing up a business plan.
Aunty B

Profitable growth
Julia Bickerstaff
Save on waste and profits will surely follow.
Ask the Experts

Internet secrets
Craig Reardon
Traditional skills and strengths have an important part to play in the online business world.
Smart Blogs

Retail advice
Brian Walker
Successfully integrating the many strands of the modern retail experience is the way forward for retailers.
Smart Blogs

Behavioural Economics
Bri Williams
How effectively does your business reward customer effort?
Smart Blogs

Entrepreneur Watch
James Thomson
Why the welcome rate cut shouldn’t excite Wayne Swan too much, and a word on Rupert Murdoch.
Entrepreneur Watch

CFTC | Enforcement Actions: Federal Court in Illinois Orders Trading Point of Financial Instruments Ltd. to Pay $140,000 Penalty for Acting as Unregistered Retail Forex Dealer

RELEASE: pr6248-12

May 1, 2012

Federal Court in Illinois Orders Trading Point of Financial Instruments Ltd. to Pay $140,000 Penalty for Acting as Unregistered Retail Forex Dealer

Trading Point also ordered to cease soliciting U.S. customers and to modify website

Action part of CFTC’s second nationwide sweep against forex firms for failure to register under the 2008 Farm Bill, the Dodd-Frank Act, and CFTC regulations

Washington DC – The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court consent order requiring Trading Point of Financial Instruments Ltd. (Trading Point), of Limassol, Cyprus, to pay a $140,000 civil monetary penalty to settle CFTC charges. The order finds that Trading Point unlawfully solicited U.S. customers to engage in foreign currency (forex) transactions and operated as a Retail Foreign Exchange Dealer (RFED) without being registered with the CFTC.
The consent order, entered April 25, 2012, by Judge John W. Darrah of the U.S. District Court for the Northern District of Illinois, permanently bars Trading Point from engaging in any conduct that violates the Commodity Exchange Act (CEA) and CFTC regulations, as charged. The order also requires Trading Point to close all U.S. customer accounts and to return each U.S. customer all funds in the customer’s account. It also directs Trading Point to publish a prominently displayed notice on its website, stating that Trading Point does not provide services for U.S. customers.
The order finds that between November 2010 and September 2011, Trading Point solicited orders from low net worth U.S. customers to open leveraged forex trading accounts through its website. The order finds that Trading Point acted as an RFED by offering to be, and acting as, a counterparty buying and selling forex contracts with U.S. customers without being registered as an RFED.
The order settles CFTC charges brought against Trading Point as part of the CFTC’s second “sweep” against forex firms for unlawfully soliciting U.S. customers to engage in forex transactions and operating as RFEDs without being registered with the CFTC (see CFTC Press Release 6108-11, September 8, 2011).
In the forex market, RFEDs and some registered commodity futures brokers may buy forex contracts from, or sell forex contracts to, individual investors who possess sufficient net worth to qualify as eligible contract participants (ECPs). Firms that market forex contracts to customers who are not eligible ECPs are required to register with the CFTC and abide by rules and regulations designed for investor protection, including those relating to minimum capital requirements, recordkeeping, and compliance.

CFTC Division of Enforcement staff members responsible for this case are Jon J. Kramer, Elizabeth M. Streit, Joy McCormack, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.

CFTC customer protection information for retail forex customers
The CFTC strongly urges the public to check whether a company is registered before investing funds. If a company is not registered, an investor should be wary of providing funds to that company. A company’s registration status can be found on the National Futures Association’s website at

Before investing money in the forex market, the CFTC also strongly urges members of the public to review the CFTC’s forex consumer protection advisories listed below.

CFTC Consumer Advisories on Forex Fraud
If it sounds too good to be true, it probably is!

Fraud Advisory from the CFTC: Foreign Currency Trading (Forex) Fraud

Foreign Exchange Currency Fraud: CFTC/NASAA Investor Alert
Media Contacts
Dennis Holden

Last Updated: May 1, 2012

NYT Global Update: New Details Emerge in Report on Murdoch Papers

Global Update


New Details Emerge in Report on Murdoch Papers

After more than five years, revelations of sealed documents and other material promise to expand the scope of the case.

Murdoch Unfit to Lead Media Empire, Says British Report

In a report after months of investigation into hacking at Rupert Murdoch's British newspapers, a panel said that the media tycoon had shown a "willful blindness" toward wrongdoing.

Cameron Stands to Lose Much as Scandal Wears On

Politicians and media commentators are asking whether Prime Minister David Cameron of Britain can survive any further revelations about his close ties with the Murdochs.

Video: TimesCast

A British parliamentary report finds Rupert Murdoch unfit to lead a media empire ; "Once" leads the Tony nominations and more...


More Potent Than Censorship

Most Chinese writers say that censorship is an issue but self-censorship is not. I don't believe them.

A Tiny Island Is Where Iran Makes a Stand

President Mahmoud Ahmadinejad is enjoying a surge of support and nationalism in a feud with the United Arab Emirates over Abu Musa, a four-square-mile spit of sand with about 2,000 inhabitants.

Israeli Defense Minister Keeps All Options Open on Iran

Ehud Barak offered a dim view of talks on Iran's nuclear program and said all options, including a military strike, remained on the table despite weeks of criticism over the stance.

Euro Stress Crosses Border Into the Netherlands

With their economy in recession and facing new belt-tightening measures, the Dutch are showing grim determination.

New BlackBerry Prototype Is Given to Developers

The BlackBerry 10 is critical to the revival of Research in Motion, but early models given to app developers were missing features, like the ability to make calls.

Uncertainty Mounts Over London Airport Expansion Plans

A series of British governments have struggled with the question of expanding London's airport capacity, but a weak economy makes the question more difficult.

Data Engineer in Google Case Is Identified

A former state investigator looking into Google's Street View has identified the so-called Engineer Doe.

Facebook on Track for I.P.O. Roadshow

Despite rumors of delays, Facebook could begin its roadshow as soon as early next week, according to two people briefed on the company's plans.
Skin Deep

Social Media Breathes New Life Into Products No Longer on Shelves

Thanks to sites like Facebook or Twitter, beauty companies are keeping closer tabs on which products their customers want brought back.

Don't Pencil in Manchester City as Champion Yet

City has the advantage after it beat Manchester United, 1-0, but it also faces a tough match this weekend with Newcastle.

U.S. Men's Team Drawn Into Tougher Olympic Pool

The United States will play Argentina, France and Tunisia in the first round of the Olympic men's basketball tournament in London.

Baker Earns Men's Wild Card for French Open

Brian Baker was given a wild card into the French Open from the United States Tennis Association.

This Prom Has Everything, Except for Boys

A dream to take part in an American rite of passage came true for girls whose faith forbids them to date or dance with boys.

Charges Coming in Fla. Hazing Death

At least five people will face charges in the hazing death of a Florida A&M University band member aboard a bus after a performance in Orlando last fall, authorities said Tuesday.

Wife of Edwards Aide Says She Tried to Document Money Trail

Cheri Young says her efforts were an attempt to protect her and her husband from legal action.
Patrick Chappatte

Osama Bin Laden's Death, One Year Later

Revisiting the death of the terrorist mastermind one year after he was killed by American military and C.I.A. operatives who tracked him to a compound in Pakistan.
Op-Ed Contributor

The Prince and the Ayatollah

The conflict in Bahrain cannot be understood in isolation from the regional cold war.
Op-Ed Contributor

The Sun, the Moon and Walmart

Mexico's greatest challenge is putting an end to long-ingrained corruption.

Financial and Forex Info News | The Australian Capital Circle: Rate cut game begins again

Rate cut game begins again
All eyes are on the big four banks today as Australians wait to see if they pass on a rate cut.

First off: Treasurer Wayne Swan yesterday moved to take credit for the Reserve Bank's 50-basis-point cut to rates, though bank governor Glenn Stevens made it clear he did not expect the full cut to be passed on to consumers (The Australian). The rate cut is dominating front pages, but few expect the banks to pass on the full rate cut.
The coverage: The Australian: Can a rate cut save PM's house? Fin Review : High dollar forces big RBA rate cut; The Advertiser: Banks unlikely to pass on full interest rate cut, analysts say; Daily Tele: Fifty reasons the RBA rate cut must be passed on by the Big Four Banks; Herald Sun: Banks quiet on interest rates cut; SMH: Banks hold back on bumper rate cut.
Mr Swan today kept up pressure on the banks - as have Ministers Penny Wong, Craig Emerson and David Bradbury - with the Treasurer telling the ABC: "I think Australians expect that the banks would move quickly to pass on the interest rate cut". He also defended Prime Minister Julia Gillard's leadership, declaring she is doing a "fantastic job" and attacking reports that she has lost caucus support as a "whole heap of rubbish".
But Ms Gillard is facing further leadership pressure, with the NSW Right faction abandoning her and Queensland
Peter Brent
Peter Brent
Newspoll OMG
There’s good news for the Gillard government in today’s Newspoll. It is that the chances of a “bounce” from next week’s budget are looking pretty…