MOVES-ING, Deutsche Bank, MAM Funds Plc, others


NEWEDGEThe brokerage and clearing house appointed Kevin Russell as managing director and global head of brand & communications based in London.INGThe company appointed Paul Cliff and Tibor Bokor as sector heads for metals/mining and EMEA telecoms, respectively. Igor Goncharov was named director of equity research (Russian utilities).It appointed Anna Kochkina, Tatiana Prokina, Pinar Fersoy, Jessica London, Adam Brinkley-Svanberg and Brian Wesneski as vice-presidents. Todd Krummel was named director and head of Russian trading and Naser Nuredini vice-president of EMEA equity trading.DEUTSCHE BANKThe investment bank appointed Frank Wu as head of Trade Finance and Cash Management Corporates for Greater China. Previously, he was the head of Structured Trade & Export Finance, China.MAM FUNDS PLCThe asset management group appointed Tom Delic as investment analyst at its Liverpool office. Previously, he served as technical analyst for both Royal Liver Assurance and Mercers.SIGNIA WEALTHThe independent wealth manager appointed Etienne de Merlis as executive director of its investment team. Prior to this, Merlis worked with JP Morgan private bank.BARING ASSET MANAGEMENTThe investment management firm appointed John Burns as chief operating officer. Previously, he was the COO at Visor Capital in Almaty, Kazakhstan.TOWERGATE INSURANCE GROUPEurope’s largest independent insurance group appointed James Strachan to its board as an independent non-executive director, and chairman of the Group Risk and Compliance Committee.

Soros: not a funder of Wall Street protests


Limbaugh summed up the chatter when he told his listeners last week, “George Soros money is behind this.”Soros spokesman Michael Vachon said that Soros has not “funded the protests directly or indirectly.” He added: “Assertions to the contrary are an attempt by those who oppose the protesters to cast doubt on the authenticity of the movement.”Soros has donated at least $3.5 million to an organization called the Tides Center in recent years, earmarking the funds for specific purposes. Tides has given grants to Adbusters, an anti-capitalist group in Canada whose inventive marketing campaign sparked the first demonstrations last month.Vachon said Open Society specified what its donations could be used for. He said they were not general purpose funds to be used at the discretion of Tides — for example for grants to Adbusters. “Our grants to Tides were for other purposes.”Tides declined to comment.According to IRS disclosure documents from 2007-2009, the latest data available, Soros’ Open Society gave grants of $3.5 million to Tides, a San Francisco-based group that acts almost like a clearing house for other donors, directing their contributions to liberal non-profit groups. Among others the Tides Center has partnered with are the Ford Foundation and the Gates Foundation.IRS disclosure documents and reports from Tides also show that Tides gave Adbusters grants of $185,000 from 2001-2010, including nearly $26,000 between 2007-2009.The Vancouver-based Adbusters publishes a magazine with a circulation of 120,000 and is known for its spoofs of popular advertisements. It says it wants to “change the way corporations wield power” and its goal is “to topple existing power structures.”Adbusters co-founder Kalle Lasn said the group is 95 percent funded by subscribers paying for the magazine.”George Soros’s ideas are quite good, many of them. I wish he would give Adbusters some money, we sorely need it,” he said. “He’s never given us a penny.”Adbusters may have sparked Occupy Wall Street but it is by no means in control of the disparate movement, with the protests now in their fourth week and spreading to cities across America. President Barack Obama, BlackRock Chief Executive Laurence Fink and Soros himself are among those who have expressed sympathy for the protesters’ frustration with high unemployment.SHARED FRUSTRATION”I can understand their sentiment,” Soros told reporters last week at the United Nations about the Occupy Wall Street demonstrations, which are expected to spur solidarity marches globally on Saturday. He declined to comment further.Soros, 81, is No. 7 on the Forbes 400 list with a fortune of $22 billion, which has ballooned in recent years as he deftly responded to financial market turmoil. He has pledged to give away all his wealth, half of it while he earns it and the rest when he dies.Like the protesters, Soros is no fan of the 2008 bank bailouts and subsequent government purchase of the toxic sub-prime mortgage assets they amassed in the property bubble.The protesters say the Wall Street bank bailouts in 2008 left banks enjoying huge profits while average Americans suffered under high unemployment and job insecurity with little help from Washington. They contend that the richest 1 percent of Americans have amassed vast fortunes while being taxed at a lower rate than most people.Soros in 2009 wrote in an editorial that the purchase of toxic bank assets would, “provide artificial life support for the banks at considerable expense to the taxpayer.”He urged the Obama administration to take bolder action, either by recapitalizing or nationalizing the banks and forcing them to lend at attractive rates. His advice went unheeded.The Hungarian-American was an early supporter of the 2008 election campaign of Barack Obama, who will seek a second term as president in the November, 2012, election. He has long backed liberal causes - the Open Society Institute, the foreign policy think tank Council on Foreign Relations and Human Rights Watch.SLOW STARTAdbusters, which publishes a magazine and runs such campaigns as “Digital Detox Week” and “Buy Nothing Day,” came up with the Occupy Wall Street idea after Arab Spring protests toppled governments in Egypt, Libya and Tunisia, said Lasn, the 69-year-old co-founder of the group.”It came out of these brainstorming sessions we have at Adbusters,” Lasn told Reuters, adding they began promoting it online on July 13. “We were inspired by what happened in Tunisia and Egypt and we had this feeling that America was ripe for a Tahrir moment.”“We felt there was a real rage building up in America, and we thought that we would like to create a spark which would give expression for this rage.”Other support for Occupy Wall Street has come from online funding website Kickstarter, where more than $75,000 has been pledged, deliveries of food and from cash dropped in a bucket at the park. Liberal film maker Michael Moore has also pledged to donate money.The protests began in earnest on September 17, triggered by an Adbusters campaign featuring a provocative poster showing a ballerina dancing atop the famous bronze bull in New York’s financial district as a crowd of protesters wearing gas masks approach behind her.Dressed in anarchist black, the battle-ready mob is shrouded in a fog suggestive of tear gas or fires burning. Some are wearing gas masks, others wielding sticks. The poster’s message seems to be a heady combination of sexuality, violence, excitement and adventure.Former carpenter Robert Daros, 23, saw that poster in a cafe in Fort Lauderdale, Florida. Having lost his work as a carpenter after Florida’s speculative construction boom collapsed in a heap of sub-prime mortgage foreclosures, he quit his job as a bartender and traveled to New York City with just a sleeping bag and the hope of joining the protest movement.Daros was one of the first people to arrive on Wall Street for the so-called occupation on September 17, when protesters marched and tried to camp on Wall Street only to be driven off by police to Zuccotti Park - two acres of concrete without a blade of grass near the rising One World Trade Center.”When I was a carpenter, I lost my job because the financier of my project was arrested for corporate fraud,” said Daros, who was wearing a red arm band to show he was helping out in the medic section of the Occupy Wall Street camp.Since its obscure beginnings, the campaign has drawn global media attention in places as far-flung as Iran and China. The Times of London, however, was not alone when it called the protests “Passionate but Pointless.”Adbusters’ co-founder Lasn dismisses that, reeling off specific demands: a tax on the richest 1 percent, a tax on currency trades and a tax on all financial transactions.”Down the road, there will be crystal clear demands coming out of this movement,” he said. “But this first phase of the movement is messy and leaderless and demandless.”“I think it was perfect the way it happened.”

ArcelorMittal mining arm courts external customers


“It’s no longer where mining is a cost centre or a cost support, mining is a profit driver going forward, just as the steel side is,” Simon Wandke, ArcelorMittal’s chief commercial officer for mining, said.”We don’t have to supply all our tonnes to ArcelorMittal Steel,” he told the annual World Steel Association conference. “We have contracts with global steel companies, a number of our customers are in the room today.”ArcelorMittal was taking a “portfolio approach” to mining assets, using a mix of acquisitions and partnerships to secure specific types of metal ore, he said, citing the takeover of Canadian miner Baffinland this year as giving access to high-quality iron ore amid declining global quality.ArcelorMittal is aiming to raise its iron ore production by 10 percent this year and its output of coking coal — another raw material used in making steel — by 20 percent.Mining activities have attracted increasing attention from industrial users as high commodity prices linked to booming Chinese demand have shifted some profitability upstream.Wandke said his division was selling raw materials to external customers through separate commercial operations.”Our growth is global and not just internal. So we have offices for mining around the world that have a different front door from steel.”He declined to give details about steel customers or pricing levels when asked by Reuters on the sidelines of the conference.Mining major BHP Billiton told the conference mining projects should allow iron ore supply growth to outpace demand this decade after a period of undersupply that has stoked prices.Wandke said that this rebalancing of supply and demand would take some time while projects come onstream.”We think the market is going to remain pretty tight for a number of years.”

UPDATE 1-Sony says to recall 1.6 mln LCD TVs globally


TOKYO Oct 12 (Reuters) - Sony Corp will recall 1.6 million of its Bravia brand LCD televisions worldwide after several incidents of TV sets emitting smoke or parts melting due to faulty components, a company official said on Wednesday.The 11 incidents all took place in Japan, but the faulty parts may affect TV sets sold around the world, the company said in a news release.There have been no reports of injuries or of damage to anything other than the televisions, Sony said.The televisions subject to recall were manufactured in 2007 and 2008 and were mostly sold in Europe and the United States, although some were also sold in Japan and other parts of the world, a Sony spokeswoman said. The company will issue an advisory to customers on its websites and by e-mail.