An American advocacy group that has successfully pushed to isolate Iran economically through sanctions and business boycotts opened a new front in that effort on Tuesday, seeking to pressure the International Monetary Fund to withdraw all its holdings in Iran’s central bank or to suspend Iranian membership.

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The advocacy group, United Against Nuclear Iran, also castigated the fund’s managing director, Christine Lagarde, over what it called her inappropriate compliments for Iran’s central bank, known as Bank Markazi, and its governor, Mahmoud Bahmani, at the meetings of the International Monetary Fund and World Bank in Washington last month. Ms. Lagarde had described the Iranian government’s effort to eliminate costly economic subsidies as a constructive step worthy of emulation, and the compliments were widely reported in Iran’s state-run media.

“The I.M.F. should not be hosting Iranian delegations in the U.S. and elsewhere, and Ms. Lagarde should stop lavishing praise on Iran and Bank Markazi,” the chief executive of United Against Nuclear Iran, Mark D. Wallace, said in a statement announcing its new effort.

Iran is one of the earliest members of the 188-nation I.M.F., founded in the aftermath of World War II to help strengthen monetary cooperation and stability through lending and economic data-gathering. Although Iran has not done any financial transactions with the I.M.F. since January 1984, according to the I.M.F. Web site, membership is regarded as a valued symbol of international legitimacy and respect.

In a letter to Ms. Lagarde dated April 26, Mr. Wallace, a former American diplomat at the United Nations, said the I.M.F. should close what he described as an I.M.F. account worth more than $1 billion held in the central bank, which has been penalized by the United States and European Union. Mr. Wallace said the bank had been shown to be untrustworthy, violating the I.M.F.’s own standards and safeguards.

“I don’t have a grudge with the good people of the I.M.F.,” Mr. Wallace said in a telephone interview. But, he said, “it can’t be business as usual anymore.”

William Murray, a spokesman for the I.M.F. in Washington, said in a statement that the fund’s holdings in Iran’s central bank are part of the arrangements made with any member, and that the account is denominated in Iranian currency, not dollars.

“There is nothing in the E.U. or U.S. sanctions regimes that is inconsistent with these arrangements,” he said. As for the call for Iran’s suspension, Mr. Murray said, “This is a matter that is best taken up with the fund’s member countries. We have no comment.”

Under Article 26 of the I.M.F. Articles of Agreement, suspension of an I.M.F. member’s voting rights requires approval from a 70 percent majority of the total voting power among the other members, which is weighted partly according to their economic size.

A Treasury Department spokesman in Washington, John Sullivan, said that the United States  regarded the I.M.F. as exempt from sanctions on Iran’s central bank. Michael Mann, a spokesman for the European Union’s foreign policy chief, Catherine Ashton, was quoted by Bloomberg News as saying the I.M.F. is not subject to E.U. sanctions.

There was no immediate comment from Iran. But the effort by Mr. Wallace’s group to pressure the I.M.F. could represent a new challenge to Iran, coming as all sides in the protracted dispute over Iran’s uranium enrichment program have been toning down inflammatory rhetoric in recent weeks and speaking with a measure of optimism about a possible diplomatic resolution.

Talks held in Turkey last month were described as positive by Iran and the group of six world powers seeking to stop Iran from enriching uranium that could be used to make nuclear weapons. But Iranian officials have also said the Western sanctions should be eased as a sign of good will, and have hinted their mood could darken if new efforts to isolate Iran were introduced. Talks are set to resume in Baghdad on May 23.

The unusual move by Miss Globalcity Pageant, the largest home-grown beauty contest, comes amid public concern over revelations of celebrity love affairs.

To join, women must sign an agreement to abide by contest rules – this now includes not becoming a mistress.

Any woman found to be involved in such an affair will be disqualified.

Seven women, including two past winners, have already made a public pledge representing this years contestants, organisers said.

Standing in front of news photographers and reporters, they shouted: Happy City – say no to being a mistress!

Contest organiser Fifi Chang says the agreement will stay in place for a year, adding that the new rule is aimed at preserving families.

In the past, weve never done this, but we decided to do it this year because it seems being a mistress has become a trend, Ms Chang said.

We hope to teach the women to have a correct attitude. Its not a very good road to go down. So you first must refuse the man.

Celebrity revelation

Although the agreement only stays in effect for one year, Ms Chang said she hopes the women will stay away from married men even after the year they are involved in pageant activities.

It introduced the rule because of the recent admission by one of Taiwans biggest baseball heroes, Chien-ming Wang, that he had an eight-month affair.

The revelation shocked the public. Mr Wang, a pitcher for the Washington Nationals, is beloved by many Taiwanese not only for his pitching skills before he suffered injuries, but also for helping to raise Taiwans international profile, at least in the world of baseball.

The topic of home wrecking has also received a lot of attention. Many Taiwanese were engrossed in a popular soap opera last year that portrayed a mistress tearing apart a family.

Many girls think its OK to be a mistress, because young people nowadays want whatever they desire. They dont think about the consequences, said Ms Chang.

Signing the agreement to abide by the contests rules and not hurt the image of the pageant, inevitably meant not taking part in an extra-marital affair, Ms Chang said, adding that she was confident the media and netizens would help expose women who lied.

Dozens of women have signed up for the contest so far and up to 200 are expected to join by the end of registration deadline in late May.

The contest will kick off in June, with the winner to be chosen in August.

Atlanta, GA (PRWEB) April 27, 2012

Romantic “Titanic” fans who uttered the same guttural cry of remorse Rose did when she finally let the Heart of the Ocean necklace slip into the Atlantic’s chilly waters can recapture the sentiment behind that unforgettable jewelry piece. Topazery Jewelry an online boutique that specializes in vintage and antique pendants and necklaces like the one featured in the second highest-grossing movie of all time, is currently carrying two antique style pendants that would do a love like Jack and Rose’s proud.

According to a recent “Scientific American” article titled “The Real Heart of the Ocean,” the necklace around which Jack and Rose’s fictional “Titanic” love affair revolved actually existed. Although the real deal “wasn’t a blue diamond, … wasn’t heart-shaped … and wasn’t called the Heart of the Ocean,” there was “definitely a love story involved.” And like the movie’s female protagonist, Rose, its owner lost the love of her life when the ocean liner cataclysmically collided with an iceberg 100 years ago.

The genuine article, which is “now known as The Love of the Sea,” actually featured a rectangular sapphire surrounded by diamonds and was set in platinum, but “Titanic” fans will forever link the heart-shaped pendant featured in the film with love so enduring even death cannot sever it. Despite an elderly Rose dropping that pivotal jewelry piece into the ocean in the film’s penultimate scene, all is not lost for those who covet it. Devotees of the ill-fated would-be Mr. and Mrs. Dawson can now own their very own heart that goes on and on.

In honor of the 100-year anniversary of the Titanic’s sinking, and the re-release of the massively popular film, the antique jewelry boutique Topazery is currently carrying two heart-shaped pendants. The first, a vintage style 14k white gold pendant is classically simple in a way Rose would have approved of. It features six cut-out hearts surrounding a focal point open-weave heart. Each of the exterior hearts is accented with a diamond.

For those “Titanic” fans who favor more lavish attention being paid to them like the sunken ship’s first-class passengers enjoyed, Topazery also carries a fancier heart-shaped pendant. This large open-work heart is encircled by a grapevine wreath with diamond dusted roses tucked amongst its branches. Both Titanic-esque pendant necklaces are made from original 1930′s molds, giving them the ageless antique appeal of the 100-year-old seafaring disaster’s famous necklace.

For more information on how to honor a never-ending love affair with an antique style pendant that is as eternal as the love between Titanic’s Jack and Rose, contact Jan Walden at (678) 528-8901. To see the antique style heart pendants Topazery Jewelry currently has to offer, visit Topazery.com.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/4/prweb9449461.htm

LAS VEGAS, May 10, 2012 /PRNewswire via COMTEX/ –
Gaming Partners International Corporation

/quotes/zigman/94326/quotes/nls/gpic GPIC
-1.24%

, a leading worldwide provider of casino currency and table gaming equipment, announced today financial results for the first quarter ending March 31, 2012.

For its first quarter of 2012, the Company posted revenues of $15.4 million and net income of $1.3 million, or $0.16 per basic and diluted share. These results compare to revenues of $17.8 million and net income of $1.7 million, or $0.21 per basic and diluted share, for the first quarter of 2011. Gross profit for the quarter was $5.2 million, or 34% of revenues, compared to $6.3 million, or 36% of revenues, in the prior year period.

The primary reason for the decrease in revenues in first quarter 2012 net income was comparably lower sales of chips to casinos in Macau.

The Company ended the quarter with $23.6 million in cash, cash equivalents and marketable securities and no debt.

“We saw strong revenue growth in the United States in the first quarter, compared to last year’s first quarter, with an increase in openings and replacement orders,” commented Greg Gronau, GPIC President and Chief Executive Officer. “While sales in Asia were down in the first quarter, due to large orders in Macau with the Galaxy and Sociedade de Jogos de Macau S.A. casinos in the first quarter of 2011, we expect an increase in Asian orders for the remainder the year, as reflected in our recent announcement of three new orders for $4.7 million in chip sales to casinos in Macau.”

About Gaming Partners International Corporation (GPIC)

GPIC manufactures and supplies casino table games and equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bourgogne et Grasset® and Bud Jones®, GPI provides casino currency such as chips, plaques and jetons; gaming furniture and accessories; table layouts; playing cards; dice; and roulette wheels. GPI pioneered the use of security features such as RFID technology in casino chips and provides radio frequency identification device (RFID) solutions including chips, readers and displays. Headquartered in Las Vegas, Nevada, GPIC also has offices in Beaune, France; San Luis Rio Colorado, Mexico; Atlantic City, New Jersey, Gulfport, Mississippi and Macau S.A.R., China. For additional information, please visit
http://www.gpigaming.com .

Safe Harbor Statement

This release contains “forward-looking statements” based on current expectations involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; fulfillment of product orders; the long-term growth and prospects of our business or any jurisdiction; and the long term potential of the RFID casino currency solutions market and the ability of GPIC to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. GPIC’s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the period ended December 31, 2011, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.

GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share amounts)
March 31, December 31,
2012 2011
ASSETS
Current Assets:
Cash and cash equivalents $ 10,430 $ 9,282
Marketable securities 13,128 14,867
Accounts receivable, net 6,001 5,976
Inventories 7,669 7,749
Prepaid expenses 891 1,015
Deferred income tax asset 807 893
Other current assets 2,386 1,564
Total current assets 41,312 41,346
Property and equipment, net 11,855 11,836
Intangibles, net 621 646
Deferred income tax asset 1,507 1,740
Inventories, non-current 113 160
Other assets, net 239 314
Total assets $ 55,647 $ 56,042
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt $ – $ 17
Accounts payable 2,702 2,376
Accrued liabilities 5,278 5,876
Customer deposits and deferred revenue 2,710 4,585
Income taxes payable 144 -
Total current liabilities 10,834 12,854
Long-term debt – 15
Deferred income tax liability 710 689
Total liabilities 11,544 13,558
Commitments and contingencies – see Note 8
Stockholders’ Equity:
Preferred stock, authorized 10,000,000 shares, $.01 par value, – -
none issued or outstanding
Common stock, authorized 30,000,000 shares, $.01 par value,
8,207,077 and 8,140,675 issued and outstanding, respectively,
as of March 31, 2012, and 8,207,077 and 8,187,764 issued
and outstanding, respectively, as of December 31, 2011 82 82
Additional paid-in capital 19,453 19,401
Treasury stock, at cost: 66,402 and 19,313 shares (595) (267)
Retained earnings 23,713 22,442
Accumulated other comprehensive income 1,450 826
Total stockholders’ equity 44,103 42,484
Total liabilities and stockholders’ equity $ 55,647 $ 56,042

GAMING PARTNERS INTERNATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
Three Months Ended
March 31,
2012 2011
Revenues $ 15,425 $ 17,821
Cost of revenues 10,203 11,492
Gross profit 5,222 6,329
Marketing and sales 1,409 1,277
General and administrative 2,269 2,550
Operating income 1,544 2,502
Other income and (expense) 110 110
Income before income taxes 1,654 2,612
Income tax provision 383 883
Net income $ 1,271 $ 1,729
Earnings per share:
Basic $ 0.16 $ 0.21
Diluted $ 0.16 $ 0.21
Weighted-average shares of common stock outstanding:
Basic 8,169 8,199
Diluted 8,184 8,220

For Further Information Contact:Gregory S. Gronau, President and Chief Executive OfficerGerald W. Koslow, Chief Financial OfficerPH: 702.384.2425FX: 702.384.1965

SOURCE Gaming Partners International Corporation

Copyright (C) 2012 PR Newswire. All rights reserved

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Add to portfolio

GPIC

Gaming Partners International Corp.

US

: U.S.: Nasdaq

$
6.36

-0.08
-1.24%

Volume: 10,209
May 18, 2012 4:00p

P/E Ratio16.21
Dividend YieldN/A

Market Cap$51.69 million
Rev. per Employee$77,939

Financial Glossary

Words used in this article:

Criticism of the Fed has struck a rare bipartisan tone since the financial crisis, as it has become a target of both Tea Party groups and the Occupy Wall Street movement.

Following that populist anger, bills to alter the Fed are coming from both sides of the aisle.

On Tuesday, Paul will host a hearing of his House Financial Services subcommittee, where lawmakers will discuss a range of legislative proposals to tweak, overhaul, or outright eliminate the Fed.

Paul has built his national profile as a dark horse presidential candidate in large part on his devoted Fed-bashing. Following the Fed’s extreme actions during the financial crisis, where it extended huge amounts of loans to Wall Street firms in its bid to keep the financial system afloat, skepticism about the economic institution has been on the rise.

“More and more people are beginning to understand just how destructive the Federal Reserves monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed,” said Paul, who chairs the domestic monetary policy subcommittee. “100 years is far too long for Congress to have taken a hands-off approach.”

Paul has been critical of the Fed for years, and has introduced legislation this year, as he has for more than a decade, to abolish it. But a growing number of lawmakers in both parties are casting a skeptical eye on the central bank, believing there is a better way to handle the nation’s monetary policy.

Along with Paul’s bill to eliminate the Fed, two other Republican measures to be discussed are being offered by Reps. Brady and Mike Pence (Ind.).

Pence’s bill, which he also introduced in the last Congress, would cut the Fed’s mission in half. Since 1977, Congress has handed the Fed a dual mandate of maximizing employment while controlling inflation. Recent steps taken by the Fed in pursuit of the former goal, like near-zero interest rates and two rounds of “quantitative easing,” have earned recriminations from Republicans, who worry the moves could be encouraging inflation.

Pence’s bill is in response to that concern, and would reduce the Fed’s goals to simply keeping inflation under control.

Brady’s bill would similarly trim the mandate, but also give the Fed a top-to-bottom makeover. That comprehensive bill would alter the power structure of the Fed, giving more of a say to the presidents of regional Federal Reserve banks across the country, as opposed to the Fed governors based in Washington.

Second-guessing the Fed’s structure is not just a Republican game these days. Of the six bills on the agenda Tuesday, half come from Democratic lawmakers, who have their own issues with the central bank.

Democrats, however, are looking to pull the Fed in the opposite direction.

One bill, offered by Frank, runs directly counter to Brady’s bill. Frank has been largely positive about the Fed’s efforts since the crisis, but contends that the regional Fed presidents reflect the interests of the banking industry and exert too much influence on monetary policy. Instead, his bill would have policy set exclusively by individuals picked by the president and approved by lawmakers.

Another bill offered by Rep. Marcy Kaptur (D-Ohio) pursues similar goals of limiting industry reach. Her measure would cut in half the terms of Fed governors from 14 to seven years, and double the amount of time, from two to four years, a member of the Fed must wait after leaving before taking a job at a bank. It also would prevent long-running vacancies at the top of the Fed by requiring Congressional leaders to send a list of candidates to the president if spots remain open for four months, and requiring the president to nominate someone one month after that.

Kucinich, who lost his reelection bid to Kaptur in a newly drawn district, is offering yet another take on fixing the Fed. His measure would house the Fed within the Treasury Department, which would then set monetary policy in a way that keeps the dollar stable.

For its part, the Fed has kept its head down amid the influx of critiques from both sides of the aisle. With its mandate established by Congress, Fed officials are quick to say they will work to achieve whatever goals lawmakers deem necessary. However, the Fed has addressed the knock that it is too opaque an institution with a recent run of transparency initiatives.

Fed Chairman Ben Bernanke has begun holding regular press conferences to explain the Fed’s policy moves, the Fed is now making public economic projections from individual members, and Bernanke recently spent four lectures at George Washington University explaining the Fed’s role, including what it actually did during the financial meltdown.

Despite Mississippis status as the gold buckle of the Bible Belt and a politically active evangelical clergy with clout at the state Capitol, state taxpayers enjoy fruits of the wages of sin to the tune of some $536 million annually in various taxes collected on gambling, drinking and smoking. The sale of sin tax items also generates additional sales taxes that exceed another $100 million.

Gaming in the last fiscal year generated $277.8 million in taxes in the form of $130.9 million to county and municipal governments and the states portion of $146.9 million. Overall, gaming provided 3 percent of general fund revenues. Tobacco taxes generated $158 million or 4 percent of the general fund. Alcoholic beverage taxes generated $71 million, but $8.6 million went to county and municipal government, leaving $63 million or 1 percent of general fund revenues for the state.

Mississippi voters believe that they have been promised in the past that legalizing and taxing alcohol sales, gaming and other sins would provide support for public education and other noble pursuits. They also believe that those promises have been proven to be either false or grossly overstated.

The other lessons from the ghosts of sin taxes past are that sin tax efforts produce strange political bedfellows. Want to change a local option liquor law? Then prepare to fight both the local churches and the local bootleggers.

Want to change Mississippi gaming laws? Then prepare to fight both the religious community and the entrenched gaming industry. Since the inception of legal casino gaming in Mississippi in the 1990s, efforts to enact a state lottery or other major changes have met with opposition from the churches and from the big casino companies.

So when Democratic state Rep. Bobby Moak introduced House Bill 1373 during the 2012 session, religious critics of any expansion of legal gaming of any kind in Mississippi reacted. But this time, many of the big casino companies supported Moaks play.

Police statistics reveal that the number of murders owing to love affairs/sexual causes, increased from 155 in 2008 to 347 in 2011, recording an increase of more than 100 per cent, surpassing conventional offences. While the police say they can hardly prevent these types of crimes, psychologists opine that lack of value-based education is contributing to the erosion in moral and cultural values.

The intriguing fact, according to investigators, is that a number of suicides driven by issues relating to illicit affairs are often hushed up and attributed to non-existing medical condition.

Crimes of passion have always been there. Most of the murders in such cases are due to sudden provocation…‘aruval being a readily available weapon in rural areas aids the offence. Though attempts will be made to give wrong reasons as motive for the murder, the police will investigate and bring out the truth. We have not analysed as to how many youngsters are involved, says Director General of Police K. Ramanujam.

Statistics in the policy note tabled by Chief Minister Jayalalithaa in the Assembly on Tuesday reveal that murders have been steadily on the rise in the State since 2006. Of the 1,747 murders reported across Tamil Nadu in 2011, the highest in the last ten years, 347 were owing to love affairs/sexual causes.

The police consider crimes associated with adultery as most complicated for investigation since all those involved try to keep the facts under wraps.

They try to destroy all evidence that can lead to the infidelity angle. Even when confronted with circumstantial or documentary evidence, the accused persons try to mislead investigators by attributing fake motives, says a senior police officer.

In a majority of the cases, mobile phone calls, messages and emails give an indication of the motive.

We have observed that the offence is heinous when the woman involved is married. A sizeable number of men involved in illicit relationships were persons known to the family. Since social stigma is strongly associated with these problems, the family tries its best to sort things out amicably. Violence erupts only when things get out of control, says a retired police officer.

According to psychiatrist C. Ramasubramanian, there is a tendency among the youth to look for instant pleasure, which is often at the cost of moral values. There is little time for value-based education in schools.

The advent of technology has made it easier for the students to access many aspects that provoke them to cross the ‘Lakshman Rekha. The responsibility lies with societyparents, teachers and the media have to play a vital role in preaching moral values. Film-makers also have a responsible role to play Dr. Ramasubramanian says.

SYDNEY — The International Monetary Fund Monday applauded Australia’s plan for a budget surplus, saying it will help “rebuild fiscal buffers”, in comments the government seized on as “a ringing endorsement”.

Treasurer Wayne Swan is set to unveil one of the toughest budgets in years for the mining-powered economy on Tuesday, with deep spending cuts expected to meet a targeted modest surplus next financial year.

Writing in The Australian Financial Review, IMF chief Asian economist Anoop Singh said a commitment to return to surplus in 2012-13 would put Australia in an even better position to buffer against economic shocks.

“In light of the historical terms of trade highs and the significant structural change in the economy, tighter fiscal policy combined with an easier monetary stance represents an appropriate policy mix,” he said.

However, he warned of an upside risk to the Australian economy, with investment in the resources sector potentially larger than expected, which would boost growth and push up wages and inflation.

Singh added that not all sectors of the economy were benefiting from the mining boom, and reforms were required to “build a more flexible economy” to ensure resilience.

Australia, which survived the global financial crisis without dipping into recession, has previously been forecast by the government to deliver a Aus$1.5 billion ($1.6 billion) surplus for the 2012-13 fiscal year beginning July 1.

A surplus would represent one of the fastest budget reversals in Australian history, overcoming a current year deficit predicted to be at least Aus$37.1 billion.

The Australian newspaper reported that in the budget Swan would cut the ratio of government spending to gross domestic product by 1.6 percent to 23.5 percent in 2012-13.

The figure would be the biggest fall in government spending as a share of GDP since 1987-88, it said.

Swan on Monday said the budget would show the Australian economy “walks tall in the global economy but supports lower and middle income earners at home”, and trumpeted Singh’s assessment.

“What we’ve seen is a ringing endorsement from the International Monetary Fund,” the treasurer said.

The budget release comes amid mounting speculation that Prime Minister Julia Gillard, who is performing dismally in opinion polls, will face a challenge to her leadership from within Labor’s ranks.

Copyright © 2012 AFP. All rights reserved.
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