Cyprus company Shades Of Cyprus Ltd. - Minority shareholders of Voskresensk Mineral Fertilizers (VMF) - re-apply to the Supreme Arbitration Court (IAC) of the Russian Federation on the supervisory review of cases concerning the refusal to recover from the Savings Bank of 3 billion rubles. The announcement was made Friday, the Russian news agency the legal and judicial information (RAPS), the representative of the court, RIA Novosti reported.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
9/25/10
Company Shades Of Cyprus asks the court to re-review the claim to the Savings Bank of 3 billion rubles
Cyprus company Shades Of Cyprus Ltd. - Minority shareholders of Voskresensk Mineral Fertilizers (VMF) - re-apply to the Supreme Arbitration Court (IAC) of the Russian Federation on the supervisory review of cases concerning the refusal to recover from the Savings Bank of 3 billion rubles. The announcement was made Friday, the Russian news agency the legal and judicial information (RAPS), the representative of the court, RIA Novosti reported.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
In August, you give up Shades of Cyprus in the transfer of the presidium of the trial of this case. The Moscow Arbitration Court on Feb. 15, 2010 refused to collect the claim Shades Of Cyprus Ltd. 3.089 billion rubles in the bank guarantee OAO Sberbank offers URALCHEM "to repurchase shares of VMC. That decision upheld the courts of appeal and cassation.
The representative of the Shades of Cyprus, said the Moscow Arbitration that Uralchem, which owns 71.72% stake in VMC, in July 2008, an offer to minority shareholders to purchase common shares at an estimated cost VMC 20.29 rubles apiece. However, the Federal Financial Markets Service ordered to eliminate the violations in this offer, due to which Uralchem 5 August 2008 put another offer, has been accepted Shades of Cyprus (owns 24.98% stake in VMC) and sent to the registrar an order to translate it owns shares to the account URALCHEM. However, to translate the shares at the expense of URALCHEM failed and the company sent them to a notary public. URALCHEM, "held that the plaintiff in a timely manner did not send a statement of acceptance, and denied the Cypriot company in the requirement to meet the offer. Then Shades of Cyprus addressed to the Savings Bank acts as a guarantor under the offer, which also denied the plaintiff. According to representatives of URALCHEM and Savings Bank, a bank guarantee was provided only in July offer.
The representative of the Shades of Cyprus said that the offer is valid only on 5 August, as the July offer was issued in violation of the law. Time of execution of the offer expired on October 22, 2008. Shades of Cyprus was able to meet deadlines on the acceptance and transfer of shares, but the payment of URALCHEM not wait, said the plaintiff. As a witness the court questioned the notary, who confirmed that aired a statement proposing the sale of "HC Uralchem belonging to the minority shareholders of shares in the amount of VMU 152,252,000 shares at a price of 20.29 rubles per each. A notary has brought a corresponding application and cover letter in Uralchem, but they were not accepted by the company.
Bank of Japan may once again pumped money into the economy
Bank of Japan closer to a resumption of pumping money into the economy, allowing the bank reserves placed on its accounts, increased to a level comparable to the levels achieved in the midst of the practice seven years ago.
Although the central bank is unlikely to revert to full-scale quantitative easing, which is affected liquidity and is not a key interest rate, it can keep the markets afloat, by offering them more money than they can absorb the commercial banks.
But analysts say the increase in reserves will not help support the economy, since the excess money will simply fall in bank accounts in cases of weak corporate demand for loans. "While the company did not begin to borrow more money does not penetrate the sector - said Hirokata Kusaba of the Mizuho Research Institute. - The Bank of Japan should provide long-term loans market or buy riskier assets, although he may not be ready for it. "
Bank of Japan did not withdraw from the market of money pumped back as a result of currency intervention last week. Thus, deposits in the accounts of commercial banks at the central bank rose to 17.1 trillion yen (202.7 billion U.S. dollars).
On Tuesday, this volume increased to 19.4 trillion, up 20% higher than in early September. He is expected to exceed 20 trillion yen by the end of the month, reaching levels of 2003, when the central bank pumping money into the market to achieve the necessary liquidity through quantitative easing.
Itself the Bank of Japan says its current policy of quantitative easing is not, since its purpose is to interest rates, and no amount of liquidity.
However, he did not object to maintain the markets with money, hoping it would further reduce the cost of borrowing and weaken the yen. "Balancing the provision itself does not mean too much. But if it leads to lower cost of credit, it can be useful for the economy "- said a source familiar with the opinion of the Bank of Japan.
The Bank believes that it can keep the overnight interest rate at around 0.1% per annum without removing too much money from the market. If it becomes difficult to keep rates from falling below 0.1%, Bank of Japan may lower it to zero or to add to his statement a single line, allowing the temporary drop in rates below the benchmark, say analysts.
Although the central bank is unlikely to revert to full-scale quantitative easing, which is affected liquidity and is not a key interest rate, it can keep the markets afloat, by offering them more money than they can absorb the commercial banks.
But analysts say the increase in reserves will not help support the economy, since the excess money will simply fall in bank accounts in cases of weak corporate demand for loans. "While the company did not begin to borrow more money does not penetrate the sector - said Hirokata Kusaba of the Mizuho Research Institute. - The Bank of Japan should provide long-term loans market or buy riskier assets, although he may not be ready for it. "
Bank of Japan did not withdraw from the market of money pumped back as a result of currency intervention last week. Thus, deposits in the accounts of commercial banks at the central bank rose to 17.1 trillion yen (202.7 billion U.S. dollars).
On Tuesday, this volume increased to 19.4 trillion, up 20% higher than in early September. He is expected to exceed 20 trillion yen by the end of the month, reaching levels of 2003, when the central bank pumping money into the market to achieve the necessary liquidity through quantitative easing.
Itself the Bank of Japan says its current policy of quantitative easing is not, since its purpose is to interest rates, and no amount of liquidity.
However, he did not object to maintain the markets with money, hoping it would further reduce the cost of borrowing and weaken the yen. "Balancing the provision itself does not mean too much. But if it leads to lower cost of credit, it can be useful for the economy "- said a source familiar with the opinion of the Bank of Japan.
The Bank believes that it can keep the overnight interest rate at around 0.1% per annum without removing too much money from the market. If it becomes difficult to keep rates from falling below 0.1%, Bank of Japan may lower it to zero or to add to his statement a single line, allowing the temporary drop in rates below the benchmark, say analysts.
The congress of the USA prepares the bill of sanctions against exporters of China for a manipulation a yuan exchange rate
The U.S. Congress is preparing a bill to impose sanctions over the course of China's currency manipulation. On this, as Vedomosti said Thursday the chairman of the lower house of Sander Levin. According to him, responsible for exchange rate policy in Beijing will be exporting Chinese goods.
The adoption of the document - a necessary measure, but it will be approved if the country does not find a compromise solution, "Levin said: to convince China to make significant adjustments monetary policy failed. Voting on the bill in Congress on Friday.
President Barack Obama and President Wen Jiabao Thursday held talks on trade, but their outcomes not yet known. On the eve of the Obama administration is defiantly pulled away from the initiative of parliamentarians. Using the law to put pressure on China in exchange rate policy issues - "unwise and short-sighted decision," said in a statement the U.S. State Department. At the same time, Deputy Secretary of State Robert Hormats has criticized China for its "excessive" export support. Reliance on debt-ridden American consumers - the wrong strategy, he said: "There are established rules of world trade, and we try to convince China."
U.S. and China are negotiating on RMB exchange rate over two years, then the glow of the debate intensifies, it weakens. In June, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more. Yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S., according to a memorandum of Congress. According to the U.S. Ministry of Trade, China's trade surplus with the U.S. in the first half of this year amounted to 119 billion dollars (in 2009 - 227 billion).
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The adoption of the document - a necessary measure, but it will be approved if the country does not find a compromise solution, "Levin said: to convince China to make significant adjustments monetary policy failed. Voting on the bill in Congress on Friday.
President Barack Obama and President Wen Jiabao Thursday held talks on trade, but their outcomes not yet known. On the eve of the Obama administration is defiantly pulled away from the initiative of parliamentarians. Using the law to put pressure on China in exchange rate policy issues - "unwise and short-sighted decision," said in a statement the U.S. State Department. At the same time, Deputy Secretary of State Robert Hormats has criticized China for its "excessive" export support. Reliance on debt-ridden American consumers - the wrong strategy, he said: "There are established rules of world trade, and we try to convince China."
U.S. and China are negotiating on RMB exchange rate over two years, then the glow of the debate intensifies, it weakens. In June, the PRC government to soften its stance and promised that the course will become more flexible. Since then the yuan has appreciated against the dollar by 2%. But U.S. officials are counting on more. Yuan is undervalued by 25-40%, giving Chinese exporters an unfair advantage over their competitors and stimulates the unemployment in the U.S., according to a memorandum of Congress. According to the U.S. Ministry of Trade, China's trade surplus with the U.S. in the first half of this year amounted to 119 billion dollars (in 2009 - 227 billion).
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Western Union and DHL expand cooperation in Europe
Company Western Union, one of world leaders in sphere of global payment services, and DHL Express, the world leader in the field of express delivery, declared intention to expand cooperation and to offer enterprise customers DHL of service of international money transfers Western Union between juridical persons. Service will be accessible in 5 thousand own and partner departments DHL in Europe. Also money transfers Western Union in service centers DHL Express in Europe can perform and physical persons. About it the parties have reported in the joint press release.
Today money transfer service Western Union is accessible in departments DHL in the countries of Latin America and Caribbean basin. «Cooperation in Europe will allow Western Union to increase the network and to offer services of a new category of clients while DHL Express will expand the list of the services offered in departments of the company», — it is marked in the message.
Services of international money transfers between juridical persons are given by company Custom House acquired Western Union in 2009.
According to research firm IDC, the volume of the market of transfers between juridical persons all over the world this year will grow on 55 % and will constitute 3,4 трлн US dollars.
Today money transfer service Western Union is accessible in departments DHL in the countries of Latin America and Caribbean basin. «Cooperation in Europe will allow Western Union to increase the network and to offer services of a new category of clients while DHL Express will expand the list of the services offered in departments of the company», — it is marked in the message.
Services of international money transfers between juridical persons are given by company Custom House acquired Western Union in 2009.
According to research firm IDC, the volume of the market of transfers between juridical persons all over the world this year will grow on 55 % and will constitute 3,4 трлн US dollars.
Vatican has explained investigation concerning the bankers "misunderstanding"
The investigation begun by the Italian authorities concerning top-managers of Bank of Vatican, including its head Ettore Gotti Tedeski (Ettore Gotti Tedeschi), is caused by "misunderstanding". So have commented on a situation in official Vatican, The Financial Times newspaper writes.
There consider that "misunderstanding" is connected with "disputable" transfers into 23 million euro which should arrive in German JP Morgan Frankfurt and Italian Banca del Fucino. The Italian police which has suspected Bank of Vatican of attempt to perform illegal operation, has arrested on September, 21st the specified means.
The consequence suspects that the bank has broken the law on provision of a transparency of the banking activity, accepted in Italy in 2007. Investigation is led also concerning the director of bank Paolo Chipriani (Paolo Cipriani). Both Tedeski, and Chipriani of charge in money-laundering reject.
Earlier in Vatican have underlined that completely trust Tedeski which have got under a consequence and entirely cooperate with police of Italy and other countries. In newspaper Avvenire, official organ of association of the Italian bishops, named led investigation «offensive and inexplicable».
There consider that "misunderstanding" is connected with "disputable" transfers into 23 million euro which should arrive in German JP Morgan Frankfurt and Italian Banca del Fucino. The Italian police which has suspected Bank of Vatican of attempt to perform illegal operation, has arrested on September, 21st the specified means.
The consequence suspects that the bank has broken the law on provision of a transparency of the banking activity, accepted in Italy in 2007. Investigation is led also concerning the director of bank Paolo Chipriani (Paolo Cipriani). Both Tedeski, and Chipriani of charge in money-laundering reject.
Earlier in Vatican have underlined that completely trust Tedeski which have got under a consequence and entirely cooperate with police of Italy and other countries. In newspaper Avvenire, official organ of association of the Italian bishops, named led investigation «offensive and inexplicable».
The Dutch investment company Hertensteegh has redeemed a part of issue of Odessa SotsKomBanka
The Odessa SotsKomBank entering into group small in the Odessa area of Ukraine, has increased authorized capital on 78,5 million grivnas (1 dollar — 7,9 grivnas), or 50,6 %, — to 233,727 million As have reported on Thursday of the Prime-TASS in bank board, the closed placing of additional issue in volume of 78,5 million shares by face value 1 grivna is finished.
Their owners became investment company Hertensteegh (Netherlands) — on 56 million grivnas and Open Company "Аверс" (Odessa) — on 22,5 million Decision on authorized capital increase is accepted at shareholders general meeting on September, 20th. On it also are selected the chairman of the supervisory board Konstantin Tkach instead of Oleg Grazhdana who is appointed by the vice-president набсовета. In it the weaver represents the enterprise with Open Company "Аверс" foreign investments.
СоцКомБанк it is registered in 2003, for July, 1st, 2010 it didn't have the shareholders owning more than 10 % of shares. In March 2009 Natsbank of Ukraine has appointed SotsKomBanku of the curator in connection with high borrowings (four Odessa banks have received and should return in the beginning of 2009 to Natsbank of 200 million the grivnas received within the limits of refinancing).
In March, 2010 the Antimonopoly committee of Ukraine has permitted private limited company Hertensteegh to purchase a packet of securities of SotsKomBanka that provided more than 50 % of voices in its board.
Their owners became investment company Hertensteegh (Netherlands) — on 56 million grivnas and Open Company "Аверс" (Odessa) — on 22,5 million Decision on authorized capital increase is accepted at shareholders general meeting on September, 20th. On it also are selected the chairman of the supervisory board Konstantin Tkach instead of Oleg Grazhdana who is appointed by the vice-president набсовета. In it the weaver represents the enterprise with Open Company "Аверс" foreign investments.
СоцКомБанк it is registered in 2003, for July, 1st, 2010 it didn't have the shareholders owning more than 10 % of shares. In March 2009 Natsbank of Ukraine has appointed SotsKomBanku of the curator in connection with high borrowings (four Odessa banks have received and should return in the beginning of 2009 to Natsbank of 200 million the grivnas received within the limits of refinancing).
In March, 2010 the Antimonopoly committee of Ukraine has permitted private limited company Hertensteegh to purchase a packet of securities of SotsKomBanka that provided more than 50 % of voices in its board.
Баффет has reduced the share in Moody’s almost twice
The American billionaire and the investor Warren Baffet has once again sold a part of shares of international rating agency Moody's belonging to it. About it reports Reuters. As a result the share of Baffeta in the company since July, 2009 was reduced almost twice.
For last week holding Baffeta Berkshire Hathaway sold securities Moody’s twice: at first 1,35 million shares, and now — 560 thousand more
As a result under control Berkshire Hathaway still had 28,87 million shares Moody’s, or 12,3 %. Till July, 2009 when Baffet began to sell gradually securities Moody’s, it posessed to 48 million shares of agency, or approximately 20 %.
For last week holding Baffeta Berkshire Hathaway sold securities Moody’s twice: at first 1,35 million shares, and now — 560 thousand more
As a result under control Berkshire Hathaway still had 28,87 million shares Moody’s, or 12,3 %. Till July, 2009 when Baffet began to sell gradually securities Moody’s, it posessed to 48 million shares of agency, or approximately 20 %.
Bill Gates has headed again the list of the richest Americans under version Forbes
The founder of Microsoft Bill Gates has headed again the list of 400 richest Americans under magazine Forbes version. Its condition this year has constituted 54 млрд dollars, having increased in comparison with previous year on 4 млрд, transfers Associated Press.
The second place has got to the investor to Warren Baffetu who have increased the condition on 5 млрд of dollars — to 45 billion On the third place — the owner of a 27-milliard condition, the founder of the software company of Oracle Larri Allison.
The second place has got to the investor to Warren Baffetu who have increased the condition on 5 млрд of dollars — to 45 billion On the third place — the owner of a 27-milliard condition, the founder of the software company of Oracle Larri Allison.
In the USA the woman who has plundered bank has had time to take away children from school, disappearing from a scene of crime
The inhabitant of the State of Oregon whom charge of a bank robbery, on road from a scene of crime has had time to take away children from school, reports Associated Press. Incident has occurred in a southern part of staff.
According to police, the robber was included into department Umpqua Bank nearby 14:00 local time. Then it has transferred to the cashier a note with the requirement to transfer to it money. As soon as the woman has received cash (what sum to it managed to be received, it is not specified), it left a building of monetary institution, village in the machine, at the wheel which the young man sat, and has left.
Having received the description of the machine from witnesses of a crime, police left on a trace certain Eriki Anderson. Soon the 37-year-old woman and its companion has been arrested on charge in robbery fulfillment. Criminals managed to be detained, when they have returned from elementary school, whence the woman of a visor of the daughters.
According to police, the robber was included into department Umpqua Bank nearby 14:00 local time. Then it has transferred to the cashier a note with the requirement to transfer to it money. As soon as the woman has received cash (what sum to it managed to be received, it is not specified), it left a building of monetary institution, village in the machine, at the wheel which the young man sat, and has left.
Having received the description of the machine from witnesses of a crime, police left on a trace certain Eriki Anderson. Soon the 37-year-old woman and its companion has been arrested on charge in robbery fulfillment. Criminals managed to be detained, when they have returned from elementary school, whence the woman of a visor of the daughters.
Morgan Stanley plans to expand capital management in Asia
Morgan Stanley has made business development on management of the private capital of the priority purpose in Asia as the challenge is going to throw down to leaders of the industry, such as UBS AG, the head of regional division of the company has declared.
Invariably heading the Asian ratings in the field of merges and absorption Morgan Stanley this year actively hired advisers for the division on management of the private capital, the head of the Asian division Thomas Owen in interview Reuters has noticed.
«If to look at capital creation in Asia it is clear that it is very important, — he has told. — with increase in number of well-to-do persons in all territory of Asia, obviously, the territory of" operations »grows also. I don't think that we the unique company concentrated to it».
Business development on capital management in Asia is a part of plan Morgan Stanley directed on expansion of retail operations. Morgan Stanley Smith Barney became the largest American retail broker company after has been created last year.
Morgan Stanley intend will double number of persons employed in Asia, taken by capital management within the next three years, the basic attention to be given to the top segment of the market.
Global private banks this year even more often addressed to Asia where — except for Japan — the welfare can exceed twice almost world level, by estimations Boston Consulting Group.
Morgan Stanley in 2008 has started investment business projects in India, and through Smith Barney possesses private bank business in Australia.
Invariably heading the Asian ratings in the field of merges and absorption Morgan Stanley this year actively hired advisers for the division on management of the private capital, the head of the Asian division Thomas Owen in interview Reuters has noticed.
«If to look at capital creation in Asia it is clear that it is very important, — he has told. — with increase in number of well-to-do persons in all territory of Asia, obviously, the territory of" operations »grows also. I don't think that we the unique company concentrated to it».
Business development on capital management in Asia is a part of plan Morgan Stanley directed on expansion of retail operations. Morgan Stanley Smith Barney became the largest American retail broker company after has been created last year.
Morgan Stanley intend will double number of persons employed in Asia, taken by capital management within the next three years, the basic attention to be given to the top segment of the market.
Global private banks this year even more often addressed to Asia where — except for Japan — the welfare can exceed twice almost world level, by estimations Boston Consulting Group.
Morgan Stanley in 2008 has started investment business projects in India, and through Smith Barney possesses private bank business in Australia.
Volume M&A comes back to pre-crisis levels
The world sector of merges and absorption (M&A) managed the best quarter for all postcrisis period — since III quarter 2008. Its volume in III quarter 2010 has reached 599 млрд dollars, follows from data Thomson Reuters.
In total volume of declared transactions M&A from the beginning of year has reached 1,678 трлн dollars. Growth is observed the third quarter successively. The greatest volume of transactions has thus had on electric power industry sector.
In III quarter activity M&A has been concentrated in the USA where she has grown on 65 % in comparison with the similar period of 2009.
Besides, growth of activity of transactions M&A with participation of private equity funds was marked, it was maximum for all period from II quarter 2008. In total in the world from the beginning of 2010 it has been declared such transactions for the sum in 140,5 млрд dollars, that is volumes more than were doubled in comparison with the similar period of 2009.
Activity of transboundary transactions has considerably increased: from the beginning of their year it has been declared on 878 млрд dollars, or on 79 %, more than year before.
Three largest declared transactions of this year Thomson Reuters names offer BHP Billiton 43,18 млрд dollars for packet Potash Corp., 27,5 млрд American Movil for Carso Global Telecom, 25 млрд International Power for GDF Suez.
In total volume of declared transactions M&A from the beginning of year has reached 1,678 трлн dollars. Growth is observed the third quarter successively. The greatest volume of transactions has thus had on electric power industry sector.
In III quarter activity M&A has been concentrated in the USA where she has grown on 65 % in comparison with the similar period of 2009.
Besides, growth of activity of transactions M&A with participation of private equity funds was marked, it was maximum for all period from II quarter 2008. In total in the world from the beginning of 2010 it has been declared such transactions for the sum in 140,5 млрд dollars, that is volumes more than were doubled in comparison with the similar period of 2009.
Activity of transboundary transactions has considerably increased: from the beginning of their year it has been declared on 878 млрд dollars, or on 79 %, more than year before.
Three largest declared transactions of this year Thomson Reuters names offer BHP Billiton 43,18 млрд dollars for packet Potash Corp., 27,5 млрд American Movil for Carso Global Telecom, 25 млрд International Power for GDF Suez.
US authorities unify the request for reception of a mortgage for citizens
The Presidential Administration of the USA intends to facilitate for citizens process of official registration of papers at giving of requests for reception of mortgage loans, reports Associated Press.
The adviser of the president of Elizabeth Uorren and the head of the Ministry of Finance of the USA Timoti Gejtner, acting the day before at ministry session, have declared that intend to simplify the commitment form on mortgage reception. «It is one of concrete steps which we undertake within the limits of realization of the program of financial reforms», — has underlined Gejtner.
Now in the USA there are two questionnaires of the borrower duplicating each other: one from the Ministry of housing construction and city development, another — from the Federal Reserve System. Attempts of unification of requests were undertaken by the country authorities within a decade, but borrowers still should fill two questionnaires.
Warren has noticed that simplification of process of document feeding «will help the American families to choose the best offers». During the present time, as she said, «the small print prevents to calculate cost of a mortgage and complicates selection process of credit products».
The adviser of the president of Elizabeth Uorren and the head of the Ministry of Finance of the USA Timoti Gejtner, acting the day before at ministry session, have declared that intend to simplify the commitment form on mortgage reception. «It is one of concrete steps which we undertake within the limits of realization of the program of financial reforms», — has underlined Gejtner.
Now in the USA there are two questionnaires of the borrower duplicating each other: one from the Ministry of housing construction and city development, another — from the Federal Reserve System. Attempts of unification of requests were undertaken by the country authorities within a decade, but borrowers still should fill two questionnaires.
Warren has noticed that simplification of process of document feeding «will help the American families to choose the best offers». During the present time, as she said, «the small print prevents to calculate cost of a mortgage and complicates selection process of credit products».
UBS supports creation of the infrastructural State Bank in the USA
Chief executive officer UBS Americas Robert Volf has declared the day before, addressing to bank committee of the senate of the USA that supports the offer of president Barack Obama to found in the country infrastructural state bank. The State Bank will receive 50-milliard financing from the government and will be responsible for renovation of a transport infrastructure — highways, tracks and the airports, reports Bloomberg.
Volf has underlined that now it "is a high time" for state structure creation. However, it has continued, the bank should be financed by exclusively government, «to avoid destiny Fannie Mae and Freddie Mac, receiving financing both from state, and from private structures». According to Volf, the state control will help to do without investment losses which nearly haven't led the specified mortgage agencies to death in crisis 2008.
Obama has suggested to create the infrastructural State Bank for repair of national significant transport ways even during the election campaign in 2008. Then the congress of the USA hasn't supported this idea, but in September of this year Obama has submitted it again for consideration.
Volf has underlined that now it "is a high time" for state structure creation. However, it has continued, the bank should be financed by exclusively government, «to avoid destiny Fannie Mae and Freddie Mac, receiving financing both from state, and from private structures». According to Volf, the state control will help to do without investment losses which nearly haven't led the specified mortgage agencies to death in crisis 2008.
Obama has suggested to create the infrastructural State Bank for repair of national significant transport ways even during the election campaign in 2008. Then the congress of the USA hasn't supported this idea, but in September of this year Obama has submitted it again for consideration.
London Christie’s has exposed on sale property Lehman Brothers
The London auction Christie’s has exposed on sale property of American bank Lehman Brothers, failed in 2008. It is planned to sell 300 prizes, including the pictures of modern artists representing sea landscapes and scenes of sports events, and also office "knickknacks", in particular, antiquarian boxes for tea, models of the ships, cigaret cases, bronze figures of animals and the Chinese ceramics. For all property it is supposed to gain approximately 3,1 million dollars which will go on a covering of debts of the credit organization. The auctions will take place in London on September, 29th, transfers Associated Press.
Besides works of art, luxury goods and antiques, on the auctions of 3 meters will be exposed the tablet in length, other tablet, appeared on its wall in 2004 when solemn ceremony building opening has taken place is no time decorating a building of the European headquarters of the American bankrupt, and. At a rough guess, from sale of the first prize it will be possible to gain 3-5 thousand dollars, and the second will leave approximately for 1,5-2,3 thousand Top price appraisers Christie’s have appointed for the photo which executed by Andreas Gursky and has embodied a crowd of New York mercantile exchange — it can cost from 150 to 240 thousand Auctions on the given prize will pass separately next month.
Other part of property of bank will be sold at auction Sotheby’s in New York. It is estimated approximately in 10 million dollars. Debts of the American bank at the moment of bankruptcy constituted 613 billion
As it was reported, on September, 15th, 2008 one of the largest investment banks of world Lehman Brothers with assets 639 млрд dollars declared bankruptcy and has brought an action the application on protection against creditors. Bankruptcy Lehman Brothers became the largest in the history of the American business. After crash Lehman Brothers financial crisis has acquired global scale, the panic on Uoll-strit was threw on all trading platforms of the world. Economists are assured that the history of financial markets henceforth shares on "to" and "after" bankruptcy Lehman Brothers.
Besides works of art, luxury goods and antiques, on the auctions of 3 meters will be exposed the tablet in length, other tablet, appeared on its wall in 2004 when solemn ceremony building opening has taken place is no time decorating a building of the European headquarters of the American bankrupt, and. At a rough guess, from sale of the first prize it will be possible to gain 3-5 thousand dollars, and the second will leave approximately for 1,5-2,3 thousand Top price appraisers Christie’s have appointed for the photo which executed by Andreas Gursky and has embodied a crowd of New York mercantile exchange — it can cost from 150 to 240 thousand Auctions on the given prize will pass separately next month.
Other part of property of bank will be sold at auction Sotheby’s in New York. It is estimated approximately in 10 million dollars. Debts of the American bank at the moment of bankruptcy constituted 613 billion
As it was reported, on September, 15th, 2008 one of the largest investment banks of world Lehman Brothers with assets 639 млрд dollars declared bankruptcy and has brought an action the application on protection against creditors. Bankruptcy Lehman Brothers became the largest in the history of the American business. After crash Lehman Brothers financial crisis has acquired global scale, the panic on Uoll-strit was threw on all trading platforms of the world. Economists are assured that the history of financial markets henceforth shares on "to" and "after" bankruptcy Lehman Brothers.
The European stock exchanges on Friday were closed by growth
Leading European stock indexes following the results of the auctions on Friday have grown against the macroeconomic data from Germany which have appeared much better forecasts of analysts, the data of stock exchanges testifies.
To closing of the auctions the British index FTSE 100 has grown on 0,93 % — to a mark 5 598,48 points. German DAX has increased by 1,84 % — to 6 298,30. French CAC 40 following the results of the auctions has added 1,94 %, having risen to 3 782,48.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany — in August to 106,8 points against 106,7 month before. Analysts predicted decrease in an index to 106,4 points.
Also support to the markets was rendered by internal corporate news. In particular, participants of the auctions have positively apprehended increase by analysts Deutsche Bank of the forecast on a stock value of the manufacturer of automobile tire covers Continental and the telecommunication company of Alcatel-Lucent SA.
The important factor for the European platforms was growth of stock markets in the USA at opening. The American stock exchanges as of 19:28 have increased Moscow time by 1,7—1,9 %, having reacted to the message that orders for consumer durables in the USA for August, except for transport sector, have grown on 2 % in monthly calculation. Analysts predicted growth of the given indicator on 1 %.
Not too optimistical there was data on the American real estate market. Sales of new houses in August haven't changed in comparison with the reviewed July indicator, having constituted 288 thousand Analytics assumed that the indicator of sales of new houses will grow to 295 thousand «In the markets still there are fears concerning the second wave of recession in the USA, however we believe that it won't occur», — results agency Bloomberg opinion of economist Raiffeisen Capital Management of Herbert Perusa.
To closing of the auctions the British index FTSE 100 has grown on 0,93 % — to a mark 5 598,48 points. German DAX has increased by 1,84 % — to 6 298,30. French CAC 40 following the results of the auctions has added 1,94 %, having risen to 3 782,48.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany — in August to 106,8 points against 106,7 month before. Analysts predicted decrease in an index to 106,4 points.
Also support to the markets was rendered by internal corporate news. In particular, participants of the auctions have positively apprehended increase by analysts Deutsche Bank of the forecast on a stock value of the manufacturer of automobile tire covers Continental and the telecommunication company of Alcatel-Lucent SA.
The important factor for the European platforms was growth of stock markets in the USA at opening. The American stock exchanges as of 19:28 have increased Moscow time by 1,7—1,9 %, having reacted to the message that orders for consumer durables in the USA for August, except for transport sector, have grown on 2 % in monthly calculation. Analysts predicted growth of the given indicator on 1 %.
Not too optimistical there was data on the American real estate market. Sales of new houses in August haven't changed in comparison with the reviewed July indicator, having constituted 288 thousand Analytics assumed that the indicator of sales of new houses will grow to 295 thousand «In the markets still there are fears concerning the second wave of recession in the USA, however we believe that it won't occur», — results agency Bloomberg opinion of economist Raiffeisen Capital Management of Herbert Perusa.
Stock exchanges of the USA have opened growth on corporate news and статданных from Germany
The American stock markets show growth at opening of the auctions against статданных on economy of Germany and positive corporate news from the USA, the data of stock exchanges testifies.
Index DJIA at the auctions in New York as of 18:15 has grown Moscow time on 1,53 % and has constituted 10 825,14 points. The index of wide market S&P 500 has risen on 1,68 % — to 1 143,61. The index of hi-tech companies Nasdaq has added 1,59 % and has constituted 2 364,04.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany. In August it has risen on 0,1 percentage points — to 106,8 against 106,7 points month before. Analysts predicted decrease in an index to 106,4.
Have pleased participants of the auctions and the message from the American manufacturer of sports goods Nike. The company Net profit in I quarter 2010-2011 which has come to the end on August, 31st, has grown on 9 % — to 559 million dollars.
At the same time the left macroeconomic data in the USA has appeared worse forecasts of analysts that renders restraining influence on growth of indexes. So, on Friday it became known that the volume of orders for consumer durables in the USA in August in comparison with July was reduced to 1,3 % — to 191,2 млрд dollars. Analysts expected reduction of an indicator by 1 %.
Besides, the sales volume of new houses in the USA in August, 2010 in comparison with July hasn't changed and has constituted 288 thousand Analytics assumed that the indicator of sales of new houses will increase to 295 thousand
Index DJIA at the auctions in New York as of 18:15 has grown Moscow time on 1,53 % and has constituted 10 825,14 points. The index of wide market S&P 500 has risen on 1,68 % — to 1 143,61. The index of hi-tech companies Nasdaq has added 1,59 % and has constituted 2 364,04.
On Friday it became known about unexpected growth of an index of a business climate in the largest economy of Europe — Germany. In August it has risen on 0,1 percentage points — to 106,8 against 106,7 points month before. Analysts predicted decrease in an index to 106,4.
Have pleased participants of the auctions and the message from the American manufacturer of sports goods Nike. The company Net profit in I quarter 2010-2011 which has come to the end on August, 31st, has grown on 9 % — to 559 million dollars.
At the same time the left macroeconomic data in the USA has appeared worse forecasts of analysts that renders restraining influence on growth of indexes. So, on Friday it became known that the volume of orders for consumer durables in the USA in August in comparison with July was reduced to 1,3 % — to 191,2 млрд dollars. Analysts expected reduction of an indicator by 1 %.
Besides, the sales volume of new houses in the USA in August, 2010 in comparison with July hasn't changed and has constituted 288 thousand Analytics assumed that the indicator of sales of new houses will increase to 295 thousand
9/21/10
Japan may further reduce monetary policy
Member of the Board of the Bank of Japan Ryuji Miyao said Wednesday that the Central Bank further soften monetary policy, if implemented the downside risks to the Japanese economy and exacerbated fears about the prospects for the U.S. economy, reports Dow Jones Newswires.
"Because of uncertainty about the prospects, mainly the U.S. economy grows, we must be vigilant in regard to the downside risks to our economy", - said Miyao, speaking to the heads of companies in Tokushima Prefecture in southern Japan. "Very carefully monitoring the economic and price developments in Japan, we will promptly take appropriate action when necessary", - he said.
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"Because of uncertainty about the prospects, mainly the U.S. economy grows, we must be vigilant in regard to the downside risks to our economy", - said Miyao, speaking to the heads of companies in Tokushima Prefecture in southern Japan. "Very carefully monitoring the economic and price developments in Japan, we will promptly take appropriate action when necessary", - he said.
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Deutsche Bank announced the expected loss in connection with the absorption of Deutsche Postbank
The biggest German bank Deutsche Bank AG expects losses in connection with the planned absorption of Deutsche Postbank AG, the Associated Press reported citing an official statement of the credit institution.
Deutsche Bank shares lost dramatically in value (about 4.5%) against the declaration of the deal, as published on the official website of the company, and stood at 44.75 euros at the close of stock market session on 21 September on the ground in Frankfurt.
Currently, Deutsche Bank AG owns just under 30% of assets Postbank. Application for full absorption was formalized on 12 September and supported the intention to issue additional shares in order to attract 10.2 billion euros. The credit institution plans to sell 308.6 million new shares at the price of 33 euros apiece.
Deutsche Bank shares lost dramatically in value (about 4.5%) against the declaration of the deal, as published on the official website of the company, and stood at 44.75 euros at the close of stock market session on 21 September on the ground in Frankfurt.
Currently, Deutsche Bank AG owns just under 30% of assets Postbank. Application for full absorption was formalized on 12 September and supported the intention to issue additional shares in order to attract 10.2 billion euros. The credit institution plans to sell 308.6 million new shares at the price of 33 euros apiece.
U.S. Federal Reserve once again left its key interest rate unchanged
Open Market Committee Federal Reserve System (FRS) the USA on Tuesday once again left the base interest rate unchanged at a record low level - in the range of 0-0,25% per annum. This decision was fully expected and coincided with forecasts of analysts. Fed holds the basic discount rate at the minimum level for almost two years. In September 2007 the rate was 5.25%, later it gradually decreased. In December 2008 the rate was reduced from 1% to the current record low levels and has since remained unchanged.
As a result of the meeting on Tuesday the Federal Reserve Board also noted that the U.S. economy recovers slowly. However, the regulator refrains from taking drastic measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. "The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support economic recovery and the return of inflation over time" at a proper level, the Fed said in a statement.
Fed forecasts slower than the previous estimate, the rate of economic recovery in the medium term. Moreover, given the current economic conditions, the Fed plans to keep the base interest rate at a record low level for a long period of time, the report said American finregulyatora. To support the economic recovery in the context of price stability committee plans to maintain the current level of portfolio securities the Fed with the reinvestment of principal payment of mortgage bonds in the long-term Treasury securities.
As a result of the meeting on Tuesday the Federal Reserve Board also noted that the U.S. economy recovers slowly. However, the regulator refrains from taking drastic measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. "The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support economic recovery and the return of inflation over time" at a proper level, the Fed said in a statement.
Fed forecasts slower than the previous estimate, the rate of economic recovery in the medium term. Moreover, given the current economic conditions, the Fed plans to keep the base interest rate at a record low level for a long period of time, the report said American finregulyatora. To support the economic recovery in the context of price stability committee plans to maintain the current level of portfolio securities the Fed with the reinvestment of principal payment of mortgage bonds in the long-term Treasury securities.
Exchanges in Europe were closed recession against a background of speculation about the U.S. Fed meeting
Trading on major European stock markets ended on Tuesday recession against the backdrop of speculation around the upcoming application of the Federal Reserve System (FRS), the United States in the field of monetary policy, according to the Agency France Presse.
By the closing of the auctions the British index FTSE 100 fell by 0.47% - up to a mark 5 576.19 points. Deutsch DAX fell by 0.30% - 6 275.98. The French CAC 40 up trading down on 0,10% - to 3 784.40.
Speculation around the U.S. Federal Reserve meeting to be held later on Tuesday, were able to overpower the overall positive background in the European region, including reports of successful placement of government bond Ireland and Spain, and short-term treasury bills Greece.
By the closing of the auctions the British index FTSE 100 fell by 0.47% - up to a mark 5 576.19 points. Deutsch DAX fell by 0.30% - 6 275.98. The French CAC 40 up trading down on 0,10% - to 3 784.40.
Speculation around the U.S. Federal Reserve meeting to be held later on Tuesday, were able to overpower the overall positive background in the European region, including reports of successful placement of government bond Ireland and Spain, and short-term treasury bills Greece.
Fitch affirmed the ratings of Ukrainian Ukreksimbanka and Oschadbanka level «B»
International rating agency Fitch on Tuesday confirmed long-term issuer default ratings (IDR) and the Ukrainian state Ukreximbank Oschadbanka level «B» from "stable outlook on the background of a high probability of support from the Ukrainian authorities, RIA Novosti reported.
In addition, Fitch raised the individual rating Oschadbanka to «D / E» to «E» the reduction of uncertainty about the dependence of the credit institution of "Naftogaz Ukraine". "Stable" projections coincide with the prediction of long-term IDR of the sovereign Ukraine, which, in turn, is at the level «B».
Last week, Fitch affirmed the long-term issuer default rating of Ukraine's foreign and local currency «B», forecast the long-term issuer default rating - "Stable". The agency has also affirmed and short-term IDR at level «B» and the country ceiling of Ukraine at the level «B».
At present JSC "Ukreximbank" remains one of the few major local financial institutions that actively support the real sector of the economy and are the stabilizers of the banking system of Ukraine.
Oschadbank, the site says the credit institution, is a universal commercial bank. On the territory of Ukraine has 25 regional offices, 400 branches and 5,751 thousand offices, 592 of which as at 1 October 2006 were in Kiev. As of 1 November 2006 the number of bank customers exceeded 94.9 million people.
In addition, Fitch raised the individual rating Oschadbanka to «D / E» to «E» the reduction of uncertainty about the dependence of the credit institution of "Naftogaz Ukraine". "Stable" projections coincide with the prediction of long-term IDR of the sovereign Ukraine, which, in turn, is at the level «B».
Last week, Fitch affirmed the long-term issuer default rating of Ukraine's foreign and local currency «B», forecast the long-term issuer default rating - "Stable". The agency has also affirmed and short-term IDR at level «B» and the country ceiling of Ukraine at the level «B».
At present JSC "Ukreximbank" remains one of the few major local financial institutions that actively support the real sector of the economy and are the stabilizers of the banking system of Ukraine.
Oschadbank, the site says the credit institution, is a universal commercial bank. On the territory of Ukraine has 25 regional offices, 400 branches and 5,751 thousand offices, 592 of which as at 1 October 2006 were in Kiev. As of 1 November 2006 the number of bank customers exceeded 94.9 million people.
In France, treatment release new silver coins of 10 euro
In France, published a series of silver coins of 10 euro, reports France Info. According to the representative of the Paris Mint Christophe Beau, the aim of the action is the improvement of citizens' attitudes to the euro.
Total court has issued four million coins. For their design used coats of arms and map historical areas of France - Normandy, Brittany and some others. Sold currency, whose cost amounted to 4.5 euros, will be at 3 thousand post offices in the country.
Previously, France had already coined such coins. For example, in 2008, was issued 2 million of the coins in denominations of 5 euros, and in 2009 - the same number of 10-evrovyh coins. All of these banknotes have been implemented in a few weeks.
The practice of minting coins of precious metals is widespread in Germany, which produced 8 million silver coins in denominations of 10 euros each year.
Total court has issued four million coins. For their design used coats of arms and map historical areas of France - Normandy, Brittany and some others. Sold currency, whose cost amounted to 4.5 euros, will be at 3 thousand post offices in the country.
Previously, France had already coined such coins. For example, in 2008, was issued 2 million of the coins in denominations of 5 euros, and in 2009 - the same number of 10-evrovyh coins. All of these banknotes have been implemented in a few weeks.
The practice of minting coins of precious metals is widespread in Germany, which produced 8 million silver coins in denominations of 10 euros each year.
Chinese Foreign Ministry has asked the U.S. to focus on maintaining the stability of the dollar
China's foreign ministry appealed to the U.S. government to concentrate on restoring the national economy after the financial crisis and efforts to stabilize the dollar. This statement was made in response to nestihayuschuyu criticism of the authorities of the United States of America to the Chinese legislature, exercising tight control over the fluctuations of the yuan. "Since the U.S. is not too wise to point the finger at the RMB exchange rate and seek to strengthen it", - said in a statement today the Ministry, reports Reuters. The paper also notes that the yuan against the dollar is hardly grow significantly, but even more powerful China's currency would not be able to balance observed in the present US-China trade imbalance.
Yuan strengthened nine days in a row against the discontent of the U.S. government monetary policy of the Chinese authorities.
Recall, 19 June, a week before the summit, G20, which was held in Canada on June 26-27, People's Bank of China announced a return to the reform of exchange rate policy, suspended in mid-2008, against the backdrop of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time. However, since the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some politicians promote trade sanctions against the yuan.
We also note that in September, the U.S. asked the World Trade Organization (WTO) to assist in resolving the trade dispute with China. According to statements by U.S. representative at the negotiations in the WTO Ron Kirk, Beijing artificially creates a disadvantage for American companies that supply to China from the U.S. ploskokatanuyu electrical steel, as well as companies providing services in the electronic payments market.
Meanwhile, governments of both countries are equally dissatisfied with conditions of access to national markets for steel, tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States bird.
Over the past few years, Chinese companies have invested billions of dollars, with major capital flows were directed to the development of mining and oil assets in Africa, Central Asia and other regions. The growing presence of Chinese companies in the world market has caused discomfort in some countries, hastened to partially block the access of public enterprises from China in the strategically important industry.
Yuan strengthened nine days in a row against the discontent of the U.S. government monetary policy of the Chinese authorities.
Recall, 19 June, a week before the summit, G20, which was held in Canada on June 26-27, People's Bank of China announced a return to the reform of exchange rate policy, suspended in mid-2008, against the backdrop of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time. However, since the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some politicians promote trade sanctions against the yuan.
We also note that in September, the U.S. asked the World Trade Organization (WTO) to assist in resolving the trade dispute with China. According to statements by U.S. representative at the negotiations in the WTO Ron Kirk, Beijing artificially creates a disadvantage for American companies that supply to China from the U.S. ploskokatanuyu electrical steel, as well as companies providing services in the electronic payments market.
Meanwhile, governments of both countries are equally dissatisfied with conditions of access to national markets for steel, tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States bird.
Over the past few years, Chinese companies have invested billions of dollars, with major capital flows were directed to the development of mining and oil assets in Africa, Central Asia and other regions. The growing presence of Chinese companies in the world market has caused discomfort in some countries, hastened to partially block the access of public enterprises from China in the strategically important industry.
9/20/10
Banks without oxygen
JPMorgan Chase CEO James Dimon unhappy with the reform of the U.S. financial sector and the requirements of Basel III ». He even threatened to withdrawal from the Board of Directors of the Federal Reserve Bank of New York.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
Banks without oxygen
JPMorgan Chase CEO James Dimon unhappy with the reform of the U.S. financial sector and the requirements of Basel III ». He even threatened to withdrawal from the Board of Directors of the Federal Reserve Bank of New York.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
Dimon dissatisfied with the provisions of the U.S. financial sector reform (Law Dodd - Frank), depriving the bankers the right to vote in the presidential elections of 12 regional banks of the Federal Reserve System (FRS). Federal Reserve Bank of New York (Federal Reserve Bank of New York City) is going to go ahead and change the rules for appointments to other posts.
Tightening the FBI in New York due to a conflict of interest, which escalated into a crisis. Critics have blamed the Fed is too close ties with banks that it regulates. In May 2009, with the Chairman of the Board of Directors of the Federal Reserve Bank of New York was forced to resign, Stephen Friedman, former head of council at Goldman Sachs. It turned out that, while he was in the FBI in New York, Friedman bought shares of Goldman. "We tried to assess the liability of directors reserve banks in the system-wide", - said the representative of the Federal Reserve.
Dimon is concerned that, although the role of bankers in the management of the regional banks will decrease, the liabilities that may lead to legal liability, they will remain. "Jamie spoke about the legal opportunity for bankers to carry out fiduciary duties of directors under the new law, but this is not obvious," - said a source familiar with the situation in the Federal Reserve Bank of New York. The board of the bank consists of three bankers: Dimon, CEO of Banco Popular de Puerto Rico, Richard Carrion and CEO of Adirondack Trust, Charles Waits.
Requirements of Basel III »in terms of capital and liquidity will spill over into more expensive loans for their customers," says Dimon. For capital adequacy JPMorgan he was calm and promised that in this sense, the bank "would be fine." Harder to JPMorgan, having one of the world's largest derivatives units to fulfill the requirement of the law Dodd - Frank highlight it in the "daughter". "It's a real pain, it is an operational nightmare," - says Dimon. Because of this requirement, the business will go from traditional banks to poorly regulated "nonbank monsters" such as hedge funds.
9/19/10
Obama has decided to create the Bureau of Consumer Protection
During the period from 2001 to 2009 middle-class incomes in the U.S. declined by 5%. By definition, the newspaper The Wall Street Journal, is a "lost decade" was the worst for U.S. households over the past half century. Such figures led Barack Obama, we would add that the decade "ended with a disastrous recession, further aggravating the situation."
According to ITAR-TASS, Obama argued that the middle class - the reliance of American society - in need of protection, including from the financial fraud that contributed to the origin and development crisis. Therefore, as part of an overall package of reforms on Wall Street, he decided to establish a Bureau of Consumer Protection. On Friday, the head of administration in Washington has announced that work on the actual creation of this new agency will Elizabeth Warren in the rank of assistant to the president and spetssovetnika U.S. Treasury. Permanent office director will be selected and appointed later.
According to ITAR-TASS, Obama argued that the middle class - the reliance of American society - in need of protection, including from the financial fraud that contributed to the origin and development crisis. Therefore, as part of an overall package of reforms on Wall Street, he decided to establish a Bureau of Consumer Protection. On Friday, the head of administration in Washington has announced that work on the actual creation of this new agency will Elizabeth Warren in the rank of assistant to the president and spetssovetnika U.S. Treasury. Permanent office director will be selected and appointed later.
The Economist: the U.S. finally emerge from the crisis until 2014
U.S. finally emerge from the current financial crisis is not earlier than 2014. According to ITAR-TASS, with the forecast made by the British weekly The Economist.
Hitting the United States in the summer of 2007, and then spread to the entire global economy crisis was the strongest with a 30-ies of the last century. Its peculiarity is that in the midst of turmoil have been the world's financial and banking markets.
"An analysis of past crises shows that, in case of defeat of financial institutions to overcome difficulties to about seven years" - the newspaper notes. As a result, the U.S. can overcome the current crisis is not earlier than 2014. According to forecasts of the weekly, the next four years will be for the world economy is very complex, continued high levels of unemployment and economic activity will remain low.
Hitting the United States in the summer of 2007, and then spread to the entire global economy crisis was the strongest with a 30-ies of the last century. Its peculiarity is that in the midst of turmoil have been the world's financial and banking markets.
"An analysis of past crises shows that, in case of defeat of financial institutions to overcome difficulties to about seven years" - the newspaper notes. As a result, the U.S. can overcome the current crisis is not earlier than 2014. According to forecasts of the weekly, the next four years will be for the world economy is very complex, continued high levels of unemployment and economic activity will remain low.
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