U.S. authorities are dissatisfied with the pace of the yuan, and considering various options for the impact on China to speed up the process, said U.S. Treasury Secretary Timothy Geithner, as quoted by agency Bloomberg.
Union officials and the U.S. has repeatedly advocated the strengthening of the renminbi, because the relative weakness of China's currency led to a negative for western trade surplus with China, and also reduces the competitiveness of American and European products in the Chinese domestic market.
"The pace of strengthening the yuan too low, and the extent of its capacity is too limited - said Geithner. - We consider the important question as to what different combinations of measures available to the U.S. and internationally, may encourage the Chinese authorities to accelerate the process. "
"Power of intervention" still contribute to the preservation of an undervalued renminbi, even after the adoption in June, China's government decision to abandon the currency peg to the dollar, said the U.S. Treasury.
The Central Bank of China on June 19 this year, announced the rejection of pegging the Yuan to the dollar and increasing the flexibility of formation of the RMB exchange rate, that is, the return mechanism that existed before the global economic crisis. Nevertheless, since the adoption of this decision the yuan has appreciated against the dollar by only 1%.
Given the approach of November's congressional elections, U.S. lawmakers have scheduled hearings on the issue of monetary policy in China and can pass a law providing for a mechanism that compensates for U.S. companies to the negative impact of cheap yuan, which makes Chinese goods more attractive in foreign markets.
Such statements Geithner became the most serious on this issue since its entry into the position of finance minister in January 2009. Previously, he has been repeatedly criticized by some U.S. lawmakers for not doing enough tough stance against Beijing on the exchange rate.According to the U.S. Treasury, the strengthening of the yuan would help rebalance its economy, but does not change the situation with a deficit of U.S. trade with China.
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts
9/16/10
U.S. Congress: TARP program has not reached its goals
Program for the release of their troubled assets (TARP - Troubled Asset Relief Program) has provided crucial support to financial markets during the fall of confidence in the U.S. economy, but it was much less effective in achieving other goals such as promoting economic growth, increase retirement savings and support residential real estate market, according to the report of the Commission for Supervision of the U.S. Congress (Congressional Oversight Panel).
"The change in strategy from the TARP to acquire assets at a capital injection, as well as the deployment of many unrelated to each other programs, along with poor information support for the argument taken action led to the ambiguous attitude of the population to the program and undermined its credibility" - the report says.
"Among the population remains negative attitude to the program due to the fact that the support of major U.S. banks are taxpayer funds, and this negativity is only strengthened amid continuing economic problems", - believes the agency.
Supervisory Commission of the U.S. Congress also believed that the unpopularity of the program may mean that in future the government will probably refuse such measures. "Thus, the most important consequence of the TARP was the loss of government capacity to counter the financial crisis" - the document says.
TARP program totaling $ 700 billion was adopted in October 2008, shortly after the bankruptcy of investment bank Lehman Brothers. The objective of the program was to prevent the collapse of the U.S. financial system. The program, which began operation in 2008, originally was to be completed at the end of 2009, however, the government approved its extension until October 3, 2010.
"The change in strategy from the TARP to acquire assets at a capital injection, as well as the deployment of many unrelated to each other programs, along with poor information support for the argument taken action led to the ambiguous attitude of the population to the program and undermined its credibility" - the report says.
"Among the population remains negative attitude to the program due to the fact that the support of major U.S. banks are taxpayer funds, and this negativity is only strengthened amid continuing economic problems", - believes the agency.
Supervisory Commission of the U.S. Congress also believed that the unpopularity of the program may mean that in future the government will probably refuse such measures. "Thus, the most important consequence of the TARP was the loss of government capacity to counter the financial crisis" - the document says.
TARP program totaling $ 700 billion was adopted in October 2008, shortly after the bankruptcy of investment bank Lehman Brothers. The objective of the program was to prevent the collapse of the U.S. financial system. The program, which began operation in 2008, originally was to be completed at the end of 2009, however, the government approved its extension until October 3, 2010.
9/14/10
"RBC daily": Two years of "no" Lehman Brothers.
Investment bank Lehman Brothers even two years after the collapse continues to pay generous bonuses to their employees. Commissions and fees of lawyers and accountants involved in the liquidation of the remaining assets of Lehman Brothers, approached $ 2 billion cost of liquidation of bank assets in the U.S., according to July 2010. Accounted for 917 million dollars and should exceed $ 1 billion in September. In London, the work of 300 lawyers and consultants PricewaterhouseCoopers, involved the liquidation of the European assets of the bank, demanded nearly $ 900 million, writes today, "RBC daily".
It is noted that the total cost of bankruptcy Lehman Brothers will continue to grow, as to its end yet. " Only in the U.S. payment to the liquidators will take another two years and a total of about $ 2 billion
Exactly two years ago - September 15, 2008. - One of the world's largest investment banks Lehman Brothers in assets at 639 billion dollars declared bankruptcy and filed in court a petition for protection from creditors. Lehman Brothers bankruptcy was the largest in the history of American business. It was after the collapse of Lehman Brothers the financial crisis become a global scale, the panic on Wall Street spread to all the world trading floors. Economists believe that the history of financial markets is now divided into "before" and "after" bankrupt Lehman Brothers.
In addressing the consequences of economic crisis and bank bailouts governments worldwide have spent 15 trillion euros, representing about a third of world gross national product (GNP). Only the U.S. government has allocated to support the financial system to $ 787 billion
It is noted that the total cost of bankruptcy Lehman Brothers will continue to grow, as to its end yet. " Only in the U.S. payment to the liquidators will take another two years and a total of about $ 2 billion
Exactly two years ago - September 15, 2008. - One of the world's largest investment banks Lehman Brothers in assets at 639 billion dollars declared bankruptcy and filed in court a petition for protection from creditors. Lehman Brothers bankruptcy was the largest in the history of American business. It was after the collapse of Lehman Brothers the financial crisis become a global scale, the panic on Wall Street spread to all the world trading floors. Economists believe that the history of financial markets is now divided into "before" and "after" bankrupt Lehman Brothers.
In addressing the consequences of economic crisis and bank bailouts governments worldwide have spent 15 trillion euros, representing about a third of world gross national product (GNP). Only the U.S. government has allocated to support the financial system to $ 787 billion
9/10/10
Deutsche Bank may hold additional issue of 9 billion euros in anticipation of Basel-3 "
Germany's biggest bank Deutsche Bank AG is considering conducting additional share issue amounting to 9 billion euros to increase its stake in Deutsche Postbank AG and achieve regulatory capital figures in the discussion of the provisions of the Basel Committee on Banking Supervision Basel-3 ", reports Bloomberg referring to three a source familiar with the situation.
Deutsche Bank approached several companies to assess their interest in organizing additional issue, which could take place as early as next week, said the sources. The share of the financial institution in Deutsche Postbank to date is almost 30%. In addition, Deutsche Bank has an option to purchase additional shares in Deutsche Postbank. At the end of 2009, capital adequacy ratio Deutsche Postbank was minimal among the largest banks in Germany.
Earlier, the head of Germany's largest bank, Josef Ackermann (Josef Ackermann) announced that Deutsche Bank will attract additional capital only for the purposes of acquiring assets in other organizations. "The only reason for such action now, Deutsche Bank - is striving to acquire Deutsche Postbank is cheaper than in the long term, - told the news agency Bloomberg analyst at MF Global Mohan Simon (Simon Maughan). - Share capital increase is Deutsche Bank could be limited during the additional issue.
Nevertheless, some analysts believe that Deutsche Bank may be another reason for the additional issue. As reported on Monday the Association of German Banks, the ten largest banks in Germany, including Deutsche Bank and Commerzbank AG, may need additional capital amounting to 105 billion euros in giving effect to the provisions of the Basel-3. According to calculations by analysts, it is this amount will be needed for banks to achieve the level of capital adequacy at 10%.
According to the developed but not yet approved the rules of the Basel-3 ", credit institutions will have to significantly increase the amount of capital to secure cover risks associated with the securitized assets and derivatives. Adaptation period when this will last 5-10 years since 2013, but the solution itself for entry into force of new regulations can be accepted by the members of the Basel Committee has already met on September 12.
Deutsche Bank approached several companies to assess their interest in organizing additional issue, which could take place as early as next week, said the sources. The share of the financial institution in Deutsche Postbank to date is almost 30%. In addition, Deutsche Bank has an option to purchase additional shares in Deutsche Postbank. At the end of 2009, capital adequacy ratio Deutsche Postbank was minimal among the largest banks in Germany.
Earlier, the head of Germany's largest bank, Josef Ackermann (Josef Ackermann) announced that Deutsche Bank will attract additional capital only for the purposes of acquiring assets in other organizations. "The only reason for such action now, Deutsche Bank - is striving to acquire Deutsche Postbank is cheaper than in the long term, - told the news agency Bloomberg analyst at MF Global Mohan Simon (Simon Maughan). - Share capital increase is Deutsche Bank could be limited during the additional issue.
Nevertheless, some analysts believe that Deutsche Bank may be another reason for the additional issue. As reported on Monday the Association of German Banks, the ten largest banks in Germany, including Deutsche Bank and Commerzbank AG, may need additional capital amounting to 105 billion euros in giving effect to the provisions of the Basel-3. According to calculations by analysts, it is this amount will be needed for banks to achieve the level of capital adequacy at 10%.
According to the developed but not yet approved the rules of the Basel-3 ", credit institutions will have to significantly increase the amount of capital to secure cover risks associated with the securitized assets and derivatives. Adaptation period when this will last 5-10 years since 2013, but the solution itself for entry into force of new regulations can be accepted by the members of the Basel Committee has already met on September 12.
Latvian Rietumu Banka bought a 51% InCredit Group, specializing in potrebkreditovanii and leasing
Latvian Rietumu Banka bought 51% of the company InCredit Group for 51 thousand lats (about 72 thousand euros). As reported on Friday IA REGNUM, the transaction was carried out in the second half of July, but the official bank announced it only now.
Work in the Latvian company InCredit Group, which will deal with consumer lending and leasing, begins in September. In the future InCredit Group plans to become one of the market leaders. Its founders - Bank Rietumu (51%), company chairman Alexander Ekimenkov (24,5%) and board member Olga Orlova (24,5%). Equity capital InCredit Group - 200 thousand lats (284 thousand euros).
«Rietumu - corporate bank, and we will continue this strategy in the future. At the same time, today we have a bank operating in Latvia, we see prospects in retail lending and leasing: the economy is emerging from crisis, consumer loans are becoming popular again, while their supply on the market is practically nonexistent. This is the best time to start a business. That is why we supported the initiative to establish a company that will specialize in precisely Retail segment. Together with InCredit Group, we intend to begin a new era - an era of responsible consumer lending ", - said vice-president Rietumu Banka Vadim Alexeev.
"This year we will focus our development in Riga, and already in 2011 InCredit Group will come to the regions. Our experience suggests that we fully able to become market leaders ", - emphasizes the chairman InCredit Group Alexander Ekimenkov. Creators InCredit Group in 1995 was based company Inserviss, sold in 2006 the French group Societe Generale.
Until the end of 2011 InCredit Group plans to attract about 10-15 thousand customers, and the gross loan portfolio is expected to be about 10-12 million lats (14-17 million euros).
Work in the Latvian company InCredit Group, which will deal with consumer lending and leasing, begins in September. In the future InCredit Group plans to become one of the market leaders. Its founders - Bank Rietumu (51%), company chairman Alexander Ekimenkov (24,5%) and board member Olga Orlova (24,5%). Equity capital InCredit Group - 200 thousand lats (284 thousand euros).
«Rietumu - corporate bank, and we will continue this strategy in the future. At the same time, today we have a bank operating in Latvia, we see prospects in retail lending and leasing: the economy is emerging from crisis, consumer loans are becoming popular again, while their supply on the market is practically nonexistent. This is the best time to start a business. That is why we supported the initiative to establish a company that will specialize in precisely Retail segment. Together with InCredit Group, we intend to begin a new era - an era of responsible consumer lending ", - said vice-president Rietumu Banka Vadim Alexeev.
"This year we will focus our development in Riga, and already in 2011 InCredit Group will come to the regions. Our experience suggests that we fully able to become market leaders ", - emphasizes the chairman InCredit Group Alexander Ekimenkov. Creators InCredit Group in 1995 was based company Inserviss, sold in 2006 the French group Societe Generale.
Until the end of 2011 InCredit Group plans to attract about 10-15 thousand customers, and the gross loan portfolio is expected to be about 10-12 million lats (14-17 million euros).
9/9/10
The White House will replace the head of the Council of Economic Advisers under President
President Obama plans to appoint Austan Goolsbee (Austan Goolsbee) new head of council of economic advisers of the presidential administration, transmits television channel CNN on Friday citing two senior administration officials of the White House.
Goolsby replaced by Christina Romer (Christina Romer), who led the council since November 2008. It is expected that a formal announcement of the new appointment will be made on Friday morning.
Goolsby replaced by Christina Romer (Christina Romer), who led the council since November 2008. It is expected that a formal announcement of the new appointment will be made on Friday morning.
In Buenos Aires criminals for two minutes in the bank stole almost $ 1 million
Just two minutes it took to armed criminals, to steal nearly $ 1 million from the branch of the National Bank of Argentina to the southern outskirts of Buenos Aires. Told Channel C5N, RIA Novosti reported. Robbery without a single shot happened on Thursday at 16:52 local time (23:52 Moscow time) on the street named after Abraham Luppi a quarter of Pompey.
Five criminals in sports caps with slits for eyes came to the office of the State Bank in SUV Peugeot Partner white. Four of them using a magnetic card went into a separate room, where the ATM is installed. Then they smashed reinforced glass that protected the entrance to the branch directly. To do this, as a battering ram was used special steel bolvanka about a meter and a diameter of 15 centimeters.
According to one witness (a former security guard), the robbers were armed with 9 mm pistol. Pointed their guns at the bank employees, they went into the store, where they took more than 3 million pesos (about 800 thousand dollars) and 80 thousand dollars in cash. At 16:54 on the SUV had driven them they left in an unknown direction.
Police in the nearby area did not immediately return to the scene on call. According to one version, the bandits previously sent patrol cars off the track, telling the police about the robbery to call the store in another quarter.
The city announced a plan "interception". The exact amount of stolen money is being specified.
Similar to "handwriting" attack on a bank with an iron ingots were committed on December 18 last year at 300 meters from the place of the current robbery. Then the criminals managed to escape, injuring a leg by the police.
Five criminals in sports caps with slits for eyes came to the office of the State Bank in SUV Peugeot Partner white. Four of them using a magnetic card went into a separate room, where the ATM is installed. Then they smashed reinforced glass that protected the entrance to the branch directly. To do this, as a battering ram was used special steel bolvanka about a meter and a diameter of 15 centimeters.
According to one witness (a former security guard), the robbers were armed with 9 mm pistol. Pointed their guns at the bank employees, they went into the store, where they took more than 3 million pesos (about 800 thousand dollars) and 80 thousand dollars in cash. At 16:54 on the SUV had driven them they left in an unknown direction.
Police in the nearby area did not immediately return to the scene on call. According to one version, the bandits previously sent patrol cars off the track, telling the police about the robbery to call the store in another quarter.
The city announced a plan "interception". The exact amount of stolen money is being specified.
Similar to "handwriting" attack on a bank with an iron ingots were committed on December 18 last year at 300 meters from the place of the current robbery. Then the criminals managed to escape, injuring a leg by the police.
One of the largest Japanese banks began bankruptcy proceedings
Bank Nihon Ginko Cinco "and one of the largest in Japan, on Friday began bankruptcy proceedings. In accordance with the order of the Japanese Ministry of Finance, the Bank has suspended all operations, ITAR-TASS.
According to newspaper Nikkei, losses Nihon Ginko Cinco "in the first half of fiscal year 2010 amounted to more than 150 billion yen (nearly 1.8 billion dollars), which forced the Finance Ministry to start the process of bankruptcy. In accordance with the Government's deposit insurance program, investors can expect to offset up to 10 million yen (about 111 thousand dollars).
According to newspaper Nikkei, losses Nihon Ginko Cinco "in the first half of fiscal year 2010 amounted to more than 150 billion yen (nearly 1.8 billion dollars), which forced the Finance Ministry to start the process of bankruptcy. In accordance with the Government's deposit insurance program, investors can expect to offset up to 10 million yen (about 111 thousand dollars).
Subscribe to:
Posts (Atom)