This site was set-up to reflect news and views of worldwide events as they happen. We also feature a variety of our readers comments, news and views as well. All l can say finally is ' do not shoot the messenger' if you do not like an article, post or readers views be courteous in your reply. Thanks Ian (Chief Editor)

MARKETS: ‘ Stocks fall on China, Fed concerns; oil jumps 8.8 percent overall the worst drop in three years on the cards ‘


#AceMarketsNews – NEW YORK: Aug.31: World stock indexes fell on Monday amid persistent investor concerns about slowing growth in China and the prospect of higher U.S. interest rates, while oil prices rallied.

U.S. stocks were on track for their worst monthly drop in over three years after being pummeled in the past two weeks.

U.S. crude oil futures jumped 8.8 percent, rebounding from early losses. Data showed contracting U.S. production and OPEC willingness to talk with other producers about falling prices.

Weekend comments from Federal Reserve policymakers left the door open to a U.S. rate rise as soon as next month.

Fed Vice Chairman Stanley Fischer said in a speech at the annual Jackson Hole, Wyoming, central bankers’ symposium that U.S. inflation was likely to rebound, allowing rates to rise gradually.

“We can still expect to see some significant drops in the market until we get some direction from the Fed regarding a rate increase,” said John DeClue, chief investment officer of U.S. Bank Wealth Management.

The Dow Jones industrial average fell 118.86 points, or 0.71 percent, to 16,524.15, the S&P 500 lost 16.45 points, or 0.83 percent, to 1,972.42 and the Nasdaq Composite dropped 51.78 points, or 1.07 percent, to 4,776.54.

The dollar eased as weaker stock markets prompted investors to trim bets against currencies popularly used to fund risky carry trades.

But Fischer’s comments limited the dollar’s losses. The U.S. dollar index, which measures the greenback against a basket of currencies, was down 0.1 percent.

MSCI’s all-country stock index lost 0.6 percent, while the pan-European FTSEurofirst 300 stocks index closed down 0.2 percent and registered a monthly loss of 9 percent – its worst monthly performance since August 2011.

Chinese shares had another volatile session. The CSI300 index ended up 0.7 percent, after falling 4 percent at one point. The index was still down 11.8 percent for August.

OIL JUMPS

Oil rose further after its biggest two-day rally in six years last week.

Brent October crude climbed 8.2 percent to settle at $54.15 a barrel, while U.S. October crude gained 8.8 percent to settle at $49.20 a barrel.

U.S. domestic crude oil production peaked at just above 9.6 million barrels per day in April before falling by more than 300,000 bpd over the following two months, Energy Information Administration data showed on Monday.

U.S. safe-haven Treasuries prices rose on continued concerns over China and emerging market economies, while month-end buying gave longer-dated Treasuries prices a boost.

U.S. 30-year Treasuries were last up 2/32 in price to yield 2.91 percent. Benchmark 10-year Treasuries were last up 3/32 in price to yield 2.17 percent, from a yield of 2.18 percent late Friday.

(Additional reporting by Robert Gibbons in New York, and Tanya Agrawal, Nigel Stephenson and Anirban Nag; Editing by James Dalgleish, Dan Grebler and Lisa Shumaker)

Stocks fall on China, Fed concerns; oil jumps 8.8 percent

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European Commission Allocates $5.8Mln to Help Calais Migrants


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#AceNewsReport – Aug.31: The European Commission has allocated 5.2 million euro ($5.8 million) to provide undocumented migrants currently residing in the northern French port city of Calais with necessary humanitarian assistance, the Commission said in a report (Sputnik) reported.

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MOSCOW: ‘ Russia’s MTS & Google get together over growing mobile internet ‘


#AceFinanceReport – Aug.28: Russia’s biggest mobile phone operator MTS said on Friday it had teamed up with Google Inc to help grow the use of mobile Internet and will get a share of the search site’s advertising revenues in Russia.

Under a strategic agreement, MTS will feature Google’s voice search in its ad campaigns and retail stores, and a relevant application will be pre-installed on the main screen of Google’s Android-based smartphones sold in the MTS retail chain (Reuters) reported.

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BRITAIN: ‘ British payments glitch at HSBC leaves thousands without wages ‘


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#AceFinanceReport LONDON:Aug.28: HSBC reported a computer glitch on Friday which it said prevented some of its British business customers from making payments, leaving thousands of workers without wages ahead of a three-day weekend (Reuters) reported.

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FEATURE: Fannie Mae trying to help low income families borrow for home – but could these lead to another 2008 crisis?


#AceNewsReport – Featured:Aug.28: In the years since the recession, the dream of a steady paycheck and a home in a nice neighborhood have become more elusive for many working-class Americans. While some may say that the lack of homeownership reflects changing values, owning a home remains an important tool for wealth building for most families.

Yet it is particularly unattainable for low-income and minority households. The homeownership rate for households that fall below median income was less than 50 percent in 2014, for those who made above the median it was nearly 80 percent. And the gap in homeownership between whites, and blacks and Hispanics is almost as large.

Now, a new program from Fannie Mae is trying to change that.

This week, the government-sponsored enterprise unveiled plans for a new loan product. HomeReady is specifically targeted toward low-income and minority households, and it allows prospective buyers to pay just a 3 percent down payment up front, provides a homeowner’s education course, and the biggest boon—the program will allow applicants to count income from those who won’t actually be borrowers, toward their gross income.

That means in multi-generational households, the contributions of children or grandparents—and for younger borrowers, financial assistance from parents, or aunts and uncles—could be included. For current owners who rent a room or portion of their home for extra income, the money they receive from tenants would count as income if they decide to move.

These may seem like small perks, but the new program could be a big deal for households who rely on income that hasn’t been counted by banks or lenders in the past.

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FEATURED: ‘ UBS pays $1.7 mn for ‘apparent’ sanctions violations ‘


The Treasury's Office of Foreign Assets Control said UBS had handled 222 US securities transactions worth $2.5 million between 2008 and 2013 on behalf of an individual client who was blacklisted under US sanctions#AceNewsReport – Aug.27: The Swiss bank UBS has agreed to pay US authorities $1.7 million to settle “apparent” violations of rules banning transactions benefiting officially designated terrorists, the Treasury Department said Thursday.

The Treasury’s Office of Foreign Assets Control said the bank had handled 222 US securities transactions worth $2.5 million between 2008 and 2013 on behalf of an individual client who was blacklisted by OFAC under US sanctions.

The UBS settlement agreement with OFAC labeled the transactions “apparent” because UBS at the time had considered them internal to the bank and so not in violation of US rules.

Original Article: http://news.yahoo.com/ubs-pays-1-7-mn-apparent-sanctions-violations-202042051.html

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MARKETS: Asia stocks take heart from Wall Street rally, China gains


#AceMarketsNews TOKYO:Aug.27: Asian stocks extended gains on Thursday as a sharp rebound on Wall Street and gains in battered Chinese shares eased fears of a deep and protracted global market rout, while the dollar rallied as risk aversion eased (Reuters) reported.

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FRANCE: ‘ Cost of cancelling ” Mistrals ” contract to Russia 1-Biliion Euro’s ‘


#AceFinanceNews – FRANCE:Aug.26: The total cost of cancelling the sale of two Mistral warships to Russia was less than €1 billion ($1.14 billion), French government spokesman Stephane Le Foll said on Wednesday.

He was speaking after the weekly cabinet meeting in Paris, Bloomberg reported. “The precise figure will be disclosed to parliament, but for now I can say the cost is below €1 billion,” he said. The extra cost related to the scrapping of the deal will be added to the 2015 budget.

France is reportedly in talks with Canada, Malaysia, Saudi Arabia and Egypt to sell either one or both of the helicopter carriers.

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US/CHINA: ‘ Who is to blame for stock-market turmoil ?


#AceFinanceReport – US/CHINA:Aug.26: As stock markets continue their slide into negative territory, economists debate whether the problems lie in monetary mismanagement by the US Federal Reserve or with China’s domestic concerns “exporting pain” to others via its yuan devaluation.

For a while now l have watched the markets as the US/China situation has evolved, this has led me to two very clear conclusions:

Firstly China was requested by the US Fed to devalue their currency a number of times this they declined, until the formation of the #BRICS Development Bank had been fully implemented and the HQ was sited in Beijing. It was soon after that they devalued their sovereign currency, which is being blamed by Wall Street for present situation.

Of course we could look further and see an even greater reason for this shares crash – simply currency manipulation as the sharp-end. What l am saying when China negotiated with Russia to dump the Petro-dollar in favour of the ruble then the US got sniffy and decided to teach them a lesson. By not increasing Fed interest rates, they hold China in limbo see my post today on ‘ General consensus on China Markets crash ‘ and the points raised by the marketeer’s.

So let us be honest with ourselves and decide either is possible – but one thing is for certain without the $Petro-dollar the US would be dead in the water…. 

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CHINA: ‘ General consensus on made in China crash of markets ‘


#AceNewsReport – CHINA:Aug.26: The general consensus on Wall Street is that the latest financial market crisis was “made in China.” Market strategists interviewed by USA TODAY cite China’s surprise decision two weeks ago to devalue its currency as the trigger for the latest market instability.

The devaluation of the Chinese yuan, experts say, was viewed as a major negative, as it smacked of panic on the part of the Chinese government and suggested that the world’s second-biggest economy was in more dire straits than previously believed. In an environment where stocks are overvalued, any signs that weakening growth could hurt sales and profit growth of companies around the world is enough to spark selling.

That said, here are some key things Wall Street pros say could help stem the recent panic on Wall Street and stop the sell off:

  1. Help from China
  2. Rate hike delay from Fed

  3. End to oil sell-off

  4. Lower valuations

  5. Strong U.S. economic data

My personal view:

Shoring up an economy based simply on shares can only lead to greater borrowing and thus larger and deeper indebtedness. The simple fact is borrowing can only be sustained for so-long not indefinitely as marketeers would have us believe. These crashes are going to happen again and as assets of China cannot be borrowed against as security, then sooner rather than later a complete crash of China’s share-markets will take place.

End of quote:

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