` Conservative MP Peter Bone is Under Investigation for Expenses Claim Relating to his Second Home '

#AceFinanceNews – LONDON – April 11 – (BBC) – Conservative MP Peter Bone is under investigation for expenses claims relating to the upkeep of his second home, the parliamentary commissioner for standards has said.

The claims are understood to have been made between 2005 and 2009.

MP for Wellingborough told the Times he had “done nothing wrong”, adding that it was “not unusual for MPs to have their expenses challenged” http://www.thetimes.co.uk/tto/news/politics/article4060463.ece

A spokeswoman for the commissioner declined to comment further.

The system for investigating alleged abuses of MPs’ expenses was reformed in 2009, after a string of scandals, but cases involving claims made before 2010 still invoke the previous investigatory system.

This means that the independent commissioner investigates the allegations before submitting a report to the standards committee.

The committee, which comprises 10 MPs and three members of the public, then has the final say on whether to accept the commissioner’s conclusions.

Read More: http://www.bbc.co.uk/news/uk-politics-26986408

MP Peter Bone will not face benefit fraud charges http://www.cps.gov.uk/news/latest_news/cps_decision_on_suspected_fraud_investigated_by_northamptonshire_police/

Back on the March 25 the (BBC) – Reported that Conservative MP Peter Bone and his wife will not face any criminal charges in connection with allegations of benefit fraud relating to his mother-in-law.

The police investigated claims that assets belonging to her were concealed so Northamptonshire County Council would fund time in a care home.

But the Crown Prosecution Service said “no element of dishonesty” could be proved and it would take no action.

The MP, who always denied the claims, said his family had been “vindicated”.

Details of the police investigation were revealed by the Times newspaper last month.

In response, Mr Bone – MP for Wellingborough – confirmed that police had raided his constituency office last year, confiscating parliamentary papers, including constituents’ letters.

He said he and his wife had been involved in a long-running dispute with Northamptonshire Council about what he said was “their failure to properly fund her elderly mother’s care needs”.

Read More: http://www.bbc.co.uk/news/uk-politics-26729265


#afn2014, #crown-prosecution-servicecps, #london, #mp, #northamptonshire-county-council, #peter-bone

` Co-Operative Bank Confirms Loss of £1.3 billion According to `CEO Booker ' Who Will Earn £2.9 Million as Pay Package '

#AceFinanceNews – BRITAIN – April 11 – (BBC) – The Co-operative Bank has confirmed it made a loss of £1.3bn for 2013.

The losses, in line with expectations, come after the bank’s failed bid to buy 632 branches from Lloyds Bank last year.

The deal collapsed after the discovery of a £1.5 Billion black hole in the Co-op Bank’s balance sheet.

Parent company the Co-operative Group lost control of the bank to a group of US hedge funds that launched a rescue deal in December.

The bank said it did not expect to make a profit in 2014 or 2015.

It also apologised to its 4.7 million customers.

Co-op Bank chief executive Niall Booker said: “We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk.

“I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times.”

The bank said it would not pay out £5 million to former executives who left the bank after its near collapse last year.

But Mr Booker will receive a £2.9 million pay package, which includes a basic salary of £1.2 million and up to £1.7 million in performance related bonuses.

Mr Booker could also receive a potential £1.2 million as part of a three year incentive plan based on the future performance of the business.

It said up to 40 of its high street branches will close this year, which is likely have an impact on jobs, although the bank has yet to put a figure on the number of posts under threat.

The results were published after two earlier delays.

Read More: http://www.bbc.co.uk/news/business-26967020

IBT reported that the Former HSBC banker Niall Booker has taken over as leader of Britain’s Co-operative Group, after ex-CEO Barry Tootell stepped down in the wake of suggestions by ratings agency Moody’s that the Co-op’s banking operation may need a government bailout.

Booker will take charge of the group’s finance arm Co-operative Bank, and become deputy chief executive of The Co-operative Group, on 10 June.

He was previously the head of HSBC’s North America business until stepping down in 2011, after 30 years with the bank.

Earlier this month, Moody’s slashed the bank’s debt rating to junk status, due to concerns that the Co-operative Bank has a £1.8bn (€2.1bn, $2.7bn) black hole in its balance sheet http://www.ibtimes.co.uk/co-op-barry-tootell-niall-booker-471772


#bank, #britain, #co-op, #co-operative-bank, #co-operative-group, #hsbc

#AceFinanceNews MOSCOW April 11 Russian President Vladimir Putin…

#AceFinanceNews – MOSCOW – April 11 – Russian President Vladimir Putin earned 3.672.208 roubles (approximately $103,060) in 2013 according to his tax declaration published by the Kremlin press service on Friday.

The president’s income dropped by 2 million 118 thousand roubles (approximately $ 59.441) from 5 million 790 thousand 823 roubles (approximately $162.519), which means 482.500 roubles a month or approximately $13.541, in 2012 to 3. 672. 208 roubles (approximately $103.060) in 2013.

Putin’s 2013 tax declaration did not contain information on his spouse for the first time following Putin’s official divorce with his wife Lyudmila last year. Her contribution to the family budget used to account for 121.374 roubles (approximately $ 3.406) in 2012.

The tax declaration does not mention Putin’s daughters – Maria, 28, and Katerina, 27, although bureaucrats are obliged to declare information on their family members, including grown up children.

The number of immovable property registered to Putin’s name increased last year. He still owns two apartments (one 77 square meters flat is his private property; Putin has an accommodation right to the second apartment of 153.7 square meters); the president also owns a garage and has the right to use a garage unit.

As for cars, Putin still owns two rare Volga brands (GAZ M21 and GAZ M21), a NIVA car and a Skiff (Scythian) automobile trailer.

Russian Tax Authorities – Kremlin Press Service



#AceBreakingNews VIENNA April 11 EUROPEAN UNION EU Commissioner…

#AceBreakingNews – VIENNA – April 11 – EUROPEAN UNION – EU Commissioner for Energy Gunter Oettinger is drafting proposals for how to pay off Ukraine’s debt to the Russian supplier of natural gas, OAO Gazprom, Oettinger said Friday speaking to O1 Austrian Public Radio as he visited Vienna.

He said along with it he personally thought that only a part of the bills Gazprom had issued to Ukraine contained grounded total sums to be paid.


#austrian, #eu, #gazprom, #russian, #ukraine, #ukraines, #vienna

` Report from ` Bristol University ‘ says the World Bank’s Poverty Line of $1.25 is too Low and Artificial ‘

#AceFinanceNews – April 11 – (RT) – The current international poverty line of $1.25 per day used by the World Bank is “too low” and “artificial,” say researchers from Bristol University, adding that the total number of poor people worldwide would increase by 30 percent in future.

The World Bank’s “estimates are flawed” as the organization has not used “different poverty measures” and only explores one angle of the problem – financial, says the study, called “The mismeasurement of extreme global poverty: A case study in the Pacific Islands,” published in Journal of Sociology.

“There is considerable controversy surrounding the ‘dollar a day’ measure used to monitor progress against the Millennium Development Goals,” adds the research, which was carried out together with specialists at the Australian National University, UNICEF Pacific and the Economic and Social Research Council (ESRC).

“Thus, the tighter definition of poverty used by the World Bank tends to lead to a better-looking poverty trend, because the poverty line is too low the trend it reports is too rosy,” adds the study.

The paper urges the World Bank to examine “non-monetary forms of disadvantage and deprivation for families, adults and children.” Researchers looked deeper at those living on the Pacific island state of Vanuatu by taking into account shelter, sanitization, water, information, nutrition, health and education to build up a more comprehensive picture of poverty, deprivation and inequality.

Read More: http://on.rt.com/5njzp6


#bristol-university, #ersc, #poverty, #poverty-line, #unicef, #world-bank, #worldwide

#AceFinanceNews MOSCOW April 11 Russian President Vladimir Putin…

#AceFinanceNews – MOSCOW – April 11 – Russian President Vladimir Putin instructed Russian government and the Central Bank of Russia (CBR) to develop “a mechanism of receiving information from foreign banks about monetary funds and valuables” owned by Russian state officials at these banks.

These are crediting institutions situated in foreign countries. The decree to this effect was formulated in a National Anti-Corruption Commission plan for 2014-2015 approved on Friday.

Information requested from foreign banks can also include facts of “possession and use of foreign financial instruments by public servants.”

This information “can be provided to the CBR by foreign lending organisations through conclusion of agreements on information exchange between authorised Russian authorities and law enforcement agencies in foreign countries,” the document noted.

A report on results of fulfilling the instruction should be submitted to the president before March 1, 2015.


#moscow, #national-anti-corruption-commission, #russias-central-bank-cbr, #russian, #russian-president-vladimir-putin

` China Development Bank plans to invest in the Russia’s Far East with an Allocation of $5 Billion ‘

#AceFinanceNews – KHABAROVSK – April 11 – State-owned China Development Bank has confirmed its plans to invest in the development of Russia’s Far East, Russia’s Far East Development Ministry said on Friday.

“Readiness of the bank to allocate $5 billion for Russia’s Far East development projects has been confirmed at a meeting between the Minister for the Development of the Russian Far East, Alexander Galushka, and the president of China Development Bank, Zheng Zhijie,” the ministry said.

The program’s investment priorities include creating zones of development, financing infrastructure projects and implementing long-term regional investment programs.

Russian and China Finance News


#china-development-bank, #russias

` Ukraine meets all conditions for the `First Tranche of Financial Assistance ‘ from the IMF by end of April ‘

#AceFinanceNews – WASHINGTON – April 11 – Ukraine’s parliament-appointed Finance Minister Oleksandr Shlapak, claims that Ukraine has complied with all terms necessary for getting the first tranche of financial assistance from the IMF.

“We are here for a more specific discussion of the time and conditions of [international] support,” Shlapak told the media in Washington where the spring meeting of the IMF and World Bank is under-way.

“Moreover, Ukraine has met all of the IMF conditions for getting the first tranche.”

The IMF earlier said it would be prepared to extend to Kiev $14-18 billion within the framework of overall international assistance of $27 billion within two years.

IMF Managing Director Christine Lagarde said on Thursday the Fund’s program for Ukraine might be presented to the IMF Board of Governors late April or in early May.


#imf, #international-monetary-fund, #ukraine, #ukraines, #washington, #world-bank