IMF Approves Two-year-Stand-By-Arrangement Worth $17.01 Billion with First Tranch’e of $3 Billion in May ‘

#AceFinanceNews – UKRAINE – May 01 – The Executive Board of the International Monetary Fund (IMF) has approved a two-year Stand-By Arrangement (SBA) worth $17.01 billion for Ukraine, the IMF’s press service said on May 1.

As was earlier reported, Kyiv hopes to get the first $3 billion tranche of the new SBA between May 5 and May 8, 2014, Ukrainian Finance Minister Oleksandr Shlapak said on April 30. (Interfax-Ukraine)

“We’re waiting about $3 billion [in the first tranche]: $1 billion will go to the National Bank of Ukraine, $2 billion will cover the budget deficit.

We expect this from May 5 to May 8,” he said.

IMF PRESS RELEASE

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` US Taxpayers lost $11.2 Billion on the Federal Bailout of General Motors in 2009 – Report to Congress '

#AceFinanceNews – WASHINGTON – May 01 – US taxpayers lost $11.2 billion on the federal bailout of General Motors in 2009, according to a government report delivered to Congress on Wednesday.

The figure is an increase from the previous estimate of $10.5 billion.

GM received $49.5 billion to weather bankruptcy restructuring.

“The goal of Treasury’s investment in GM was never to make a profit, but to help save the American auto industry, and by any measure that effort was successful,” said Treasury Department spokesman Adam Hodge.

NEW YORK/DETROIT, June 1 (Xinhua) — In the largest industrial bankruptcy ever seen in U.S. history, General Motors Corp., the top U.S. automaker and once the world’s largest corporation, filed for bankruptcy protection on Monday.

The Detroit-based company, for decades a symbol of American manufacturing supremacy, corporate culture and even lifestyle, filed a Chapter 11 petition to the U.S. Bankruptcy Court for the Southern District of New York early Monday morning.

(InAutoNews) Reported – We are in June 1, 2009. At approximately 8:00 am EST General Motors fills for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court.
The filing reported US$82.29 billion in assets and US$172.81 billion in debt. Is the fourth-largest filing in U.S. history after Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.
Shortly after, Obama administration is announcing that the Government will invest an additional $30.1 billion in General Motors(GM) to finance its bankruptcy reorganization – this after the U.S. government provided $20 billion in aid.
And GM is becoming the new GM – without Hummer, Saturn, Saab and many more operations…
So mission accomplished. Right? Wrong!
GM’s boat is once again taking water, writes Louis Woodhill at Forbes. http://tinyurl.com/csedmc4

The US still owns 26% of the company and would need about $53 a share to break even, a far cry from the current price of $20.

That adds up to a current “unrealized loss of $16.4 billion,” writes Woodhill.

The company went public again in November 2010, and the government sold its final shares of GM late last year.

Auto companies were given $79.7 billion by the Treasury Department amid financial collapse.

The companies have repaid $59.1 billion, AP reported.

AP – RT – AFP – XINHUA

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` Bahrain Signs Investment Cooperation Deal with Russia with Washington showing their Concern ‘

#AceFinanceNews – LONDON – May 01 – /ITAR-TASS/. U.S. Administration has rebuked Bahrain, a Gulf state with which it has a close strategic relationship, for signing an investment cooperation deal with Russia, which Washington and its European allies are trying to subject to punitive economic measures at the moment.

“With Russia continuing its efforts to destabilize Ukraine, this is not the time for any country to conduct business as usual (with Moscow),” an official at the U.S. Department of State told Reuters Wednesday.
He said Washington had raised concern over the signing with the Bahraini government.

Russian Direct Investment Fund issued a statement Tuesday saying it had signed a memorandum of understanding with the Mumtalakat sovereign wealth fund of Bahrain on expanding both countries’ investment opportunities.

The statement said, among other things, that the Bahraini fund’s CEO, Mahmood al-Kooheji would join the RDIF international advisory board and would help formulate its strategic guidelines.

The deal was signed at the end of Wednesday’s visit to Moscow by Bahrain’s Crown Prince Salman Bin Hamad al-Khalifa who was received by President Vladimir Putin.

International analysts point out the symbolism of the deal. According to Reuters, it suggests that Western sanctions “may not deter other countries from continuing to expand business ties with Russia.

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