‘ Banks That Do Not Come Up To Standard Will Be Named and Shamed by the US Regulator’s for Misconduct ‘

#AceFinanceNews – UNITED STATES – June 30 – Today, probably at the close of markets in America, BNP Paribas will become the latest bank to join the ignominious list of financial institutions hauled into the dock by US regulators for misconduct.

BNP will join HSBC (fined $2bn (£1.2bn) in December 2012 following money laundering allegations), Standard Chartered (fined $300m for breaking sanctions against Iran), Royal Bank of Scotland (fined $100m inDecember 2013 for similar offences) and Credit Suisse (fined $2.6bn for enabling US clients to evade taxes).

Barclays is also in the sights of the US regulators. Following its Libor fine, the bank has now been named in a lawsuit over the operations of its "dark pool", a private trading platform for institutions to deal shares.

Apart from Barclays, one name links all these cases. Benjamin Lawsky, the superintendent of the Department of Financial Services, the main New York State regulator.

Mr Lawsky is a name now high on the speed dial list of every major banking chief executive.

#AFN2014

‘ European Commission Approves Request from Bulgaria to Shore-Up their Liquidity After Run-On Their Banks ‘

#AceFinanceNews – The European Commission has approved a request from Bulgaria to provide funding for some of the country’s biggest banks.

The Commission extended a credit line of 3.3bn levs ($2.3bn; £1.4bn) to help banks that Bulgarian authorities believe have been victims of a plot to undermine the banking system.

Five people were arrested over the weekend in connection with the plot.

In the past week, there have been runs on two of Bulgaria’s big banks.

"The Commission concluded that the state aid implied by the provision of the credit line is proportionate and commensurate with the need to ensure sufficient liquidity in the banking system in particular circumstances," the Commission said in a statement.

It stressed, however, that Bulgaria’s banking system was fundamentally sound.

" It is well capitalised and has high levels of liquidity compared to its peers in other member states," the Commission said. RIA – Novosti.
RIA Novosti – BBC News

#AFN2014

‘ Russian Company Technopromexport in Negotiation for construction of Two Power Plants in Iran ‘

#AceFinanceNews – IRAN (Tehran) – June 30 The Russian company Technopromexport, which is part of the Rostec Corporation, has confirmed it is conducting negotiations on the construction of power plants in Iran.

“We confirm that we are engaged in negotiations but no details will be provided,” the company told ITAR-TASS on Monday, June 30.

The Iranian news agency Mehr quoted a Technopromexport official as saying that the company had negotiated the construction of 5 power plants with Iran’s Ministry of Energy.

“Two months after signing an agreement between Islamic Republic and Russia, Technoprom and ministry of energy met in the new rounds of talks on planning, installing, and operating of 5 power plants commissioned in Tehran-Moscow $10 billion agreement,” the news agency said.

#AFN2014

‘ West Eyes Up New Delhi for Lucrative Defence Deals as Defence Industry Opens its Doors to Foreign Investment ‘

#AceWorldNews – INDIA (New Delhi) – June 30 – Western leaders are rushing to visit Indian Prime Minister Narendra Modi, drawn by the prospect of multi-billion-dollar deals as New Delhi prepares to open the defence industry to foreign investment.

Senior politicians from France, the United States and Britain arrive over the next few weeks as Modi prepares to accelerate the modernisation of the country’s mostly Soviet-era weaponry.

The prime minister intends to build up India’s military capabilities and gradually turn the world’s largest arms importer into a heavyweight manufacturer — a goal that has eluded every premier since independence.

Dwan

#AFN2014

‘ Supreme Court Rules Home Health Care Workers in Illinois Cannot Make Non-Members Pay Fee’s to Cover Union Costs As Practice Violates First Amendment Rights ‘

#AceFinanceNews – UNITED STATES (Washington) – June 30 – The Supreme Court dealt a blow to public sector unions Monday, ruling that thousands of home health care workers in Illinois cannot be required to pay fees that help cover the union’s costs of collective bargaining.

In a 5-4 split along ideological lines, the justices said the practice violates the First Amendment rights of non-members who disagree with the positions that unions take.

The ruling is a setback for labor unions that have bolstered their ranks — and bank accounts — in Illinois and other states by signing up hundreds of thousands of in-home care workers. It could lead to an exodus of members who will have little incentive to pay dues if non-members don’t have to share the burden of union costs.

But the ruling was limited to this particular segment of workers — not private sector unions — and it stopped short of overturning decades of practice that has generally allowed public sector unions to pass through their representation costs to non-members.

#ANS2014

‘ US Justice Department Expected to Announce a Fine of a Record $9 Billion for BNP Paribas for Sanctions Violations ‘

#AceFinanceNews – UNITED STATES (Manhattan) – June 30 – The US Justice Department is expected to unveil on Monday a settlement with BNP Paribas involving a record fine of nearly $9 billion, Reuters said.



The fine comes over alleged US sanctions violations by France’s biggest bank, sources said.

The penalties may also include a temporary ban on some dollar-clearing business and could hit BNP’s dividend payout, regulatory capital ratios and its investment banking targets, analysts say.

BNP is expected to plead guilty to a criminal charge in Manhattan Federal Court on Monday.

#AFN2014

‘ Former EU Officials and Outgoing MEP’s Land Top Jobs in Industry Sectors they Legislated on Previously in a Revolving Door Arrangements ‘

#AceFinanceNews – BRUSSELS – June 30 – A handful of former EU officials and an outgoing top MEP have landed jobs in industry sectors that they legislated on.

The cases highlight what pro-transparency experts describe as a "revolving door" where policy-makers are hired to work for private companies with a vested interest in EU-level legislation.

Last October, two consultancy firms hired Joao Pacheco. Pacheco was at that time the European Commission’s deputy director of agriculture.

Today, he is the director for European markets AFJ and associates in the US. He is also president at the Brussels-based JSPacheco-International consultancy firm.

Asked to comment, the commission says it has been looking into Pacheco but wants to maintain “a presumption of innocence” before making any accusations.

“This procedure is still on-going and we are therefore unable to provide any further comments at this point in time,” said a commission spokesperson in an email.

Pacheco’s case was first raised six months ago by Brussels-based Corporate Europe Observatory (CEO).

Other CEO cases include former commission officials Per Hellstrom and Peter Faross.

More on this story in due course as investigations are ongoing ………….

#ANS2014

‘ BIS Warns Reliance on Loose Monetary Policy and Low Interest Rates Risks the Global Economy of Scale ‘

#AceFinanceNews – BIS REPORT ON ECONOMIES – June 29 – Ultra low interest rates and the failure of policy to "lean against" the build-up of financial imbalances are in danger of making the global economy permanently unstable, the Bank for International Settlements has warned.

​In its annual report, the Swiss-based "bank of central banks" spelled out the risks of relying too heavily on monetary policy to stimulate the economy. The BIS warned that central banks including the Bank of England and US Federal Reserve could keep monetary policy loose for too long, with potentially damaging consequences.

"The prospects for a bumpy exit together with other factors suggest that the predominant risk is that central banks will find themselves behind the curve, exiting too late or too slowly," the BIS said on Sunday.

It added that a "persistent easing bias" by fiscal, monetary and prudential policy-makers had lulled governments "into a false sense of security" that delayed needed consolidation and created a risk that instability could "entrench itself" in the system. "Policy does not lean against the booms but eases aggressively and persistently during busts," the BIS said.

"This induces a downward bias in interest rates and an upward bias in debt levels, which in turn makes it hard to raise rates without damaging the economy – a debt trap.

Once the balance of consumerism reaches a tipping point of scale and the debt ratio can no longer be controlled by raising interest rates, an economy will reach a free-fall situation, thus leading to collapse and decay of any capitalistic economy and building up further book debts will no longer be an option.

It is only at this tipping point that repayment or exclusion of debt by itself, becomes an option.

In so much as capitalism has already proven to those in so-called power, it no longer works, as the balance between the rich and the poor, will become a rebalance of societies want and need factors.

To rebalance any societal imbalance will then take a complete rethink of society or simply an agreement of bankruptcy, for the people, nations and countries becomes the only option.

We will have crossed the line between what we had, to what we have, and no longer can consumerism be the yard stick of an commerce.

As basing everything on spending, becomes nullified by the reason, and borrowing to pay tomorrow, becomes the cross everyone will finally have to bear.

#AFN2014

‘ Four in Ten Republicans Opposed to Reauthorising the Export-Import Bank ‘

#AceBreakingNews – UNITED STATES (Washington) – June 29 – Four in 10 House Republicans are on record as being opposed to reauthorizing the Export-Import Bank, highlighting the challenge supporters face in winning a vote.

Ninety-three House Republicans voted against extending the bank’s charter a little more than two years ago, the last time there was a vote.

By Kevin Cirilli and Vicki Needham @ The Hill

#ANS2014

‘ Newly Passed Minimum Wage in Seattle Changes Lives ‘

#AceFInanceNews – UNITED STATES (Seattle) – June28 – For 100,000 working people in Seattle, a newly passed citywide minimum wage of $15 per hour will mean an increased standard of living – and recognition of their contributions to the local economy. “It’s going to help me and a lot of other people,” said Crystal Thompson, 33, a Dominos Pizza customer service representative who currently earns the city minimum wage of $9.32 per hour. “They [the corporations] have been making money off us. I’ve had the same job for five years and [am] still making minimum wage. I open and close the store. I pretty much run the store and do manager shifts and still get paid minimum wage.”
The basic argument behind these campaigns is that a person working full-time shouldn’t have to live in poverty, a precept that has been popularly accepted.
While Seattle is often associated with technology-driven firms such as Microsoft and Amazon, service workers like Thompson provide a critical backbone for the area economy – a trend that also holds nationally. Over the past 20 years, community and labor organizations have united in a living wage movement to raise the floor for these employees and to make sure that prosperity is widely shared throughout the economy. Even as efforts to increase the minimum wage nationally have encountered resistance in Congress, this movement has made great strides at the local and regional levels.
#AFN2014

#aceworldnews, #seattle, #united-states