‘ FIFA Bans German Franz Beckenbauer over Qatar Inquiry ‘

#AceFinanceNews – RIO DE JANEIRO: FIFA on Friday banned German football legend Franz Beckenbauer from any football-related activity for 90 days after he refused to speak to an inquiry into allegations that Qatar paid bribes to secure votes for its 2022 World Cup bid.

​(Former FIFA executive committee member Franz Beckenbauer was provisionally banned from any football-related activity for 90 days over “an apparent breach” of ethics, soccer’s world governing body said. -Reuters Photo

“Franz Beckenbauer was today provisionally banned from taking part in any football-related activity, at any level, for 90 days,” said a statement released by football’s governing body.

The 68-year-old Beckenbauer, who won the World Cup as a player in 1974 and then as a coach in 1990, was on the FIFA executive board in 2010 when the 2022 tournament was awarded to Qatar.

He has always refused to say who he voted for?

Beckenbauer, known as the Kaiser, refused to cooperate with Michael Garcia the former US federal prosecutor who headed an investigation in the votes for the Qatar vote and another that awarded the 2018 World Cup to Russia.

In an interview with Bild newspaper published this week

‘ Families of Missing Malaysian Passenger Plane Begin Receiving Initial Compensation Payments of $50,000 ‘

#AceFinanceNews – MALAYA – June 13 – The families of passengers on the missing Malaysian passenger plane have begun to receive initial compensation payments of $50,000 (£30,000). So far six Malaysian families and one Chinese family have received the money, and insurers are assessing the claims of 40 more Chinese families.

​Relatives of all 239 missing passengers can claim up to $175,000 each.

Flight MH370 went missing on 8 March as it flew from Kuala Lumpur to Beijing. No trace of the plane has been found.

Malaysian deputy foreign minister Hamzah Zainudin stressed that the government has not yet declared the plane lost.

“When we talk about the full payment, we have to wait until we announce the issue on the tragedy MH370 is over,” he said.

Malaysia Airlines‘ insurer, a consortium led by Germany‘s Allianz, is making the payments.

​Many of the relatives also refuse to accept that their relatives may be dead.

A group of families has joined together to raise $5m (£2.9m) to investigate the plane’s disappearance and encourage anyone who might have information to come forward.

A massive search operation conducted in seas hundreds of miles from any land has failed to find any debris from the plane.

Experts are continuing to survey the sea floor and are bringing in specialist equipment.

They believe the jet ended its journey in the Indian Ocean, hundreds of miles north-west of the Australian city of Perth.


‘ California Considering Changing Legislation to Allow Virtual Currencies BitCoin, PeerCoin and PrimeCoin As Legal Tender ‘

#AceFinanceNews – UNITED STATES (Los Angeles) – June 13 – Since California adopted its first constitution in 1849, it has been illegal in the state to use anything but currency issued by the federal government.

​That maybe about to change. Bowing to the Digital Age, the Legislature is headed toward approving a bill that would make California the first state in the nation to allow the circulation of virtual currencies such as Bitcoin, Peercoin and Primecoin.

Assembly Bill 129 passed the State Assembly in a 75-0 vote in January and is now close to a floor vote in the Senate.

The bill repeals California’s “outdated prohibition on the issuance and use of ‘anything but the lawful money of the United States,’” its author, Assemblyman Roger Dickinson, told the Office of Senate Floor Analyses.

The Bitcoin community sees the bill as a major breakthrough in its efforts to legitimize the virtual currency.

Bitcoin’s legal status has been uncertain amid concerns that it could facilitate money laundering and sales of drugs and other illegal goods.


‘ Mayor of Venice Quits Amid Investigation into Allegations of Corruption ‘

#AceFinanceNews – VENICE – June 13 – Mayor of Venice Georgio Orsini has quit amid an investigation into allegations of corruption over the city’s new water barriers.

He and 34 other officials were arrested last week on suspicion of embezzling around 20m euros ($27m, £16m) in public funds earmarked for flood defences.

Mr Orsoni stepped down a day after being released from house arrest under a plea bargain.

He agreed to a four-month sentence but is unlikely to go to prison.

The sentence still requires court approval.

Orsoni was arrested along with 30 people in connection with a 25-million-euro ($34 million) slush fund that was allegedly used to bride officials.

​(BBC) The bribery allegations centre around the public tender process for the Moses project, as the works are known in English, after their Italian acronym (Mose).

Investigators are looking into allegations that were sent to foreign bank accounts and used to finance political parties, according to reports.

Seventy-eight mobile barriers will be used to shut off Venice lagoon in the event of rising sea levels and storms.

​Construction began 11 years ago but has been hampered by delays in funding due to the economic crisis.

The city, one of the world’s great tourist destinations, is continuing to sink and is hit by flooding on a yearly basis.

(DailyMail) June 04 2014 – The project was first put forward in 1966 but the barriers only started being built 11 years ago, and the first was installed last year after delays and financial problems during Italy’s economic crash.

Italian financial police confirmed that Giorgio Orsoni had been arrested and the ANSA news agency said he was being investigated for alleged corruption, extortion and money laundering.

Prosecutors Luigi Delpino and Carlo Nordio said: ‘The investigation shows that a great portion of the funds was used to finance political forces at the city, regional and national level, and corrupt high-level public officials.’


‘ France’s Top EU Official Suggests US Regulator’s Scale Down Fine to BNP Paribas for Non-Compliance with Sanctions ‘

#AceFinanceNews – Brussels – June 13 – France’s top EU official has suggested US regulators scale back a massive fine set to cost French bank BNP Paribas billions for its non-compliance with US sanctions.

Michel Barnier, the EU’s internal market commissioner, told reporters in Washington any fine should be “proportionate, fair and objective”.

“Given the importance of this case and the importance of this bank … we are closely following the situation and we simply wish that this affair be handled in a proportionate, fair and objective manner,” said Barnier.

US authorities accuse BNP Paribas of breaking sanctions against Sudan, Iran and Cuba between 2002 and 2009. The bank is said to have carried out dollar transactions with the three states.

As a consequence, BNP Paribas could lose its authority to clear dollar transactions with a €7.3 billion fine on top.

The figure would be the largest fine against a bank ever imposed by US authorities and could potentially wipe out BNP’s 2013 pre-tax income of about €8.2 billion.

French authorities have already voiced objections over the possible scale of the fine.

They raised the issue with US President Barack Obama on several occasions but without result. The US president says he cannot interfere with the judicial and regulatory process of the US Justice department.

Earlier this month, France’s foreign minister Laurent Fabius described the multi-billion euro fine as unreasonable.

Read More: EUO


‘ Italy’s Five Star Movement Vote to Join Forces with Nigel Farage in Referendum ‘

#AceFinanceNews – Brussels -June 13 – Members of Italy’s Five Star Movement Thursday voted to join forces in the EP with British euro-sceptic leader Nigel Farage, in a controversial referendum in which members were offered limited choices.

The poll, hosted by Grillo’s blog, had only three voting options: joining the Europe for Freedom and Democracy (EFD) group, led by Farage’s UK Independence Party; entering the European Conservatives and Reformists (ECR) group, dominated by Britain’s Conservative Party; or staying as “non-inscrits” in the EP, eschewing all pan-European alliances.

Just under 30,000 people – against 5.8 million who supported the M5S in last month’s European elections – took part in the online poll, which was open from 10.45am to 7pm.

About 78 percent picked the EFD as a coalition partner, against 12 percent who backed the non-inscrits option and 10 percent who sided with the ECR.

Read More: EU Observer


‘ Herman Van Rompuy to Nominate Jean Claude Juncker ‘

#AceFinanceNews – BRUSSELS – June 13 – Leaders of the main political groups have told EU council chief Herman Van Rompuy to nominate Jean-Claude Juncker as the next EU commission president or face an "institutional crisis".

Van Rompuy received the group leaders separately in his EU council office throughout the day.

All groups, except for the British Conservative-dominated ECR said EU leaders should nominate Juncker or the EP will veto any other candidate.

"Our core message is that there is a broad majority for Juncker in the EP and we expect Van Rompuy to propose him to EU leaders on 27 June," centre-right EPP group leader Manfred Weber said in a press conference after meeting Van Rompuy.

E U Observer