#AceFinanceNews – GERMANY:Dec.30: Germany set the scene for a bitter battle with the European Central Bank president, Mario Draghi, over emergency measures to revive the eurozone’s flaccid economy, as senior officials hardened their opposition to a full-scale money-printing programme.
The ECB is fighting to reflate a barely growing eurozone economy with inflation of just 0.3 per cent registered in November, but has so far stopped short of using central bank money to buy up sovereign debt – the so-called quantitative easing employed by the US, UK and Japan – due to fierce resistance from the inflation-wary Germans.
The central bank has cut interest rates to 0.05 per cent, launched a Funding for Lending-style credit scheme, and charged banks to hold deposits with the ECB to encourage credit growth, with limited success.
#AceFinanceNews – BRITAIN:Dec.30:Nicholas Lomax, a director of Wimbledon-based The Wine Shop UK (TWS) Ltd (“TWS”), a wine investment company has been disqualified as a director for 11 years for involving the company in a scheme to induce members of the public to invest in fine wines with no provision to supply the wine.
The investigation uncovered that between 15 April 2011 and 29 October 2012, the company ‘sold’ fine wines as an investment and provided receipts and confirmation of ownership documents to investors without actually purchasing the wines.
#AceFinanceNews – MOSCOW:Dec.30: Russian opposition activist Aleksey Navalny has received a suspended 3.5 year sentence in an embezzlement case, a Moscow district court announced in an early verdict.
Navalny was accused of embezzling over $500,000 from cosmetics company Yves Roche.
These charges can merit a sentence of up to 10 years in prison says district court prosecutors.
Aleksey Navalny stood trial with his brother Oleg, who was facing an eight-year sentence. Oleg was also found guilty and received a sentence of 3.5 years in prison.
Both brothers were each fined 500,000 rubles (US $8,500) and together will have to pay out 4.4 million rubles ($76,000) to a company listed as one of those affected in the case.
The Navalnys’ lawyers have already appealed Oleg’s sentence.