#AceFinanceNews – USA:Feb.18: New York state and New York City plan to file a joint $180 million lawsuit today against the shipping giant UPS for allegedly delivering nearly 700,000 cartons (more than 78,500 illegal shipments in all) in New York from unlicensed vendors on Indian reservations between 2010 and 2014.
The shipments add up to $29.7 million in lost tax revenue, according to a release.
#AceFinanceNews – USA:Feb.18: At its January meeting, after concluding the U.S. economy is recovering at a “solid pace,” the Federal Reserve’s policy-setting board strategized about specific tools for smoothly initiating an interest rate hike, and the importance of communicating those tools and guidance on policy normalization to the public.
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#AceFinanceNews – USA:Feb.18: The New York Federal Reserve’s gauge of manufacturing activity in the region fell to 7.78 in February, more than the 8.50 expected, from a January reading of 9.95.
Readings above 0 point to expansion, while those below indicate contraction.
#AceFinanceNews – SWITZERLAND: FEB.19: Geneva prosecutors searched the premises of HSBC’s Swiss subsidiary on Wednesday as part of a money-laundering investigation, AP reported.
The action follows a report which suggested that the bank helped hide millions of dollars for drug traffickers, arms dealers and celebrities.
HSBC Private Bank (Suisse) SA and persons unknown for suspected aggravated money laundering are being investigated.
HSBC’s Swiss subsidiary has not immediately commented on the prosecutors’ actions, but CEO Franco Morra said last week that it had shut down accounts from clients who “did not meet our high standards.”
#AceFinanceNews – USA:Feb.19: The Labor Department reports prices at the wholesale level fell 0.8% in January from the month prior, a steeper drop than the 0.4% decline economists expected.
Excluding the food and energy components, prices declined 0.1% for the month, compared to expectations they would rise 0.1%.
#AceFinanceNews – USA:Feb.19: The Commerce Department reports start-up new home construction dropped 2% in January to an annualized rate of 1.07 million units, in line with Wall Street expectations.
Permits to build new homes, meanwhile, fell 0.7% for the month, to an annualized pace of 1.05 million units, coming in under expectations for 1.07 million units.
#AceFinanceNews – WASHINGTON:Feb.18: Attorney General Eric Holder announced Tuesday that he has instructed federal prosecutors across the country to review the actions of individual bank officials for possible criminal or civil charges.
Developing story more soon …….
#AceFinanceNews – FRANCE: Feb.18: French president Francois Hollande faced down a mass rebellion by his governing Socialist party on Tuesday.
Thus, invoking a seldom-used procedure in the French constitution to force through a controversial bill aimed at liberalising the French economy.
#AceFinanceNews – GREECE: Feb.18: The Greek government is expected to make a request for the eurozone to extend its ‘loan agreement’, but questions remain as to whether they will stick to the commitments attached.
As Greece and Germany are entering an increasingly bitter war of words on whether Athens needs to extend its bailout programme as Friday’s deadline for a deal edges closer.