‘ Germany, France usher Greece back to negotiating table ‘

#AceFinanceReport – Greece:May.22: RIGA (Reuters) – European leaders told Greece on Friday to return to the negotiating table for “intensive work” to wrap up a reform agreement before cash runs out, sidestepping Athens’ demand for a comprehensive, long-term solution to its troubles.

With his country risking default in as little as two weeks, Greek Prime Minister Alexis Tsipras flew to Riga to press German Chancellor Angela Merkel and French President Francois Hollande for a political push to break the impasse in technical-level talks with European Union and International Monetary Fund creditors.

Germany, France usher Greece back to negotiating table


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LONDON: ‘ UK watchdog for first time to investigate wether firms are offering fair deal ‘

#AceFinanceReport – May.22: LONDON (Reuters) – Britain’s financial markets watchdog will for the first time investigate whether banks are offering firms a fair and transparent service for the billions they earn in fees for arranging mergers and bond and share sales.

After four years of scandal over manipulation in the currency market and of Libor interest rates, the Financial Conduct Authority’s competition review turns the spotlight on primary markets which are crucial to funding of corporate investment.

The FCA had voiced concern in February that customers may not be getting value for money from wholesale banking services – a 10 billion pound sector in Britain.

UK watchdog probes bank competition in bond, share


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LONDON: ‘ Misconduct bill tops $235 billion as banks struggle to shake off past sins ‘

#AceFinanceReport – May.22: LONDON (Reuters) – Twenty of the world’s biggest banks have paid more than $235 billion (150 billion pounds) in fines and compensation in the last seven years for a litany of misdeeds that has scarred the industry and is delaying its rehabilitation.

The scale of the payouts, equivalent to the annual economy of Greece or Portugal, has hampered banks’ efforts to rebuild capital, reduced dividends for investors and cut the amount firms are able to lend.

The misconduct bill is expected to rise by tens of billions more dollars, and many politicians, regulators and industry observers said more needs to be done to deter wrongdoing.

Misconduct bill tops $235 billion as banks struggle to shake off past sins


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MOSCOW: ‘ Russia’s trade turnover grows 10-fold over two years – Putin ‘

#AceFinanceReport – MOSCOW:May.21: Iraq will contribute to creating preferential terms for Russian companies operating in in its territory, visiting Iraqi Prime Minister Haider al-Abadi said at a meeting with Russian President Vladimir Putin on Thursday.

Russian President Vladimir Putin © Alexey Nikolsky/Russian presidential press service/TASS

Russia’s trade turnover with Iraq grows 10-fold over two years — Putin

"We seek to develop cooperation in all spheres, including investments and the creation preferential terms for Russian companies operating in the country," the Iraqi prime minister said.

Major Russian energy companies are successfully working in Iraq. They include LUKOIL, which is developing the Western Qurna-2 Field in Basra province. The investments amounted to 5.3 billion US dollars. The daily production output had reached 400,000 barrels of oil by the start of 2015 /about 12 % of the total amount of hydrocarbons produced in Iraq/. .

Another Russian oil major – Gazprom Neft – is developing the Badra Oil Field in Wasit Province of Iraq under a $ 2.7 billion-dollar contract. Gazprom Neft is also developing several oil fields in the Kurdish Autonomous Region of Iraq.

Russian companies Technopromexport, Inter RAO UES and Silovye Machiny are studying a possibility of renewing operations in the Iraqi market. These companies have already implemented a number of other major projects such as the restoration of the Hartha thermal power station near Basra; delivery of components for the Dibis thermal power plant in Kirkuk and the mounting of equipment for the Al-Adaim Hydro Power Station in Diyala province.

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Article: HSBC to charge for holding deposits

#AceFinanceNews – May.21: The lender has told other banks about its plan to charge them for deposits in euros, Swiss francs, Danish krone and Swedish krona — all currencies of countries that have negative interest rates, the Financial Times reported Wednesday.

The decision, which underlies industry-wide efforts to protect profit margins, will affect the bank’s clients in Hong Kong, Britain and Germany starting this summer and follows similar moves by Swiss, German and Nordic banks.

It will not affect deposits by individual or corporate customers.

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LATVIA(Riga): ‘ European leaders seek new ways to bolster ties with six post communist nations of Eastern Europe ‘

#AceFinanceReport – Latvia(Riga):May.21: European Union leaders on Thursday will seek new ways to bolster ties with six post-communist nations in Eastern Europe, a year and a half after a previous summit of the Eastern Partnership ended with a fateful standoff over Ukraine.

Just ahead of the two-day summit in Riga, the EU promised grants of 200 million euros ($223 million) over the next 10 years to promote small and medium-sized businesses in Georgia, Moldova and Ukraine.

The EU said the grants were expected to unlock investments of 2 billion euros by companies in the three countries.

The EU’s Eastern Partnership program suffered a major setback at the end of 2013 as Ukraine’s then-president Viktor Yanukovych withdrew from signing an association agreement and opted for closer links with Moscow and President Vladimir Putin.

Read more:>>>

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#BREAKING: ‘ Greece says it will default in June without aid from lenders ‘

#AceFinanceNews – Greece Update:May.20: ATHENS (Reuters) – Greece cannot make an upcoming payment to the International Monetary Fund on June 5 unless foreign lenders disburse more aid, a senior ruling party lawmaker said on Wednesday, the latest warning from Athens it is on the verge of default.

Prime Minister Alexis Tsipras’s leftist government says it hopes to reach a cash-for-reforms deal in days, although European Union and IMF lenders are more pessimistic and say talks are moving too slowly for that.

Greece says it will default in June without aid from lenders


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Reuters: Athens sees EU deal soon, Greeks’ approval of government stance dwindles

#AceFinanceReport – Greece:May.19: Greece’s new government has been in talks with its European Union and International Monetary Fund lenders over the past four months about the release of around 7.2 billion euros (5 billion pounds) in aid.

Asked on Greek TV when Athens would reach the cash-for-reform deal, Labour Minister Panos Skourletis said: “De facto, in the coming days.”

“There’s a deadline, which is June 5,” he said – the date on which Greece’s next repayment of a loan to the IMF falls due. “We all know that if there is no solution, let’s say until then, in relation to funding, things will be difficult.

Greece faces payments of about 1.5 billion euros to the IMF next month. It made its last repayment of about 750 million euros to the IMF last week by emptying a holding account at the Fund.

Athens sees EU deal soon, Greeks’ approval of government stance dwindles

Greece’s labour minister said on Tuesday Athens would soon conclude a deal with its foreign creditors that could unlock further loans to the cash-starved country.



Reuters: Asian shares struggle on doubts over U.S. economic momentum

#AceFinanceNews – USA:May.18: Headlines

Asian shares struggle on doubts over U.S. economic momentum

Asian shares slipped on Monday and the dollar stayed near a four-month low against a basket of major currencies after soft data raised doubts over whether the U.S. economy has been growing despite U.S. share prices standing at historic highs.