FRANCE: ‘ Cost of cancelling ” Mistrals ” contract to Russia 1-Biliion Euro’s ‘

#AceFinanceNews – FRANCE:Aug.26: The total cost of cancelling the sale of two Mistral warships to Russia was less than €1 billion ($1.14 billion), French government spokesman Stephane Le Foll said on Wednesday.

He was speaking after the weekly cabinet meeting in Paris, Bloomberg reported. “The precise figure will be disclosed to parliament, but for now I can say the cost is below €1 billion,” he said. The extra cost related to the scrapping of the deal will be added to the 2015 budget.

France is reportedly in talks with Canada, Malaysia, Saudi Arabia and Egypt to sell either one or both of the helicopter carriers.

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US/CHINA: ‘ Who is to blame for stock-market turmoil ?

#AceFinanceReport – US/CHINA:Aug.26: As stock markets continue their slide into negative territory, economists debate whether the problems lie in monetary mismanagement by the US Federal Reserve or with China’s domestic concerns “exporting pain” to others via its yuan devaluation.

For a while now l have watched the markets as the US/China situation has evolved, this has led me to two very clear conclusions:

Firstly China was requested by the US Fed to devalue their currency a number of times this they declined, until the formation of the #BRICS Development Bank had been fully implemented and the HQ was sited in Beijing. It was soon after that they devalued their sovereign currency, which is being blamed by Wall Street for present situation.

Of course we could look further and see an even greater reason for this shares crash – simply currency manipulation as the sharp-end. What l am saying when China negotiated with Russia to dump the Petro-dollar in favour of the ruble then the US got sniffy and decided to teach them a lesson. By not increasing Fed interest rates, they hold China in limbo see my post today on ‘ General consensus on China Markets crash ‘ and the points raised by the marketeer’s.

So let us be honest with ourselves and decide either is possible – but one thing is for certain without the $Petro-dollar the US would be dead in the water…. 

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CHINA: ‘ General consensus on made in China crash of markets ‘

#AceNewsReport – CHINA:Aug.26: The general consensus on Wall Street is that the latest financial market crisis was “made in China.” Market strategists interviewed by USA TODAY cite China’s surprise decision two weeks ago to devalue its currency as the trigger for the latest market instability.

The devaluation of the Chinese yuan, experts say, was viewed as a major negative, as it smacked of panic on the part of the Chinese government and suggested that the world’s second-biggest economy was in more dire straits than previously believed. In an environment where stocks are overvalued, any signs that weakening growth could hurt sales and profit growth of companies around the world is enough to spark selling.

That said, here are some key things Wall Street pros say could help stem the recent panic on Wall Street and stop the sell off:

  1. Help from China
  2. Rate hike delay from Fed

  3. End to oil sell-off

  4. Lower valuations

  5. Strong U.S. economic data

My personal view:

Shoring up an economy based simply on shares can only lead to greater borrowing and thus larger and deeper indebtedness. The simple fact is borrowing can only be sustained for so-long not indefinitely as marketeers would have us believe. These crashes are going to happen again and as assets of China cannot be borrowed against as security, then sooner rather than later a complete crash of China’s share-markets will take place.

End of quote:

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ZURICH: ‘ Officials say they have made headway in returning $40-million stolen from Tunisia ‘

#AceFinanceReport – SWITZERLAND:Aug.26: A Swiss official says his country has made headway toward returning some $40 million that was stolen from Tunisia and has sat in Swiss banks since 2011.

Valentin Zellweger, a legal adviser to the Swiss government, said Monday the federal prosecutor and highest court still have to take steps in the restitution case, but that the process has come a long way.

Zellweger declined to specify who had deposited the money in Switzerland, but said it wasn’t former President Zine El Abidine Ben Ali.

[AP, 8/24/2015]

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SAUDI ARABIA: ‘ Seeks to cut billions of dollars off 2016 budget over slump in global crude oil prices ‘

#AceFinanceReport – Aug.26: Saudi Arabia is seeking advice on how to cut billions of dollars from its 2016 budget as a result of a global slump in crude oil prices.

The government is working with advisers on a review of capital spending plans and may delay or shrink some infrastructure projects to save money.

The government is in the early stages of the review and could consider cutting investment spending, estimated to be about 382 billion riyals ($102 billion) this year, by about 10 percent or more.

Current spending on areas such as public sector salaries wouldn’t be affected.

[Bloomberg, 8/25/2015]

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EGYPT: ‘ Commercial bank (CIB) gets approval to acquire Citigroup’s retail business ‘

#AceFinanceReport – EGYPT: Aug.26: Egypt’s Commercial International Bank (CIB) said on Tuesday it had received central bank approval to buy Citigroup’s retail business in the country.

The purchase includes about $140 million of Citigroup’s assets, $190 million worth of deposits, and nearly 100,000 accounts, CIB said in June when the deal was announced. The deal will add 80,000 credit card holders to CIB’s existing 240,000 and will expand the bank’s consumer lending business by 10 percent. Citigroup said last October that it was pulling out of consumer banking in eleven markets, including Egypt, to cut costs.

CIB Chairman Hisham Ezz Al-Arab said in June that he expects that the “integration of Citi’s staff into the CIB family will be seamless and add significant value to our clients and shareholders.”

[Reuters, Ahram Online, Aswat Masriya, 8/25/2015]

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@RT_America World Bank approves new $500-million Ukraine loan @AceFinanceNews

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PENTAGON: ‘ Awards Boeing $6.6-million to develop reusable spacecraft to launch

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LEBANON: ‘ Central bank plans stimulation package of $1-billion to revive economy ‘

#AceFinanceReport – LEBANON:Aug.26: Lebanon’s central bank is planning a stimulus package of at least $1 billion in 2016 to revive the country’s economy, Central Bank Governor Riad Salameh said.

Lebanon’s economic growth will likely range between zero and 1 percent this year, the slowest pace since at least 2011, Salameh told Bloomberg on Monday. The planned stimulus could reach $1.5 billion and the central bank will provide the funds to commercial lenders at an interest rate of 1 percent.

Banks will then lend the money to small and medium enterprises and environmental and renewable energy projects for as much as 6 percent. Salameh also said the finance ministry has started plans to raise $1.3 billion in bonds in September or October.

Lebanon is also considering an early exchange offer on its $750 million January 2016 Eurobonds, depending on market conditions.

[Bloomberg, Reuters , 8/24/2015]

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MARKETS: ‘ Asian stocks mixed & Shanghai’s index fell despite cut in key interest rate ‘

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