#AceBrexitNews – LLOYDS of London considering new ‘ European Subsidiary ‘ after decision by Theresa May to opt out of single currency (ESM) they are considering a choice of five locations including Dublin decision by April – @AceFinanceNews

#AceFinanceNews – Jan.18: In Davos,Switzerland on Tuesday: Lloyd’s of London will make an announcement on its new European subsidiary by the middle of April at the latest, its chairman John Nelson said on Tuesday, as it prepares for Britain’s exit from the European Union.

We will be ready to make an announcement in relation to our move to Europe in Q1, certainly by Easter,” Nelson told Reuters in an interview on the sidelines of the World Economic Forum in Davos.

The world’s leading specialty insurance market has said it is going to set up a new subsidiary so it can have guaranteed access to the EU when Britain leaves the bloc.

Nelson said Lloyd’s would move some senior staff members over to the new EU entity once it’s established.

“We want to have a real presence in Europe with underwriters having the ability to underwrite. It will be a mixture of people from various departments such as regulatory, compliance, risk management etc”.

Lloyd’s is considering five locations for its new subsidiary, including Dublin. (Reporting by Pamela Barbaglia; writing by Rachel Armstrong; editing by Anjuli Davies)By Reuters

Published: 10:36, 17 January 2017 | Updated: 10:36, 17 January 2017 DM

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ANKARA, Turkey. In an attempt to boost the falling lira, Erdogan has offered to trade with Russia, China, and Iran in local currencies – @AceFinanceNews

#AceFinanceNews – Jan.18: Turkeys Erdogan urges Russia, China and Iran to trade in local currencies after falling Lira …

“If we buy something from them, we will use their money, if they buy something from us, they will use our currency,” he said, stressing that Prime Minister Binali Yildirim will talk about it during a visit to Moscow.

The president said proposals have been given to the central bank, and that it has already been discussed with Moscow, Beijing and Tehran.

Erdogan again called for Turks to stop hoarding foreign currency “under their pillows’ and exchange dollars and euro into Turkish lira and gold.

Our Turkish lira is blessed,” he said during a speech in the central city of Kayseri after opening a new museum and library.

The country’s currency has significantly devalued since the failed July coup when a military faction tried to oust the president from power.

The Turkish lira lost over ten percent of its value in November, hitting record lows against the US dollar.

Due to the high volatility of the local currency, landlords in the Turkey’s largest cities such as Istanbul, ask for rent in euro or dollars. Most of the business contracts as well as tenders are currently conducted in foreign currencies to make it easier for international companies to take part in deals with the state.

Last week, the Turkish president asked for understanding of the current situation and that local banks should reduce rates.

Seeking to combine two mutually exclusive measures, Ankara aims to cut interest rates to boost the economy and stop the currency’s devaluation at the same time. As a part of a broader package of economic steps, Turkish authorities plan to prevent companies from borrowing at high rates, according to Deputy PM Veysi Kaynak.

RT
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CALIFORNIA: Governor Brown Looking to Raise Costs for Motorists to Pay for Infrastructure Program to cover a shortfall of four-point-three billion dollars – @AceNewsServices

#AceFinanceNews – Jan.18: Gov.Jerry Brown looking at raising costs for motorists to pay for infrastructure program

By Sandy Wells KABC News

The State of California is coming up short in its revenue projections to cover Governor Jerry Brown’s proposed $179.5 billion budget for the coming year. Joel Fox, Editor of Fox and Hounds and President of the Small Business Action Committee, says Brown has proposed to raise funds for a four-point-three billion dollar infrastructure plan in two ways.

“A 65-dollar annual (vehicle) fee. And we pay about an 18 cents a gallon gas tax; they want to raise that to 21 cents and then put an inflation carrier on it so as inflation goes up, your gas tax will go up. And he needs a two-thirds vote to pass taxes. As you know, now the Democrats have a two-thirds majority in the Assembly and the Senate. But the question is, will all Democrats support the Governor’s plan? So, while the governor is proposing this vehicle fee and gas tax, there’s no assurance that plan is going to go forward.”

Fox says even though the Vehicle fee is not called a “tax,” he believes it will still need to be approved by the Legislature.

Fox was a guest on 790 KABC’s McIntyre in the Morning Show with Doug McIntyre and Rob Marinko.

http://bitly.com/2jkVhs0

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