ARGENTINA: US Court rules they must pay $5.4 billion to bondholders before creditors ‘

#AceFinanceReport – Featured Update: ARGENTINA:This is a situation l have followed for sometime, left time-line of events at bottom of post. As US apply strangle-hold to get money for themselves and fellow bondholders.  

A US court has ruled that before it can pay the majority of its creditors Argentina must pay $5.4 billion to its bondholders in addition to the $1.33 billion that it is already required to pay to a group of hedge funds, the Buenos Aires Herald reports.

The decision was made by US District Judge Thomas Griesa in New York who said that the creditors held bonds that were similar to those held by the hedge funds and thus should be treated in the same way, the newspaper said on Friday.

Dollars

The creditors have sought full repayment on Argentina’s bonds since the country was hit by a major default in 2002. According to the Buenos Aires Herald, they hold about 92 percent of Argentina’s defaulted debt.

In 2001, Argentina was acutely feeling the impact of an economic crisis that began in 1998 and lasted until 2002. At the time, the country experienced high unemployment rates and defaulted on its foreign debt.

Ace Related News:

Argentina Strangled by Bond Holders Time-line

@AceFinanceNews

#argentina, #bondholders, #buenos-aires, #citigroup, #cristina-fernandez-de-kirchner, #daniel-pollack, #debt-management, #hedge-funds, #new-york, #thomas-p-griesa, #united-states, #united-states-federal-judge

‘ US AUTHORITIES INVESTIGATING STANDARD CHARTERED BANK FOR US SANCTIONS VIOLATIONS ‘

#AceFinanceNews – NEW YORK – November 01 – U.S. authorities are investigating London-based Standard Chartered Plc for potential U.S. sanctions violations connected to its banking for Iranian-controlled entities in Dubai, according to people familiar with the probe Reuters reported. 

The latest investigation involving the bank is based, in part, from evidence that emerged during a separate probe of BNP Paribas, the French bank that pleaded…

ANS2014 

#afn2014, #new-york

‘ AMERICANS WHO LOST THEIR HOMES DURING THE 2008 CRISIS ARE NOW BEING CHASED FOR DEBTS UNDER A DEFICIENCY JUDGEMENT ‘

#AceFinanceNews – NEW YORK – October 14 – Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare: debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets.

By now, banks have usually sold the houses.

But the proceeds of those sales were often not enough to cover the amount of the loan, plus penalties, legal bills and fees. The two big government-controlled housing finance companies, Fannie Mae and Freddie Mac, as well as other mortgage players, are increasingly pressing borrowers to pay whatever they still owe on mortgages they defaulted on years ago.

Using a legal tool known as a “deficiency judgement,” lenders can ensure that borrowers are haunted by these zombie-like debts for years, and sometimes decades, to come.

Before the housing bubble, banks often refrained from seeking deficiency judgements, which were seen as costly and an invitation for bad publicity.

Some of the biggest banks still feel that way.

But the housing crisis saddled lenders with more than $1 trillion of foreclosed loans, leading to unprecedented losses.

Now, at least some large lenders want their money back, and they figure it’s the perfect time to pursue borrowers: many of those who went through foreclosure have gotten new jobs, paid off old debts and even, in some cases, bought new homes.

Source:

#AFN2014

#fannie-mae, #foreclosed, #freddie-mac, #new-york

NEW YORK: ‘ Coke and Pepsi Spending Millions of Dollars to Fight Proposed Taxes on Sugary Drinks ‘

#AceFinanceNews – CALIFORNIA – October 09 – No wonder Coke and Pepsi are spending millions of dollars to fight proposed taxes on sugary drinks in California.

' Pepsi V Coke '

‘ Pepsi V Coke ‘

PepsiCo reported a higher quarterly profit Thursday as global sales rose, but one weak spot was Mexico.

The company said snacks sales volume declined by 3 percent, hurt by a new tax on junk foods.

Recent declines suffered by Pepsi and Coke in Mexico underscore why the beverage industry is fighting tax proposals on sugary drinks in in San Francisco and nearby Berkeley.

PepsiCo – which makes Frito-Lay chips, Gatorade and Tropicana – reported similar declines in its snacks business for the first half of the year, starting when the tax went into effect.

Coca-Cola, which reports its third quarter results Oct. 21, has also reported beverage volume declines in Mexico for the first half of the year, citing a similar tax on drinks.

Mexico has the world’s highest per capita consumption of Coca-Cola drinks.

Source: 

#AFN2014 

#california, #new-york

‘ Members of the House of Transportation Committee Discuss Private Financing for Pubic-Private Partnerships ‘

#AceFinanceNewsUNITED STATES (New York) – When members of the House Transportation Committee trekked this morning to Manhattan for a roundtable discussion on private financing for public projects — also known as public-private partnerships, or P3s — with financiers from J.P Morgan and other firms, they got a message of both opportunity and caution.

“The focus on U.S. infrastructure from participants around the globe has never been at this high a point,” said Jamison Feheley, managing director and head of the public finance team at J.P. Morgan, which recently served as lead banker to the state of Washington on a $1.1 billion toll revenue bond financing program for building a new bridge across Lake Washington to replace an ageing span.

He cited reasons for the interest: “The attractiveness of U.S. assets, the stable political environment, and the long-term nature of the assets, the stable and predictable returns.” He told the panel “the amount of calls we field on a weekly basis from participants around the globe asking ‘how do we invest in U.S. infrastructure?’ – I’ve never seen anything like it.”

A convergence of forces is driving interest in P3s, including low interest rates, pension funds’ searching for predictable returns, and an unwillingness by Congress to increase gasoline taxes to finance infrastructure building. Or as Rep. Michael E. Capuano, D- Mass., put it, “because we in Congress don’t have the courage at the moment to actually do what we have to do on the Highway Trust Fund,” which is facing inadequate revenues from the gas tax ……………

Read More of this well written article from By Tom Curry @ Roll Call the Container

AFN2014

#afn2014, #highway-trust-fund, #j-p-morgan, #lake-washington, #new-york, #public-private-partnership, #tom-curry, #united-states, #washington

` Three Men Found Guilty of Payroll System Scam in New York City Get Sentenced to 20 Years in Prison ‘

#AceFinanceNews – NEW YORK – (Reuters) – Three men found guilty of engaging in a scheme to line their own pockets while implementing a payroll system for New York City whose costs ballooned to $700 million were each sentenced to 20 years in prison on Monday.

U.S. District Judge George Daniels in Manhattan, in sentencing Mark Mazer, Gerard Denault and Dimitry Aronshtein, also had sharp criticism for the city, which he said for years failed to stop the men’s “brazen scheme.”

The judge called New York’s contracting process an invitation for waste and fraud and said that until changes are made, criminal cases connected to it would remain “routine.”

“The process is in need of significant reform,” he said.

A spokeswoman for the New York City Law Department had no immediate comment on the judge’s remarks.

Mazer, Denault and Aronshtein received the maximum sentence for each count on which they were convicted in November, with the sentences for each man to be served concurrently.

The three were part of what prosecutors called a network of relatives and other conspirators involved in a massive fraud and kickback scheme.

(NYDN) – Gerard Denault, Mark Mazer and Dmitry Aronshtein were found guilty in November of siphoning away nearly $100 million associated with CityTime in a kickback and money laundering scheme.

A Manhattan federal judge gave the men the maximum sentence for each count Monday, but will allow the sentences to be served concurrently, meaning each will spend about 20 years behind bars.
BY Daniel Beekman
NEW YORK DAILY NEWS

Ace Related News:
1. Reuters – April 29 – http://tinyurl.com/mw2s239
.

#AFN2014

#new-york, #new-york-city

` Takeda Pharmaceutical says it will contest the $6 Billion Punitive Damages Claim Imposed by Jury '

#AceFinanceNews – UNITED STATES – APRIL 08 – (Reuters) – Takeda Pharmaceutical Co Ltd said it would contest $6 billion in punitive damages imposed by a jury in the United States in a case that accused Japan’s largest drug-maker of concealing cancer risks associated with its Actos Diabetes Drug.

Eli Lilly and Co, Takeda’s co-defendant in the case, was ordered to pay $3 billion in punitive damages by the jury in Louisiana on Monday. It also awarded $1.475 million in compensatory damages.

Legal experts said it was unlikely that such a large award would stand after challenges in court by both companies. Eli Lilly and Takeda have said they would dispute the verdict, which could include appeals to a higher court or filing motions asking the trial judge to set aside or reduce the verdict.

“Although there’s no mathematical bright line” to determine how high is too high when it comes to punitive damage awards, federal appeals courts generally scrutinize the ratio of punitive to compensatory damages, preferring those that fall into the single-digit range, according to Professor Catherine Sharkey, a tort law expert at New York University School of Law.

March 06 2012 – Regulators with European Medicines Agency – Break silence today on Safety ……..

Regulators with the European Medicines Agency broke their silence today on the safety of the popular diabetes drug Actos. Although they have decided to keep the drug on the market, warning labels will have to be added about the risk of bladder cancer from long term use.

The move comes more than a month after France and Germany banned all new prescriptions of Actos and the U.S. FDA ordered that warning labels be changed to address the risks of bladder cancer.

Studies into the safety of the drug have been ongoing on both continents for years after initial clinical trials showed lab rats had a slightly increased occurrence of bladder cancer at higher doses.

The most recent data from a French study of more than 150,000 users found that taking higher doses of Actos for more than a year can actually increase the risk of bladder cancer by as much as 40%! http://actosbladdercancerlawyers.net/actos-cancer-risk/actos-cancer-risks/

Read More: http://www.reuters.com/article/2014/04/08/us-takeda-pharm-actos-verdict-idUSBREA3708F20140408

#afn2014, #actos-diabetes-drug, #bladder, #cancer, #european-medicines-agency, #federal-drug-administrationfda, #france, #germany, #japan, #new-york, #takeda-pharmaceutical-company-ltd, #tort-law, #united-states, #us

` Designer L `Wren Scott has left her Estate worth $8 Million to ` Mick Jagger ‘ together all other personal items ‘

#AceFinanceNews – NEW YORK – March 27 – Designer L’Wren Scott has left her estate to Rolling Stones front-man Mick Jagger, whom she dated for the last 10 years, US media report citing Scott’s will.

According to Scott’s will, Jagger will get her apartment in New York worth $8 million, as well as jewellery, cars, furniture and other personal belongings worth together around $1 million.

Scott stressed in her will that she leaves nothing to her brother and sister.

It is not specified when the document was written and signed.

According to the state of New York legislature, estate is divided between relatives if a person leaves no will.

L’Wren Scott, 49, committed suicide on Marach 18 in her New York apartment.

At the time, Jagger, 70, was on tour with Rolling Stones in Australia. Last Tuesday, a funeral service was held for Scott in Los Angeles.

Scott and Jagger started dating in 2001, they had no children. L’Wren Scott worked as a model, and later became a designer.

She created costumes for a number of famous films, including Eyes Wide Shut (1999) and Ocean’s Thirteen (2007).

Over the last years, Scott devoted most of her time to her own clothing line, which was popular among celebrities, including Nicole Kidman, Angelina Jolie, Sarah Jessica Parker and Oprah Winfrey.

US First Lady Michelle Obama and former French president’s wife Carla Bruni also wore garments made by Scott.

US Media and News Sources.

#AFN2014

#los-angeles, #lwren-scott, #mick-jagger, #new-york, #rolling-stones

` United States to sell `Strategic Petroleum Reserves ' for the first time since the Gulf War '

#AceFinanceNews The Obama administration plans to sell 5 million barrels, or less than 1 percent of the Strategic Petroleum Reserve, calling the move a test of the petrol distribution system.

The last time this happened was in August 1990 before the first Gulf War.

“Due to the recent dramatic increase in domestic crude oil production, significant changes in the system have occurred — including pipeline expansion, construction of new infrastructure, reversed flow of existing pipelines and increased use of domestic crude oil terminals,” William Gibbons, the US Energy Department spokesman said in a statement.

The government rejected a connection with the turmoil in Ukraine or other geopolitical events.

On Thursday the price of West Texas Intermediate (WTI) crude futures for April delivery fell by 2.3 percent on the New York Mercantile Exchange. It’s the biggest drop in two months.

WTI crude has a high sulfur content, similar to oil exported from Russia.

The large sale might be a test of the US system’s readiness for a hiccup in Russian supply, analysts suggest.

“The timing of this makes it seem like a warning shot across the bow towards the Russians,” the Financial Times quotes Michael Wittner, the head of global oil research at Société Générale in New York.

Reuters – Financial Times – AP

#AFN2014

#aceworldnews, #ap, #financial-times, #gulf-war, #new-york, #new-york-mercantile-exchange, #obama, #reuters, #russia, #societe-generale, #ukraine, #us, #us-energy-department, #west-texas-intermediate-wti

UN’S OVERALL FINANCIAL SITUATION IS ‘SOUND’ BUT ‘TIGHT,’ SENIOR UN OFFICIAL REPORTS

English: Emblem of the United Nations. Color i...

English: Emblem of the United Nations. Color is #d69d36 from the image at http://www.un.org/depts/dhl/maplib/flag.htm (Photo credit: Wikipedia)

The top United Nations management official today said that the Organization’s budget is sound but urged Member States to meet their financial obligations on time.

“The financial position of the UN is sound… however the situation is quite tight for the regular budget,” Yukio Takasu, Under-Secretary-General for Management, told journalists in New York.

Following his briefing to the Fifth Committee – the General Assembly body dealing with administrative and budgetary issues – Mr. Takasu said that cash positions are projected to be positive at the end of this year but “significant amounts of assessment remain unpaid.”

In connection with the Organization’s regular budget, he said that unpaid assessments amounted to 36 per cent or $945 million out of the $2.6 billion. The figure is up from $855 million at this time in 2012. Meanwhile, available cash in the regular budget cash totalled $55 million as of 1 October.

The number of Member States which have paid in full their contribution to the regular budget increased to 134 by the 5 October cut-off date, compared with 129 at this time in 2012.

“This demonstrates the very strong commitment and support of Member States to the United Nations,” Mr. Takasu said.

The United States, Brazil and Venezuela are the top three Member States, in that order, with unpaid assessments of $795 million, $75 million and $22 million respectively, Mr. Takasu said.

Fifty-six other Member States owed the Organization $53 million for the regular budget.

He noted, however, that the US had paid more than $1.56 billion dollars in September to UN peacekeeping operations.

Locations of current UN peacekeeping missions

Locations of current UN peacekeeping missions (Photo credit: Wikipedia)

The outstanding assessments for peacekeeping operations, the second of the overall’s budget four areas, increased $3.4 billion as of 1 October compared with $1.3 billion at the end of 2012.

“This sounds alarming, but it shouldn’t be,” Mr. Takasu said, noting that scale of assessments changed this year and the UN Member States could not be notified of the final figures until January, thereby slowing down the payment timeline.

As for outstanding payments to Member States for contributing troops, formed police units and related costs, Mr. Takasu said the Organization is projected to cut this amount from $525 million in December 2012 to $423 million by the end of this year.

India, Ethiopia, Bangladesh, Pakistan, Rwanda, and Nigeria top the list of the countries to which payments are owed.

For international tribunals, unpaid assessments amount to $60 million, relatively stable from $63 million at this time last year.  In addition, the Capital Master Plan (CMP), related to the ongoing renovations of the UN Headquarters in New York, only has $1.6 million in unpaid assessments out of $1.87 billion.

#aceworldnews, #brazil, #member-states, #new-york, #peacekeeping, #takasu, #united-nations, #united-states, #venezuela, #yukio-takasu