GERMANY: ‘ Deutsche Bank Exec’s Resign over Financial Mismanagement’

#AceBreakingNews – Featured Update:GERMANY:June.07: Deutsche Bank’s two co-chief executives resign in the wake of a series of missteps, the Wall Street Journal reported Sunday citing people familiar with the matter.

' Deutsche Bank Scandal '
‘ Deutsche Bank Scandal ‘

 Juergen Fitschen and Anshuman Jain’s resignations announced by France24 on Sunday, the outlet cites one person as saying. It adds Jain will stay with the banking giant as a consultant after June, while Fitschen will retain his post until next May.

The co-CEOs are thought to be quitting in the wake of a series of pratfalls, including a $2.5 billion fine for attempted interest rate manipulation, according to the publication.

The anticipated announcement also follows Friday’s launch of an investigation into money laundering of about $6 billion from 2011 to 2015 through Deutsche Bank’s Russian clients.

The bank was one of many financial institutions implicated in the 2008 real estate bubble that gave way to a global financial crisis. Deutsche Bank reached a settlement with shareholders early last year.

It is unclear yet who will succeed Fitschen and Anshuman as Deutsche Bank’s next chief executives.

@AceFinanceNews

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ARGENTINA: ‘ Buy three Russian Mi-171E helicopters ‘

#AceFinanceReport – ARGENTINA:June.06: Argentinean government decided to buy three Russian Mi-171E helicopters, country’s Minister of Defense Agustin Rossi said Friday.

Argentina Purchase Two Mi-171E Helicopters '
‘ Argentina Purchase Two Mi-171E Helicopters ‘

“They will join the two [helicopters] that are already in service of the [Argentinean] Air Force,” Rossi said, as cited by La Segunda newspaper.

 The first two Mi-171E helicopters were bought by Argentina Defense Ministry in 2011 for participation in the Antarctic campaigns.

“Strong ties with Russia will be very beneficial for our defense policy as well as for development of our armed forces,” the minister added.

Buenos Aires expects to realize the deal on intergovernmental level, not engaging any commercial banks, according to Rossi.

On Thursday, Russia and Argentine signed 11 cooperation agreements, including the one between the defense ministries.

Ace Related News:

Serbia Plans to Buy Russian Transport Helicopters

@AceFinanceNews

#american-civil-liberties-union, #anthony-romero, #argentina, #argentina-defense-ministry, #armed-forces-of-the-argentine-republic, #buenos-aires, #cristina-fernandez-de-kirchner, #edward-snowden, #finance-purchase-contracts, #national-security-agency, #russia, #russian-transport-helicopters, #television-channel, #united-states

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

CALIFORNIA: ‘ HEALTH CARE COMPANIES SPEND $100 MILLION ON CAMPAIGN AGAINST PROPOSITIONS 45 AND 46 WITH CONSUMERS THE LOSERS ‘

#AceNewsServices – October 21 – Anytime insurance companies spend $100 million you can bet consumers are on the losing end of the spending.


This weekend California’s big health insurance companies added $12 million to their campaign against Prop 45 — bringing the health insurance companies’ total spending against Prop 45’s rate relief to $55.5 million.

Malpractice and health insurance companies are also spending $43 million against Prop 46 — which creates new patient safety protections.

Health insurance companies have now given nearly $100 million dollars against Propositions 45 and 46.

If you are worried about insurance companies buying this election, you can forward this email to your friends and let them know where they can get the facts about both initiatives.

Prop 45 requires health insurance companies to get permission before raising health insurance rates and allows the elected insurance commissioner to veto rate hikes. Health insurance companies are spending so much against it because they want to raise rates at will and not be accountable for what they charge.

Learn more at www.YesOn45.org

Prop 46 requires mandatory drug testing for physicians and suspension of impaired physicians’ licenses, mandatory checks of an existing prescription drug database before narcotics are prescribed to first time patients, and indexing for inflation of the state’s 38 year old cap on damages for medical negligence victims.

Insurance companies are spending so much against it because they don’t want to be accountable when physicians cause harm.

Read your voter guide and urge your friends and family to get the facts too.

How you vote is up to you, but voters should know that insurance companies are spending more than $100 million in California to mislead them.

Learn more at www.YesOn46.org

#ANS2014

#acefinancenews, #afn2014, #california, #prop45, #prop46, #united-states

MIAMI: ‘ JURY CONVICTS PERU MAN ON 26 FELONY CHARGES OF CONSPIRACY, FRAUD AND EXTORTION ‘

#AceFinanceNews – UNITED STATES (Miami) – October 18 – A jury in Miami convicted a Lima, Peru, man on 26 felony charges of conspiracy, fraud and attempted extortion arising from his operating call centres in Peru that lied to and threatened Spanish-speaking victims into paying fraudulent settlements, the Department of Justice announced today. 

Juan Alejandro Rodriguez Cuya, 35, was convicted by a jury after less than two hours of deliberation following a two-week trial before U.S. District Court Judge Patricia A. Seitz in Miami federal court. His co-defendant at trial, Maria Luzula, 52, of Miami, pleaded guilty to all of the charges against her midway through the trial.  Luzula is Cuya’s mother.

Cuya and Luzula both face a statutory maximum of 20 years in prison on each count. Both defendants remain in custody pending their sentencing on Jan. 22, 2015, and Dec. 18, respectively.

“The defendants targeted and preyed upon the Spanish-speaking community – and the evidence of the harm that their fraud caused on individual victims is heart-wrenching,” said Acting Assistant Attorney General Joyce R. Branda of the Justice Department’s Civil Division.  “The Justice Department is committed to prosecuting those who defraud consumers for their own personal gain.”

According to evidence presented at trial, the defendants’ employees in Peru used Internet-based telephone calls to threaten Spanish-speaking victims in the United States. 

The Peruvian callers falsely accused the victims of having refused delivery of certain products and claimed that the victims owed thousands of dollars in fines and that lawsuits would be brought against them. 

In reality, the victims had never ordered these products and nothing had been delivered.

Acting Assistant Attorney General Branda commended the U.S. Postal Inspection Service for their investigative efforts and thanked the U.S. Attorney’s Office for the Southern District of Florida for their contributions to the case.  The case was prosecuted by Trial Attorney Phil Toomajian and Assistant Director Richard Goldberg of the Civil Division’s Consumer Protection Branch.

Source: 

#AFN2014

#department-of-justice-doj, #lima, #miami, #peru, #spanish, #united-states

UNITED STATES: ‘ NEW CRUDE OIL FLOODS MARKETS CAUSING GLOBAL OIL PRICES TO DIP ‘

#AceFinanceNews – UNITED STATES – October 13 – So why is this happening? Partly because the United States keeps producing more and more oil, but also partly because some conflict-ridden countries are starting to pick up production.

Libya, for one, is boosting its oil output after civil war and internal tensions had shut things down for a spell. Iraq’s oil sector is slowly recovering.

All that new crude is flooding the market, causing global prices to dip.

Meanwhile, potential economic slowdowns in both Germany and China are driving down forecasts for oil demand (and reducing prices further).

#AFN2014

#china, #germany, #global, #iraq, #libya, #oil, #prices, #united-states

UNITED STATES: ‘ IRS Wrongly Withheld Information in Hundreds of Freedom of Information Cases ‘

#AceFinanceNews – UNITED STATES (Washington) – October 06  – The Internal Revenue Service wrongly withheld or failed to adequately search for records in hundreds of Freedom of Information Act requests, while accidentally releasing sensitive taxpayer information in other instances, an independent government watchdog found.

In a review of IRS compliance with the Freedom of Information Act released Thursday, the Treasury Inspector General for Tax Administration (TIGTA) reported the agency “was not consistent in its service to individuals who requested information under the FOIA/Privacy Act.”

TIGTA sampled FOIA requests to the IRS and found 11 percent “in which taxpayer rights may have been violated because the IRS improperly withheld or failed to adequately search for and provide information to the requests.”

“When the sample results are projected to their respective populations, approximately 336 FOIA/Privacy Act and 17 I.R.C. § 6103 information requests may have had information erroneously withheld,” the report states.

Source:

#AFN2014 

#foia, #freedom-of-information-actfoia, #inland-revenue-service-irs, #irs, #united-states, #washington

DOE: ‘ Moves Forward with New Efficiency Standards on Commercial Walk-In Freezers and Coolers ‘

#AceFinanceNews – UNITED STATES – September 30 – The Department of Energy (DOE) is giving manufacturers the cold shoulder as it moves forward with new efficiency standards for commercial walk-in coolers and freezers.

The Energy Department’s Office of Energy Efficiency and Renewable Energy announced Tuesday it is rejecting industry’s request to roll back the new regulations.

DOE finalized the rules in June, hoping to save consumers close to $10 billion in energy bills over the next 30 years.

But the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) petitioned the Energy Department to reconsider the rules, because it argued they would be too expensive for manufacturers to comply with.

The Energy Department’s own estimates suggest the more stringent efficiency rules would cost industry $33 million to comply with. But it said AHRI’s accusations that it could cost even more than that are based on a “flawed set of calculations and assumptions” and a “fundamental misunderstanding” of the rule.

Walk-in coolers and freezers are the latest in a long line of commercial and household appliances that DOE is looking to regulate.

By Tim Devaney

#ANS2014  

#afn2014, #department-of-energy-doe, #united-states

‘ US Judge Holds Argentina in Contempt of Court ‘

#AceFinanceNews – UNITED STATES (Manhattan) – September 30 – A U.S. judge held Argentina in contempt of court on Monday, saying the republic was trying to find ways to circumvent a prior order requiring it pay holdout bond holders at the same time as other creditors who restructured their debt in recent years.

U.S. District Judge Thomas Griesa in Manhattan deferred a decision on imposing sanctions against Argentina to a later date. But he did say that the “problem is that the republic of Argentina has been and is now taking steps in an attempt to evade critical parts of” his injunction.

Argentina’s government enacted a new law recently to get around a court ruling saying it must pay more than $1.3 billion to holdout hedge funds who rejected the country’s debt restructuring agreements in 2005 and 2010. The country defaulted on more than $100 billion in debt more than a decade ago.

Carmine Boccuzzi, a lawyer for Argentina, had said a contempt ruling would just “make matters worse.”

#AFN2014

#argentina, #argentinian, #bonds, #hedge-funds, #manhattan, #united-states

‘ Russian Sanctions on Kalashnikov Will Damage US Markets ‘

#AceFinanceNews – MOSCOW – July 17 – Imposing US sanctions on the Russian corporation Kalashnikov, which manufactures the world-famous AK automatic assault rifles, runs counter to the interests of American customers, a spokesman for Kalashnikov told ITAR-TASS.

“For Kalashnikov, which is a subsidiary of the Rostecnologies state corporation, the US is an important market for selling arms,” the spokesman said. “It should be noted that the Kalashnikov products are very popular in the US, and the amount of prepaid orders for arms there is three times as big as the annual supplies volume.”

“This means that the sanctions the US Administration has imposed on Kalashnikov contravene the interests of US consumers,” he said.

Kalashnikov Consortium is the largest producer of automatic and sniper combat arms, guided artillery shells and non-military products. It exports arms and tools to 27 countries, including the US, the United Kingdom, Germany, Norway, Italy, Canada, Kazakhstan and Thailand.

#AFN2014 

#canada, #germany, #italy, #kalashnikov, #thailand, #united-kingdom, #united-states