` US Fund Managers Commenced Warning their Investment Shareholders of Risk to Stocks over Sanctions’

#AceFinanceNews – UNITED STATES – April 21 – US fund managers have warned of risks shareholders could face from current or future Western sanctions against Russia, as Washington move to impose more sanctions on Moscow over their dispute on Ukraine.

Since April 4, securities filings have outlined potential problems for funds including the $124.6 million ING Russia Fund, the $841.1 million SSgA Emerging Markets Fund and a number of iShares exchange-traded funds offered by BlackRock Inc.

The filing for the SSgA fund noted that sanctions by the US or the European Union could result in the depreciation of the Russian currency, Reuters reported Friday.

According to the report, US securities regulators contacted fund firms with holdings in Russia last month to make sure they were properly managing risk and disclosing the assets to investors.

US has however promised that if the situation does not get sorted in the Ukraine, they will consider further sanctions on funding and other financial institutions.

#AFN2104

#afn2014, #european-union, #moscow, #russia, #russian, #united-states, #us, #washington

` One in Five American Workers in Private Industry has a Benefit Pension Plan Invested in Vehicles like 401(k)s' at what Cost'

#AceFinanceNews – UNITED STATES – April 13 – (CAP) – Less than one in five American workers in private industry has access to defined benefit pension plans.

As a result, most Americans’ quality of life during retirement depends on whether they have invested in retirement savings vehicles such as 401(k)s and Individual Retirement Accounts, or IRAs, and how their investments perform.

The reality is, the corrosive effect of high fees in many of these retirement accounts forces many Americans to work years longer than necessary or than planned.

Clearer, more transparent information has helped inform consumers about a variety of decisions from choosing between appliances to choosing between dinner options. With 52 million Americans relying on 401(k) funds as part of their retirement savings and a similar number depending on IRAs, why not offer better labelling for retirement funds?

All retirement funds should have a clear, understandable label that provides consumers with relevant, concise, and accessible information about fees. Improved fee disclosure could help individuals make better financial decisions—especially since data show that higher-cost funds do not necessarily perform better—and could encourage firms to provide lower-cost options.

Perhaps most importantly, it could also force a national conversation about how to best improve our retirement system http://www.americanprogress.org/issues/economy/report/2014/04/11/87503/fixing-the-drain-on-retirement-savings/

PDF http://www.americanprogress.org/wp-content/uploads/2014/04/401kFees-brief3.pdf

#AFN2014

#401ks, #pension-plans, #retirement, #united-states

#AceFinanceNews UNITED STATES WHITEHOUSE April 12 President and…

#AceFinanceNews – UNITED STATES – WHITEHOUSE – April 12 – President and Michele Obama saw their income drop significantly in 2013, according to tax returns released by the White House Friday http://www.whitehouse.gov/blog/2014/04/11/president-obama-and-vice-president-biden-s-2013-tax-returns

For 2013, the Obamas reported adjusted gross income of $481,098 – no pauper’s salary, but a 21% drop from the $608,611 they reported in 2012 http://www.whitehouse.gov/blog/2013/04/12/president-obama-and-vice-president-biden-2012-tax-returns

With the smaller take home pay, their charitable contributions similarly shrank – from $150,034 in 2012 to $59,251 in 2013.

The big difference: book sales are down. The Obamas reported $273,739 income from publishers/agents in 2012, but only $116,180 in 2013.

Would like to know what Joe Biden’s income and status figures are visit this page http://www.usatoday.com/story/theoval/2014/04/11/obama-tax-returns-income-drop/7602535/

#AFN2014

#income, #michele-obama, #president, #tax, #united-states, #white-house

` 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

` Ukrainian Firtash has been `Indicted ' with ` $185 Million Bribery Charge ' over `Access ' to ` Titanium Mines ' in India '

#AceFinanceNews – WASHINGTON – April 03 – Dmitry Firtash, one of the most influential Ukrainian oligarchs, was charged with bribing Indian officials to gain access to titanium mines in India, the U.S. Justice Department said in a press release on Wednesday http://www.justice.gov/opa/pr/2014/April/14-crm-333.html

Six people Firtash, a Hungarian entrepreneur, another Ukrainian citizen, an Indian politician and two businessmen from India and Sri Lanka are under investigation. U.S. prosecutors said that about 18.5 million dlrs had been handed over to Indian officials since 2006 to secure rights to mine titanium in the Indian state of Andhra Pradesh.

http://www.trbimg.com/img-533c2ce7/turbine/chi-pdf-dmytro-firtash-indictment-20140402

The mining project was expected to generate 500 mln dlrs annually from the sale of titanium, including to a company based in Chicago.

Prosecutors said Firtash had negotiated with Indian officials and ordered to pay them in exchange for preferences to secure mining licenses, and documents were falsified, on his instructions, for the money transfer.

The investigation was conducted by the FBI in Chicago.

On March 21, Firtash was released in Vienna on a 125-Million euro bail from custody. He was held there after he was detained at the request of U.S. law enforcement authorities #ANS2014 http://wp.me/pzTwj-2FR

As was noted in the United States, Firtash was a major player in the sale of Russian gas to Ukraine.

#AFN2014

#chicago, #dmitry-firtash, #fbi, #ukrainian, #united-states, #us-justice-department, #vienna, #washington

` US Supreme Court Changes Key Pillar of Federal Campaign Finance Law Allowing Open-Door for Big-Money Donor’s’

#AceFinanceNews – (Reuters) – UNITED STATES – April 03 – The U.S. Supreme Court on Wednesday struck down a key pillar of federal campaign finance law by allowing donors to give money to as many political candidates, parties and committees as they wish.

In the latest in a series of decisions by the high court that have given big-money donors more influence in U.S. elections, the justices rejected the overall limits on how much individuals can donate during a federal two-year election cycle.

The ruling – a 5-4 decision with the court’s more conservative justices in the majority – could have an immediate impact on the 2014 midterm elections, in which Republicans are likely to keep control of the House of Representatives and are seeking to gain six Senate seats to take over that chamber.

CURRENT CAMPAIGN FINANCE LAWS – 2010

The FEC is responsible for enforcing the federal campaign finance law. It is a six-member commission made up of three Republicans and three Democrats, who, despite the statutory requirement that they be nominated by the President, are usually hand-picked by the Congressional leadership of the respective parties and consequently protect party interests. Due to its structure, the FEC often ends in deadlock on any significant questions.

An individual who is a citizen can contribute $2,400 to a candidate for the primary election, and $2,400 for the general election (a total of $4,800 per person). Individuals can also give $5,000 to a political action committee (PAC) per year; $30,400 a year to a national political party committee per year; and $10,000 to the federal account of a state party committee per year. The most an individual can give altogether is $115,500 for the two-year cycle ($45,600 to all candidates and $69,900 to all PACs and parties).
http://www.campaignlegalcenter.org/index.php?option=com_content&id=1187:a-guide-to-the-current-rules-for-federal-elections

Read More: http://www.reuters.com/article/2014/04/02/us-usa-court-election-idUSBREA3116V20140402

#AFN2014

#house-of-representatives, #united-states, #us-supreme-court

United States and European Union : ` Agreed on `Working Together on Possible and Tougher Sanction’s ‘ Including the Energy Sector ‘

#AceFinanceNews – UNITED STATES – March 26 – (Reuters) – The United States and the European Union agreed on Wednesday to work together to prepare possible tougher economic sanctions in response to Russia’s behaviour in Ukraine, including on the energy sector, and to make Europe less dependent on Russian Gas Society.

U.S. President Barack Obama said after a summit with top EU officials that Russian President Vladimir Putin had miscalculated if he thought he could divide the West or count on its indifference over his annexation of Crimea.

Leaders of the Group of Seven major industrial powers decided this week to hold off on sanctions targeting Moscow’s economy unless Putin took further action to destabilize Ukraine or other former Soviet republics.

#AFN2014

#crimea, #eu, #europe, #european-union, #g7, #group-of-seven, #moscow, #reuters, #russias, #russian-gas-society, #russian-president-vladimir-putin, #soviet, #ukraine, #united-states, #us-president-barack-obama

` Grain Prices Rise due to the Instability in the Ukraine and Unfavourable Weather Conditions in the US ‘

#AceFinanceNews – MOSCOW – March 24 – World grain prices continue to rise because of unfavourable weather conditions in the United States, as well as due to the importers’ apprehension over the possible drop in grain shipping from Black Sea ports in connection with the in-stable situation in Ukraine, Russia’s Agriculture Ministry said in a monitoring report on the situation on the agro-industrial markets.

Over the third week of March, soft wheat average prices in the United States rose by 5% to 300 US dollars per tonne.

The previous week, the prices had already gone up by 10 dollars (3.6%) to 286 dollars per tonne.

Meanwhile, the Russian grain export in 2013-2014 agricultural year (since the beginning of July 2013) reached 19.7 million tonnes, increasing by 41% compared with the previous similar period.

Russian Commodity News

#AFN2014

#agricultural-ministry, #agriculture, #black-sea, #dollar, #grain, #moscow, #russias, #russian, #ukraine, #united-states, #us, #wheat

` Swiss SDP Christian Levrat is confident `Bern ‘ will refrain from any form of ` Sanctions ‘ against Russia ‘

#AceFinanceNews – GENEVA – March 23 – President of the Swish Social Democratic Party Christian Levrat is confident Bern should refrain from imposing sanctions against Russia as a response to its re-unification with Crimea.

This step would sharply narrow mediation opportunities of the Swiss Confederation, Levrat said in an interview with the Swish German-language daily Neue Z·rcher Zeitung that was published on Sunday.

“Switzerland’s role differs from the roles of the European Union and the Unites States,” he said. “Switzerland comes forward as a mediator which implies that it should refrain from joining the sanctions of other countries though their reaction is quite understandable.”

Switzerland chairs the Organisation for Security and Co-operation in Europe /OSCE/ this year, the politician said dubbing it the world’s most neutral organisation and an ideal platform for settling disputes between the East and the West.

Russian, Swiss and European News

#AFN2014

#bern, #crimea, #european-union, #geneva, #german, #organisation-for-security-and-co-operation-in-europe-osce, #russia, #switzerland, #united-states

International Payment Systems : ` Visa and Mastercard ‘ Unblock Cards of Bank ` Northern Sea Route (SMP) ‘

#AceFinanceNews – MOSCOW – March 23 – International payment systems Visa and Mastercard have unblocked cards of bank “Northern Sea Route” (SMP), the crediting organisation stated on Sunday.

“Payment system Mastercard has taken the decision to this effect overnight to Sunday and system Visa – on Sunday morning. The validity of cards Mastercard is fully restored, transactions with Visa cards will begin within a few hours as long as communications channels adjusted and equipment settings are updated,” a press release said.

The bank believes payment systems recognized that their actions regarding SMP Bank were wrong, as cards of the bank were blocked after the United States had imposed sanctions against main shareholders of the company.

After this card holders in this bank could not use them to pay for goods and services and take cash in foreign countries.

Cash issue on cards was made only at cashier desks and automated teller machines at SMP Bank and automated teller machines of the Unified Payment System.

#AFN2014

#mastercard, #moscow, #northern-sea-route-smp, #united-states, #visa