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#AceFinanceNews – October 10 – European shares slumped on Friday – with the German DAX sliding over 2 percent in mid-morning trade – amid concerns over global growth, and another round of disappointing economic data from Germany.
Asian markets set the tone in another roller-coaster day for global equities after U.S. stocks erased all of the previous day’s rally on Thursday.
The S&P 500 fell 2.1 percent Thursday to 1,928 — it has now fallen more than 4 percent from a record closing high struck three weeks ago.
CNBC Data Provider.
#AceFinanceNews – WASHINGTON – May 01 – US taxpayers lost $11.2 billion on the federal bailout of General Motors in 2009, according to a government report delivered to Congress on Wednesday.
The figure is an increase from the previous estimate of $10.5 billion.
GM received $49.5 billion to weather bankruptcy restructuring.
“The goal of Treasury’s investment in GM was never to make a profit, but to help save the American auto industry, and by any measure that effort was successful,” said Treasury Department spokesman Adam Hodge.
NEW YORK/DETROIT, June 1 (Xinhua) — In the largest industrial bankruptcy ever seen in U.S. history, General Motors Corp., the top U.S. automaker and once the world’s largest corporation, filed for bankruptcy protection on Monday.
The Detroit-based company, for decades a symbol of American manufacturing supremacy, corporate culture and even lifestyle, filed a Chapter 11 petition to the U.S. Bankruptcy Court for the Southern District of New York early Monday morning.
(InAutoNews) Reported – We are in June 1, 2009. At approximately 8:00 am EST General Motors fills for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court.
The filing reported US$82.29 billion in assets and US$172.81 billion in debt. Is the fourth-largest filing in U.S. history after Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.
Shortly after, Obama administration is announcing that the Government will invest an additional $30.1 billion in General Motors(GM) to finance its bankruptcy reorganization – this after the U.S. government provided $20 billion in aid.
And GM is becoming the new GM – without Hummer, Saturn, Saab and many more operations…
So mission accomplished. Right? Wrong!
GM’s boat is once again taking water, writes Louis Woodhill at Forbes. http://tinyurl.com/csedmc4
The US still owns 26% of the company and would need about $53 a share to break even, a far cry from the current price of $20.
That adds up to a current “unrealized loss of $16.4 billion,” writes Woodhill.
The company went public again in November 2010, and the government sold its final shares of GM late last year.
Auto companies were given $79.7 billion by the Treasury Department amid financial collapse.
The companies have repaid $59.1 billion, AP reported.
AP – RT – AFP – XINHUA
#AceFinanceNews – WASHINGTON – April 26 – (Reuters) – For the fifth Saturday this year, the White House used the president’s weekly address to exhort Republicans to support an increase in the minimum wage, a key part of President Barack Obama’s voter-friendly economic agenda aimed at keeping Democrats in control of the U.S. Senate.
#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.
#AceFinanceNews – MOSCOW – April 20 – The report in The Times on potential sanctions targeting President Vladimir Putin’s alleged secret personal wealth, is “apparently a hoax” presidential spokesman Dmitry Peskov told Ekho Moskvy radio.
In the article it claimed the president had $ 40 billion in the accounts in Swiss banks. Presidential spokesman denied the presence of Vladimir Putin that kind of money.
In an interview with “Echo of Moscow” Dmitry Peskov said that the president should not fear sanctions. Earlier, the U.S. imposed sanctions against several dozen Russians, including the environment of Vladimir Putin.
“Why would anyone be scared of sanctions, especially as absurd as these?” Peskov commented.
“This can only be joked about.”
Washington, D.C. – U.S. Senator John McCain (R-AZ) today released the following statement on being sanctioned by Russian President Vladimir Putin:
“I guess this means my spring break in Siberia is off, my Gazprom stock is lost, and my secret bank account in Moscow is frozen. Nonetheless, I will never cease my efforts on behalf of the freedom, independence, and territorial integrity of Ukraine, including Crimea.”
The British newspaper reported that American financial investigators, who previously traced Al-Qaeda funding, would find the secret $40 billion of Putin’s money in numbered Swiss bank accounts, so that it can fall under US sanctions.
More soon ………………………………
Ace Related News:
1. PRESS RELEASE – John Mc Cain – http://www.mccain.senate.gov/public/index.cfm/press-releases?ID=fb0cfcb4-99c3-4ee5-b4ee-c761faa766a3
#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
#AceFinanceNews – Worldwide News – April 04 – (INS) – The existence of “petrodollars” is one of the pillars of America’s economic might because it creates a significant external demand for American currency, allowing the US to accumulate enormous debts without defaulting.
If a Japanese buyer want to buy a barrel of Saudi oil, he has to pay in dollars even if no American oil company ever touches the said barrel. Dollar has held a dominant position in global trading for such a long time that even Gazprom’s natural gas contracts for Europe are priced and paid for in US dollars.
Until recently, a significant part of EU-China trade had been priced in dollars.
Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency .
The main supporters of this plan are Sergey Glaziev, the economic aide of the Russian President and Igor Sechin, the CEO of Rosneft, the biggest Russian oil company and a close ally of Vladimir Putin. Both have been very vocal in their quest to replace the dollar with the Russian ruble.
First, it was the Minister of Economy, Alexei Ulyukaev who told Russia 24 news channel that the Russian energy companies must should ditch the dollar. “ They must be braver in signing contracts in rubles and the currencies of partner-countries, ” he said.
Reuters reports, that Russia is close to entering a goods-for-oil swap transaction with Iran that will give Rosneft around 500,000 barrels of Iranian oil per day to sell in the global market. The White House and the russophobes in the Senate are livid and are trying to block the transaction because it opens up some very serious and nasty scenarios for the petrodollar. If Sechin decides to sell this Iranian oil for rubles, through a Russian exchange, such move will boost the chances of the “petroruble” and will hurt the petrodollar.
VOR – Russian and Serbian News – INS
#AceFinanceNews – KIEV – April 01 – Ukraine’s Central Election Commission has finally registered the leader of the radical organization Right Sector, Dmitry Yarosh, as a presidential candidate in Ukraine’s snap presidential election, scheduled for May 25.
Four more candidates for Ukrainian president registered by Central Election Commission.
Earlier on Tuesday, the election commission put off the consideration of Yarosh’s registration documents to have time to clarify some financial aspects of the procedure.
Thus, some of the commission members voiced doubts that the sum of 2.5 million hryvnias (about 227,000 U.S. dollars) needed for the participation in the polls had been deposited by Yarosh personally.
According to Zhanna Usenko-Chernaya, a member of the Central Election Commission, Yarosh and his family members had declared no incomes in their tax returns for 2013.
#AceFinanceNews – MOSCOW – March 28 – The Russian joint-stock bank, AB Rossiya, decided on Friday that it would work only with the national currency to protect its customers from dishonest actions by foreign financial institutions.
“In order to protect the bank’s customers from dishonest actions by foreign financial institutions AB Rossiya has decided to operate only in the domestic market and exclusively with the national currency of the Russian Federation – the Ruble,” AB Rossiya said in a statement released on Friday.
“The bank has already notified some US banks that it is closing its correspondence accounts. Similar notifications have been sent to other foreign financial institutions,” the bank said in its statement.