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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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.

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