Diberdayakan oleh Blogger.

Popular Posts Today

UPDATE 1-Ukraine hopes for aid soon, will fulfil IMF conditions-PM

Written By Unknown on Jumat, 28 Februari 2014 | 18.13

Fri Feb 28, 2014 5:18am EST

By Natalia Zinets

KIEV Feb 28 (Reuters) - Ukraine hopes to receive international financial aid soon and is determined to fulfil all the conditions needed to secure support from the International Monetary Fund (IMF), Prime Minister Arseny Yatseniuk said on Friday.

An IMF mission is due in Kiev next week for talks with Ukraine's new leaders, who have said the heavily indebted country needs at least $35 billion over two years to stave off the bankruptcy.

"I hope that in the short-term we will receive foreign currency which will help us to boost foreign reserves and to stabilise the situation," Yatseniuk told reporters.

Ukraine's foreign currency reserves dropped to $15 billion from $17.8 billion on Feb. 1, with the central bank attributing the fall to intervention moves to prop up the weakening national currency, the hryvnia.

Since then, the central bank has allowed the hryvnia to fall. The Ukrainian currency hit 10.50 against the dollar on Friday, from 8.2 at the beginning of the year.

Stepan Kubiv, Ukraine's central bank governor, told reporters on Friday the bank had limited foreign currency withdrawals from banking deposits to 15,000 hryvnia ($1,500) per day in a move to tame the volatility.

He also said Kiev had enough reserves to pay off creditors but did not specify over which time period.

An EU diplomat said on Thursday Ukraine's new rulers told the European Union the country's economy needed an immediate infusion of some $4 billion. Kiev owes Russian Gazprom over $1 billion in gas payments from 2013 and 2014.

Once the situation has stabilised, the government will ask the central bank and commercial banks to start large-scale lending to the economy, Yatseniuk said.

  • Link this
  • Share this
  • Digg this
  • Email
  • Print
  • Reprints


18.13 | 0 komentar | Read More

Update-Moody's: Baidu's 2013 financial results support its A3 ratings

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.


18.13 | 0 komentar | Read More

Euro zone inflation stabilises in "danger zone", unemployment stays high

BRUSSELS Fri Feb 28, 2014 5:28am EST

BRUSSELS Feb 28 (Reuters) - Euro zone inflation stabilised in what the European Central Bank has called the "danger zone" in February, data showed on Friday, while unemployment remained stuck near record highs ahead of an ECB policy meeting next week.

The European Union's statistics office Eurostat estimated that consumer prices in the 18 countries sharing the euro rose 0.8 percent year-on-year this month. That was the same rate as in January and December, after readings of 0.9 percent in November and 0.7 percent in October.

ECB President Mario Draghi has warned of the risk of inflation getting stuck in a danger zone below 1 percent, but said again on Thursday that there was clearly no deflation.

February's inflation rate was stable because lower energy costs were offset by more expensive industrial goods and services.

But so-called core inflation, which excludes the most volatile components like energy, food, alcohol and tobacco prices, continued to inch higher, to 1.0 percent year-on-year from 0.8 percent in January and 0.7 percent in December.

Price pressures in the euro zone economy are low because unemployment remains stuck close to record highs. Eurostat said on Friday that 12 percent of the bloc's workforce was unemployed in January, unchanged from a month before.

In absolute terms, the number of people without jobs edged higher to 19,175,000 from 19,158,000 in December, it said.

  • Link this
  • Share this
  • Digg this
  • Email
  • Print
  • Reprints


18.13 | 0 komentar | Read More

UPDATE 1-Russia says no multilateral talks on Ukraine aid yet

Written By Unknown on Rabu, 26 Februari 2014 | 18.12

Wed Feb 26, 2014 5:17am EST

MOSCOW Feb 26 (Reuters) - No multilateral talks are being held on forming a financial aid package for Ukraine, Russian Deputy Finance Minister Sergei Storchak said on Wednesday, adding that a solution to Kiev's economic crisis must be found quickly.

Storchak told Reuters that if any talks were under way on a financial package for Ukraine, they were taking place only at a national level, and that high-level international groups of experts had yet to be formed.

"Multilateral talks? ... This is all just wishful thinking, only wishful thinking," Storchak said.

"It is obvious that the question has to be solved, and it needs to be solved quickly, but at the moment there are no international groups of experts at a high-level. If there are any talks, then they are only at a ... national level, there are no talks on an international level."

Ukraine's economy is teetering on the edge of bankruptcy, with several foreign debt repayments due this year and gas debts owed to its neighbour Russia, a precarious situation even before the upheaval in which President Viktor Yanukovich was ousted.

Ukraine's hryvnia fell to record lows on Wednesday while the country's dollar bonds dropped again on signs that the central bank is letting the currency weaken in view of its dwindling foreign reserves.

The International Monetary Fund said on Tuesday it would most probably send a technical support team to Ukraine soon to assist Kiev, and the European Union has said it will work with the IMF to ease Ukraine's economic crisis.

Catherine Ashton, the EU's foreign policy chief, expressed hope on Tuesday that the new Ukrainian government being formed following Yanukovich's removal from power on Saturday would quickly come up with a plan to tackle the crisis.

  • Link this
  • Share this
  • Digg this
  • Email
  • Print
  • Reprints


18.12 | 0 komentar | Read More

Moody's warns mortgage servicers may turn to offering risky loans

Wed Feb 26, 2014 5:35am EST

Feb 26 (Reuters) - Credit rating agency Moody's Corp warned that mortgage servicers such as Ocwen Financial Corp could be pushed into subprime lending as their core business comes under increased regulatory scrutiny.

The rapid growth of mortgage servicers since the subprime crisis has drawn the attention of state and federal regulators who are concerned about the companies' capacity to collect mortgage payments in large volumes.

Earlier this month, Ocwen said New York's banking regulator halted its purchase of servicing rights on a portfolio of mortgages from Wells Fargo & Co with a total principal balance of $39 billion.

Moody's in a research note said it was concerned over the possibility that the companies would attempt to offset a decrease in growth by shifting business models and originating subprime mortgages, which would be a net credit negative.

Servicers get paid by loan owners, typically banks or investors, to collect mortgage payments and handle delinquencies and foreclosures.

Moody's said regulatory action on Ocwen may signal a broader regulatory push to moderate the growth of large mortgage servicing companies, which include Walter Investment and National Mortgage LLC.

Ocwen, Walter Investment and National Mortgage were not immediately available for comment outside of regular business hours.


18.12 | 0 komentar | Read More

Anglo Irish liquidators offload 7.3 bln euro loan portfolio

DUBLIN Wed Feb 26, 2014 5:41am EST

DUBLIN Feb 26 (Reuters) - The Liquidators appointed to the collapsed Anglo Irish Bank have sold a second loan portfolio with a par value of 7.3 billion euros ($10 billion) above an initial valuation, Ireland's finance minister said on Wednesday.

Anglo Irish, renamed the Irish Bank Resolution Corporation (IBRC) in its final years, was put into liquidation last year. The liquidators, KPMG, must either complete the sale of its assets by early this year or transfer them to the National Asset Management Agency (NAMA), the state-owned "bad bank".

"The sale of this entire portfolio on top of the success of the Project Evergreen sale late last year will considerably reduce the amount of assets that are now expected to transfer to NAMA and bodes well for the ultimate success of the liquidation," Michael Noonan said in a statement.


18.12 | 0 komentar | Read More

UPDATE 2-Detroit files lawsuit seeking to void pension debt

Written By Unknown on Sabtu, 01 Februari 2014 | 18.13

Fri Jan 31, 2014 9:43pm EST

By Karen Pierog

Jan 31 (Reuters) - Detroit on Friday filed a lawsuit in U.S. bankruptcy court seeking to invalidate $1.44 billion of debt sold to fund public worker pensions - a move that also could void the ill-fated interest-rate swaps contracts that were a factor leading Detroit into bankruptcy.

The lawsuit contends the city and its retirement systems violated Michigan law when they set up "sham" service corporations and funding trusts to facilitate the debt sales in 2005 and 2006. All other contracts or obligations connected to the debt are also void, the lawsuit claims.

Detroit in its lawsuit said the pension debt was "nothing more" than a borrowing by the city, and it violated borrowing limits imposed on Detroit by the state of Michigan.

In the suit, Detroit asked bankruptcy judge Steven Rhodes to issue a judgment declaring the city is not obligated to continue making payments on the so-called pension certificates of participation (COPs). The COPs were issued during the term of former Mayor Kwame Kilpatrick, now in prison on federal corruption charges.

"This deal was bad for the city from its onset despite reassurances it would adequately resolve the city's pension issues," Kevyn Orr, Detroit's state-appointed emergency manager, said in a statement. "We have tried without success, to negotiate a resolution to this dispute and to allow the city and its taxpayers to move forward and unwind these illegal transactions."

A ruling in the city's favor could invalidate the interest-rate swap contracts Detroit reached with investment banks UBS AG and Merrill Lynch Capital Services, a unit of Bank of America Corp. The swaps were meant to hedge interest-rate risk arising on variable-rate COPs, and Detroit in the lawsuit claims any contract arising from the COPs would be invalid from the start since "all other obligations incurred by the city in connection with the COPs transactions are unenforceable and void."

Bill Nowling, Orr's spokesman, said Detroit still is negotiating with Merrill Lynch and UBS to end the city's swap agreements. The swap deals, valued at $400 million in 2011, soured as interest rates dropped along with Detroit's credit ratings. The money owed to the banks was a key element that drove Detroit to file for municipal bankruptcy in July.

Earlier this month, Rhodes rejected a deal the city reached with the firms to end the swaps at a 43 percent discount of $165 million plus up to $4.2 million in costs.

Rhodes in his ruling said Detroit could succeed with legal challenges to the validity of the swaps, noting that the city probably did not have a right under Michigan law to pledge casino tax revenue as collateral to secure the swaps.

Orr has been trying to free the up to $180 million in annual casino revenue so that it could be used to help revitalize the city.

UBS and Bank of America declined to comment.

Steve Spencer, financial adviser to Financial Guaranty Insurance Co, one of the bond insurers, said the COPs issue was a strategic and lower-cost way for the city to pay down its unfunded pension liability in 2005.

"It's inaccurate and irresponsible to group the COPs with some of the 'bad' deals the city previously entered into under the past administration," he added.

Bruce Babiarz, spokesman for Detroit's Police and Fire Retirement System, said the pension funds support the city's legal assault on the COPs deals. "Let's be clear, this lawsuit is not against the retirement systems or pension funds, but service companies and trusts that were created by the city to complete the COPs transactions," he said in a statement.

The city names "service corporations" associated with its general retirement system as well as its police and fire retirement systems among defendants in the suit.

Detroit defaulted on a $39.7 million June payment on the pension COPs after Orr labeled that debt as unsecured, along with some of the city's general obligation bonds. Bond insurance provided payments on some of the pension debt.

A proposed debt adjustment plan Orr sent to creditors this week cited the interest rate swaps as a disputed claim that is not part of the settlement.

  • Link this
  • Share this
  • Digg this
  • Email
  • Print
  • Reprints


18.13 | 0 komentar | Read More

UPDATE 4-Gov. Christie 'Bridgegate' scandal flares up with new letter

Sat Feb 1, 2014 12:55am EST

By Edith Honan and Chris Francescani

NEW YORK Jan 31 (Reuters) - A former New Jersey official on Friday claimed Governor Chris Christie knew about politically motivated traffic jams as they happened, re-igniting a political scandal that has taken a toll on the prominent Republican.

The letter from a former official at the agency that oversees the busiest U.S. bridge sparked a quick response from Christie, who again denied wrongdoing, and prompted a top New Jersey newspaper to suggest the governor could face impeachment.

David Wildstein, who resigned his Port Authority post late last year, said in a letter that he had proof of the "inaccuracy" of some of Christie's statements about the so-called "Bridgegate" scandal, which polls show has already started to weigh on Christie's potential 2016 White House bid.

Since the scandal first came to light, Christie has denied knowing the cause of the George Washington Bridge lane closings, which occurred after the mayor of Fort Lee declined to endorse the governor in a re-election bid and caused four days of massive traffic jams in that city.

"It's the first time a high-level official has contradicted the governor," said Julian Zelizer, a Princeton University history professor who specializes in presidential politics.

The letter does not indicate that Christie orchestrated the closures in any way, does not specify exactly when he became aware of the jams, and offers no evidence to back up the claim.

"Mr. Wildstein contests the accuracy of various statements that the governor made about him and he can prove the inaccuracy of some," the letter said.

Wildstein and Christie attended Livingston High School at the same time, but Christie, a former federal prosecutor, has denied knowing Wildstein well.

One key question is exactly when and how Christie learned of the closures, said Fort Lee Mayor Mark Sokolich, a Democrat.

"There aren't enough facts. I'm not rooting for him to know or not to know. I will tell you, I remain very, very concerned about it," Sokolich told CNN. "If it was known at the very tail end, possibly, I'm not sure what this letter means at all."

Assemblyman John Wisniewski, who has led the investigation into the lane closures, told CNN late Friday that "these are serious allegations, because what Mr. Zegas's letter is saying is - you shouldn't believe the governor."

"But we need to see the documents to see whether there's any merit to that claim, to not believe the governor."

'SMOKING GUN'?

The key question, Zelizer said, is whether Wildstein can produce "smoking gun" evidence proving Christie's knowledge of the events. State Democrats probing the scandal are likely to jump on that vulnerability, Zelizer added.

The Newark Star-Ledger, one of New Jersey's largest newspapers, which endorsed Christie in his 2013 re-election bid, posted an editorial after the New York Times first reported about the letter, saying that if the accusations are true, the governor must resign or be impeached.

"Because it will show that everything he said at his famous two-hour press conference was a lie," the editorial said.

The paper had not endorsed Christie's initial run in 2009.

The Democratic National Committee, already targeting Christie, who won re-election in a landslide last November, as its greatest threat in the 2016 presidential election, was quick to pounce.

"He's repeatedly said that he had no knowledge of the lane closures," said Mo Elleithee, a DNC spokesman. "Today's revelations raise serious questions about whether that is true."

Polls taken since the emails emerged early this month showing Christie's now-fired deputy chief of staff, Bridget Anne Kelly, calling for "traffic" in Fort Lee, show Christie's popularity slipping in theoretical 2016 White House and primary matchups.

"If we assume it's true, then we're in the realm of an outright lie on the part of the governor, and that changes the entire story," said David Redlawsk, a New Jersey pollster. "It's the cover-up that gets you."

As for Wildstein, Redlawsk said, "It very much sounds like the message is quite clear to the U.S. Attorney's Office: Tell us what you need, and we'll cooperate."

The scandal has tarnished Christie's reputation as a politician ready to reach across the aisle at a time when partisan gridlock has defined Washington.

Christie bolstered his image as conciliator in 2012 when he walked beside President Barack Obama along the storm-hit New Jersey coastline after Superstorm Sandy, in the final months of the 2012 presidential campaign - a move that some supporters of Republican contender Mitt Romney said hurt their party's chances of retaking the White House.

In the marathon Jan. 9 press conference, Christie repeatedly apologized for actions he blamed on his aides, expressed his shock and said: "I am who I am, but I am not a bully."

  • Link this
  • Share this
  • Digg this
  • Email
  • Print
  • Reprints


18.13 | 0 komentar | Read More

Obama's executive actions: the power of taking small steps

By Steve Holland

WASHINGTON Sat Feb 1, 2014 1:00am EST

WASHINGTON Feb 1 (Reuters) - President Barack Obama's sixth year in office is starting out as a testament to the power of taking small steps.

Frustrated by congressional gridlock, he has turned to the "pen and the phone" to provoke a "year of action" with a flurry of executive orders, directives, meetings and reviews to get his presidency back on track after the difficulties he encountered last year.

None of the steps he is taking are going to change the world and indeed, they may be best-remembered collectively as a declaration of Obama's own relevance, an attempt to go over the heads of his Republican opponents in Congress and grab the attention of the people.

It is a strategy that Democratic President Bill Clinton used in his 1996 re-election campaign. Humbled by Republicans in 1994 congressional elections, Clinton helped resurrect his presidency with similarly small steps like ordering the Education Department to issue school uniform guidelines to school districts.

In Obama's case, he announced in his State of the Union address last Tuesday that he would sign an executive order raising the minimum wage for federal contract workers. But White House officials acknowledged it would apply only to a couple hundred thousand workers, a tiny fraction of the country's workforce.

There was an order for the Treasury Department to create a retirement savings program for the middle class, and he told Vice President Joe Biden to review federal job training programs.

And using the bully pulpit, Obama met with prominent corporate CEOs to persuade them to take steps to hire the long-term unemployed, whose jobless benefits have expired.

SHEDDING THE 'SENSE OF STAGNATION'

William Galston, a domestic policy adviser for President Clinton and now a Brookings Institution scholar, said none of Obama's steps have the impact of, for example, Harry Truman's dramatic use of an executive order to ban segregation in the U.S. armed forces in 1948.

What Obama's actions are intended to do, he said, is to "dispel the bad memory of the failed first year of his second term when he seemed to be stalled and stalemated at every turn and replace that sense of stagnation with a sense of forward movement."

"Clinton's orders were more of a political strategy than a substitute for government strategy. I think at the end of the day the same can be said of what Obama's doing," said Galston.

It is no coincidence that Obama has embarked on this strategy with the aid of special adviser John Podesta, who was a champion of executive orders when he worked in the Clinton White House.

"I think he's warmed up to it," Podesta said of Obama in an interview with NPR on Tuesday. "And I think you'll see that across a wide range of topics, including retirement security, moving forward on his climate change and energy transformation agenda."

White House officials say Obama is not giving up on pushing broad legislation through Congress and in fact they see signs of movement on a long-stalled immigration reform law, which would be a legacy-building achievement of his second term.

By ordering the minimum wage raised to $10.10 an hour for federal contract workers, Obama hopes to trigger a broader debate about the need to raise the minimum wage for millions of working Americans, a proposal that Republicans oppose for fear of damaging small-business hiring.

White House spokesman Josh Earnest said Obama's meeting with chief executive officers on Friday on hiring the long-term unemployed is not an attempt to circumvent Congress, but rather is the use of a power that lawmakers simply do not have.

"There exist executive actions that actually serve to complement legislative action. You can't force, through legislation, business leaders to make a commitment to re-evaluate their hiring practices," he said.

Obama, a former senator, has for the most part deferred to Congress and sought legislative approval of his priorities.

Last November at an event in San Francisco, he rejected hecklers who urged him to use the power of executive orders to end the deportation of illegal immigrants.

"If, in fact, I could solve all these problems without passing them through Congress, then I would do so, but we're also a nation of laws, that's part of our tradition," he said.

This year, with control of Congress at stake in November elections, he is adjusting his strategy.

Chris Lehane, who was a senior aide to Vice President Al Gore, said the steps Obama is taking are important to satisfying voters who gave the president a second term in 2012.

"It gives you a capacity to impose your will, both from a policy perspective on the direction of the country but also from a political perspective, by putting the opposition squarely on the defensive," he said.

The orders Obama announced in his big speech did not appear to be of the type that could face legal challenges, despite complaints from some conservatives suggesting he is breaking the law.

'SMALL' IS RELATIVE

Obama's use of executive orders has been relatively tame compared with his immediate predecessors. He signed 147 in his first term, compared with George W. Bush's 173, Bill Clinton's 200 and Ronald Reagan's 213.

But such record-keeping can miss the point. Presidents use power in a variety of ways beyond simply executive orders.

John Woolley, co-director of the American Presidency Project, which collects and analyzes presidential documents, said one of Obama's most significant executive actions, to allow young people who are in the country illegally to avoid deportation, was announced in an order from then-Homeland Security Secretary Janet Napolitano in 2012.

"In that case, there was no document that went from the White House to Janet Napolitano that directed her to take that action," Woolley said.

While Obama's recent moves may look small, his administration has used executive power in large ways.

Last July, Republicans were outraged when the Treasury Department ruled it would delay for a year enforcement of an Affordable Care Act provision requiring businesses with more than 50 employees to provide health coverage to their workers.

Lanhee Chen, a Hoover Institution expert who was chief economic adviser to Republican presidential candidate Mitt Romney in 2012, said that since the employer mandate was part of Obama's signature healthcare law, "a lot of constitutional scholars would argue" that his action violated the law itself.

Romney had vowed to roll back the Obamacare law if he had won the White House. How would he have done it if he had opposition from Democrats in Congress?

"We'd have to be pretty forceful in terms of executive action on Obamacare," Chen said.

  • Link this
  • Share this
  • Digg this
  • Email
  • Print
  • Reprints


18.13 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger