Archive for January 26th, 2008

Chavez urges Latin American allies to move reserves out of US
International Herald Tribune - Why does that money have to be in the north? You can’t put all your eggs in one basket.” To help pool resources within the region, Chavez and other leaders launched a new development bank at the summit of the Bolivarian Alternative for the Nations

An Afghan Province Points the Way
Washington Post - He rules the province with a firm hand, and with a personal fortune that U.S. officials estimate at about $300 million, he has the money to make political deals work. The American contribution to stability in Jalalabad is twofold. First, there’s the

Speelman on chess
Guardian Unlimited - Much has been made of Fischer’s quarrelsomeness but in his early years his arguments with organisers were a positive boon for the small band of his fellow professionals, who benefited in his wake from his demands both for more money and better

‘You can have my sons for £5,000′
Daily Telegraph - The “agents” - both men and women - make big sums of money from buying children from desperate families and selling them on within west Africa or, more lucratively, to families in the UK and other Western countries. They take a

DIC ’still intent’ on Liverpool takeover
Guardian Unlimited - As Liverpool’s total debt stood at £297m before the refinancing package was concurred, it delivers a maximum of £53m of new money. Around £20m is thought to have been used up by the arrangement fee on the new loan. While concerned club officials

People can anticipate rebates by May under economic recovery plan
International Herald Tribune - They’ll be ready to go.” But figuring out if you qualify — and for how much — can be complicated, thanks to confusing rules designed to get the money to middle-income workers and ensure it also benefits low-income people who are most likely to

French police question trader implicated in large bank fraud
Times of India - Kerviel had been investing the bank’s money by hedging on European equity market indices, meaning he bet on how the markets would perform at a future date. Societe Generale said it discovered the fraud last weekend and unwound the trader’s

Ex-Russian operative led U.N. ’spy nest’ in new book’s claims of
San Diego Union-Tribune - More World news Ex-Russian operative led U.N. ’spy nest’ in new book’s claims of stolen oil money UNITED NATIONS – A former Russian top spy states his agents helped the Russian government steal almost $500 million from

Steenberg Hoping to Move Up in Free Skate
Washington Post - PAUL, Minn., Jan. 26 — After graduating from Fairfax ’s W.T. Woodson High last spring, Tommy Steenberg deferred his admission to George Mason and began working as a part-time instructor at Fairfax Ice Arena. He needed time — and money — to fuel his

Johnson Accused In New Donation Row
Guardian Unlimited - He claimed his brother Ahmed Yar Mohammed - treasurer of Croydon Central Labour Party - asked him to write the cheque for £3,334, and then gave him the money. “He said, ‘You write a cheque’,” Mr Siddiqui told the newspaper. “I write a cheque for that

American dream spells nightmare for Liverpool
Daily Telegraph - Far from benefiting from the investment of American money, Liverpool are likely to find themselves funding Hicks’ baseball and ice hockey teams across the Atlantic. He has openly admitted as much. The fans want to see money coming into their football

Heath Ledger was a lonesome cowboy
Times On the web - The Hollywood agent, who was part friend and part uncle or aunt to young actors, has long been replaced by corporate money men. Business managers, lawyers and senior studio executives look at the financial implications of each career move on every

After two years at helm, Bernanke mettle tested by US crisis
Times of India - economist and one of the leading scholars of the Great Depression, is in some ways still haunted by his moniker “Helicopter Ben,” stemming from comments he made as a Fed official in 2002 when he mentioned the possibility of dropping money from

DELAYED: The Soaring Toll
Washington Post - While declining on-time performance rates have drawn the most public attention, an analysis of government data reveals another staggering toll of late flights: lost time and money. During the first 11 months of last year, 1.6 million passenger

Comments No Comments »

TFN NEWS BRIEFING: Banking and insurance highlights to 15:45 GMT
Forbes - owner. Neither the Subscriber nor AFX News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including

IRAN’S NEW PURGE
New York Post - We’ll protest, but won’t make a big noise.” Aref, Rafsanjani, Khatami: These are the guys that Rice, hoodwinked by her advisers, seems to be banking on to bring the Islamic Republic back to reason. With enemies like that, Ahmadinejad needs no

Oversight powers for Bank sought in MPs’ report
Financial Times - The Treasury declined to comment yesterday, arguing its response would come when it launched its three-month consultation on banking reform legislation. It is expected to strengthen the roles of both the Bank of England and the FSA in handling future

MPs demand new regulator as FSA stands condemned
Times Online - It recommends that a Bank of England deputy governor and head of financial stability be introduced to oversee a new protection scheme for bank deposits, keep a look out for banking problems and oversee the rescue or “orderly failure” of troubled

Experian adds anti-fraud tool
Silicon.com - Brooker stated since the banking community has concentrated on reducing credit card fraud, fraudsters have moved on to other things, such as direct debit and direct credit fraud. With the information on just one cheque, a fraudster can set up a direct

DAVOS-Indian equity issuers need dose of realism-Kotak
Reuters - Kotak Mahindra is one of India’s leading financial conglomerates and is involved in commercial banking, investment banking, stock broking, mutual funds and life insurance. “The challenge is that there’s a lot of exuberance in the minds of issuers and

Citi chief awarded $26.7m in shares
Daily Telegraph - The Credit Suisse job cuts are directly related to the crisis in the US sub-prime mortgage market, with the losses to be focused on the bank’s global securities department within investment banking. The Goldman cuts are part of an annual cull. A

French police seize trader
MSN UK News - A French banker accused of orchestrating one of the biggest banking frauds in history has been arrested. Jerome Kerviel, 31, went on the run after being named as the rogue trader who lost the Société Générale bank £3.7 billion. Kerviel has yet

Financial services CIOs reveal investment priorities
Silicon.com - In UK retail banking alone - just one segment of the huge financial services vertical - IT spend is tipped to reach almost £10bn this year, according to analyst Gartner’s latest forecasts. In securities that figure is £6.6bn while in insurance

Dems SC strategy focused on race
Miami Herald - Poll Manager Brittany Coleman, left, assists Elizabeth Jenkins, right, and Craig Williams, center, as they prepare to cast their votes in the South Carolina Democratic Presidential Primary at Joseph Floyd Manor in Charleston, S.C., on Saturday, Jan

Bush pushes Congress to pass stimulus plan
CNN - Secretary Henry Paulson met Thursday night with Senate Finance Committee Chairman Max Baucus, D-Montana, and Sen. Chuck Grassley of Iowa, ranking Republican on the committee, to start negotiating the Senate bill. Paulson met Friday with Senate Banking

Insurer Friends ready to unveil break-up plans
Times On the web - EMBATTLED insurer Friends Provident will this week reveal plans to break itself up and sell its European wealth Also in Banking & Finance

Societe Generale chief, Daniel Bouton, faces President Nicolas Sarkozy
Times Online - Minister added his voice to the chorus of disbelief over the bank’s story of the rogue trader. “It is difficult for every one of us to comprehend how a single person can, in a relatively short time, inflict such considerable losses in a banking

Woods, rookie Streelman worlds apart
Miami Herald - Tiger Woods never went to any stage of Q-school, had $40 million in endorsements the day he turned pro and played only the top golf tours any continent had to offer. When he was 24, he won the career Grand Slam. Kevin Streelman cut his teeth on tours

Police raid ”rogue” trader’s flat
Reuters UK - Societe Generale has still not named the dealer who lost 7.18 billion dollars in fraudulent trades but Kerviel’s name surfaced within hours of the announcement on Thursday (January 24) and has been confirmed by banking sources. Police have

Comments No Comments »

George Duke, jazz musician
Boston Globe - GLAD WE MISSED: “‘Play No Games’ by Lil Jon & the East Side Boyz. ‘Play No Games’ uses a sample of mine, and the only reason it’s in there is because I wanted to hear the doggone thing. I made a lot of money with that. It paid for my ‘Duke’ album

Laws target tanning: New legislation in Mich. reflects concerns about
Detroit News - Still, asking for more money in Michigan’s tough economic climate goes too far, stated Vince Lorraine, the owner of Tropi Tan Inc. and Tropi Tan Franchising Inc. “That’s way too high-priced for some small salons right now.” Consent for minors supported

The winning recipe for casinos
Boston Globe - When it’s not done well, when it’s just a governor plugging a hole in the budget, or just trying to take away money from Rhode Island or Connecticut, it just becomes something where the money might make the stomach full for a minute, but the appetite

Pontiac to cut 28% of its cops
Detroit News - Voters also failed to reauthorize tax increases approved in November 2006 that would have reopened youth centers and given the Police Department additional money. That money — about $1.7 million had been collected — will now be credited back to

Buying is strategy for down market
Detroit News - When bad times recede and the market turns up, you’ll be holding more shares worth more money. As you steadily sock some of your money away in a 401(k), Individual Retirement Account or other savings fund, remember that dropping stocks literally mean

Transit board told it must fight for funds
St. Petersburg Times - But they’ll have to pledge lots of local money to have a chance at getting coveted federal transit funds, said officials with the state Department of Transportation. “That’s the biggest hurdle we face,” Transportation Department consultant Robert

Grisham’s ‘Appeal’ takes on dirty politics
Boston Globe - Tom Wolfe’s epic 1987 novel, “The Bonfire of the Vanities,” unforgettably examined the money grubbing, hypocrisy, and spiritual hollowness of New York City during the 1980s. It mercilessly skewered Reagan-era American values, holding up a mirror that

Tax ‘Rebate’ Is Borrowed Money in Disguise
NPR News - All Things Considered , January 25, 2008 · Commentator Marc Acito states the proper response when receiving a gift is to simply state “thank you,” whether or not you wanted it. But, he says, it’s hard to be grateful for this latest gift from our

House GOP Proposes Earmarks Moratorium
Forbes - The proposed moratorium would give time for reforms to be devised to supplement recent rules requiring lawmakers who obtain earmarks and the entities receiving the money to be identified. “House Republicans believe that the earmark system should be

Inspector says builder was warned before fatal hit-run
St. Petersburg Times - On July 23, David Pierce and his friend, Samantha Murray, were walking home from a nearby Wal-Mart, where David purchased a toy car with birthday money from his grandmother. As they stepped into the dark street to go around the blocked stretch of

Berman: We see all too well, Mayor Kilpatrick
Detroit News - There’s $9 million of the city’s money spent on a lawsuit that should have been settled years ago. But Kilpatrick’s sense of entitlement is the real offense laid bare in the text messages. This is a man who feels free to lie, because it’s his right

Electricity deal costs customers, report says
Baltimore Sun - Regulators also allege that BGE might have violated some of the deal’s terms, and said they’ll think about whether some of the money that consumers paid can be recovered through rebates or credits on their bills. Constellation sharply criticized the

McCain stays focused on security
St. Petersburg Times - We all know that some of that money ends up in the hands of terrorist organizations. That can’t continue.” And McCain emphasized the importance of helping to guide China in its continuing march to becoming a world superpower. “I worry when they have

Job growth prediction raises eyebrows
Boston Globe - Although Patrick’s proposal calls for spending an average of $100 million a year over 10 years, say officials state companies and universities could leverage much of that money to bring in even more dollars. The Massachusetts Biotechnology Council and

Comments No Comments »

Close
E-mail It