By Katya Andrusz
(Updates with minister’s comments from second paragraph.)
Feb. 16 (Bloomberg) — Swiss Economy Minister Johann Schneider-Ammann said today that the franc is “overvalued” and will probably weaken against the euro.
“In time the Swiss franc will have to move toward purchasing power parity against the euro,” he told reporters at a briefing with Polish Economy Minister Waldemar Pawlak in Warsaw. “However, we’ve learned for now to live with a certain volatility.”
Schneider-Ammann said he’s “soothed” that the European Union is “doing everything it can” to resolve its debt crisis Replica Tag heuer watches, which caused the currency bloc’s economy to contract in the fourth quarter and hurt Swiss exports, already under pressure from the appreciating franc.
Coping with the credit crunch “is an enormous challenge now and it will remain an enormous challenge” for policy makers Replica Breitling Watches, Schneider-Ammann said.
–Editors: David McQuaid, Wojciech Moskwa
To contact the reporter on this story: Katya Andrusz in Warsaw at kandrusz@bloomberg.net
To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net
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Picture: Hilary Swank Cinema For Peace Event Benefitting J/P Haitian Relief held at The Montage Hotel Beverly Hills Prom Print Dresses, California ….
Hilary Swank Refuses To Reveal Donation Details
Hilary Swank has refused to release details of worthy causes who benefited from her controversial attendance at Chechen president Ramzan Kadyrov’s birthday party.
The Oscar-winning actress issued a grovelling apology in October (11) amid a storm of criticism of her presence at the event, and she promised to hand her personal appearance fee to charity.
Exiled former Chechen leader Akhmed Zakayev has written to the Boys Don’t Cry star demanding she provide details of her payment and the charities she’s handed it to – but Swank has declined the request.
A spokeswoman for the actress tells The Hollywood Reporter, “Over the last four months, Hilary has been working directly and privately with various human rights organisations and other charities – giving both her time and financial resources.
“At the request of such organisations, and consistent with Hilary’s longstanding practice of donating anonymously, she will not be publicly acknowledging her contributions and efforts.”
Swank was slammed by officials at Human Rights Watch for partying with Kadyrov in October (11) amid claims he is responsible for torturing his citizens.
By Heather Smith and Ben Moshinsky
(Updates with Belgian regulator in second paragraph.)
Feb. 13 (Bloomberg) — France and Belgium ended bans on the short-selling of financial stocks, the countries’ financial markets regulators said today.
The French curbs, barring short sales on companies including France’s biggest banks BNP Paribas SA, Societe Generale SA and Credit Agricole SA, expired Feb. 11 and haven’t been renewed, France’s Autorite des Marches Financiers said in a statement on its website without giving further reasons for the decision.
“The lower volatility of the markets” made the ban no longer necessary, Belgium’s Financial Services and Markets Authority said in its statement.
France, Belgium, Spain and Italy moved to ban short selling in August in an effort to stabilize markets after European banks including Societe Generale hit their lowest levels since the credit crisis of 2008.
The European Securities and Markets Authority, which coordinates markets policy in the region, “has been informed” of the French and Belgian actions, ESMA Spokesman Reemt Seibel said in a telephone interview today.
Both France and Belgium have bans on so-called naked short- selling that remain in force.
April Group Replica Cartier watches, CIC, CNP Assurances SA, Euler Hermes SA, Natixis SA Replica Cartier watches, and Scor SE were also covered by the French ban. The AMF reiterated that it requires disclosure of short positions under rules adopted last February. France also restricted short sales in 2008 after the collapse of Lehman Brothers Holdings Inc.
Short-sellers sell borrowed shares with plans to buy them back later at a lower price, a practice politicians and some investors blame for roiling markets. The practice is known as “naked” when sellers haven’t first taken steps to ensure that they can borrow the securities.
–With assistance from Jim Brunsden in Brussels. Editors: Peter Chapman, Christopher Scinta
To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net
To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net
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By Richard Rubin and Ian Katz
(Updates with Schumer comments starting in fifth paragraph.)
Feb. 14 (Bloomberg) — U.S. Treasury Secretary Timothy F. Geithner endorsed the “modest” tax increases proposed by President Barack Obama and opposed by congressional Republicans, saying they would be preferable to spending cuts.
Reducing the U.S. budget deficit over the next decade without raising taxes would require damaging cuts to Medicare benefits and national security, Geithner said in testimony today before the Senate Finance Committee. In the budget plan released yesterday, Obama called for $1.4 trillion in fresh revenue from Americans at the top of the income scale, including higher taxes on wages and investments and limits on tax breaks for retirement savings and health insurance.
“We think the economics are quite good, quite sound,” Geithner said in his testimony.
Geithner said he would prefer to see additional revenue raised through a comprehensive rewrite of the U.S. tax code. The administration hasn’t made such a detailed proposal, and Geithner said that one won’t be forthcoming. He described that decision as a realistic nod to House Republicans’ unwillingness to agree to the same broad framework.
The administration is being “too patient” on taxes, said Senator Charles Schumer, a New York Democrat, who said he wants the Senate to vote this year on tax increases for top earners.
“Why wait?” he asked. “Why shouldn’t we be debating these issues now?”
Reductions, Cuts
Senator Tom Coburn, an Oklahoma Republican, urged Geithner to pursue cutting duplicative federal programs and reducing Medicare fraud instead of tax increases.
“It’s not right to assume that we couldn’t run the federal government more efficiently and that the only option is to raise revenue,” he said.
Senator Max Baucus Replica Omega Watches, a Montana Democrat who is chairman of the panel holding the hearing, backed Obama’s proposal for permanent extensions of expiring tax cuts. He also called for overhauling the tax code.
“We must make the tax code fairer and more predictable,” he said. “We need to simplify it and close loopholes.”
Baucus said the administration’s cuts to rural assistance programs are “too deep” and could “paralyze our ongoing economic recovery.”
Tax Increases
The tax proposals in the administration’s budget plan were immediately rejected by business groups and some congressional Republicans Replica Rolex watches, who said the ideas were part of Obama’s re-election strategy and that they had little chance of advancing into law in 2012.
Senator Orrin Hatch of Utah, the committee’s top Republican, said the Obama budget would impose “stifling tax hikes” that would harm the economy.
“This budget is a plan for a permanently larger, European- style government,” he said. “It does not set our country on a sustainable fiscal path.”
Later this month, the Obama administration will release what Geithner called a “framework” for corporate tax reform. At one point, Geithner said the plan would be released next week. He said the plan will be “a little tougher” than the proposals offered in the House.
Treasury’s tax plan will “eliminate dozens and dozens of specific corporate tax preferences,” Geithner said. He added that the plan will call for retaining a few breaks that support U.S. jobs.
Lower Corporate Rate
Representative Dave Camp, chairman of the House Ways and Means Committee, is calling for dropping the corporate tax rate to 25 percent from 35 percent and removing most taxation on profits that U.S.-based companies earn outside the country.
Geithner said the two plans would share some ideas.
“We’ll be more specific than principles but not as detailed as legislative language,” he said.
Geithner said he believes that over time the Congressional Budget Office’s estimate of the $25 billion cost of the Troubled Asset Relief Program, which provided bank bailouts during the financial crisis, will “prove high.”
“The costs are vastly lower than what people thought, hundreds and hundreds of billion dollars lower than what people thought,” Geithner said. “We’ve gotten most of that money back already and we’re in a very good path to show a very high return.”
The administration in its budget plan doubled to $61 billion the amount to be raised from a bank tax that institutions with more than $50 billion in assets would pay for their role in the financial crisis. The fee also would pay for the administration’s mortgage refinance plan.
–With assistance from Kevin Costelloe and Cheyenne Hopkins in Washington. Editors: Jodi Schneider, Laurie Asseo
To contact the reporters on this story: Richard Rubin in Washington at rrubin12@bloomberg.net; Ian Katz in Washington at ikatz2@bloomberg.net
To contact the editors responsible for this story: Chris Wellisz at cwellisz@bloomberg.net; Jodi Schneider at jschneider50@bloomberg.net
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Picture: Rihanna 54th Annual GRAMMY Awards (The Grammys) – 2012 Arrivals held at the Staples Center Los Angeles Watches Replica, California ….
Rihanna Reunites With Brown For New Single?
Rihanna has recruited her abusive ex-boyfriend Chris Brown to make a guest appearance on the remix of her new single, according to reports.
The former couple has allegedly reunited in the studio for the release of Birthday Cake, three years after Brown was arrested and charged for assaulting Rihanna on the eve of the 2009 Grammy Awards.
The altercation landed Brown a conviction and saw him sentenced to hard labour, while he was also ordered to stay away from the Umbrella hitmaker.
The restraining order has since been relaxed, and it appears Rihanna has forgiven the controversial singer – and invited him to lay down vocals for the extended version of Birthday Cake, a catchy interlude from her latest album Talk That Talk.
Producers Da Internz recently fuelled rumours of Brown’s involvement, telling Mtv News, “It’s gonna be crazy. And the feature on there is gonna shock the world.”
Rihanna’s Twitter.com posts have done little to dispel the gossip after quoting defiant lyrics from her 2010 song Hard.
After news of the collaboration surfaced on Friday (17Feb12), she tweeted, “They can say whatever, Ima (sic) do whatever… No pain is forever, Yup! You Know This.”
And a representative for Brown tells Life & Style magazine, “Chris and Rihanna are friends again.”
The publication reports the track will be released next week (begs20Feb12).
Brown has been courting controversy again since performing at the Grammys last Sunday (12Feb12), when his presence and Best R&B Album win upset many celebrities and music fans on the third anniversary of his Rihanna fall-out.
By James Rowley
(Updates with Waters aide declining comment in third paragraph.)
Feb. 17 (Bloomberg) — House Speaker John Boehner appointed six lawmakers to help review ethics allegations against California Representative Maxine Waters, replacing Ethics Committee members who disqualified themselves from the case.
Waters, a Democrat, is accused of improperly helping a financially troubled Boston bank, in which her husband owned stock, seek $50 million of emergency federal assistance during the financial market crisis in 2008. She would be first in line to be chairwoman of the Financial Services Committee if Democrats gain the majority in the November elections.
Mikael Moore, Waters’s chief of staff, declined to comment.
The appointment of the six temporary Ethics Committee members was announced on the House floor after the panel’s chairman, Republican Jo Bonner of Alabama Vests, ranking Democrat Linda Sanchez of California and four other Republican members recused themselves from participating in the case.
The disqualifications stemmed from a review of Waters’s allegations of misconduct by two former Ethics Committee staff lawyers in handling her case, which originated in 2010. In July, the panel hired Washington attorney Billy Martin to probe allegations that the lawyers improperly communicated information about the Waters case to Republican lawmakers.
No Evidence of Bias
Martin found no evidence of bias or a need for disqualification by members of the panel, Bonner said in a letter to Boehner, an Ohio Republican, that was read aloud on the House floor. Bonner said he and his colleagues were recusing themselves “out of an abundance of caution and to remove even the appearance of unfairness.”
The temporary replacements are Republicans Bob Goodlatte of Virginia, Steve LaTourette of Ohio, Mike Simpson of Idaho, Shelley Moore Capito of West Virginia and Tim Griffin of Arkansas Special Occasion, as well as Democrat John Sarbanes of Maryland.
Besides Bonner and Sanchez, the four members who recused themselves were Republicans Charles Dent of Pennsylvania, Gregg Harper of Mississippi, and Mike Conaway and Michael McCaul, both of Texas.
–With assistance from Jodi Schneider in Washington. Editors: Katherine Rizzo, Laurie Asseo.
To contact the reporter on this story: James Rowley in Washington at jarowley@bloomberg.net
To contact the editor responsible for this story: Katherine Rizzo at krizzo5@bloomberg.net
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Picture: Whitney Houston 2011 Pre-Grammy Gala and Salute to Industry Icons honoring David Geffen – Arrivals Los Angeles Replica Watches, California ….
Whitney Houston’s Funeral: Will It Be New Jersey Or Atlanta?
It’s believed that the funeral of the late singer Whitney Houston will be held in Newark, New Jersey after a decision was made by her family – however rumors have surfaced that not all of those related to the multi-million selling artist were in favour of the idea, with Atlanta, Georgia also being mooted as a potential location for the burial of Houston’s body.
Tmz say sources have told them that the soul legend and cousin of the recently deceased Dionne Warwick, as well as her mother Cissy Houston, wanted Houston to be buried in Atlanta, citing that it was the place where they believed she was happiest during her life. However Newark is where she was born and discovered for her singing ability and it’s for these reasons that have led to the rest of the family insisting that she be laid to rest there. A quote from the source said “Michael Jackson did not want to be buried in New Jersey, and Whitney did not want to be buried in New Jersey.”
It’s believed however that the family have convinced Warwick and Houston Snr that it’ll be Newark where the world remembers the tragic star the most. Now The Huffington Post reports that they may have grand plans for the send-off, with the family reportedly approaching Newark’s Prudential Centre to hold a wake this coming Thursday and a funeral on Friday. The venue holds around 18,000 people and is used primarily for college and professional sporting events.
By Julie Cruz
Feb. 19 (Bloomberg) — Germany’s Foreign Minister Guido Westerwelle warned against a further escalation in a nuclear dispute with Iran.
“We will jointly examine with our partners in substance the Iranian offer of dialogue, which was sent in writing,” he said today in a statement. “Should there be a serious, substantial willingness to talk, we want to identify it.”
While Iran insists its nuclear program is for civilian energy and medical research, the U.S. and European governments say they suspect it is seeking an atomic weapons capability.
Iran hasn’t negotiated with the so-called P5+1 — the UN Security Council’s permanent members China Replica Watches, France, Russia, the U.K. and the U.S., plus Germany — since talks broke down in January 2011.
–Editors: Digby Lidstone, Rob Verdonck.
To contact the reporters on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net
To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net
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UN nuclear inspectors are in Tehran Monday to attempt to meet with Iranian nuclear scientists and visit a key military facility as they investigate allegations that Iran is building an atomic weapon.
The trip is the second in about a month by an International Atomic Energy Agency team as international pressure steps up over nuclear weapons concerns. Iran has denied it is building atomic weapons and is refusing to discuss the matter.
Herman Nackaerts, a senior UN nuclear official, said his team hopes for progress in the talks, but did not speak optimistically about that possibility.
Iran started air defence wargames dubbed “Sarollah,” or “God’s Revenge,” in the south of the country Monday to practice defending nuclear and military facilities.
The West has viewed the wargames as the latest attempt by Iran to demonstrate it will defend itself and retaliate against any armed strike.
The U.S. and Israel have not ruled out strikes against Iranian nuclear facilities.
The UN visit comes as Iran announced it would stop shipping oil to the United Kingdom and France.
The strategy being used by Tehran is to not let the “enemy” get the upper hand, a Middle East expert says.
“I think this gives Britain and France and other western powers something to think about because the original idea was that by July 1 crippling sanctions would be in place,” Toronto-based Kamran Bokhari told CTV’s Canada AM Monday.
The European Union agreed to stop buying Iranian crude July 1 under a round of new sanctions, but Bokhari said that was preempted by Tehran Sunday when its Oil Ministry announced shipments to the U.K. and France would end.
That caused oil prices to spike Monday to a nine-month high of US$105 a barrel. Oil prices were also affected by China’s decision to boost its money supply to spur lending and economic growth.
About 18 to 20 per cent of Iranian crude is purchased by countries in the EU.
Bokhari isn’t sure if the Iranians are bluffing, but what the move does say is the country’s leadership isn’t ready to “throw in the towel just yet.”
It’s also possible Iran is counting on the ban to bump world crude prices, Bokhari said.
“Everybody has an incentive to negotiate. The question is who is going to negotiate from a position of relative strength . . . both sides want that and obviously both sides can’t have that to the detriment of the other,” Bokhari said.
While Iran may be counting on oil prices to rise and force a compromise, it’s also suffering economically from lower crude sales, Rasool Nafisi told Canada AM Monday.
An expert on Iran at Strayner University in Washington, D.C., Nafisi said the oil-dependent country is already trying to find a market for about 25 per cent of its crude.
With the EU not buying its oil, coupled with China dropping half of its orders, Iran needs new customers, possibly in South America, he said.
“I find it hard to believe that under the strict sanctions by western countries they can really find a new range of new customers,” Nafisi said.
But there is a current shortage of crude on the market and perhaps the Iranians are counting on that to work in their favour, he added.
Both Nafisi and Bokhari believe a military strike on Iran is unlikely because both sides want to negotiate and it’s in the interest of the Americans to reach a peaceful solution.
Bokhari said there’s more at stake for the U.S. than just Iran’s alleged nuclear weapons program.
It’s really about the balance of power in the Persian Gulf, as well as stability in Iraq, the outcome of the Syrian uprising and American attempts to reach a compromise with the Taliban in Afghanistan, he said.
He also believes Israel won’t go it alone with a military strike. It will work with the international community to find a resolution, Bokhari said.
“Nobody’s in the mood to go down that military road because of the repercussions and the cost of that would be much higher than the perceived benefit,” he said.
Meanwhile, France is shrugging off Iran’s ban on crude exports to the country.
The Foreign Ministry said French oil companies have already stopped buying Iran’s oil under EU sanctions adopted last month.
With files from CTVNews.ca’s John Size
Comments are now closed for this story
Abbe
said
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If a nation said MANY times that it would wipe the USA off the map kill all Americans, would the USA listen to Israel, when Israel says to the United States, "Don’t do anything about it, we’ll use sanctions against them."
Israel has nuclear bombs since 1954 and never even once said it would use them and NEVER threatened anyone. Yet, Iran threatens to wipe Israel off the map and that Israel will soon receive a nuclear holocaust before Iran even has one bomb. Imagine how they will threaten anyone they want as soon as they REALLY have the bomb.
James in Calgary
said
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The same brilliant crew that was in Syria? “Okay, they are telling us that all is well here,and nothing is being hidden…time to go home”.
Wilson
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The real crime here: The commodities broakers will now use this “paper threat” as leverage to raise the price of oil and gas.When in reality, this should no effect on the price of oil as Iran sells more of its oil to other ono-EU countries and the EU countries snubbed by Iran buy their oil from other suppliers; overall nil net effect in the sale/transfer of the world’s oil. This is just a shifting of allegiances, nothing more.
Sal
said
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Let’s go solar and wind and screw them! No leverage against warmth allowed Replica Watches!!!
MikeInBC
said
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Maybe Canada should build a pipeline to the East Coast and ship oil to Europe…That is providing the Euro’s don’t ban tar sands oil.
Old Ted
said
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The way oil is shuffled around, Europe will get oil, not Iranian perhaps but they will get oil. Now, if Iran completely quits exporting oil, then there would be an effect on the world market.
frank
said
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Americans want to reach a peaceful resolution? RIGHT!! Since when to Americans want to reach peaceful resolutions when it comes to oil?
No, I see this conflict escalating pretty quickly and I wouldn’t be surprised if we see the start of WW3.
We are due another big war with everything going on in the world.
joel thomas
said
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no shortage just greedy people on wall street and in washington dc and big oil,how much is enough for you gazillionairs in washington and wall street and big oil.
CMQ
said
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All this really means is another lame excuse will be made to drive up the price at the pump. This report differs from another report I saw about the amount of oil available. According to a popular US news sight the US is so flush with oil and the demand is lower allowing the US to sell off its excess oil for profit and keeping oil prices higher. This whole issue is such BS when it comes to gas prices. Quite frankly we are paying the same for gas per litre now as it was when oil was selling at $130-$140 per barrel. The oil companies have just gotten everyone used to paying $1.25 or more per litre. That now is the new psychological barrier we are tolerating.
Peace dude
said
0 0
In the end the ones that will suffer are all the ordinary citizens of the world . I wonder if big oil will have sympathy on us and put people before profits?
Hyderabad, Jan 6 (IANS) The US Export Import Bank (Exim Bank) has only received a proposal for and not granted any loan for Amerind Petroleum Private Ltd’s proposed petroleum refinery project in Andhra Pradesh, its chairman and president Fed P. Hochberg clarified here Friday.
He told reporters that Exim Bank had only received a proposal. ‘We have not yet reviewed the proposal,’ he said when asked to comment on the Rs.120 billion petroleum refinery that Amerind proposes to set up near Vishakhapatnam, in joint technical collaboration with US-based American Industrial Corporation (AIC).
Hochberg said only a Letter of Interest was issued for the project.
‘We told them if they make a business case we will review it,’ he said.
He was responding to a query about the project for which the Andhra Pradesh government signed a Memorandum of Understanding with Amerind after the latter reportedly informed the state government that Exim Bank had approved the loan.
Under the MoU signed in November last year Replica watches, Amerind will establish a refinery complex in the petroleum, chemicals and petrochemical investment region (PCPIR) near Viskhapatnam by relocating an existing US refinery.
It was announced that the first phase of the project would be set up on turn key basis at an estimated cost of $505 million by AIC by relocating an existing and running refinery acquired by it in the US.
In the second phase, the project would be expanded to a total refining capacity of 15 million tons per annum along with a petro chemical complex, at an additional cost of Rs.86.11 billion.
Amerind had informed the state government that Exim Bank will provide a loan funding of $375 million for US costs of the project and up to 30 percent of this for local costs in India.