U.S. niege to label China currency manipulator

U.S. niege to label China currency manipulator

Unknown   Saturday, April 13, 2013

The Obama administration declined to label China currency manipulator, but said that China's currency is still significantly undervalued s. The decision was made in a report twice a year Treasuries if any nation is manipulating their currencies to gain trade advantages.

The report said China has allowed its currency, the renminbi, and rise in value by 10 percent against the dollar since June 2010 and even more when inflation is taken into account. But the report said the currency remains undervalued and appreciation is needed.

The United States will also closely monitor the policies of Japan s currency, the report said. S Bank of Japan has just launched a new effort to boost the Japanese economy. That effort has weakened the value of the Japanese yen and the U.S. could expand trade and Japan gap.US manufacturers contend that China is manipulating its currency to gain trade advantages. 

A weaker renminbi makes Chinese products cheaper for American consumers and U.S. goods more expensive in China.The Obama administration has now declined to China as a manipulator of nine consecutive reports. 

It has been argued that it was more likely that the United States will advance economic issues through negotiation rather than confrontation. Naming China as a currency manipulator would lead to negotiations that could eventually lead to economic sanctions of the U.S. against China.

In March, Jacob Lew traveled to Beijing, his first trip abroad since becoming Treasury Secretary. During the trip, he referred to the need for China to do more to allow its currency to rise in value. He also referred to a number of other economic contentious issues between the two world s largest economic powers, including a demand from Washington for China to do more to end threats to U.S. cybersecurity Late U.S. companies.

The appointed a country as a currency manipulator was in 1994 during the Clinton administration made that accusation against China. On Japan, the report noted that the Japanese yen has lost value against the dollar by 12 , 5 percent this year alone. 

That s occurred when the Japanese government and its central bank has committed to an aggressive policy to drive interest rates lower to reinforce the Japanese economy. 

The U.S. government said he will continue to press Japan to use its economic policy to boost domestic consumer demand, and not as a trade weapon.

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Libya transferring 2 billion Dollar to Central Bank of Egypt

Libya transferring 2 billion Dollar to Central Bank of Egypt

Unknown   Monday, March 25, 2013

Central Bank of Egypt

Libya's transitional government is finalizing an agreement with Egypt to deposit $ 2 billion in the Central Bank of Egypt, an official said on Sunday talks.

The time suggested a possible quid pro quo, arriving five days after Egypt complied with the request of Libya months, to round up for possible extradition at least three prominent supporters of Colonel Muammar el-Qaddafi, who had been living openly in Cairo.

The deposit of $ 2 billion was first reported by the Anatolia news agency in Turkey on Sunday, citing information from the Libyan ambassador to Cairo, Mohamed Fayez Jibril.

The Libyan government had pleaded for months for the extradition of dozens of former allies of Colonel Gaddafi who are wanted for trial in Tripoli. But Egypt was willing to allow free stay in Cairo. It has become a meeting point for Gaddafi loyalists who fled the revolution in Libya.

Egypt, however, is now extremely short currency. Tourism revenue and new foreign investments have collapsed during the turmoil that followed the ouster of President Hosni Mubarak two years ago.

Egypt bookings are down to less than $ 14 billion, about $ 36 billion before the revolution, depressing the value of the Egyptian pound and raising questions about the government's ability to import essential goods such as fuel and wheat. Egypt is in talks with the International Monetary Fund on a loan package of $ 4.8 billion that could reassure other potential lenders about the solvency of Egypt. But negotiations have stalled over the amount of Egypt must raise taxes and cut subsidies.

Libya tank is equivalent to the open-ended loan for Egypt. In a similar system, the depositor retains the right to withdraw the money, allowing Egypt to temporarily use it to spice up their source of income.

In Libya, reports of the arrests seem to be reinforcing the popularity of Prime Minister Ali Zeidan, who is fighting to retain the support of wayward Libyan transitional parliament. Many Libyans resent Gaddafi's allies for abuses and corruption during the previous administration, and some suspect of working from Cairo to try to destabilize the new government.

Those arrested include Qaddaf Ahmed al-Dam, a cousin of Colonel Gaddafi, Ali Maria, former Libyan ambassador in Cairo, and Mohamed Ibrahim, the brother of a Gaddafi spokesman, Moussa Ibrahim.

Quoting an Egyptian security official, The Associated Press reported that the Libyan government has asked Egypt to stop last year to about 40 suspects, and sent a delegation to Cairo on Thursday to arrange the extradition had brought a list of 88 more.

Mr. Dam is challenging his extradition on the grounds that it has an Egyptian passport because his mother was Egyptian, from an area near the border with Libya, according to press reports. But it also faces charges related Egyptian illegal weapons police say were discovered in his home in Cairo.

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Bankers pay unacceptable after the scandals

Bankers pay unacceptable after the scandals

Unknown   Thursday, March 14, 2013

Institute of Directors' Simon Walker warns of "long-term damage to the reputation" of high wages of RBS and Barclays

The influential head of the Institute of Directors has launched a stinging attack on pay packages delivered at the Royal Bank of Scotland and Barclays, which together paid 523 bankers over 1 million pounds in the year of scandals hit 2012.
Simon Walker, director general of the Institute of Directors, told an audience of public relations executives that the payments were "unacceptable".
"Thousands of people in these two companies only earn even more than the prime minister. This is in the companies affected by the scandal that have had a successful time of year," said Walker.
 
Barclays was fined £ 290m for rigging Libor last year, while RBS paid £ 390m for trying to manipulate the key reference rate, while the two banks were also affected by the mis-selling scandal.
Walker spoke as one of the greatest directors of City funds, F & C Asset Management, set out to write to the president about 60 financial firms worldwide to warn that "the public perception can create unfair overpayment long-term damage to reputation. "
 
Fund managers F & C are asking "joined" thinking about how banks are managed in terms of "ethical performance, risk management and incentive system for the executives of banks - as expressed in terms of their remuneration ".
 
"There is growing need for executive management of the bank and the bank together to promote the adoption of corporate values", F & C will say. Fund managers are to believe Barclays and HSBC - fined £ 1.2bn for money laundering offenses in the U.S. - For the adoption of opinions of cultures and values.
Walker was referring to Barclays and RBS in his speech in which he also referred to the "cause for concern" caused by the lack of public confidence in capitalism, partly caused by the "rewards" for breach of salary levels.
 
"Now I know that Antony Jenkins [CEO] and Sir David Walker [president] of Barclays are working hard to introduce a new culture in Barclays in particular. And as you might imagine given my job, I'm not a rabid anti-capitalist. But I still think This situation is unacceptable. "
 
"Shareholder value has been destroyed, capitalism has been given a bad name, key market measures have been manipulated to benefit cynical, taxpayers have spent billions to bail out banks, yet large packages rewards are being delivered, "Walker said.

"So I think it is understandable that many people are concerned about the state of rewards for failure, and the disastrous effects of short-termism in some companies. IOD Many members are concerned about exactly the same things," he said.
 
Addressing the audience of PR, Walker said: "People from outside the communications industry sometimes think it is possible to turn anything - the proverbial turd can be polished fact, if I may use the metaphor, but sometimes can not - sometimes. underlying facts are the problem. "
 
Fund managers F & C call the banks "as a whole" to account for "past transgressions" even when the administration has left after misdeeds: "This means that regulatory or legal sanctions should affect the incentive pool is distributed to executives. "F & C said on the impact of EU plan to limit bankers' bonuses in times salary, or twice in some circumstances.

Walker also picked up this: "Just look at extra cover EU - wrong and counterproductive as it is, the behavior of some of our banks makes it difficult for anyone to be by her side to fight against him credible. They all are damaging British business, focusing only on their own short-term self-interest. "

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