Posts Tagged ‘money’

IMF Money

January 22, 2012 Leave a comment

Christine Lagarde says IMF members should increase the institution’s lending capacity by as much as $500 billion. The IMF says it will need to provide over $1 trillion in support to financially struggling governments over the next few years, and existing resources aren’t enough.

The governments being asked to increase contributions will take some convincing. They suspect a scheme to bail out Europe’s struggling treasuries and think Europe has enough resources of its own to fix its problems. They are right, but they are missing a larger point.

The economic crunch of the past four years has shown that the world needs the global lender of last resort that the IMF was originally intended to be. This means not just more financial resource, a bigger increase, in fact, than Lagarde is seeking, but also new rules for access to them and a new understanding about how the IMF is run. These reforms must be all of a piece for the economic plan to succeed.

Climate Tech News

Immigrants in US will face more stringent rules, according to new money sending procedures unveiled recently.

Customers who send international money transfers will soon be entitled to clearer cost disclosures.
The Consumer Financial Protection Bureau on Friday issued new rules governing remittances, which are often used by immigrants to send money to family back home.

money ache, business, immigration, send money

The Washington Post reports that the rules also require companies to disclose any fees, the exchange rate and the amount that will ultimately be paid out to the recipient in local currency. Companies will also be required to investigate disputes and to give customers at least 30 minutes to cancel a transaction.

So what is it about money that triggers such strict rules? Mitt Romney has also been accused of using safe tax havesn to protect, well, his hard earned cash.

According to Wikipedia: Money is any object that is generally accepted as payment for…

View original post 207 more words

Categories: News Tags: ,

Clean Energy Fuels in $150 Million Investment

August 26, 2011 Leave a comment

Clean Energy Fuels Corp, a California company that builds natural-gas fueling stations for heavy-duty trucks, is the proud beneficiary of new 150 million dollar investments in the form of 7.5% convertible notes due in 2016. The notes will be convertible into shares of Clean Energy common stock at $15 a share. The stock closed Thursday at $13.23.

A person close to the deal said that if the notes were converted they would amount to a little more than a 13% equity stake in Clean Energy Fuels.

The new investment, just a month after Chesapeake pledged $150 million to Clean Energy, underlines the increasing emphasis by companies such as Westport Innovations and General Motors on developing new technologies to replace pricey gasoline and diesel with cheaper natural gas fuels.

Sony Ericsson posts losses in second quarter, 2011

July 15, 2011 Leave a comment

Sony Ericsson post losses 2011, mobile phone industry Sony Ericsson has declared its financial results for the last quarter (April – June 2011), blaming poor performance on a shortage of components in the aftermath of the earthquake, tsunami and nuclear disaster in Japan in March.

The company sold 7.6 million handsets in the 3 month period, but it had expected to sell between eight and eleven million.

But it’s not all bad news, with Sony Ericsson managers insisting that the hard times are behind it, and forecasting bigger sales for the second half of the year.

Chief executive Bert Nordberg said, “There might be some minor spillover. In our planning this shortage is behind us.”

Sony Ericsson expected big things of 2011, unveiling a strong line up of smartphones at this year’s Mobile World Congress, including the Sony Ericsson Xperia Arc and the long-awaited Xperia Play PlayStation phone.

Fed’s Bernanke signals new round of quantitative easing

October 16, 2010 Leave a comment

US Federal Reserve Chairman Ben Bernanke has opened the way to a new round of quantitative easing in the money market.

“There would appear, all else being equal, to be a case for further action,” he said, in a speech to the Boston regional federal reserve.

The US central bank is expected to back a move to buy up US government bonds in order to lower borrowing costs at its next meeting on 3 November.

Mr Bernanke said unemployment and low inflation lay behind his view.

However, some colleagues at the Fed have expressed much more hawkish views, and Mr Bernanke was careful not to pre-empt the decision of the rate-setting committee due next month.

Australia says won’t widen mine tax as talks start

October 7, 2010 Leave a comment

A committee led by Australia’s Resources Minister Martin Ferguson and former BHP Billiton chairman Don Argus will hold the first talks on details of a  30 percent tax with iron ore, oil and gas producers in the mining state of Western Australia on Thursday. Some miners are worried the minority Labor government, which relies on three independents and a Green lamaker to maintain a majority, could widen the tax to other commodities or lower the starting threshold if the tax revenue targets fall short.

But Treasurer Wayne Swan sought to allay concerns the government could broaden the tax, or impose it on smaller miners, to shore up government revenue and help return the budget to surplus by 2012-13. “I can guarantee that the design that has been consulted upon by the Argus committee is the design that we are absolutely committed to, and we are sticking to,” Swan told Australian radio on Thursday. The 30 percent tax, set to come in from 2012, aims to raise about A$10.5 billion ($10.2 billion) in its first two years and is due to be imposed on about 320 iron ore and coal projects with profits of A$50 million a year or more.

Fortescue’s chief executive Andrew Forrest has said the tax would benefit established and global miners and would penalise emerging companies. Adding to concerns over the tax, a surging Australia dollar, which hit new two-year highs above $0.97 in the past week, could undermine company tax projections and plans to return the budget to surplus, the Australian Financial Review said.

The government says the mining profits tax is designed to make sure Australians get a fair return for the surging value of Australia’s resources, due to increased demand from China. Independent Senator Nick Xenophon on Thursday repeated a call from parliament’s upper house for Treasury to release full details of revenue forecasts from the tax, but Swan said the details of the forecasts would remain secret. “The Treasury never has, not under the previous government or under this government, published the detailed information about individual commodities.

It has never been done,” Swan said. “The discussions that the Treasury has with commercial organisations are of necessity in confidence, and it would be extremely damaging both to the companies and to our national interest if those sorts of individual figures were released.”


World Faces New Wave of Currency Wars

October 6, 2010 Leave a comment

An American bill imposing punitive tarifs on countries that undervalue their currencies is set to unleash a new trade war between the US and China. But in fact the whole global currency system is in a state of jeopardy. As confidence in the dollar drops, private investors are putting their faith in gold.

At first glance, the new bill sounds perfectly innocuous. “H. R. 2378 — Currency Reform for Fair Trade Act” was on the agenda of the US House of Representatives late last Wednesday afternoon. Fair trade — who could object to that?

But as the representatives started debating, it didn’t sound harmless anymore. In fact, it sounded like war.
“International trade is a high-stakes, cutthroat business. And every time we simply talk, the other side acts. And every time they act, an American loses a job,” said Xavier Becerra, a Democratic congressman from California.

Timothy Murphy, a Republican from Pennsylvania, went one step further: “We are about to lose our position as a global leader when next year China overtakes us as the biggest manufacturer in the world. The trouble is that China has never really accepted the basic rules of fair trade.”

Democrat Linda Sanchez from California argued: “Opponents say that this bill will start a trade war. I say, we are already in a trade war. And China is using cannons and we’re standing here shooting (air gun) pellets.”

Verbal Attacks

There was one verbal attack right after the other, for roughly an hour. Speaker after speaker condemned the alleged “currency manipulators” from China who supposedly subsidize their products by keeping their currency artificially low. They all want to see H. R. 2378 passed into law.

A closer look at the fine print also reveals that the draft legislation is far from harmless. The bill calls for the US Department of Commerce to start imposing — even without approval by US President Barack Obama — punitive tariffs on certain countries. The initiative specifically targets countries that have “a fundamentally undervalued currency,” “persistent global current account surpluses” and very large currency reserves — in other words, China.

The bill passed the House by a vote of 348 to 79. “This is a stronger message than any previous one,” says Nicholas Lardy from the Peterson Institute for International Economics.

Brazil’s Vale to list shares on HK exchange

September 24, 2010 Leave a comment

Brazil’s mining giant Vale will list its shares on the Hong Kong Stock Exchange, the world’s leading iron ore producer announced Thursday.

The decision to list its shares in Hong Kong Exchanges and Clearing (HKEx) offers direct access to the Asian capital market,” the fastest growing market in the world,” the company stated.

The listing process still depends on the approval of capital markets regulatory agencies. Its approval is expected to be concluded by the end of 2010.

Vale also announced that its board of directors had approved to buy back up to two billion U.S. dollars of shares, involving up to 64,810,513 common shares and up to 98,367,748 preferred shares. The repurchase will be carried out over the next six months.