Sunday 24th May 2015
NEWS TICKER: FRIDAY, MAY 22ND: The California Public Employees' Retirement System (CalPERS) has named Beliz Chappuie as CalPERS' Chief Auditor, effective July 31, 2015 - Saudi Arabia's oil minister has said the country will switch its energy focus to solar power as the nation envisages an end to fossil fuels, possibly around 2040-2050, Reuters reports. "In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels, I don't know when, in 2040, 2050... we have embarked on a program to develop solar energy," Ali Al-Naimi told a business and climate conference in Paris, the news service reports. "Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that sound good?" The minster is also reported to say he still expects the world's energy mix to be dominated by fossil fuels in the near future - Barclays has appointed Steve Rickards as head of offshore funds. He will lead the creation and implementation of the bank’s offshore funds strategy and report directly to Paul Savery, managing director of personal and corporate banking in the Channel Islands. For the last four years Mr Rickards has been heading up the Guernsey Funds team providing debt solutions for private equity and working with locally based fund administrators. Savery says: “Barclays’ funds segment has seen some terrific cross functional success over the past year or so. Specifically, the offshore business has worked hand in hand with the funds team in London to bring the very best of Barclays to our clients, and Steve has been a real catalyst to driving this relationship from a Guernsey perspective.” - Moody's has downgraded Uzbekistan based Qishloq Qurilish Bank's (QQB’s) local-currency deposit rating to B2, and downgraded BCA to b3 and assigned a Counterparty Risk Assessment of B1(cr)/Not prime(cr) to the bank. The agency says the impact on QQB of the publication of Moody's revised bank methodology and QQB's weak asset quality and moderate loss-absorption capacity are the reasons for the downgrades. Concurrently, Moody's has confirmed QQB's long-term B2 foreign-currency deposit rating and assigned stable outlooks to all of the affected long-term ratings. The short-term deposit ratings of Not-prime were unaffected - Delinquencies of the Dutch residential mortgage-backed securities (RMBS) market fell during the three-month period ended March 2015, according to Moody's. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.85% in March 2015 from 0.92% in December 2014. The 90+ day delinquencies also decreased to 0.66% in March 2015 from 0.71% in December 2014.Nevertheless, cumulative defaults increased to 0.65% of the original balance, plus additions (in the case of master issuers) and replenishments, in March 2015 from 0.56% in December 2014. Cumulative losses increased slightly to 0.13% in March 2015 from 0.11% in December 2014 – Asset manager Jupiter has recruited fund manager Jason Pidcock to build Asian Income strategy at the firm. Pidcock J has built a strong reputation at Newton Investment Management for the management of income-orientated assets in Asian markets and, in particular the £4.4bn Newton Asian Income Fund, which he has managed since its launch in 2005. The fund has delivered a return of 64.0% over the past five years compared with 35.9% for the IA Asia Pacific Ex Japan sector average, placing it 4th in the sector. Since launch it has returned 191.4 against 154.1% for the sector average. Before joining Newton in 2004, Jason was responsible for stock selection and asset allocation in the Asia ex-Japan region for the BP Pension Fund.

Pendulum swings in favour of Eurozone financial transaction tax

Monday, 09 January 2012
Pendulum swings in favour of Eurozone financial transaction tax A very broad agreement in favour of an EU financial transaction tax emerged today, at the start of the Economic and Monetary Affairs Committee's work on the legislative proposal. Spokespeople for the European parliament's various political groups all advocated the tax, at least throughout the eurozone, and some deplored France's weekend hint that it could go it alone. http://www.ftseglobalmarkets.com/

A very broad agreement in favour of an EU financial transaction tax emerged today, at the start of the Economic and Monetary Affairs Committee's work on the legislative proposal. Spokespeople for the European parliament's various political groups all advocated the tax, at least throughout the eurozone, and some deplored France's weekend hint that it could go it alone.

Various MEPs said that in recent months they had shifted their position in favour of a financial transaction tax. Danish MEP Wolf Klinz explains that this was  "because the financial sector has not learnt the lessons from the crisis".  The shift suggests that more MEPs may favour the proposal than was the case some months ago.  Only the ECR spokesperson, Czech MEP Ivo Strejček, stood by his group's fundamental opposition to the tax.

A large majority of MEPs are believed to want the proposals to be implemented, at the very least, by all eurozone members. French MEP Pascal Canfin (of the Greens Party) rejected the argument that "ordinary consumers" would see the cost of the tax shifted to them, noting that the main "consumers" on financial markets are in fact high-frequency traders and banks trading for their own profit. Other MEPs felt that the tax was not a punitive measure, but one which ensured that the financial community would share some of the burden of the crisis.



By narrow margins, Europe's parliament had already pronounced itself in favour of a financial transaction tax even at the end of 2010. The Commission tabled its legislative proposal late in 2011.

The ECR group however struck a lone chord of dissent.  All its representatives warned of the dangers of the tax, stating that relocation of financial players would likely take place within weeks of its imposition and added that it was states and not banks which were responsible for current crisis impacting on Europe.

The UK MEP Marta Andreasen, noted that it was "incredible that we are discussing a financial transaction tax for 2014 when the euro is burning."

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