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US cant account for 87b in Iraqi funds
Filed under NewsJul 28BAGHDAD – The US Defense Department is unable to properly account for over 95 percent of $9.1 billion in Iraqi oil money tapped by the US for rebuilding the war ravaged nation, according to an audit released Tuesday.
The report by the US Special Investigator for Iraq Reconstruction offers a compelling look at continued laxness in how such funds are being spent in a country where people complain basic services like electricity and clean water are sharply lacking seven years after the US-led invasion that toppled Saddam Hussein.
Tagged as: Baghdad;, basic services;, Coalition Provisional Authority, Congress;, Department of the Treasury, Development Fund for Iraq, electricity;, Iraq;, Iraqi government, oil and gas exports, oil money, oil-for-food program, Pentagon, Saddam Hussein, Saddam Hussein-era, UN Security Council, United States;, US Defense Department, US Special Investigator, USD; -
WB urges more Pakistan economic reforms
Filed under NewsApr 3ISLAMABAD – Pakistans economy has made progress through tough reforms but still needs to boost tax revenues and increase power supplies to improve finances, the World Bank said on Friday.
During two days of meetings with officials, including Abdul Hafeez Sheikh, the new Finance Adviser to the prime minister, World Bank Vice President for South Asia Isabel Guerrero noted substantial economic progress since her last visit in 2008.
She noted Pakistans reserves had rebounded, the World Bank said in a statement.
Tagged as: Abdul Hafeez Sheikh, Asia Isabel Guerrero, chronic problem, Department of the Treasury, Donald Kohn, Finance Adviser, gross domestic product;, India;, International Monetary Fund;, Isabel Guerrero, Islamabad;, Manmohan Singh;, Minister, Mumbai;, New Delhi;, official, Pakistan;, Prime Minister, privatisation minister, Shaikh, Taliban, Timothy Geithner, Treasury chief, Treasury Secretary, United States;, US Federal Reserve, USD;, Vice President for South, vice-chairman, WB, World Bank, World Bank Vice -
Mar 13
BEIJING – The United States should not make a political issue out of the yuan, a Chinese central banker said on Friday, as the two countries lurched towards a potentially serious clash about Beijings currency regime.
Peoples Bank of China Vice Governor Su Ning was responding to a question about remarks on Thursday by US President Barack Obama, who called on China to move to a “more market-oriented exchange rate”.
Tagged as: Bank of China Vice, bank;, Barack Obama;, Beijing, central banker, China;, Department of the Treasury, Development Research Centre, Director, economist, Governor, Li Jianwei, People's Bank of China, President, Reuters;, Standard Charter, Stephen Green, Su Ning, United States;, US Treasury, USD;, Washington; -
China top holder in US debt after all
Filed under NewsMar 1Washington – China remained the top holder in the ballooning US debt last year, revised data showed, after earlier indications it had been eclipsed by Japan drew speculation about Beijings motives.
Revised data released late Friday by the Treasury Department indicated that while China had cut back on its bond holdings, the level was still well above that of Japan.
Tagged as: Barack Obama;, Beijing, Britain;, China;, Department of the Treasury, Japan, President, spiritual leader, Taiwan, United States;, US Treasuries, USD;, Washington; -
Mar 1
WASHINGTON – Marathon negotiations in the US Senate on financial regulatory reform were set to continue Sunday with a renewed focus on financial consumer protections after key Republicans rejected a compromise offer from the banking committee chairman.
Sources told Reuters Saturday night that neither Democrats nor Republicans had embraced an offer made on Friday by Democratic Senator Christopher Dodd to scale back President Barack Obamas proposed Consumer Financial Protection Agency (CFPA).
Tagged as: back President, bank;, Barack Obamas, Bob Corker, Brian Gardner, chairman, Christopher Dodd, Concept Capital, Consumer Financial Protection Agency, Department of the Treasury, financial services policy analyst at investment, Jaret Seiberg, Keefe Bruyette, policy analyst, President, Reuters;, Richard Shelby, Senate;, U.S. House of Representatives, United States Senate, Washington; -
Freddie Mac loses 78b in 4Q
Filed under NewsFeb 25WASHINGTON – Freddie Mac lost $7.8 billion in the final three months of last year, but the mortgage finance company didnt need a federal cash infusion for the third quarter in a row.
Freddie Mac, which has been controlled by federal regulators since September 2008, lost $2.39 a share, the company said Wednesday. The loss included $1.3 billion in dividends paid to the Treasury Department, which has an almost 80 percent stake in the McLean, Va., company.
The results were a marked improvement over the fourth quarter 2008 when Freddie lost $23.9 billion, or $7.37 a share.
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Euro up despite debt worries as stocks rebound
Filed under NewsFeb 9NEW YORK: US and European stocks eked out gains on Monday, lifted by defensive shares, while the euro edged up from 8-1/2-month lows despite persistent worries about the fiscal health of highly indebted nations in the euro zone.
A modest rebound on Wall Street helped pushed the euro to a session high above $1.37, although sentiment toward the single currency remained broadly negative, analysts said. US stocks edged higher after results at drugstore operator CVS Caremark Corp. and toy maker Hasbro Inc. topped expectations and both companies raised their outlooks. Rising defensive stocks such as drug makers helped European shares snap three days of losses, but worries about Greece and other debt-laden European countries kept gains in check.
Tagged as: Alpha Bank, Asia-Pacific, Asia;, Bank of Piraeus, cent, Credit Agricole, CVS Caremark Corp., Department of the Treasury, Dexia, Dow 30, drugstore operator, Europe;, FTSEurofirst 300, Greece, Hasbro Inc., J.P. Morgan Chase & Co., Japan, LONDON;, NASDAQ composite, National Bank of Greece SA, New York;, Nick Stamenkovic, Nikkei 225, oil;, Portugal, rate strategist, RIA Capital Markets, Sony Corp., Spain;, toy maker, UBS;, United States;, US government;, US Treasury, USD; -
US bailouts created more risk in system
Filed under NewsFeb 1WASHINGTON – The governments response to the financial meltdown has made it more likely the United States will face a deeper crisis in the future, an independent watchdog at the Treasury Department warned.
The problems that led to the last crisis have not yet been addressed, and in some cases have grown worse, says Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, or TARP. The quarterly report to Congress was released Sunday.
Tagged as: Congress;, Department of the Treasury, Fannie Mae, faster car, Federal Government;, Federal Housing Administration, Federal Reserve System, Freddie Mac, manager at the firm, Meg Reilly, Neil Barofsky, portfolio manager, private investor, Special Inspector General, spokeswoman, Treasury, Treasury spokeswoman, United States;, USD;, Washington; -
Jan 16
DO hedge funds have an impact on energy trading?
While the answer might seem intuitive, the debate as to whether they actually do has come to resemble the medieval theological dispute about how many angels can dance on the head of the pin.
Because, like angels, many trades in energy futures are invisible, and it is often not possible to pinpoint where they take place.
Tagged as: Amaranth Advisors, banker, CFTC party, chairman, chief, Commodity Futures and Trading Commission, Congress;, Department of the Treasury, energy contracts, energy futures, energy markets, energy prices;, energy trading, energy;, Enron, Federal Energy Regulatory Commission, Gary Gensler, Goldman Sachs, guard, head, International Organization of Securities Regulators, Natural gas futures, official, oil and gas futures, Oil and gas;, oil;, Securities and Exchange Commission, Senate;, trader, USD;, www.oilprice.com -
US budget deficit hits all-time high
Filed under NewsJan 15WASHINGTON: The federal budget deficit hit an all-time high for the month of December, and the red ink for the first three months of the current budget year is rising at a more rapid pace than last years record clip.
The massive tide of red ink, reflecting the continued fallout from a deep recession and a severe financial crisis, highlights the challenge facing President Barack Obama as he pledges to get control of runaway deficits.
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