LONDON -(Dow Jones)- The Bank of England said Thursday it had appointed BOE insider Paul Fisher as its new executive director for markets and as a member of the rate-setting Monetary Policy Committee.
Fisher will replace Paul Tucker at the start of next month when Tucker takes on the role of deputy governor for financial stability.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
Thursday, February 12, 2009
Russia PM:Special Tax Rules Needed For Some Oil Fields-Report
MOSCOW -(Dow Jones)- Russian oil producers could see the taxation regime for certain oil fields changed, the Interfax news agency reports Thursday citing Prime Minister Vladimir Putin.
He said the country's refiners shouldn't delay a shift in the technical upgrade to Euro-3 standards.
Putin chaired a meeting between Russia's top oil companies and four ministries to discuss tax breaks for the industry.
Agency Web site: www.interfax.ru
He said the country's refiners shouldn't delay a shift in the technical upgrade to Euro-3 standards.
Putin chaired a meeting between Russia's top oil companies and four ministries to discuss tax breaks for the industry.
Agency Web site: www.interfax.ru
Colombia's ETB Wins Court Ruling On Lawsuit With Telefonica
BOGOTA -(Dow Jones)- Colombia's state-controlled telephone company Empresa de Telecomunicaciones de Bogota SA (ETB.BO), or ETB, said Colombia's Constitutional Court cancelled a ruling that had ordered it to pay 109 billion Colombian pesos ($43 million) to Spain's Telefonica SA (TEF).
In 2007, an arbitration panel ordered ETB to pay Telefonica's mobile phone unit as part of a lawsuit over interconnection fees, the company said.
The total amount ETB had to pay to Telefonica rose to COP230 billion because of additional interest. ETB didn't pay Telefonica but had to provision that amount.
Telefonica said in a statement it will appeal the constitutional court's ruling.
ETB is controlled by the city council of Bogota, its shares Thursday opened 5.3% higher at COP675.
-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com
In 2007, an arbitration panel ordered ETB to pay Telefonica's mobile phone unit as part of a lawsuit over interconnection fees, the company said.
The total amount ETB had to pay to Telefonica rose to COP230 billion because of additional interest. ETB didn't pay Telefonica but had to provision that amount.
Telefonica said in a statement it will appeal the constitutional court's ruling.
ETB is controlled by the city council of Bogota, its shares Thursday opened 5.3% higher at COP675.
-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com
PRESS RELEASE: Fitch Cuts Andorran Bks Support Ratings To 4
Fitch Ratings-Barcelona/London-12 February 2009: Fitch Ratings has today downgraded three Andorran banks' Support rating to '4' from '3'. The banks are Credit Andorra (CA), Andorra Banc Agricol Reig (Andbanc) and Banca Privada d'Andorra (BPA). The Support Rating Floor for CA and Andbanc has been revised to 'B' from 'BB+' and for BPA to 'B' from 'BB'.
The rating actions follow Fitch's reassessment of external support to Andorran banks amid the more complex operating environment. Fitch does not rate Andorra's sovereign risk. However, given the size of the Andorran banking system relative to the country's economy - assets are more than 4x nominal GDP - Fitch believes there would be a limited probability of support to Andorran banks in case of need because of the limited resources at the government's disposal.
Andorra does not have a lender of last resort, nor does it have a deposit guarantee scheme. However, a significant precedent was established when an Andorran bank was rescued from collapse by other local banks to maintain confidence in and the reputation of the Andorran banking system.
Fitch recently affirmed the abovementioned Andorran banks' other ratings - Long-term Issuer Default Rating (IDR), Short-term IDR and Individual rating. Please refer to the Rating Action Commentary published on 22 December 2008 for CA, 24 December 2008 for Andbanc and 30 January 2009 for BPA.
Contact: Roger Turro, Barcelona, Tel: +34 93 323 8400.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
The rating actions follow Fitch's reassessment of external support to Andorran banks amid the more complex operating environment. Fitch does not rate Andorra's sovereign risk. However, given the size of the Andorran banking system relative to the country's economy - assets are more than 4x nominal GDP - Fitch believes there would be a limited probability of support to Andorran banks in case of need because of the limited resources at the government's disposal.
Andorra does not have a lender of last resort, nor does it have a deposit guarantee scheme. However, a significant precedent was established when an Andorran bank was rescued from collapse by other local banks to maintain confidence in and the reputation of the Andorran banking system.
Fitch recently affirmed the abovementioned Andorran banks' other ratings - Long-term Issuer Default Rating (IDR), Short-term IDR and Individual rating. Please refer to the Rating Action Commentary published on 22 December 2008 for CA, 24 December 2008 for Andbanc and 30 January 2009 for BPA.
Contact: Roger Turro, Barcelona, Tel: +34 93 323 8400.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Daimler Sold More Buses, Trucks In 08 Despite Demand Slump (Daimler AG NA O.N)
FRANKFURT -(Dow Jones)- German auto maker Daimler AG (DAI) said Thursday it sold more buses and trucks in 2008, despite slumping demand in key markets in Europe, Japan and the U.S.
The company reported trucks sales of 472,100 units, an increase of 1% over the previous year, as demand rose in the Middle East, Asia and Latin America.
Bus sales rose 4% over the previous year to 40,600 units. The company said demand for German-made buses has never been so good.
Company Web site: http://www.daimler.com
-By Katharina Becker, Dow Jones Newswires; +49 69 29725112; katharina.becker@dowjones.com.
The company reported trucks sales of 472,100 units, an increase of 1% over the previous year, as demand rose in the Middle East, Asia and Latin America.
Bus sales rose 4% over the previous year to 40,600 units. The company said demand for German-made buses has never been so good.
Company Web site: http://www.daimler.com
-By Katharina Becker, Dow Jones Newswires; +49 69 29725112; katharina.becker@dowjones.com.
UPDATE: Ukraine Finance Minister Resigns - Government
(Updates with quotes)
KIEV (AFP)--Ukrainian Finance Minister Viktor Pynzenyk resigned Thursday saying he had become a "hostage to politics," in a further sign of the economic crisis gripping the ex-Soviet nation.
"Under current conditions the professional position of finance minister has become a hostage to politics," a statement on the government Web site quoted him as saying.
"Under such conditions my presence in the post of the finance minister does not make sense," he added.
KIEV (AFP)--Ukrainian Finance Minister Viktor Pynzenyk resigned Thursday saying he had become a "hostage to politics," in a further sign of the economic crisis gripping the ex-Soviet nation.
"Under current conditions the professional position of finance minister has become a hostage to politics," a statement on the government Web site quoted him as saying.
"Under such conditions my presence in the post of the finance minister does not make sense," he added.
BOE Appoints Paul Fisher Executive Director For Markets
LONDON -(Dow Jones)- The Bank of England said Thursday it had appointed BOE insider Paul Fisher as its new executive director for markets and as a member of the rate-setting Monetary Policy Committee.
Fisher will replace Paul Tucker at the start of next month when Tucker takes on the role of deputy governor for financial stability.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
Fisher will replace Paul Tucker at the start of next month when Tucker takes on the role of deputy governor for financial stability.
-By Natasha Brereton, Dow Jones Newswires; +44 20 7842 9254; natasha.brereton@dowjones.com
Bulgaria Proposes Ex-Foreign Min Passy As NATO Head - Government
SOFIA, Bulgaria (AFP)--Bulgaria named former foreign minister Solomon Passy as its official candidate for the post of the head of the North Atlantic Treaty Organization, the government information service announced Thursday.
"The government took a decision to officially support the candidature of Solomon Passy for NATO Secretary General," Sofia said in a statement.
NATO's current head, Dutchman Jaap de Hoop Scheffer, is scheduled to step down in May. His successor was expected to be named at the alliance's summit on April 3-4.
"The government took a decision to officially support the candidature of Solomon Passy for NATO Secretary General," Sofia said in a statement.
NATO's current head, Dutchman Jaap de Hoop Scheffer, is scheduled to step down in May. His successor was expected to be named at the alliance's summit on April 3-4.
UPDATE:Geithner To Meet With Obama's Econ Team On Foreclosures
WASHINGTON -(Dow Jones)- Before heading to Rome for the Group of Seven meeting, U.S. Treasury Secretary Timothy Geithner Thursday plans to meet with President Barack Obama's economic team and other officials on efforts to stem foreclosures and thaw credit markets.
A notice the Treasury Department released Thursday morning said Geithner Thursday morning will attend a White House meeting with the economic team to discuss efforts to keep Americans in their homes.
The meeting comes as a growing number of federal officials are urging banks to hold off on foreclosures until the new administration announces its multi-billion-dollar plan to ease the pain in the housing markets. On Wednesday, bank executives with Citigroup (C) and Bank of America (BAC) suggested they would be willing to halt foreclosures over the next few weeks as the Obama administration hashes out a plan.
Meanwhile, the federal regulator for U.S. thrifts called for a moratorium on foreclosure proceedings until the administration rolls out its plan to help struggling homeowners.
The Office of Thrift Supervision urged the institutions it oversees to suspend foreclosures over the next few weeks as the White House and Treasury Department finalize their $50 billion plan to address the turmoil in the housing sector.
Separately, House Financial Services Committee Chairman Barney Frank, D-Mass., told reporters he expects most banks will oblige and temporarily halt foreclosures. "I believe you will get well over 95% of the banks to hold off. Foreclosures - they (the banks) know they're not in their interest," Frank told reporters Wednesday.
Later Thursday, Geithner will meet with International Monetary Fund Managing Director Dominique Strauss-Kahn for a discussion about how the Treasury and the IMF can work on strengthening the global financial system.
Additionally, Geithner will attend a meeting with Senate Finance Committee Chairman Max Baucus, D-Mont., Office of Management and Budget Director Peter Orszag and National Economic Council Director Larry Summers to discuss the new financial rescue plan Geithner unveiled earlier this week. The plan could send $2 trillion into the U.S. financial system and includes efforts to remove soured mortgage-related assets from banks' balance sheets and new plans to "stress test" banks aiming to receive new capital infusions from the government.
Thursday night, Geithner is slated to fly to Rome for the meeting of the Group of Seven leading industrial nations. According to a senior Treasury official, Geithner will urge his G7 counterparts to take "bold" actions to spur growth and shore up the global financial system.
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255, maya.jackson-randall@dowjones.com
(Michael Crittenden and Tom Barkley contributed to this report)
A notice the Treasury Department released Thursday morning said Geithner Thursday morning will attend a White House meeting with the economic team to discuss efforts to keep Americans in their homes.
The meeting comes as a growing number of federal officials are urging banks to hold off on foreclosures until the new administration announces its multi-billion-dollar plan to ease the pain in the housing markets. On Wednesday, bank executives with Citigroup (C) and Bank of America (BAC) suggested they would be willing to halt foreclosures over the next few weeks as the Obama administration hashes out a plan.
Meanwhile, the federal regulator for U.S. thrifts called for a moratorium on foreclosure proceedings until the administration rolls out its plan to help struggling homeowners.
The Office of Thrift Supervision urged the institutions it oversees to suspend foreclosures over the next few weeks as the White House and Treasury Department finalize their $50 billion plan to address the turmoil in the housing sector.
Separately, House Financial Services Committee Chairman Barney Frank, D-Mass., told reporters he expects most banks will oblige and temporarily halt foreclosures. "I believe you will get well over 95% of the banks to hold off. Foreclosures - they (the banks) know they're not in their interest," Frank told reporters Wednesday.
Later Thursday, Geithner will meet with International Monetary Fund Managing Director Dominique Strauss-Kahn for a discussion about how the Treasury and the IMF can work on strengthening the global financial system.
Additionally, Geithner will attend a meeting with Senate Finance Committee Chairman Max Baucus, D-Mont., Office of Management and Budget Director Peter Orszag and National Economic Council Director Larry Summers to discuss the new financial rescue plan Geithner unveiled earlier this week. The plan could send $2 trillion into the U.S. financial system and includes efforts to remove soured mortgage-related assets from banks' balance sheets and new plans to "stress test" banks aiming to receive new capital infusions from the government.
Thursday night, Geithner is slated to fly to Rome for the meeting of the Group of Seven leading industrial nations. According to a senior Treasury official, Geithner will urge his G7 counterparts to take "bold" actions to spur growth and shore up the global financial system.
-By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255, maya.jackson-randall@dowjones.com
(Michael Crittenden and Tom Barkley contributed to this report)
Subscribe to:
Posts (Atom)
