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  • IMF - Global Financial Stability Report - GFSR Market Update - Intense Financial Risks: Time For Action

    Date 16/07/2012

    Risks to financial stability have increased since the April 2012 Global Financial Stability Report (GFSR). Sovereign yields in southern Europe have risen sharply amid further erosion of the investor base. Elevated funding and market pressures pose risks of further cuts in peripheral euro area credit. The measures agreed at the recent European Union (EU) leaders’ summit provide significant steps to address the immediate crisis. Aside from supportive monetary and liquidity policies, the timely implementation of the recently agreed measures, together with further progress on banking and fiscal unions, must be a priority. Uncertainties about the asset quality of banks’ balance sheets must be resolved quickly, with capital injections and restructurings where needed. Growth prospects in other advanced countries and emerging markets have also weakened, leaving them less able to deal with spillovers from the euro area crisis or to address their own home-grown fiscal and financial vulnerabilities. Uncertainties on the fiscal outlook and federal debt ceiling in the United States present a latent risk to financial stability.

  • CalPERS Reports Preliminary 2011-12 Fiscal Year Performance Of 1 Percent - Real Estate Portfolio Earns Nearly 16 Percent Exceeding Benchmark

    Date 16/07/2012

    The California Public Employees’ Retirement System (CalPERS) today reported a 1 percent return on investments for the 12 months that ended June 30, 2012, falling short of its benchmark that returned 1.7 percent. CalPERS assets at the end of the fiscal year stood at more than $233 billion.

  • Federal Court In California Orders Las Vegas Resident Gordon A. Driver And His Companies To Pay Over $41 Million In Restitution And Penalties In Commodity Pool Ponzi Scheme - Court Permanently Bars Defendants From Commodities Industry

    Date 16/07/2012

    The U.S. Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Central District of California entered a final judgment and permanent injunction order against defendants Gordon A. Driver of Las Vegas, Nev., Axcess Automation LLC (Axcess Automation), and Axcess Fund Management LLC (Axcess Fund), both Nevada companies owned and controlled by Driver, in connection with a commodity pool Ponzi scheme in which the defendants defrauded over 100 participants in the United States and Canada of over $14 million. Axcess Fund is registered with the CFTC as a Commodity Pool Operator (CPO), and Driver is registered as an Associated Person of Axcess Fund.

  • SEC: Paul A. Beswick Named Acting Chief Accountant

    Date 16/07/2012

    Securities and Exchange Commission Chairman Mary Schapiro today announced the appointment of Paul A. Beswick as the Acting Chief Accountant in the SEC's Office of the Chief Accountant. In his new role, Mr. Beswick will oversee accounting interpretations, international accounting matters, and professional practice issues. Mr. Beswick replaces James L. Kroeker, who left the SEC last Friday.

  • KCBT Raises Minimum Margins For HRW Wheat Old Crop/New Crop Spreads

    Date 16/07/2012

    The Kansas City Board of Trade has raised its minimum margins for the hard red winter wheat futures contract and wheat calendar swaps old crop/new crop spreads.