In San Diego "radical idea" could help cities Slash $ 382 billion pension gap

The cities of New York to San Jose, California, compared to nearly $ 400 billion in unfunded pension liabilities will be looking at what San Diego Mayor Jerry Sanders called his "radical idea" to reduce costs. After voters in the eighth largest city in U.S. rejected an increase in the sales tax half a cent to balance the budget on November 2, Sanders is pushing to eliminate pension plans for new city employees, offering 401 (k) savings accounts, as in place. Sanders' plan would replace a return of a pension benefit based on the market, is an example of struggle in the cities to escape from the clutches of the fall in tax revenues and increased retirement costs consume to a fifth of their budgets. The longest recession since the Great Depression in 2010 cut revenues over 25 years, the National...

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Municipal-Bond Bank Ex-UBS is arrested in New York, the wire fraud charge

A former co-head of the municipal derivatives at UBS AG faces one count of fraud involving a kickback of $ 100,000 for the investment management agreement with a U.S. state to another bank. Peter Ghavami, a Belgian national living in Moscow, was arrested on December 1 after arriving at John F. Kennedy International Airport, U.S. Department of Justice said yesterday. Ghavami, with UBS from 1999 to 2007, is the second employee former chairman of Zurich-based bank to be caught in the federal investigation of pricing investment contracts governments buy with money raised from the bond market $ 2800000000000 city. "Pernicious fraud schemes such as that alleged in this complaint undermine public confidence and trust in municipal bonds and derivatives markets," said Christine Varney, head of the...

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"Superficial" leads billionaire Uniqlo Fashion Astray From Roots Drucker

Tadashi Yanai, the richest man in Japan, the board of management guru Peter Drucker used to build his empire of Uniqlo clothing. To leave a depression that hammered profits and stocks, the millionaire is reviewing the lessons. Yanai, 61, founder and president of Fast Retailing Co., built his estimated fortune of $ 9,200,000,000 over 26 years, becoming his father's tailoring in the Uniqlo chain of low-priced, casual clothes to become the largest retailer Clothing of Asia. Yanai said that his success was inspired by Drucker management strategies and the idea of "creating customers" with a product that creates demand. This year, something went wrong with the strategy of Yanai. Fast Retailing stocks plunged 26 percent to 12.990 yen this year. Sales at stores open more than a year fell 25 percent...

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Australia Central Bank set to keep interest rates at 4.75% in economy slows

The Reserve Bank of Australia, it is likely that tomorrow will keep its benchmark interest rate unchanged as previous increases slow the economy and reduce the risk of accelerating inflation. Governor Glenn Stevens and his board will leave the cash target interbank rate at 4.75 percent in morning Sydney, according to 25 economists surveyed by us. Stevens told lawmakers in the 10 days of testimony that "it is unlikely that any of us coming" in borrowing costs. Australia's economy probably will not reach the central bank predicts growth of 3.5 percent in 2010 after it expanded last quarter at the slowest pace in almost two years, according...

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Planes worth 311 million tons of iron ore output in 2011 to meet demand in Asia

Vale SA, the world's largest exporter of iron ore, plans to produce 311 million tons next year to meet expected demand in Asia for raw materials used to make steel. Roberto Castello Branco, Vale's director of investor relations, made the forecast today in a press conference in Hong Kong, where the Brazilian company will list depositary receipts on 8 December to demonstrate its commitment to Asia. Global demand for iron ore will be greater than the supply in the coming years due to growth in Asia, CFO Guilherme Cavalcanti said at the conference. It may also seek to list in Shanghai where possible, he said, without giving any timetable. "The main part of our increased production goes to Asia," said Cavalcanti, Vale list, with the participation certificates of deposit 259 million to 393 million...

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Mbeki in Ivory Coast to mediate Gbagbo, Ouattara Each Claim Presidency

Former South African President Thabo Mbeki, arrived today in Ivory Coast to mediate a growing political crisis sparked by a violent disputed election that has seen two rival leaders laying claim to the presidency. Laurent Gbagbo, 65, owner, was sworn in as president in a ceremony at the presidential palace hours after the Constitutional Council declared the winner of the November 28 elections. Hours later, Alassane Ouattara said he had taken the oath of office, after a Dec. 2 announcement by the Electoral Commission, who won 54.1 percent of the vote. "We are in Ivory Coast," said Mukoni Ratshitanga, a spokesman for Mbeki, in a text message today. "We have met with UN special representative and the president and meet with the opposition before." The election was intended to unite the world's...

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Branson said on May Oil reached U.S. $ 200 per barrel cleaning Without new policies Energy

Oil prices could rise to $ 200 a barrel if the world moves more quickly to a clean energy economy, Richard Branson, founder of Virgin Atlantic Airways Ltd., said in an interview. "It is certainly conceivable unless we can start saving energy quickly and get alternative fuels," Branson said yesterday in Cancun, Mexico, where countries come together to negotiate a new agreement to combat climate change. Branson predicts "incredibly painful" recession unless governments do more to promote renewable energy as an alternative to fossil fuels like oil. In the U.S., where efforts to limit emissions of carbon dioxide failed in the Senate earlier this year, unemployment could reach record levels, the British billionaire said. "We will have the mother of all recessions, if not quickly solve our energy...

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UK may introduce new tax on Bank bonds before 2011

The UK government may introduce additional taxes on bank bonds and disclosure rules ahead of payments in the New Year, the Sunday Times, citing unidentified government officials. The government wants to tackle culture of extra financial institutions, including the addition of a new tax similar to the one-time tax of 50 percent set by the former Chancellor of the Treasury, Alistair Darling, the newspaper sa...

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Qatar Shares Surge to the bid two years World Cup winner

Qatar shares climbed to the highest in two years after the country won the rights to host the football World Cup 2022, becoming the first Arab country to the world's most-watched sporting events. Qatar National Bank, the emirate's largest lender by assets, climbed to its highest in more than five years. Barwa Real Estate Co., Qatar's largest developer, publicly traded property assets, gained 6.2 percent. QE Index advanced 3.6 percent to close at 8477.32 at 24:30 in Doha, the highest since October 2008. "The mood is understandable that high-flying," said Akber Khan, director of Al Rayan Investment in Doha. "There will be a major impact on some companies as the government fast-track billions of dollars in spending. Banks, real estate and construction-related names will be among the main beneficiaries." Qatar,...

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BoE Bond Plan will increase by mid next year

The Bank of England will have to increase its asset purchase plan in mid-2011 due to the risks of a "setback" for economic growth, the British Chambers of Commerce said. The Monetary Policy Committee will increase its bond program for 50 million pounds ($ 78,500,000,000) to 250 million pounds, the CBC said in a report released today by e-mail in London. The economy will grow 1.8 percent this year, 1.9 percent in 2011 and 2.1 percent in 2012, predicted by the lobby group. "The MPC may be reluctant to increase due to quantitative easing concerns about inflation," said the BCC's chief economist David Kern in a statement. "But there is a strong...

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