BusinessYANGON (Reuters) - Myanmar will begin a managed float of its currency in the fiscal year from April and develop an interbank money market, according to central bank documents obtained by Reuters, ending a fixed-rate currency system that has stifled investment and fueled a black market. The plan for Myanmar's boldest economic reform yet was laid out by central bank deputy governor Maung Maung Win in documents seen by Reuters Tuesday that said preparations to unify the dual exchange rate should be made by the end of this month. ...
Business
AIA shares slide after $6 billion AIG selldown
HONG KONG (Reuters) - Shares in AIA Group Ltd had their second-biggest one-day percentage fall on Tuesday after its former parent, American International Group (AIG)), raised about $6 billion by selling shares at the bottom end of the marketing range. AIG's long-awaited selldown punctured a rally in AIA shares this year, which were driven up on the back of strong earnings and on expectations of a bid for ING's Asian life insurance business. The U.S. insurer will use the proceeds to repay part of the $182 billion bailout it got in 2008 from the U.S. ...
AIA shares slide after $6 billion AIG selldown
HONG KONG (Reuters) - Shares in AIA Group Ltd had their second-biggest one-day percentage fall on Tuesday after its former parent, American International Group (AIG)), raised about $6 billion by selling shares at the bottom end of the marketing range. AIG's long-awaited selldown punctured a rally in AIA shares this year, which were driven up on the back of strong earnings and on expectations of a bid for ING's Asian life insurance business. The U.S. insurer will use the proceeds to repay part of the $182 billion bailout it got in 2008 from the U.S. ...
Wall St's bonuses fell 25 pct in 2011 -NYC monitor
NEW YORK (Reuters) - Wall Street's bonuses fell nearly 25 percent in 2011, a New York City fiscal watchdog estimated on Monday, a less severe drop than the industry had anticipated, though still likely to deal a blow to the economies of New York City and New York state. Compensation experts had said this important component of total wages earned by securities industry employees would plunge 30 percent to 40 percent. ...
Wall St's bonuses fell 25 pct in 2011 -NYC monitor
NEW YORK (Reuters) - Wall Street's bonuses fell nearly 25 percent in 2011, a New York City fiscal watchdog estimated on Monday, a less severe drop than the industry had anticipated, though still likely to deal a blow to the economies of New York City and New York state. Compensation experts had said this important component of total wages earned by securities industry employees would plunge 30 percent to 40 percent. ...
Swiss lawmakers vote to accept U.S. tax plan
ZURICH (Reuters) - Swiss lawmakers have passed a tax proposal seen as key to settling a U.S. probe into Swiss banks with hidden offshore accounts. The proposal, which clarifies how Switzerland would hand over data on Americans suspected of dodging taxes at home, seeks to backstop an expected deal over U.S. probes into 11 banks including Credit Suisse and Julius Baer, likely to comprise a data handover and fine payment. Switzerland's lower house on Monday passed the proposal by 110 votes to 56 votes, sealing an initial backing taken last week. ...
Swiss lawmakers vote to accept U.S. tax plan
ZURICH (Reuters) - Swiss lawmakers have passed a tax proposal seen as key to settling a U.S. probe into Swiss banks with hidden offshore accounts. The proposal, which clarifies how Switzerland would hand over data on Americans suspected of dodging taxes at home, seeks to backstop an expected deal over U.S. probes into 11 banks including Credit Suisse and Julius Baer, likely to comprise a data handover and fine payment. Switzerland's lower house on Monday passed the proposal by 110 votes to 56 votes, sealing an initial backing taken last week. ...
Fed's Fisher says more bond buys risky
DALLAS (Reuters) - Only a dire situation would call for the Federal Reserve to buy more assets, and that is unlikely given the better-looking economic data, a top central bank official said on Monday. Dallas Fed President Richard Fisher, an outspoken policy hawk, added that he was perplexed by Wall Street's continued preoccupation with the possibility that the Fed could engage in a third round of large-scale buying of assets, known as quantitative easing, or QE3. ...
Fed's Fisher says more bond buys risky
DALLAS (Reuters) - Only a dire situation would call for the Federal Reserve to buy more assets, and that is unlikely given the better-looking economic data, a top central bank official said on Monday. Dallas Fed President Richard Fisher, an outspoken policy hawk, added that he was perplexed by Wall Street's continued preoccupation with the possibility that the Fed could engage in a third round of large-scale buying of assets, known as quantitative easing, or QE3. ...
Service sector expands at fastest pace in year
NEW YORK (Reuters) - The services sector expanded at its fastest pace in a year in February, helped by a gain in new orders and as the housing market shows signs of stabilizing. The Institute for Supply Management said its services index rose to 57.3 in February last month from 56.8 in January, in sharp contrast to economists' expectations for a drop to 56.1. It was the index's highest level since February 2011. The services sector accounts for about two-thirds of U.S. economic activity. A reading above 50 indicates expansion. Tom Porcelli, chief U.S. ...
Service sector expands at fastest pace in year
NEW YORK (Reuters) - The services sector expanded at its fastest pace in a year in February, helped by a gain in new orders and as the housing market shows signs of stabilizing. The Institute for Supply Management said its services index rose to 57.3 in February last month from 56.8 in January, in sharp contrast to economists' expectations for a drop to 56.1. It was the index's highest level since February 2011. The services sector accounts for about two-thirds of U.S. economic activity. A reading above 50 indicates expansion. Tom Porcelli, chief U.S. ...
RBS chairman waives $2.2 million bonus after Hester row (Reuters)
Reuters - Royal Bank of Scotland's Chairman Philip Hampton will not pick up a 1.4 million pound ($2.2 million) stock bonus, the bailed-out bank said, following public anger and political squabbling over a 1 million pound bonus for its chief executive.
Bankers resist regulatory restraint on bonuses (Reuters)
Reuters - Budding bankers expecting the bumper bonuses of years gone by will have to think again, with only the top performers likely to be paid top dollar.
Sudan says to release ships seized from South Sudan (Reuters)
Reuters - Sudan said on Saturday it would free tankers carrying cargoes of South Sudanese crude it had seized earlier this month, in a push to defuse a row over transit fees between former civil war foes that both depend on oil for almost all their income.
EU rejects call for control over Greek budget (AP)
AP - The European Union's executive body is rejecting calls from Germany to establish a eurozone budget commissioner who would directly control tax and spending decisions in debt-ridden Greece.
Swiss urge U.S. tax deal to shield other banks (Reuters)
Reuters - The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.
Cyprus FinMin says banks won't need gov't help (AP)
AP - Cyprus' banks will be able to recapitalize on their own and won't need state support thanks to fiscal measures buttressing the island's financial system, the government said on Saturday.
Greece, creditors laboriously piece together debt deal (Reuters)
Reuters - Greece and its private creditors head back to the negotiating table on Saturday to put together the final pieces of a long-awaited debt swap agreement needed to avert an unruly default.
IMF chief presses for more cash to fight crisis (AP)
AP - The head of the International Monetary Fund appeared to be making headway Saturday in her drive to boost the institution's financial firepower so that it can help Europe prevent its crippling debt crisis from further damaging the global economy.
The Oil Off Cuba: Washington and Havana Dance at Arms Length Over Spill Prevention (Time.com)
Time.com - Despite the embargo and their cold war, the two countries appear to be in some synch over fear of potential drilling catastrophes
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