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Forex Flash: EUR/USD returns to 2012 lows - Commerzbank - FXStreet.com
Spain injects €9bn into ailing lender Bankia - Daily Telegraph
The Spanish government had already been forced to part-nationalise the lender earlier this month and reports last week that customers had pulled €1bn out of the bank triggered a 30pc fall in shares.
Mr de Guindos said a total restructuring of the bank would occur after a thorough assessment and that the government would seek to sell Bankia once it has been cleaned up, as part of a strategy to restore investor confidence in the country’s banking sector.
The minister sought to ease concerns as fears about the health of the Spanish banking system have mounted in recent weeks because of their exposure to the collapsed property market. Spanish banks have an estimated €184bn of what the Bank of Spain describes “problematic” real estate-linked assets.
A week ago Moody’s slashed the ratings of 16 Spanish banks, citing the reduced ability of the Spanish government to provide support to the sector, as well as the “adverse operating conditions” created by a renewed recession.
The ratings agency also downgraded Santander UK, although it noted it has “no direct exposure to the Spanish government (or regional governments)”.
Spain has appointed consultancies Oliver Wyman and Roland Berger to carry out a stress test on the nation’s lenders, the results of which are to be published in the second half of June.
“The question is now about the long-term solvency of parts of Spain’s banking system, especially what is going to happen with mortgage loan default. This concern is not being addressed,” said Martin van Vliet, senior economist at ING.
Access to Finance for Women, G20 - Unlocking Economic Potential - huffingtonpost.co.uk
The G20 represents the world's most important industrialised and developing economies and is the premier forum for international economic growth and development across the globe. Next month's meeting in Mexico brings an opportunity for the G20 to recognise the critical role that women play in global economic growth and stability in roles as producers, consumers, employees, and entrepreneurs. It is the G20's duty to call for women's inclusion to ensure they receive access to finance, markets, ownership of land, and the education and training that will allow them to operate in today's economy.
In these challenging financial times the world cannot afford to ignore the collective potential of women to contribute to economic development whilst improving the wellbeing of their families. Their business acumen is very often underpinned by a drive not only to improve their own future but also to provide for their families.
The meeting of the G20 leaders is an important event when changes can be made and challenges discussed. This year advancing financial inclusion for economic growth has been established as top priorities for the summit.
Women all over the world are constantly faced with the inability to provide for themselves and their family, blocked by discrimination and cultural norms forcing them to face an unnecessarily bleak future. Although women are often the main provider for the family, they are disadvantaged by access to finance or no access at all. If this was rectified they would be able to pay for their children to go to school and enable the next generation to have a better future, as well as be more stable providers for the family.
Agriculture plays a critical role in millions of women's survival. By giving a women access to finance in a rural village, she can purchase a solar panel and start a small business through her neighbours paying to charge their electrical goods, or she can purchase livestock to feed her family and produce goods to sell. Equal access to finance will open many doors for these women who currently have nowhere to turn and are discriminated against because of their gender.
The United Nations Food and Agriculture Organisation and Farming First have produced an interactive graphic showing how women play a leading role in agriculture around the world and the challenges they are up against due to inequality. Investing in rural women has been proven to dramatically increase productivity and positively impact their lives. This doesn't just help women but also the family they are providing for and the communities they are members of.
On average in developing countries, 43% of the agricultural labour force are women and account for an estimated two-thirds of the world's 600 million poor livestock keepers. These women are discriminated against by societies, laws, tradition and access, that prevent them from owning and inheriting land.
By removing these gender discriminations it would dramatically improve food and nutrition security globally, and enable millions of women to provide for their families.
There are signs of progress with the G20 Finance Ministers recognising the need to increase women's access to financial services. This has been helped by the organisation La Pietra Coalition who has been asking the G20 to take action to advance women's financial inclusion, by endorsing the recommendations of the IFC and GPFI, and to insist that progress towards those commitments for women be measured and reported publicly.
I urge banks to work to ensure women have access and support to be able to obtain finance. I call on the G20 leaders to create the environment where women receive the support they deserve and require in order to continue to build on their contribution to the global economy. If the G20 collaborates with banks we can really start to tackle the disparities that exist in the global market and work towards creating a better environment for women.
Follow Baroness Mary Goudie on Twitter: www.twitter.com/BaronessGoudie
Forex: USD/CHF rallies above 0.9500 - FXStreet.com
Dutch goal to tackle football finance issues - BBC News
Dutch club football has been through rocky times recently, as its teams have struggled to make a dent in European football competitions.
And two years ago it also saw its football teams hit by financial woes, that resulted in the country's oldest club, Haarlem, go out of business.
At the same time the country's professional clubs booked a combined loss of 90m euros (£73m; $115m), and another club, Veendam, escaped bankruptcy by the skin of its teeth.
Those financial troubles came to light during the tri-annual monetary checks carried out as part of the Dutch FA's (KNVB) club licensing system.
And it is that same system - which also allows for KNVB supervision of failing clubs' budgets - that has ultimately steadied the boat, and now means teams should be fair-placed for Uefa's incoming Financial Fair Play regulations.
Under the rules clubs must be able to financially break even from 2013/14 if they want to compete in the Champions League or Europa League.
'Transfer fees'"Financially, most Dutch clubs have gone through difficult times, but have adapted to financial and economic circumstances, and hopefully have left the low points behind them," says Ivo Trijbits, Ajax's head of legal affairs.
Unlike England, Italy, Germany, France and Spain, Dutch clubs are not in the European big leagues.
That means clubs in the Netherlands get considerably less TV money than their counterparts.
However, for the size of the nation - 16 million people - their teams do proportionately well when it comes to sponsorship deals.
"What other income sources are there for Dutch clubs?" says Mr Trijbits, in the UK to attend the annual C5 Sports Law and Business conference in London.
"There is gate money, Champions League participation for some, and transfer fees, where hopefully money will then cascade down to the smaller clubs."
He cites the transfer of Luis Saurez to Liverpool from Ajax, who then bought a replacement from fellow Dutch club AZ Alkmaar, who then brought in a new striker from the US.
Licensing systemHowever, the days when there was a production line of global superstar players such as Johan Cruyff, Marco van Basten, Dennis Bergkamp, and Ruud Gullit, have gone, although the country still produces top class footballers.
But in the current global climate purchasers are more cautious.
"Because of economic troubles this source of [transfer] income has fallen away from many clubs," says Mr Trijbits.
One of the key aims of club licensing in Dutch football is to ensure teams do not go bust mid-season.
Regulations were revised in 2004 to include greater scrutiny of clubs' finances and corporate structures to avoid bankruptcy.
This system has been described by Max Van Den Berg, the Dutch politician and former MEP, as "intended to be transparent, sound and geared to clubs' long-term solvency".
Action planClubs have to submit financial information in November, March and June, including full-year results for the previous year, half-year results, financial projections, and budgets for the forthcoming year.
“Start Quote
End Quote Ivo Trijbits Ajax AmsterdamThe Uefa goal is that a club will not spend more than its own turnover, and not rely on third party financial injections”
The licensing committee judges clubs as being either economically inadequate, adequate, or having excellent finances.
Of the 36 professional clubs in the country's two professional leagues just six currently fall into the first category, 20 the second, and some nine are deemed to be in prime financial health. Club MVV has still to be appraised.
That is an improvement on 2010 and 2011 when 13 were deemed to be financially inadequate, and found themselves having to draw up a three-year action plan by the KNVB.
Other aspects of the Dutch licensing system include examining the legal structure of clubs to ensure no one individual can exercise an undue influence and that the administrative side of things is healthy.
If clubs are not up to scratch there are three potential sanctions; the most widely used being adherence to an economic action plan under KNVB direction.
However, there is also the possibility of being able to deduct points or impose fines, with the ultimate sanction being the withdrawal of a club's licence.
This is what happened with Haarlem in January 2010, when they were declared bankrupt.
Despite being the oldest club in Holland, formed in 1889, they were excluded from professional football with immediate effect. A merged club now plays in amateur football.
If it, or any Dutch club, wants to move up the pyramid from amateur and semi-professional to the professional leagues, a solid business plan has to be approved by the authorities.
The KNVB licensing team ensures clubs must pay what is owed to employees, to other clubs, and into player pension funds.
It is also integrating the Uefa financial fair play demands into its issue of licences, to ensure that big clubs like Ajax can play in the Champions League without fear of Uefa sanctions.
'Creative' financial solutions"The Uefa goal is that a club will not spend more than its own turnover, and not rely on third party financial injections," says Mr Trijbits.
While he believes that the Uefa system "will contribute" to more sensible budgeting by clubs, "it cannot guarantee that financial fair play will be achieved".
"Clubs will look for 'creative' financial solutions and options," he adds.
And, although the final shape of Uefa's sanctions against transgressing clubs has not taken final shape, the Ajax man believes that fines would only add to the burden of clubs in debt.
"I prefer the Dutch way of a strict action plan," he says.
He adds that Ajax, which has just won its second Eredivisie under coach Frank de Boer, cannot pay £50m for a Fernando Torres, as Chelsea did.
Despite that, in the new financial landscape Dutch clubs are fortunate to have their legacy of youth player development.
"The philosophy of Ajax is not about buying big money signings," says Mr Trijbits.
"Our philosophy is more about developing young talent, and after they have had a period in the first team then maybe a transfer can take place."
Jury in John Edwards case ends 4th day of deliberations without verdict, feeding speculation - Minneapolis Star Tribune
GREENSBORO, N.C. - John Edwards tried to make eye contact with each juror as they filed into the courtroom Wednesday before heading home after a fourth day of deliberations without a verdict in his campaign finance trial.
A former trial lawyer, Edwards is familiar with the old courtroom adage that jurors who return the defendant's gaze with a quick smile or a nod may be leaning toward acquittal, whereas those who turn away could be signaling guilt.
While the former presidential candidate, the media and court observers look for clues to what the jury is thinking, legal experts caution it's still early in such a complex case to read too much into jurors' body language, dress and demeanor. Even speculating on why they have asked questions about one particular wealthy donor may be going too far.
"You can always try to come up with these inferences," said Steve Friedland, a former federal prosecutor and professor at Elon University School of Law. "People want signs, but this isn't picking a pope. They won't send up smoke signals."
Shortly after starting their deliberations Friday, jurors in the Edwards case asked for office supplies and a stack of trial exhibits that included copies of handwritten notes from the 101-year-old heiress Rachel "Bunny" Mellon, one of two wealthy political donors who provided the nearly $1 million used to help hide the Democrat's pregnant mistress as he sought the White House in 2008.
Edwards is charged with six felony counts related to campaign finance violations. If convicted on all counts, Edwards faces a maximum sentence of up to 30 years in prison, though legal experts predict a term of less than 5 years would be more likely.
During the nearly four weeks of testimony, the federal courtroom in downtown Greensboro was packed with local retirees and other spectators wanting to catch a glimpse of the fallen political star.
The crowd has since thinned. Most of those left are the dozens of news reporters waiting on the jury's decision. Outside the courthouse front doors, a tent city is erected each morning by the photographers and television cameramen who capture the daily ritual of Edwards, his parents and his eldest daughter arriving and leaving each day.
In between, the media lounge in camping chairs, check email and speculate.
The fact the jury foreman was wearing blue jeans on Wednesday was interpreted to mean a decision was still at least a day away. People dress up more when they think they might be photographed, it was suggested.
The jurors deliberate in a windowless conference room, their privacy protected by U.S. Marshals. Their lunch is catered inside.
The group of eight men and four women mostly come from middle-class backgrounds, including a retired fireman, a special education teacher, a plumber, a retired railroad engineer and two mechanics. There are also jurors with strong financial acumen, including a corporate vice president and a retired accountant.
During jury selection, one juror recounted handing out pamphlets supporting Democratic President Barack Obama in 2008, while another said he had put out yard signs over the years supporting Republican candidates.
To convict Edwards, U.S. District Court Judge Catherine C. Eagles instructed the jurors they must conclude beyond a reasonable doubt not only that the candidate knew about the secret payments made on his behalf, but he knew the cover up was illegal and that he went ahead anyway. Even legal experts with detailed knowledge of federal campaign finance rules are split on whether Edwards violated the law.
Hampton Dellinger, a Raleigh lawyer who has attended the trial, said the longer the jury goes without reaching a verdict, the more likely they are to deadlock on some or all of the charges.
"The more you think about this case, the more confusing it can get," Dellinger said. "Our campaign finance laws are very, very complicated."
If the jury does eventually signal to Eagles they are deadlocked, the judge is likely to read them an Allen Charge that encourages them to reconsider their positions and deliberate further.
Friedland cautioned that even a week of deliberation is not uncalled for in such a lengthy and complex case.
"What they're doing is their due diligence," the law professor said. "This shows the system is working and there is no rush to judgment. But if it stretches longer than a week that is a sign there is real disagreement."
The Edwards jury will return for a fifth day of discussions Thursday.
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Follow AP writer Michael Biesecker at twitter.com/mbieseck
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