Forex: USD/JPY slips to 2-day lows - FXStreet.com Forex: USD/JPY slips to 2-day lows - FXStreet.com

Tuesday, June 19, 2012

Forex: USD/JPY slips to 2-day lows - FXStreet.com

Forex: USD/JPY slips to 2-day lows - FXStreet.com
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Trial continues for former WV soldier accused of bribery, money laundering - msnbc.com

A former contracting specialist at Camp Arifjan in Kuwait testified June 19 that he was told steering contracts to certain contractors in exchange for bribes was common practice among contract officers and specialists.

James Momon was one of several witnesses called by federal prosecutors in the trial of a former Army Sgt. 1st Class Richard Allen Evick, 41, of Parsons, and his alleged associate, Crystal Yvette Martin, 48, of Pontiac, Mich. Evick and Martin are charged in a bribery and money-laundering scheme.

The trial began June 19 and continues June 20 in U.S. District Court for the Northern District of West Virginia in Elkins.

According to court documents, Evick is charged with receiving more than $170,000 in bribes from two firms that had contracts with the U.S. Department of Defense in Kuwait.

Martin is accused of laundering the bribe money. Martin is a former Army master sergeant who operated a concession to sell clothing at U.S. military bases in Kuwait, a news release from the Department of Justice stated. Prosecutors accuse Martin of arranging transfers of bribe money to the U.S. that eventually went to Evick, his wife and his girlfriend.

The indictment also alleges Evick and former majors Momon and Christopher Murray "improperly disclosed contracting information to two firms that were seeking contracts from the U.S. military," the news release stated.

As a result, the news release continued, firms received almost "$25 million from contracts to deliver bottled water and other commodities to the U.S. military bases in Iraq and Kuwait as well as to paint and clean Department of Defense facilities in Kuwait."

"In exchange, Evick, Momon and Murray allegedly received cash, airplane tickets, hotel accommodations and the ability to conceal large amounts of cash in a hidden safe located in the villa of Wajdi Rezik "Dino" Birjas, a Department of Defense contract employee who worked in the host nation affairs at Camp Arifjan," the news release stated.

During testimony June 19, Momon, who previously has guilty to bribery and conspiracy for his role in receiving bribes, said the first time he heard about bribes was from a contract specialist who was his sponsor.

"He was telling me all contract specialists and officers engaged in accepting bribes and that it was an opportunity of a lifetime and to take advantage of it," Momon testified.

Momon said the first time he left Kuwait, he got Evick to manage the bottled water project. When Momon arrived back in Kuwait, a contractor asked both Momon and Evick to meet with him, Momon said.

At that time, Momon said he told the contractor to give $75,000 that he had received in bribe money to Evick.

Momon said he did not witness the conversation between Evick and the contractor, but he said Evick came out of the office with a briefcase filled with $150,000.

"He stated he could give it to a friend," Momon said, noting he thought that friend was Martin. "I was a little concerned because it's difficult handling that amount of money. … He said ‘I'm not bringing it back to Arifjan.' … We split. I went to Dino's house, and he took the vehicle and went to the friend."

Momon said the first time he met Martin was when he and Evick were flying to Saudi Arabia for contract training. Once Martin arrived, Momon said they moved upstairs in the airport to a "less conspicuous" place to talk.

Momon said Evick told him that Martin had a jewelry business that she used to move money to the United States.

"A sales receipt was created so there would be an appearance of propriety in the sale and then they sent it (the money) to the states as payments," he said.

Momon said he and Evick talked about using bank accounts in the Cayman Islands but he said Evick preferred Martin to hold on to the money. Momon, meanwhile, said his bribe money — totaling $1 million — was hidden in a safe in a closet of Birjas' house.

Momon said when he left Kuwait again, Evick was to oversee the bottled water project. However, Momon said he tried to protect Evick from other large contractors from strong-arming him.

"I didn't want him to be in the same position I was in where the large companies had leverage," Momon said mentioning much of the leverage came from the person who managed the bottled water project before him. "I told contractors that he was not to be approached. He was not that type of person."

Momon said only one contractor, the same one they had met earlier when Evick allegedly received the suitcase, was allowed to approach him.

Momon said when he heard of an investigation of a former contract specialist, he chiseled away defining marks on expensive jewelry he received and had burned his money.

However, he was approached by federal investigators later who seized remaining items. Momon said he agreed to cooperate with investigators from then on.

Investigators planted a recording device on Momon for a meeting with Evick. Momon said he met Evick behind an Italian restaurant in Alexandria, Va.

Momon said Evick talked about law enforcement's presence at Camp Arifjan and talked about the possibility of Martin bringing back the money Birjas was holding. Momon said he was expecting $250,000, but Evick told him Martin was only given $50,000.



Forex Bureaux Face Imminent Shutdown - Modern Ghana

The Bank of Ghana is putting the activities of forex bureau operators in its monitoring radar for possible sanctions and license withdrawal. Suleiman Mustapha asks why

The Bank of Ghana has threatened to impose severe sanctions including license withdrawal of forex bureau operators who accept deposits and do large foreign exchange transactions.

Central Bank Governor and Chairman of the Monetary Policy Committee (MPC) of the Bank of Ghana, Mr Kwesi Amissah-Arthur has on the sidelines of an MPC news conference in Accra hinted some forex bureau operators are now accepting deposits and doing large foreign exchange transactions.

The bank is therefore setting out measures to monitor the activities of forex bureau operators in a bid to stem the rising spate of dollarization of the national economy.

“Yes we are worried that some of the forex bureau operators now accept deposits like the normal banks and transact large volumes of foreign exchange business”.

“They are part of the problem and we will soon be rolling out tough measures to stem their illegal activities”, the Governor said.

The Bank of Ghana is even more worried of the growing trend of dollarization, which he partly blamed on the activities of forex bureau operators.

According to the Governor, the central bank will continuously be reviewing the books and constantly monitor the activities of forex bureau operators for possible sanction in breach of the country’s foreign exchange rules.

“It is our view that this will contribute to restoring confidence in the cedi” he said, adding that “the Bank will issue the necessary notices to this effect in due course”.

“They are supposed to do spot transaction of the small foreign currency, which does not require having to go to the commercial banks to exchange”.

“But what we have observed is that some of them are accepting deposits and moving large volumes of foreign exchange around”, he added.

The Bank of Ghana has mopped up GH¢1.2 billion in excess liquidity from the system in a bid to stem the exchange rate pressure and reduce demand for dollars.

In a move to halt the growing trend of ‘dollarization’ and stabilize the cedi, the Central Bank is also reviewing the currency composition of the reserve requirements of commercial banks.

Dollarization is characterized by a tendency for businesses to sell their goods and services in foreign currencies, particularly, dollars.

The service providers quote exchange rates that are significantly off-market. The fringe exchange rates trickle down into the market and become benchmark rates, unduly influencing market rates.

The situation has fuelled price increases in the country and led the Bank of Ghana to tighten monetary policy, alter bank reserve requirements and reintroduce several bonds.

“The committee notes that the measures have begun to take effect. Increase in the policy rate have led to upward adjustments in rates of money markets instruments and improve the attractiveness of cedi assets compared to foreign currency assets”, Mr Amissah-Arthur said.

According to the Governor, though the Bank of Ghana was not considering abolishing the operation of foreign exchange accounts by citizens, it would move to restore the pre-eminence of the cedi in domestic transactions, which required strict adherence to the provisions of the Foreign Exchange Act 2006 (Act 723) and the accompanying regulations.

The Governor was worried about the large dollar deposits in commercial bank accounts, which he said had significantly contributed to the exchange rate pressure.

At the moment, the share of foreign currency deposits to total deposits in the banking system has increased from 27.9 per cent in April 2010 to 28.2 per cent in April 2011 and further to 31.8 per cent in April this year.

This means that some commercial banks have more foreign currency deposits than domestic currency in their total deposit.

The Bank of Ghana feared that those banks could be importing large volumes of foreign currency to service the needs of their clients.

During the first five months of the year, the cedi depreciated cumulatively by 15.1 per cent against the US dollar, compared to 1.9 per cent depreciation in the same period of 2011.

In recent weeks however, the pace of depreciation of the cedi has moderated as a result of the measures introduced to restore stability.

The real effective exchange rate depreciated by 6.8 per cent in January – April 2012, compared with a real appreciation of 5.9 per cent in the same period of 2011.

But Governor Amissah-Arthur assured Ghanaians that the end of the cedi fall was in sight



Forex: EUR/USD back below 1.2700 - FXStreet.com
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FOREX-Euro rises on Greek news; dollar down ahead of Fed - Reuters

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'Money' Mayweather tops the rich list – despite being in jail - The Independent

It is a remarkable accumulation for a man known as "Money" – who is currently serving a 90-day sentence in Las Vegas for domestic violence against a former partner. Mayweather's prison term, following a guilty plea in December, was even put on hold to allow him to take part in the second fight, against Miguel Cotto last month. Those 12 rounds in Las Vegas earned him $45m – the delay was approved because the fight was estimated to be worth up to $15m for the city.

Boxers claimed the top two spots, with Manny Pacquiao – one of only two men (with Mayweather) to defeat Ricky Hatton – $23m behind, but it is American football that dominates the 100 with 30 entries. Eleven sports are represented and the combined income of all 100 is $2.6bn. There are just two women in the top 100, both tennis players; Maria Sharapova, at 20, and Li Na, 81. The highest Briton, and footballer, is David Beckham in eighth. Mahendra Singh Dhoni is the highest-paid cricketer at 31. His total of $26.5m is some $2m more than Wayne Rooney and comes off the back of captaining India to World Cup glory on home soil.

Boxers hit jackpot: The Forbes Rich List

1. Floyd Mayweather
Boxing (Annual earnings $85m/£54.2m)

The 35-year-old earned nothing from endorsements, compared to Tiger Woods's $55m and the $45m collected by Roger Federer. Mayweather's immense income comes in large part because he promotes his own fights. That sees him retain all TV money and ticket sales income.

2. Manny Pacquiao
Boxing ($62m/£39.58m)

The Filipino gathered a relatively meagre sum of $6m from endorsements and collected his income from only two fights – one of which he lost, to Tim Bradley. A rematch with Bradley later this year will provide another huge pay day

3. Tiger Woods
Golf ($59.4m/£37.8m)

The former world No 1 has seen his earnings fall by $16m over the past year. His 30-month winless streak meant his on-course earnings dropped to $4.4m – less than a third of Luke Donald, the highest ranked British golfer in the list, at 48.

4. LeBron James
Basketball ($53m/£33.82m)

The 27-year-old Miami Heat star has a share in Liverpool FC as part of his wealth. He saw his salary cut because of the NBA lockout but two promotion deals in Asia helped take his endorsements to $40m.

5. Roger Federer
Tennis ($52.7m/£33.62m)

He has slipped behind Rafa Nadal and Novak Djokovic on the court, but off it the Swiss (left) still reigns as tennis's biggest earner. Endorsements make up $45m of his total.

6. Kobe Bryant
Basketball ($52.3m/£33.37m)

Lost $5m from his annual salary because of the lockout, but still took home $20.3m for his year's work.

7. Phil Mickelson
Golf ($47.8m/£30.5m)

He may just have shot his worst round in a US Open but the dollars keep rolling in. Mickelson, now 42, gathered $43m in endorsements compared to $4.8m in winnings.

8. David Beckham
Football ($46m/£29.3m)

His $9m annual salary is under half that of Cristiano Ronaldo but, with a high-profile Olympic role looming, his global profile is in no danger of dropping any time soon.

9. Cristiano Ronaldo
Football ($42.5m/£27.1m)

The Real Madrid winger has had a season to savour on the pitch and can expect to climb the list next year, especially if international success follows his club triumphs. His salary of $20.5m is the highest of any footballer in the world.

10. Peyton Manning
American Football ($42.4m/£27m)

Highest earner of the 10 NFL players on the list thanks to his $10m worth of annual endorsements.

Selected others

11. Lionel Messi, Football ($39m); 24. Lewis Hamilton, F1($28m); 26. Maria Sharapova, Tennis ($27.9m); 37. Wayne Rooney, Football ($24.3m); 63. Usain Bolt, Athletics ($20.3m)



Forex Trading Experts Offer an Alternative Online Trading Tool - Int'l Business Times

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