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EU auditor calls for ‘wholly new approach’ to management of EU spending, investment
– canadianbusiness.com
BRUSSELS – The independent auditor of the European Union’s books is calling for a “wholly new approach” to the way the EU spends and invests its money because it is too slow to respond to crises and too often misses the results target.
European Court of Auditors President Vitor Caldeira said Tuesday “the EU must invest its money better,” also complaining about too much red tape that leads to waste.
In a statement, the ECA said that major changes are required so that funds better dovetail with the long-term ambitions of the 28-nation bloc.
The ECA said the collection of EU revenue was error-free but that errors on expenditure amounted to 4.4 per cent in 2014 — 0.1 point lower than the previous year.
The post EU auditor calls for ‘wholly new approach’ to management of EU spending, investment appeared first on Canadian Business – Your Source For Business News.
European Court of Auditors President Vitor Caldeira said Tuesday “the EU must invest its money better,” also complaining about too much red tape that leads to waste.
In a statement, the ECA said that major changes are required so that funds better dovetail with the long-term ambitions of the 28-nation bloc.
The ECA said the collection of EU revenue was error-free but that errors on expenditure amounted to 4.4 per cent in 2014 — 0.1 point lower than the previous year.
The post EU auditor calls for ‘wholly new approach’ to management of EU spending, investment appeared first on Canadian Business – Your Source For Business News.
Shanghai Vice Mayor Ai Baojun under formal party investigation amid anti-corruption campaign
– canadianbusiness.com
BEIJING, China – China’s ruling Communist Party says a vice mayor of the financial hub of Shanghai is under investigation amid an ongoing drive against corruption at all levels of government.
The party’s Central Commission for Discipline Inspection said on its website Tuesday that Ai Baojun was being probed on suspicion of “serious violations of discipline.” The phrase almost always refers to graft.
Ai’s name had already been removed from the list of Shanghai vice mayors, a likely sign that he will soon be fired and expelled from the party as a precursor to prosecution.
The 55-year-old Ai was appointed a vice mayor in 2007 and two years ago became director of the city’s new Hong Kong-style free trade zone that has been heavily promoted by the central government.
The post Shanghai Vice Mayor Ai Baojun under formal party investigation amid anti-corruption campaign appeared first on Canadian Business – Your Source For Business News.
The party’s Central Commission for Discipline Inspection said on its website Tuesday that Ai Baojun was being probed on suspicion of “serious violations of discipline.” The phrase almost always refers to graft.
Ai’s name had already been removed from the list of Shanghai vice mayors, a likely sign that he will soon be fired and expelled from the party as a precursor to prosecution.
The 55-year-old Ai was appointed a vice mayor in 2007 and two years ago became director of the city’s new Hong Kong-style free trade zone that has been heavily promoted by the central government.
The post Shanghai Vice Mayor Ai Baojun under formal party investigation amid anti-corruption campaign appeared first on Canadian Business – Your Source For Business News.
Where Canadian homeowners are most susceptible to an economic shock
– theglobeandmail.com
TD report says Canadian households more at risk today than after financial crisis
Nationalized Dutch bank ABN Amro says re-privatization set to start on Nov. 20
– canadianbusiness.com
THE HAGUE, Netherlands – Nationalized Dutch bank ABN Amro announced Tuesday it is beginning its re-privatization Nov. 20 with an initial public offering of 20 per cent of its shares.
The bank, which was saved from collapse by the Dutch government seven years ago, said the price of its shares would be between 16 and 20 euros ($17.19-21.48), putting the value of the first tranche to be sold at between 3 billion and 3.76 billion euros ($3.2 billion to $4 billion). The total value of the bank once privatized would be 15-18.8 billion euros ($16.1-20.2 billion)
ABN Amro managing board chairman Gerrit Zalm called the listing “a logical step” for the bank, which has aggressively reorganized and slimmed down in recent years.
“Our business case is solid, we have a moderate risk profile and are able to offer our clients a broad range of services,” he said. “With our capital position, comfortably exceeding regulatory requirements, we are convinced to present a solid and sound investment case…
The bank, which was saved from collapse by the Dutch government seven years ago, said the price of its shares would be between 16 and 20 euros ($17.19-21.48), putting the value of the first tranche to be sold at between 3 billion and 3.76 billion euros ($3.2 billion to $4 billion). The total value of the bank once privatized would be 15-18.8 billion euros ($16.1-20.2 billion)
ABN Amro managing board chairman Gerrit Zalm called the listing “a logical step” for the bank, which has aggressively reorganized and slimmed down in recent years.
“Our business case is solid, we have a moderate risk profile and are able to offer our clients a broad range of services,” he said. “With our capital position, comfortably exceeding regulatory requirements, we are convinced to present a solid and sound investment case…
New financial services ombudsman wants greater enforcement powers
– canadianbusiness.com
TORONTO – Canada’s new financial services ombudsman says she would welcome regulatory changes giving the organization more power to enforce its decisions — but notes that such changes would come at a cost.
The Ombudsman for Banking Services and Investments, or OBSI, is an impartial organization that serves as an alternative to costly legal battles by resolving disputes between banks or investment firms and their customers.
But although OBSI can recommend that firms compensate clients up to $350,000, companies are under no obligation to abide by the organization’s decisions.
OBSI’s only enforcement tool is its “name and shame” mandate, which allows it to go public with its findings if a company refuses the arbitrator’s recommendations.
However, Sarah Bradley — the woman chosen to head up the organization after long-serving ombudsman Douglas Melville stepped down last spring — says that system contains weaknesses.
“Nobody is really happy with naming and shaming,” said Bradley, the former chairwoman and CEO of the Nova Scotia Securities Commission, in one of her first interviews since taking the helm of OBSI in September…
The Ombudsman for Banking Services and Investments, or OBSI, is an impartial organization that serves as an alternative to costly legal battles by resolving disputes between banks or investment firms and their customers.
But although OBSI can recommend that firms compensate clients up to $350,000, companies are under no obligation to abide by the organization’s decisions.
OBSI’s only enforcement tool is its “name and shame” mandate, which allows it to go public with its findings if a company refuses the arbitrator’s recommendations.
However, Sarah Bradley — the woman chosen to head up the organization after long-serving ombudsman Douglas Melville stepped down last spring — says that system contains weaknesses.
“Nobody is really happy with naming and shaming,” said Bradley, the former chairwoman and CEO of the Nova Scotia Securities Commission, in one of her first interviews since taking the helm of OBSI in September…
