Ace Finance News

"My personal view of the financial world and the truth behind the news"

HHS: ‘ Consumer Health Insurance Premium Rebates Next Month will Total $330 Million in Refunds ‘

#AceFinanceNews – UNITED STATES – The Department of Health and Human Services today highlights one of the dividends stemming from the 2010 health care overhaul. HHS this morning announced the tally of this year’s consumer health insurance premium rebates.

The health care law requires insurance companies to spend at least 80 percent of the premium dollars they collect on patient care or rebate the difference back to individuals. The calculation of the medical loss ratio began in 2011 and rebate checks were first issued in 2012.

CQ HealthBeat reported (subscription) that HHS estimates 6.8 million consumers will receive refunds next month totaling $330 million.

A separate HHS report released today estimates that insurance company efficiencies enticed by the MLR formula saved consumers $3.8 billion on premium payments.

By Paul Jenks @ The Hill



UK GOVERNMENT: ‘ Speed Limits for Lorries Raised to 50 MPH to Increase Haulage Companies Revenue ‘

#AceFinanceNews – BRITAIN (London) – July 24 – Hauliers across England and Wales could see a £11 million a year boost as the government raises the speed limit for lorries on single carriageway roads to 50 mph.

Transport Minister Claire Perry has announced the move as part of a package of measures to cut congestion, reduce dangerous overtaking and help get the country moving.

Heavy goods vehicles over 7.5 tonnes are currently stuck at 40 mph on single carriageway roads a speed limit set in the 1960′s and at odds with other large vehicles on our roads.

The government has also today (24 July 2014) launched a 6 week consultation on plans to increase the speed limits for HGVs on dual carriageways from 50 mph to 60 mph.

Claire Perry said:

We’re are doing all we can to get Britain moving and boost growth. This change will do exactly that and save our haulage industry £11 million a year.

Britain has one of the world’s best road safety records and yet speed limits for lorries have been stuck in the 1960′s. This change will remove a 20 mph difference between lorry and car speed limits, cutting dangerous overtaking and bringing permitted lorry speeds into line with other large vehicles like coaches and caravans. Current speed limits for HGVs were introduced around 50 years ago and need to be updated given improved vehicle technology.

Geoff Dunning, from the Road Haulage Association, said:

This evidence-based decision by ministers, to increase the limit to 50 mph will be strongly welcomed by hauliers and their drivers. The current limit is long out of date and the frustration it generates causes unnecessary road safety risks.

UK GOV Press Release


‘ Reports by US Central Bank and the Senate Criticise Deutsche Bank for Internal Irregularities over Investment Fund Tax Avoidance ‘

#AceFinanceNews – BRUSSELS – July 23 – Two separate reports by the US central bank and the Senate have criticised Deutsche Bank for having internal irregularities and for helping investment funds to avoid taxes.

Documents obtained by the Wall Street Journal show that Germany’s largest commercial bank has produced "low quality, inaccurate and unreliable" reports to the Federal Reserve Bank of New York.

"The size and breadth of errors strongly suggest that the firm’s entire US regulatory reporting structure requires wide-ranging remedial action," the Fed paper concludes.

Separately, an investigation by the US Senate into the dealings of Deutsche Bank and Barclays, two of Europe’s largest banks, concluded on Tuesday (22 July) that they have sold complex financial products which allowed hedge funds to avoid US taxes.


‘ Vladimir Putin Signs a Law Banning Placement of Commercials on Paid TV Channels ‘

#AceWorldNews – MOSCOW – July 22 – Russian President Vladimir Putin has signed on Tuesday a law imposing a ban on placement of commercials on paid television channels from January 1, 2015, reported by state TV.

​The law forbids advertisements during television programs broadcast on channels provided exclusively on a pay basis or with application of decoding technical devices.

A list of such channels does not include national generally available channels, as well as channels broadcast in Russia with a use of a limited radio frequency capacity.

The law was adopted in order to equate economic conditions for free and pay television channels, as well as to respect consumer rights.


SEC: ‘ Charged a Company Co-Founded by Paul Pelosi Jr with Fraud After Learning Two Convicted Criminals Were Running the Business ‘

#AceFinanceNews – UNITED STATES – July 20 – The Securities and Exchange Commission (SEC) charged a company co-founded by Paul Pelosi Jr. with fraud on Wednesday after learning that two convicted criminals were running the business.

​Paul Pelosi Jr., the son of House Minority Leader Nancy Pelosi (D., Calif.), was the president and chief operating officer of Natural Blue Resources Inc., an investment company he co-founded that focuses on “environmentally-friendly” ventures.

The SEC charged four individuals with fraud, including former New Mexico Gov. Toney Anaya, and suspended trading in the company’s stock. Pelosi owned over 10 million shares in the company in 2009.

The SEC said Wednesday the company was “secretly controlled” by James E. Cohen and Joseph Corazzi, both of whom had previous fraud convictions. Corazzi violated federal securities laws and was barred from acting as an officer or director of a public company. Cohen was previously incarcerated for financial fraud.

Cohen and Corazzi said they were “outside consultants,” but according to the SEC, they actually controlled Natural Blue’s business decisions “without disclosing their past brushes with the law to investors.”

The pair made hundreds of thousands of dollars off the company.

By Elizabeth Harrington @ The Free Beacon


‘ UAE’s Emirate of Dubai Cracks Down Fake Goods Dealers ‘

#AceFinanceNews – Police in UAE’s emirate of Dubai have confiscated luxury goods to the value of $9.26 million in the past fortnight, as part of a systematic campaign to protect intellectual rights.

Around five fake goods dealers have been arrested each day in the run-up to the religious festival of Eid that marks a high-point for illegal retail.



‘ France Signs 1 Billion Euro Contract to Supply 4 Corvette Frigates to Egyptian Navy ‘

#AceFinanceNews – FRANCE (Paris) – July 19 – French contractors will build four corvette frigates for the Egyptian navy after a €1 billion contract was signed last month, a French diplomatic source told Reuters on Saturday.

The deal marks the first time France has supplied Egypt with arms since the 1990′s.

Egypt has been reliant on US technology and financial support in recent years, but has been forced to look for suppliers elsewhere after Washington reduced military funding in the aftermath of political turmoil in the country.


‘ Senator’s Expected Next week to Take Up Bill to Extend Highway Trust Fund Avoiding Critical Short-Fall ‘

#AceFinanceNews – UNITED STATES (Washington) – July 18 – Senators next week are expected to take up a bill to extend the Highway Trust Fund, approving transportation funding until next spring and avoiding a critical shortfall.

House lawmakers passed a nearly $11 billion short-term measure for infrastructure funding on Tuesday, which would keep the fund, scheduled to run out of money in August, afloat until next spring.

The Obama administration has pressed lawmakers to act on the highway fund, warning that allowing it to run out could cost 700,000 construction jobs and delay critical projects during the busy summer travel season.

Democratic senators had balked at the House proposal, preferring a long-term measure, but the Obama administration’s endorsement of that bill earlier this week paved the way for a deal.

President Obama had demanded a multiyear funding package, but the White House said they would accept the House bill to avoid letting the highway fund go bankrupt.

By Kevin Cirilli @ The Hill

‘ Growing Consensus with President and Others That Dodd-Frank Has Allowed For Banks to Get Bigger, Taxpayers to Get Poorer and Economy to Become Less Secure ‘

#AceFinanceNews – UNITED STATES – July 18 – Hensarling on CNBC earlier today, talking about the fourth anniversary of Dodd-Frank: “I hesitate to ever agree with Elizabeth Warren on anything, but I think there’s a growing consensus – including a consensus with the president of the United States of America — that Dodd-Frank did not end ‘too big to fail’ and ‘too small to matter’

…At the end of the day, Dodd-Frank has ensured that the big banks have gotten bigger, the small banks have gotten fewer, the taxpayers have gotten poorer, and our economy is less robust.” Video:


‘ EU Money PROBLEMS Loom AGAIN Over UNPAID BILLS This Time ALL They WANT is 4.7 BILLION Euros ‘

#AceFinanceNews – BRUSSELS – July 18 – The European Commission has warned that it is running out of money again in the latest stand-off between the EU institutions over its unpaid bills.

The EU executive says that the bloc’s budget faces payment gaps worth €4.7 billion covering research and employment programmes, cohesion policy, and costs arising from the refugee crisis in Ukraine and Syria.

An autumn cash-flow crisis for the commission has become a perennial fixture in the EU calendar.

After repeatedly warnings from the EU executive that flagship programmes such as the Erasmus student-exchange scheme and the European Social Fund were within weeks of running out of money, the EU institutions agreed to amending budgets worth €6 billion in 2012 and €11.2 billion in 2013.

Speaking during a European Parliament debate on the issue on Wednesday (16 July), commissioner Androulla Vassiliou remarked that the process made the bloc’s budgetary process “almost unintelligible and undermines the EU’s credibility”.

Vassiliou blamed governments for having only authorised “an artificially low level of payments.. on the understanding that a supplementary budget would be needed later in the year.”

This time Vassiliou told MEPs that governments would not be required to dip into their pockets to stump up the €4.7 billion, with the money collected from fines for breaching EU competition law, and surpluses in other budget headings.

But the commission still needs to permission of governments to do this, to avoid the funds being distributed back to national capitals.

For their part, most MEPs want governments to plug the gap to avoid the process repeating itself, yet again, next year.


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