Canada's Minister of Finance has announced that the scheduled 5-year review of federal financial institutions legislation has commenced and has called for comments from interested parties to be submitted by Friday, November 19, 2010.
Yesterday's announcement by BHP Billiton Chief Executive Marius Kloppers that an expansion of the company's Olympic Dam uranium and copper mine in South Australia could be affected by the country's proposed so-called resource super-profits tax comes as no surprise.
The credit crisis has led to substantial liquidity problems especially for medium-sized companies (not only) in Germany: their (almost traditionally) small equity base makes it difficult for them to gain access to fresh money, be it from banks following Basel II regulations, from the capital markets or from private investors.
On August 3, the Federal Deposit Insurance Corporation (FDIC) released a Financial Institution Letter entitled "Allowances for Loan and Lease Losses in the Current Economic Environment: Loans Secured by Junior Liens on 1-4 Family Residential Properties" to FDIC-supervised institutions.
Although many independent banks across the United States have had little to do with the current economic abyss into which the country has fallen, the impact of the financial industry crisis and related mortgage fallout has begun to creep into the lobbies and onto the financial statements of banks.
Ohio State Senator Ray Miller (D), 15th District, has introduced Senate Bill 91, which would prohibit discrimination by an employer against any person because of that person's credit history.
In a letter to the G20 members, the Geneva Association, an organization comprised of CEOs from the world’s leading insurance and reinsurance companies, provided recommendations for more effective regulation of the insurance and reinsurance industry, along with information and analysis regarding the differences between the insurance and reinsurance industry and that of the banking industry.
The handwriting on the wall is clear: the days of a growing economy have come to an end (at least for the foreseeable future), and this nation is likely to experience a period of economic hardship.