Articles and More!: UPDATE

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Monday, March 24, 2014

“No Bracket, No Pay” NCAA Hoops Update

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“No Bracket, No Pay” NCAA Hoops Update

Sunday, March 16, 2014

Man accused of throwing brick over Facebook update

At Hey WTF? News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Hey WTF? News and how it is used.

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Man accused of throwing brick over Facebook update

Friday, March 14, 2014

UPDATE: Final Day Of Texas State Convention (by matlarson10)

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UPDATE: Final Day Of Texas State Convention (by matlarson10)

Wednesday, March 12, 2014

WW3 Update: Ukrainian Troops Head For Crimea, Russian Troops Head Towards East Ukraine (Video)

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WW3 Update: Ukrainian Troops Head For Crimea, Russian Troops Head Towards East Ukraine (Video)

Monday, March 10, 2014

FireFox Update will Block all Plugins by Default Except Whitelisted Plugins

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FireFox Update will Block all Plugins by Default Except Whitelisted Plugins

Saturday, March 1, 2014

UPDATE: Gang of knife-wielding men kill 27 at China train station...

At Not Just The News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Not Just The News and how it is used.

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Like many other Web sites, Not Just The News makes use of log files. The information inside the log files includes internet protocol (IP) addresses, type of browser, Internet Service Provider (ISP), date/time stamp, referring/exit pages, and number of clicks to analyze trends, administer the site, track user"s movement around the site, and gather demographic information. IP addresses, and other such information are not linked to any information that is personally identifiable.

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UPDATE: Gang of knife-wielding men kill 27 at China train station...

Friday, February 21, 2014

Chris Christie update: A new, mansion-size scandal?

Chris Christie update: A new, mansion-size scandal?
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Friday, Feb 21, 2014 2:05 PM UTC

A new report questions whether a fund for the governor’s mansion is being used for political favors

Elias Isquith Follow

Topics: Chris Christie, New Jersey Governor Chris Christie, Bruce Springsteen, New Jersey Gov Christie, Gov. Chris Christie, Gov Christie, Bridgegate, Superstorm Sandy, The Huffington Post, Drumthwacket Foundation, Barack Obama, News, Politics News

New Jersey Gov. Chris Christie held his first post-Bridgegate town hall meeting on Thursday, and while the event went off without any embarrassing moments for the governor, complaints from attendees about the still-ongoing nature of the state’s recovery from Superstorm Sandy made clear that, aside from the scandals swirling around him, Christie still has a lot of work to do at what used to be his full-time job: governing his home state. Meanwhile, a new report about a possible system of quid pro quo over the governor’s mansion being run by the Christie team highlights yet another potential scandal for the embattled Republican.

Here’s the latest from the world of Chris Christie:

A new report from the Huffington Post highlights the Drumthwacket Foundation (a nonprofit devoted to maintaining and preserving New Jersey’s Drumthwacket Mansion, aka the governor’s mansion, in Princeton) and how it may be receiving donations from private interests in a not-so-subtle attempt to curry Christie’s favor and secure tax breaks and other government favors.

During his town hall on Thursday, Christie fielded many questions about the ways the state’s recovery efforts from Superstorm Sandy have been less than ideal. As he’s fond of telling people, however, Christie is a leader, so he did what leaders do: blamed the federal government.

Also during the town hall meeting, one older gentleman, a supporter of the governor, told Christie to give up his well-known affection for Bruce Springsteen. The constituent reminded Christie of Springsteen’s performance with Jimmy Fallon, mocking the governor’s Bridgegate troubles, and urged the governor to get rid of all of the Boss’ music. Christie told the man he was probably right, but that he still hopes one day he and Bruce can be buddies.

For his next stop, Christie’s heading to the nation’s capital to meet with governors from throughout the country. He’s been invited to dine with the president and first lady at the White House, but Christie’s learned his lesson when it comes to getting too cozy with Obama, so he declined.

“Hipster” Christianity: 9 hilarious attempts by the religious right to be cool

The biggest February movie dumps ever

“The Monuments Men” (2014)

This George Clooney-directed film reportedly wasn’t completed in time to be released into the competitive fourth quarter of 2013 — had it been, the thought was, it’d be competing for Oscars alongside “Gravity” and “12 Years a Slave.” But by all accounts, this film is… not nearly that good, the latest iteration of Clooney’s historical fetishism with not too much to say besides “art is important.” We know, George! But though it wouldn’t have been good enough for December, it’s all right for February.

The biggest February movie dumps ever

“The Haunting in Connecticut 2: Ghosts of Georgia” (2013)

One thing you can generally count on early in the year: shlocky horror, which blooms when there are few bigger tentpoles to steal moviegoers’ dollars. The action here took a commuter flight from the Hartford, Conn., airport down to Atlanta — the only thing in common with the original is the fact that there is a haunting in an eastern seaboard state, and there’s a vaguely recognizable title to cash in on.

The biggest February movie dumps ever

“Journey 2: The Mysterious Island” (2012)

Another instance of playing out the string of a sort-of-familiar franchise in the safest possible month for release, this Dwayne Johnson/Michael Caine vehicle (sure!) made money, playing as it did to an underserved family audience with a story very, very loosely based on the works of Jules Verne.

The biggest February movie dumps ever

“Drive Angry 3D” (2011)

Both of Nicolas Cage’s “Ghost Rider” superhero flicks were released in February, but this movie, also about a dead person who knows how to drive, was less successful, because or in spite of the fact it was even more preposterous — it’s all about a dead man who drives out of hell and helps to save a beautiful waitress. Somehow, it wasn’t a hit.

The biggest February movie dumps ever

“The Wolfman” (2010)

Now this was a classic February dump; the film went through a challenging production and its release date was postponed several times, with the final product looking like the result of years of studio meddling. Back when this had pioneering music-video director Mark Romanek attached, before he left due to creative differences and the whole thing went awry, this film had been scheduled for an autumn 2008 release. Now that would have been a movie worth seeking out even in a crowded autumn!

The biggest February movie dumps ever

“Confessions of a Shopaholic” (2009)

The winter after the 2008 stock-market crash was probably the least opportune time to release this broad comedy about a lady who just loves spending money — but either way, this was never going to connect in the way the best romantic comedies do. From the cast to the premise, the whole thing seemed like the perfect February movie: just good enough.

The biggest February movie dumps ever

“Over Her Dead Body” (2008)

Back before Paul Rudd was precisely as well-regarded as he is today, and at the peak of Eva Longoria’s “Desperate Housewives” fame, the pair teamed up for a romantic comedy about a ghost who tries to sabotage the love life of the man she dated when she was alive in order to pass the time while in Purgatory. Weird this didn’t connect with a wider audience!

The biggest February movie dumps ever

“Norbit” (2007)

Had this movie been released any other year, history might have been different: The ad campaign, featuring Eddie Murphy in drag as an obese woman, is widely credited with tanking his perceived front-runner status in that year’s best supporting actor race and putting an Oscar in Alan Arkin’s hands. But when else, precisely, would a movie featuring a fading box-office draw doing the same drag he’s done many times before get released?

The biggest February movie dumps ever

“Date Movie” (2006)

Just gross: This movie features Alyson Hannigan in a fat suit and broad ethnic stereotypes of just about every race under the sun, as well as toothless satire of the likes of “My Big Fat Greek Wedding.” When you’re ripping off the “Scary Movie” franchise — itself a series of rip-offs from popular culture — nothing good will come of it.

The biggest February movie dumps ever

“Son of the Mask” (2005)

Once again, a familiar brand got dredged up in the year’s earliest months, in a gambit that could only work in a season when no one’s really paying attention to quality. Still, this Jamie Kennedy/Alan Cumming vehicle didn’t capture that Jim Carrey magic from the 11-year-old precursor.

Recent Slide Shows

Read more about Chris Christie update: A new, mansion-size scandal? and other interesting subjects concerning Top Stories at TheDailyNewsReport.com

Thursday, February 6, 2014

Economic Update: Public vs. Private Enterprise

Economic Update: Public vs. Private Enterprise
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Updates on economic democracy from Jackson, Mississippi to Marseilles, France; credit card scandals; phony labels for chicken; and overcharging inmates for calls. Major discussions of re-municipalization of water and electric utilities; post office banking; and new book on capitalism’s inequalities. Response to audience questions on TPP, corporate tax breaks and minimum wage.

To listen in live on Saturdays at noon, visit WBAI’s Live Stream

Economic Update is in partnership with Truthout.org

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Truthout Stories

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UPDATE: Remember The LA Newspaper Delivery Ladies

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UPDATE: Remember The LA Newspaper Delivery Ladies

Tuesday, January 14, 2014

UPDATE 1-Fed considers new limits on banks in physical commodity trade

UPDATE 1-Fed considers new limits on banks in physical commodity trade
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Tue Jan 14, 2014 2:15pm EST

By Anna Louie Sussman and Emily Stephenson

NEW YORK/WASHINGTON Jan 14 (Reuters) – The U.S. Federal Reserve on Tuesday took a first formal step toward restricting the role of Wall Street banks in physical commodities markets, seeking feedback on ways to limit the “catastrophic” risks of dealing with oil tanks or power plants.

In a 6-0 vote, the Fed board agreed to publish a preliminary notice laying out its concerns and potential remedies, following months of growing public and political pressure to check banks’ decade-long expansion into the raw materials supply chain.

Facing a clearly uneasy regulator, some banks like JPMorgan Chase & Co are already quitting the business.

In a 19-page document that included two dozen questions, the Fed offered a host of reasons for imposing new restrictions in the interests of protecting the safety and soundness of the banking system, invoking incidents among which were BP’s Deepwater Horizon disaster and last summer’s oil-train tragedy in Quebec.

“The recent catastrophes accent that the costs of preventing accidents are high and the costs and liability related to physical commodity activities can be difficult to limit and higher than expected,” the Fed said in the notice.

It is the Fed’s first detailed public discussion since it shocked the banking industry last July by announcing a “review” of its 2003 authorization that first allowed commercial banks such as Citigroup to handle physical commodities.

It comes just one day before a senior Fed director goes before a second Senate banking committee hearing on the matter.

Beyond the financial risks, the Fed is also seeking comment on potential conflicts of interest for banks, and the risks and benefits of additional capital requirements or other restrictions — measures that have been hinted at in the past.

The Fed said that new limits on all three means by which banks may deal in physical commodities were up for debate: the authority to trade raw materials as “complementary” to derivatives; the investment in commodity-related business as arm’s-length merchant banking deals; and the “grandfather” clause that has allowed Morgan Stanley and Goldman Sachs much wider latitude than their peers.

The “advance notice of proposed rulemaking,” which is an optional initial step in the sometimes years-long process of making new regulations, seeks comments until March 15.

The Fed also questioned several previously cited justifications for allowing banks to trade in physical commodities such as crude oil cargoes and copper pallets.

It said, for instance, that although most banks are not allowed to actually own infrastructure assets, those that lease storage tanks or own physical commodities held by third parties may nonetheless face a “sudden and severe” loss of public confidence if they are involved in a catastrophe.

They also said that several banks’ recent moves to sell all or parts of their physical trading operations “may suggest that the relationship between commodities derivatives and physical commodities markets … may not be as close as previously claimed or expected.”

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Reuters: Financial Services and Real Estate

Read more about UPDATE 1-Fed considers new limits on banks in physical commodity trade and other interesting subjects concerning Real Estate at TheDailyNewsReport.com

Monday, January 13, 2014

I was in a psych ward again - Update includes tourettes and OCD

Wednesday, January 8, 2014

UPDATE 1-Australians learn to spend again as low rates lift spirits

UPDATE 1-Australians learn to spend again as low rates lift spirits
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Wed Jan 8, 2014 10:06pm EST

* Retail sales outpace forecasts for fourth month of solid gains

* Home building on track for much stronger year as low rates work

* Markets all but price out risk of further RBA easing

By Wayne Cole

SYDNEY, Jan 9 (Reuters) – Australians have rediscovered the urge to spend as retail sales and house building blew past expectations in November, just the warming mixture needed to help offset a cooling mining boom.

That is exactly the outcome the Reserve Bank of Australia (RBA) sought when it steadily cut interest rates to record lows last year and reinforces market expectations that the next move will be up, albeit not for some time yet.

“Sales momentum has picked up since August, and given the reasonably positive anecdotes, the odds are that sales finished 2013 on a firm note,” said Su-Lin Ong, a senior economist at RBC Capital Markets.

“The RBA will welcome the ongoing signs of policy traction and stay on the sidelines.”

Rates have been on hold at 2.5 percent since August and investors have priced out almost any chance of another easing this year. Indeed, futures markets show some are wagering that 2014 could end with rates on the rise.

Thursday’s figures from the Australian Bureau of Statistics showed retail sales rose 0.7 percent in November to a seasonally adjusted A$ 22.5 billion ($ 20 billion), easily outpacing market forecasts of a 0.3 percent gain.

Importantly, it was also the fourth straight month of solid increases in spending after a fallow period earlier in the year and lifted annual growth in sales to 4.6 percent, the fastest pace in 17 months.

That is a big plus for economic growth since retail spending makes up almost a third of household consumption, which in turn accounts for 53 percent of the country’s A$ 1.5 trillion in annual gross domestic product (GDP).

Evidence suggests wallets have stayed open with the major retailers reporting a strong holiday shopping period. The Australian Retailers Association estimates A$ 42 billion was spent just in the lead up to Christmas.

Demand for new vehicles also ended the year on a high note with sales in December up 5.3 percent on the previous month, according to the Federal Chamber of Automotive Industries.

“Anecdotally the Australia economy seems to have lifted a gear over December, which has continued early into the New Year,” said Savanth Sebastian, an economist at CommSec.

“Consumers certainly have more reason to be optimistic given, warmer weather, rising house prices and recent share market gains – all supporting a lift in sentiment.”

The ascent of home prices, which grew at an almost 10 percent pace over 2013, has in turn encouraged a much needed revival in home construction.

Approvals to build new houses jumped 6 percent in November, from the previous month, to be at the highest since mid-2010. For the year to November, approvals were up by a barnstorming 18 percent.

Include apartment buildings, and approvals for the year were up no less than 22 percent.

Home construction has an outsized impact on the economy given all the different trades involved and habit of buyers to pick up new furniture and electronics. The sector is also a big employer and contributes heavily to state tax revenues.

The ABS estimates that every A$ 1 spent on residential construction generates A$ 1.31 worth of spending elsewhere in the economy, while every million dollars spent creates 17 jobs.

As a result, a typical recovery in housing can add 2 percentage points or more to economic growth over a two to three year cycle.

“The residential construction upturn looks to be firmly entrenched, and will be one offset to lower levels of mining construction.” said Diana Mousina, an economist at Commonwealth Bank of Australia.

“The RBA will be pleased that prior cuts to interest rates are having a noticeable impact on the housing market.” (Reporting by Wayne Cole; Editing by Jacqueline Wong)

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Reuters: Financial Services and Real Estate

Read more about UPDATE 1-Australians learn to spend again as low rates lift spirits and other interesting subjects concerning Real Estate at TheDailyNewsReport.com

UPDATE 1-China"s Qihoo 360 denies Alibaba to take stake in company

UPDATE 1-China"s Qihoo 360 denies Alibaba to take stake in company
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Wed Jan 8, 2014 10:16pm EST

By Paul Carsten

BEIJING Jan 9 (Reuters) – Chinese Internet company Qihoo 360 Technology Co Ltd denied on Thursday that e-commerce giant Alibaba Group Holding Ltd would take a stake in the company after its shares surged almost 10 percent on Wednesday on speculation the two were in talks.

“These are rumours someone has made up,” said Qu Xiaodong, vice chairman of Qihoo, which has a market capitalisation of $ 10.93 billion and specialises in security software and is China’s second-largest search engine by users.

Alibaba, which is gearing up for an IPO that could conservatively value the company at more than $ 100 billion, said it does not comment on rumours or speculation.

Qihoo shares shot up 9.3 percent on Wednesday on rumours the two companies were in the advanced stages of discussions for Alibaba to take a stake in Qihoo.

Alibaba and Qihoo have cooperated in the past, having launched a product search engine for online shopping in May last year.

Qihoo has already captured 22.5 percent of China’s search engine market as of December since breaking on to the scene in 2012, according to Alibaba-owned Internet data analysts CNZZ.

It is second only to Baidu Inc, whose search engine market share in China fell to 63 percent as of December from 80.4 percent in August 2012, when Qihoo launched its own search product.

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Reuters: Financial Services and Real Estate

Read more about UPDATE 1-China"s Qihoo 360 denies Alibaba to take stake in company and other interesting subjects concerning Real Estate at TheDailyNewsReport.com

UPDATE 1-China inflation hits 7-month low, eases tightening fears

UPDATE 1-China inflation hits 7-month low, eases tightening fears
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Wed Jan 8, 2014 10:05pm EST

* Dec CPI +2.5 pct yr/yr, vs forecast +2.7 pct

* Dec PPI -1.4 pct yr/yr, vs forecast -1.3

* Dec CPI +0.3 pct from Nov, vs f’cast +0.4

BEIJING, Jan 9 (Reuters) – China’s annual consumer inflation slowed more sharply than expected to a seven-month low of 2.5 percent in December, easing market fears of tighter monetary policy rates although the central bank is tapping the brakes on bank liquidity.

Rising money market rates and bond yields indicate the People’s Bank of China (PBOC) is tightening liquidity conditions, to reduce debt levels and contain credit growth, but there is little sign of a sharp turnaround in its policy stance.

The central bank has pledged to continue to maintain prudent monetary policy in 2014 and keep reasonable money and credit growth to support the real economy.

The drop in inflation last month, from November’s print of 3 percent, was sharper than a fall to the 2.7 percent rate expected by the market, slowed by volatile food costs.

Food prices rose 4.1 percent in December from a year earlier, slowing from November’s 5.9 percent rise, the National Bureau of Statistics said on Thursday.

But analysts warn inflation may quicken in coming months as the government pushes market-oriented reforms to liberalise energy and utility prices.

“While the CPI inflation came in lower than expected, the January figure will likely exceed 3 percent again due to the Chinese New Year effect,” said Zhou Hao, an economist at ANZ in Shanghai.

“Inflation could exceed 3.5 percent in the second half of 2014, as upcoming pricing reforms could push up commodity and public utility prices. Therefore we think that CPI inflation will be 3.2-3.4 percent on average this year.”

Month-on-month, consumer prices rose 0.3 percent versus 0.4 percent expected by economists.

China’s inflation was 2.6 percent over the whole of 2013, well within the government’s target limit of 3.5 percent, the bureau said.

The bureau also said that China’s producer prices fell 1.4 percent last month from a year earlier – the 22nd consecutive month of decline – versus the same rate of factory price deflation in November.

The inflation news precedes December trade figures due on Friday and fourth quarter gross domestic product data due Jan 20.

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Reuters: Bonds News

Read more about UPDATE 1-China inflation hits 7-month low, eases tightening fears and other interesting subjects concerning Bonds at TheDailyNewsReport.com

Thursday, December 19, 2013

UPDATE 2-S&P upgrades Mexico sovereign credit rating

UPDATE 2-S&P upgrades Mexico sovereign credit rating
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Thu Dec 19, 2013 8:17pm EST

By Daniel Bases

NEW YORK Dec 19 (Reuters) – Standard & Poor’s on Thursday raised its sovereign long-term foreign currency credit rating for Mexico by one notch to BBB-plus days after the country approved the biggest shake-up of its energy sector since 1938 in a bid to boost growth.

The upgrade, which moves Mexico higher into investment-grade territory with a stable outlook, brings S&P in line with both Moody’s Investors Service’s Baa1 rating with a stable outlook and Fitch Ratings’ BBB-plus with a stable outlook.

In a statement, S&P cited the government’s energy reform, which opens up Mexico’s 75-year-old oil and gas monopoly to private investment, as a key reason for the upgrade.

“The passage of a landmark energy reform, supported by some changes in the fiscal framework, bolsters Mexico’s growth prospects and fiscal flexibility in the medium term,” it said.

The energy overhaul is the cornerstone of a raft of reforms championed by President Enrique Pena Nieto aimed at boosting growth in Latin America’s no. 2 economy, which has long lagged emerging market peers.

Pena Nieto has overseen passage of laws to overhaul the education system, boost competition in telecommunications, spur lending, and increase a weak tax take, partly to ease the fiscal burden on ailing state oil giant Pemex.

“This is a watershed moment for Mexico,” S&P said.

“Tapping into Mexico’s vast oil potential should energize investment and growth throughout the economy, but we also believe that we won’t see its tangible effects on economic activity for a number of years,” it added.

S&P said Mexico’s rating reflects a track record of “cautious” fiscal and monetary policies that have resulted in low government deficits and inflation, bolstered economic resilience, and contained fiscal and external debt levels.

The rating, however, remains constrained by limited fiscal flexibility and moderate trend economic growth in Mexico.

RATINGS FUTURE

Mexican growth contracted in the second quarter on weak government spending and a sagging construction sector but rebounded in the third quarter as exports picked up.

S&P expects real GDP growth of 3 percent in 2014 and 3.5 percent in 2015, up from 1.2 percent in 2013.

Mexico has also struggled to boost its tax take, which remains the weakest in the 34-nation Organisation for Economic Co-operation and Development.

The finance ministry welcomed the upgrade, saying it would “benefit the federal government, the private sector and Mexican families by lowering financing costs.”

The peso currency pared losses after the news.

Still, Rafael Camarena, an economist at Santander, said it was unclear whether the energy reform would end up lifting Mexico’s rating into “A” territory.

A Mexico City-based fund manager who was not authorized to speak on the record said the move might encourage more participation from international investors.

That would be welcome, he said, “because there’s going to be more debt next year and there are not many long-term investors in Mexico.”

The government plans to run a budget deficit of 1.5 percent of GDP next year, up from a 0.4 percent deficit this year, as it boosts spending to shore up the tepid recovery.

On Thursday, the finance ministry released its latest capital market issuance plan, which foresees increasing debt sales in the first quarter of next year.

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Reuters: Bonds News

Read more about UPDATE 2-S&P upgrades Mexico sovereign credit rating and other interesting subjects concerning Bonds at TheDailyNewsReport.com

Friday, December 13, 2013

Update: Springfield Armory XD-S Recall

In Aug. 2013, Springfield Armory issued a voluntary safety recall for their .45 ACP and 9mm XD-S pistols.

Springfield Armory has since developed a solution to the potential problem, which includes a free upgrade service for every XD-S affected.

The upgrade includes a new grip safety and other internal components, which have been reported to make the action smoother than its original form.

To distinguish whether an XD-S has received the upgrade, simply inspect the outside of the grip safety without disassembling the gun. Pistols that have received the upgrade have a visible roll pin on the left and right side of the grip safety.

Any XD-S pistol that does not have a visible roll pin on its grip safety should be sent to Springfield for service.

Springfield is doing everything possible to ensure XD-S pistols are being serviced and returned to customers in a prompt time frame.

According to Springfield Armory, “We pledge to you that we are working as fast as we can, and have greatly increased our staff and number of shifts to ensure that we are leveraging every hour in the day.”

They are also publishing updates to their website every Friday afternoon, regarding wait times, technical details and frequently asked questions.

If your pistol has been affected by the recall, be sure to follow the correct process for sending in a gun for service.

Guns & Ammo

Update: Springfield Armory XD-S Recall

Tuesday, December 10, 2013

BOSTON BOMBING UPDATE: THE BACKPACK MYSTERY-CONSPIRACY!!!!

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BOSTON BOMBING UPDATE: THE BACKPACK MYSTERY-CONSPIRACY!!!!

Thursday, December 5, 2013

Shocking Truths about Wal-Mart | Brainwash Update

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Shocking Truths about Wal-Mart | Brainwash Update

Wednesday, December 4, 2013

UPDATE 1-GM selling remaining Ally stake -report

UPDATE 1-GM selling remaining Ally stake -report
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Wed Dec 4, 2013 2:10pm EST

DETROIT Dec 4 (Reuters) – General Motors Co is selling its remaining stake in its former lending arm, Ally Financial Inc, the Wall Street Journal reported on Wednesday.

The private placement deal is worth about $ 900 million, the newspaper said, citing people familiar with the matter.

Officials with GM and Ally declined to comment. GM which owned a 9.9 percent stake in Ally at the end of September.

Once a part of GM, Ally was formerly known as GMAC. GM has been rebuilding its finance operations since selling a controlling stake in GMAC to private equity firm Cerberus Capital Management in 2006.

In November 2012, GM agreed to pay $ 4.2 billion for Ally’s European and Latin American auto lending operations as it moved to expand its in-house financing at its GM Financial unit as a way to boost sales. GM closed on those deals in April and October this year.

Last month, Ally bought back $ 5.9 billion worth of its shares from the U.S. Treasury and has repaid more than 70 percent of the total aid provided by the government.

Ally received a $ 17.2 billion bailout during the financial crisis. Last month, the Federal Reserve approved the company’s 2013 capital plan, clearing the way for repayment to Treasury.

Ally has struggled to recover from the mortgage meltdown. Last year, it put its troubled home loan subsidiary Residential Capital LLC into bankruptcy to stanch the bleeding from bad mortgages.

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Read more about UPDATE 1-GM selling remaining Ally stake -report and other interesting subjects concerning Bonds at TheDailyNewsReport.com

UPDATE 1-EU executive document says transaction tax plan legal

UPDATE 1-EU executive document says transaction tax plan legal
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Wed Dec 4, 2013 12:57pm EST

By Huw Jones

LONDON Dec 4 (Reuters) – The proposed tax on financial transactions in 11 European Union countries complies with EU and international laws, the bloc’s executive said, hoping to revive the flagging project.

The tax on stock, bond and derivatives trades has been proposed as a way of raising about 35 billion euros a year from banks starting in 2014 to claw back the taxpayer aid they received in the financial crisis.

A legal opinion for member states in September said a core element of the tax was illegal because of the way it impinged on countries like Britain that won’t take part and threatening to derail the project in its current form.

This legal opinion and pending elections in Germany, one of the tax’s biggest backers, had led to drift.

The European Commission’s own legal advisors dismissed the member state legal opinion in a 20-page analysis seen by Reuters on Wednesday.

“Based on the above analysis the Commission’s services come to the conclusion that … the proposed FTT directive is in conformity both with customary international law and EU primary law,” the document says.

Now that the Commission’s legal advisors have rebutted challenges to the proposal’s legality, representatives from the 11 countries are due to meet next week to see how a redrafted proposal can be pushed forward.

Britain, outside the 11 taking part, is the biggest securities trading centre in the EU and is challenging the proposal in the bloc’s highest court.

The document says the proposal does not lead to any “inadmissible” effects in countries outside the 11 taking part.

“What the Council Legal Services perceives as discrimination is in reality nothing but a disparity between different national tax regimes,” the document adds.

“The provision has no impact on the freedom of non-participating member states to exercise their own tax competence in whatever manner they see fit.”

Britain and 15 other EU countries have refused to support the financial transaction tax (FTT) which has been backed by Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia.

The 11 countries taking part met last week when France sought to water down the proposal and bring it in line with the more limited “stamp duty” type of tax it has introduced.

The agenda for last week’s meeting, seen by Reuters, also showed that the 11 countries were considering a “step by step” approach to introducing the tax rather than a “big bang” start.

Due to worries over the possible impact on bond markets, several “carve outs” or exemptions are also being mulled for “public” bonds and some derivatives, the agenda showed.

Non-financial firms could also be shielded with other changes to stop pension funds being hit.

The formation of a new government in Germany will also lend fresh momentum to the FTT, with the new coalition there agreeing that its scope should extend to currencies as well.

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