Fiat plans to refocus Italian plants on exports
Arizona families, Arizona farms: working to produce high-quality milk Former Arizona Rep. Don Shooter shows health improvement Comments Share Fiat said in a joint government statement that it will invest in Italy to prepare new products for launch when the market recovers, and that it has invested (EURO)5 billion ($6.5 billion) in the last three years.Fiat investments have come under scrutiny since it retreated on plans to invest (EURO)20 billion over five years due to uncertainty.(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Mary Coyle ice cream to reopen in central Phoenix Top Stories MILAN (AP) – Italian carmaker Fiat has restated its commitment to remain in Italy and says it will refocus its Italian plants on exports.Fiat, which controls U.S. carmaker Chrysler, made the assurances Saturday after CEO Sergio Marchionne met with Premier Mario Monti amid growing concerns that the crisis would force plant closures.Fiat sales in Italy dropped by 20 percent in the first half of the year, and plants have been greatly underutilized.
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Check your body, save your life Earnest has declined to discuss details of those meetings and said the government has not made any “public declaration” of who was behind the hack.“The kinds of conversations that take place behind closed doors in the context of a summit as significant as the security, strategic and economic dialogue, are different than the kinds of public discussions that take place,” Earnest said Tuesday. “After all, that’s the reason that we would invite senior Chinese official to the United States, is so that we wouldn’t have conversations through the media, but actually have an opportunity in a private setting to have a direct face-to-face discussion.”___Follow Alicia A. Caldwell on Twitter at www.twitter.com/acaldwellapCopyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. New Valley school lets students pick career-path academies 5 people who need to visit the Ultrastar Multi-tainment Center Chaffetz asked Wednesday whether the figure could actually be as high as 32 million people.White House spokesman Josh Earnest said Wednesday it is a challenge to determine the scope of breaches and who is responsible but promised “a serious commitment to trying to be as forthright as possible about what it is we know.”As Archuleta again defended herself and her agency, lawmakers pushed back.“I disagree that nobody is to be held personally responsible,” Chaffetz said. “As the head of the agency, Ms. Archuleta is in fact statutorily responsible.”Even the most sympathetic lawmaker during Wednesday’s six-hour hearing suggested Archuleta wasn’t helping herself with her responses.California Democrat Rep. Mark DeSaulnier said Archuleta came across as “petulant, defensive and evasive.”The focus on Capitol Hill over the federal government’s hacking continued during Wednesday’s conclusion of important U.S.-China diplomatic meetings in Washington, known as the strategic and economic dialogue. It was not immediately clear whether the hacking came up during the meetings, although Secretary of State John Kerry on Tuesday said he anticipated “a very frank discussion of cyber security and other ongoing concerns.” For Archuleta, it was the latest appearance before angry lawmakers demanding answers about the personal information, including information used for background investigations for those seeking a security clearance. Some lawmakers have urged the White House to fire her.House Oversight and Government Reform Committee Chairman Jason Chaffetz, a Utah Republican, said Wednesday he had no confidence in Archuleta.“I think you are part of the problem,” Chaffetz said. “That hurricane has come and blown this building down, and I don’t want to hear about putting boards up on windows (now). It’s time for you to go.”Archuleta said it was the responsibility of her and her chief information officer to protect OPM records, but she again sought to steer blame to the hackers, whom she described as a “very dedicated, focused actor.” Asked directly about reports that U.S. officials blamed China’s government, she responded: “That’s classified.”Across town, senior China diplomats were meeting with U.S. officials in the final day of meetings about strategic and economic issues.On Capitol Hill, the chief operating officer for a federal contractor, KeyPoint Government Solutions Inc., told lawmakers that it wasn’t his company’s fault. 0 Comments Share WASHINGTON (AP) — Finger-pointing burst into the open on Capitol Hill Wednesday over blame for hacking into the U.S. government’s personnel records, which the chairman of a House oversight committee said might affect as many as 32 million current and former employees and others.The head of the U.S. Office of Personnel Management, Katherine Archuleta, acknowledged to lawmakers that she was responsible for keeping the files safe but blamed the hackers, and an executive disputed an official account that hackers had used one of his employee’s credentials in one of the break-ins. It was the third congressional hearing on the subject in recent days. 3 international destinations to visit in 2019
“There is absolutely no evidence that KeyPoint was responsible for that breach,” executive Eric Hess said.Hess countered assertions by Archuleta on Tuesday and Wednesday. She told lawmakers that hackers used a stolen KeyPoint credential to break into the network. Credentials are equivalent to electronic keys.“There was a credential that was used, and that’s the way they got in,” Archuleta said, answering a question from Rep. Bonnie Watson Coleman, D-N.J.Hess later told lawmakers that Archuleta was referring to a KeyPoint employee who had an OPM account.Rep. Matt Cartwright, D-Pennsylvania, was critical of Hess’s parsing of responsibility, saying he was making “some fine distinctions” in explaining the role of a KeyPoint employee in the data breach.Archuleta told a Senate appropriations subcommittee on Tuesday that while a KeyPoint credential was used, “we don’t have any evidence that would suggest that KeyPoint as a company was responsible or directly involved in the intrusion.”She said, in fact, that no one person was responsible, and blamed the hackers for the intrusion.Archuleta has declined to say how many current or former government employees, contractors or job applicants may have been affected, repeating only the original figure of 4.2 million people disclosed last month. Ex-FBI agent details raid on Phoenix body donation facility Here’s how to repair and patch damaged drywall Sponsored Stories Top Stories Milstead says best way to stop wrong-way incidents is driving sober Katherine Archuleta, director, Office of Personnel Management, gestures while she testifies before the Senate Appropriations subcommittee on Financial Services and General Government hearings to review IT spending and date security at the Office of Personnel Management in Washington, Tuesday, June 23, 2015. (AP Photo/Cliff Owen)
When the Dodd-Frank Act came into play, the Federal Reserve took up regulatory responsibilities both for insurance holding companies that own a federally insured bank or thrift and for insurance companies designated as systemically important by the U.S. Financial Stability Oversight Council (FSOC).This transition brought about many changes for insurance companies, and today, Fed Governor Daniel K. Tarullo spoke at the National Association of Insurance Commissioner’s International Insurance Forum, Washington, D.C., to clarity what the agency’s role is and is not in regulating insurance companies and how too big to fail companies will be addressed in the near future.According to Tarullo, the U.S. insurance industry makes up a large portion of the U.S. economy. Last year, written premiums in all sectors totaled nearly $2 trillion and earned premiums totaled nearly $1.8 trillion, representing increases from 2014 of approximately 6 percent and 4 percent, respectively. These numbers represent over 7 percent of the U.S. gross domestic product.”If the positions of the insurance company are large enough, it could become a potential vehicle for transmitting distress at the company to other parts of the financial system,” Tarullo explained.He added that the Fed “should distinguish between insurance companies that we oversee solely because they own an insured depository institution and those that have been designated as systemically important by the FSOC. This is precisely the path we are taking with regard to our supervision of these firms.”Tarullo broke down the Fed’s role in regulating insurance companies in four ways:As was the case prior to the enactment of the Dodd-Frank Act, we are responsible for protecting the safety and soundness of federally insured depository institutions affiliated with any kind of holding company.The Dodd-Frank Act sharpened our statutory mandate to make clear that the Federal Reserve is to regulate and supervise holding companies with a view to the safety and soundness of not only the holding company itself, but also its functionally regulated subsidiaries, including affiliated insured depository institutions. Again, while the particulars differ, this mandate applies to SLHCs as well as to bank holding companies.The Dodd-Frank Act also changed our statutory mandate to require that we regulate holding companies so as to promote the stability of the financial system as a whole. This means paying attention to interconnections among financial firms, correlations of asset holdings, and other characteristics that could endanger the nation’s financial stability during periods of stress.For all the broadening of our statutory mandate, one feature of the financial regulatory system that the Dodd-Frank Act preserved was the functional regulation of holding company affiliates based on the kind of financial intermediation in which they are engaged.Tarullo noted that the Fed is also to develop a regulatory framework for its supervised insurance companies based on requirement from the Dodd-Frank Act that authorizes the Board to establish minimum capital requirements for both systemically important insurance companies and SLHCs and bank holding companies predominantly engaged in insurance activities.Systemically important insurance companies will have to establish enhanced standards in order to mitigate risks to U.S. financial stability that could arise from the material distress, failure, or ongoing activities of these companies, Tarullo stated.”The Board’s prudential regulatory objectives pertaining to supervised insurance companies are to protect the safety and soundness of the consolidated company, to protect any subsidiary depository institutions of the company, and to mitigate any threats to financial stability that might be posed by the activities, material financial distress, or failure of the company,” Tarullo said. “Just as we have done with other non-bank financial intermediaries for which we have been given regulatory responsibilities, we will fashion a regime that takes account of the particular characteristics and risks of those intermediaries.”He continued, “Our tentative conclusion is that a bifurcated approach to a capital regime for insurance companies makes sense in light of these considerations.” The Fed’s Plans for ‘Too Big to Fail’ Insurance Companies Share May 20, 2016 435 Views 
Federal Reserve Insurance Companies 2016-05-20 Staff Writer in Daily Dose, Government, Headlines, News
The European Commission said that economic growth in Cyprus is set to slow down to 2.5 per cent this year and 2.3 per cent in 2018, after it expanded 2.8 per cent in 2016.This year, consumer prices are expected to increase 1.2 per cent after dropping as much last year, while the 2017 inflation rate is expected to slow down to 1.1 per cent, the EU commission said in its spring economic forecast, published on Thursday.The unemployment rate is expected to drop from 13.1 per cent last year, to 11.7 per cent in 2017 and 10.8 per cent in 2018, it said.The Commission’s forecast is slightly more pessimistic compared to that of the finance ministry, included in its April stability programme. There, the government forecast a 2.9 per cent growth rate for both 2017 and 2018.The Commission said it expects the government to meet its fiscal target of generating a fiscal surplus of 0.2 per cent of economic output and overshoot its 2018 target by 0.3 percentage points, producing a surplus of 0.7 per cent.The commission expects the government to reduce the public debt, as a ratio of gross domestic product, to 103.4 per cent next year, compared to the finance ministry’s target of 104 per cent.In 2018, debt is expected to drop for the first time since the financial crisis below the 100 per cent mark, to 99.8 per cent, according to the Commission’s forecast, which is marginally higher compared to that of the finance ministry.The current account balance is forecast to expand to 5.9 per cent of economic output this year and 6.3 per cent in 2018, from 5.7 per cent last year, it said.You May LikeClassmates.comLook For Any High School Yearbook, It’s FreeClassmates.comUndoFigLeaf Beta AppHow to Become Fully Anonymous Online in Less Than 3 Minutes? Better safe than sorryFigLeaf Beta AppUndoTruthFinder People Search SubscriptionOne Thing All Liars Have in Common, Brace YourselfTruthFinder People Search SubscriptionUndo Concern over falling tourism numbersUndoAuthorities release five of 12 Israeli rape suspects, seven due in court FridayUndoPensioner dies after crash on Paphos-Polis roadUndoby Taboolaby Taboola
The Turkish Cypriot side said on Friday they would take retaliatory steps in consultation with Ankara over Cyprus’ gas pipeline deal signed with Egypt on Wednesday.According to Bayrak TV, the ‘foreign ministry’ in the north issued a statement saying “the agreement signed was a direct usurpation of the rights of the Turkish Cypriot people.”It added that retaliatory steps would be taken in consultation and cooperation with Turkey in the coming days.Claiming that the Greek Cypriot side’s move regarding the future of the region’s wealth was unlawful, it said: “The Greek Cypriot side does not have any authority to decide on the future of these resources that also belongs to the Turkish Cypriots. While all relevant sides have openly accepted the rights of the Turkish Cypriots over these resources, the unilateral decisions given by the Greek Cypriot side on when, how and via which channel the resources will be transferred to the global markets have no legal basis.”The statement also said such decisions poison relations between the two sides.“Without meeting or discussing the matter with the representatives of the Turkish Cypriot community, without seeking the consent of the Turkish Cypriot side, these steps, which are taken at a very critical juncture of the half-century long Cyprus negotiations process and its future, once more prove the Greek Cypriot leadership’s lack of political will for a comprehensive settlement on the island,” it added.The ‘foreign ministry’ also said the move was clear proof that the Greek Cypriot leadership, “which ignored repeated calls by the Turkish Cypriot side to act jointly on the issue of hydrocarbons, was not only against sharing power with Turkish Cypriots but the island’s wealth as well”.It added that steps would be taken soon in collaboration with Turkey.“We will not allow the rights of the Turkish Cypriots to be seized by anyone and we urge all relevant actors to stop,” it said.Egypt and Cyprus on Wednesday signed an agreement for the construction of an underwater pipeline to export natural gas to Egypt.The deal was signed at the presidential palace by Energy Minister Yiorgos Lakkotrypis and Egypt’s Oil Minister Tarek el-Molla.The agreement is meant to facilitate the mooted construction of a pipeline from Cyprus’ Aphrodite gas field — estimated to contain around 4.5 trillion cubic feet (130bn cubic meters) of gas — onto Egyptian shores and then to the LNG facility in Idku.It can also apply to other gas fields that may be discovered off the island in the future.You May LikeRich HousesShelter Dogs React To Getting AdoptedRich HousesUndoThis magazineFoods against bad breath which really workThis magazineUndoHabit TribeThe Strange Reason Parents Are Now Gluing Pennies To The Bottom of Kids ShoesHabit TribeUndo Romanian man missing from Paphos homeUndoMorphou bishop now claims gay men have a ‘nasty smell’UndoHouse rejects presidential veto over repossession lawUndoby Taboolaby Taboola