WASHINGTON – Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued guidance designed to facilitate automatic enrollment and contribution increases in 401(k) and similar retirement savings plans. This guidance adds to the current IRS self-correction program, which allows plan sponsors to easily correct administrative errors without risking the plan’s tax […]
WASHINGTON, D.C. — Cities around the world struggle to secure revenue sources and to manage funds efficiently, with serious consequences on everyday urban service delivery as well as long-term investment. To help city governments improve their financial management practices, the World Bank is offering a comprehensive online municipal finances course geared specifically toward local practitioners. […]
The Executive Board of the International Monetary Fund (IMF) today approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform program. The program aims to restore debt sustainability and […]
The Royal Bank of Scotland Group plc (“RBS”) today announced it has reached an agreement to sell its internationally managed Private Banking and Wealth Management business to Union Bancaire Privée UBP SA (“UBP”). The sale comprises client relationships outside the British Isles and associated staff. RBS will continue to service UK Private Banking and Wealth […]
The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Monday announced that they had completed the reviews of resolution plans submitted in 2014 by three large, foreign banking organizations and had issued feedback letters to each institution. In their review of the resolution plans from BNP Paribas, HSBC Holdings plc, and The […]
NEW YORK– American International Group, Inc. (NYSE:AIG) announced today that it has agreed to acquire a controlling stake in NSM Insurance Group, a leading U.S. managing general agent and insurance program administrator, from ABRY Partners and NSM management. Terms of the deal were not disclosed. The transaction is expected to close within the next 30 […]
The boards of directors of Sabadell S.A. (Sabadell) and TSB Banking Group plc (TSB) are pleased to announce that they have reached agreement on the terms of a recommended cash offer for TSB by Sabadell pursuant to which Sabadell will acquire the entire issued and to be issued share capital of TSB (the Offer). View […]
The Federal Reserve System on Friday released the 2014 combined annual financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks, Maiden Lane LLC, and the Board of Governors. These financial statements are audited annually by an independent auditing firm and, consistent with prior years, received unmodified […]
Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment rate. A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in […]
The European Commission today presented a package of tax transparency measures as part of its ambitious agenda to tackle corporate tax avoidance and harmful tax competition in the EU. This marks the start of a new era of transparency. Today’s package includes a legislative proposal introducing the automatic exchange of information between Member States on […]
