“U. S. tightens financial noose on North Korea - Owen Sound Sun Times” plus 4 more

U. S. tightens financial noose on North Korea - Owen Sound Sun Times
Bank Leads First Equity Offering by a Mexican Company in 2009 - WebWire
Gay Activist Named to Bank Board - Advocate
Hawks Volunteer At Idaho Food Bank - OurSports Central
City Watchdog's Big Bank Bonus Backdown - Ananova

U. S. tightens financial noose on North Korea - Owen Sound Sun Times

Posted: 12 Aug 2009 04:57 AM PDT

Posted By JEANNINE AVERSA, THE ASSOCIATED PRESS

Posted 3 hours ago

The Obama administration moved yesterday to freeze the assets of a North Korean bank accused of providing financial services to companies involved in Pyongyang's missile programs.

The U. S. Treasury Department's action against Korea Kwangson Banking Corp., or KKBC, means any bank accounts or other financial assets found in the U. S. that belong to the firm are blocked. Americans also are prohibited from doing business with the bank. It is based in North Korea and has operated at least one overseas branch in China.

The department alleges that the bank has provided financial services to Tanchon Commercial Bank and Korea Hyoksin Trading Corp., which the United States has branded as proliferators of weapons of mass destruction. Those two firms also have alleged ties to North Korea's missile programs, the department said.

The department said Tanchon has been using KKBC to transfer funds likely amounting to "millions of dollars."

Those transfers also involved arms dealer Korea Mining Development Trading and the movement of money from Burma to China, the Treasury Department said.

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Bank Leads First Equity Offering by a Mexican Company in 2009 - WebWire

Posted: 12 Aug 2009 07:48 AM PDT

Transaction reaffirms Bank of America Merrill Lynchs undisputed leadership in Mexicos equity capital markets

Empresas ICA, S.A.B de C.V. (ICA), the leading construction and infrastructure company in Mexico, completed a U.S. $221 million common equity add-on offering (including the exercise of the over-allotment option), the first equity offering in Mexico in more than a year.

Bank of America Merrill Lynch acted as sole global coordinator on the highly anticipated transaction. Merrill Lynch also participated in Mexicos last equity offering, a $233 million initial public offering (IPO) of Genomma Lab in June 2008.

With more than 60 years of experience, ICA has become the contractor of choice for major construction projects sponsored by the Mexican government and international partners.

In 2007, the Mexican government launched a National Infrastructure Program aimed at strengthening the infrastructure of the country.

"For a company like ICA, it was important to be well capitalized in order to take advantage of this government program and win new concessions" said Laurent Massart, head of Investment Banking for Bank of America Merrill Lynch in Mexico.

The July common stock offering priced at $5.90 per American Depositary Share (ADS), and offered shares were placed 70 percent internationally and 30 percent in Mexico. This transaction demonstrates the strong interest from investors worldwide in the growing Mexican construction industry, bankers said.

This deal continues the strong relationship the bank has developed with ICA during the last decade; before this deal, Merrill Lynch had closed five successful transactions with ICA.

The transaction represents Bank of America Merrill Lynchs strength in the Mexican market. "This was one of several deals the bank has announced in the last four to five months, and demonstrates the success of the merger and what our new firm is able to achieve" Massart said.

According to Sebastien Chatel, head of Latin America Equity Capital Markets for Bank of America Merrill Lynch, "the successful completion of this deal, in this difficult market environment for Mexican issuers, is a testament to our broad distribution capabilities"

After successfully integrating the two firms, the bank is preparing to strengthen its presence in Latin America and is focused on targeting the regions largest companies with a full range of corporate and investment banking services, said James Quigley, president of Latin America and Canada.

"Bank of America Merrill Lynch is very focused on developing a strategy to grow and become dominant in the region in ways in which no one has succeeded so far" Quigley said. "The bank has an appreciation for the consumer demographics in Latin America"

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Gay Activist Named to Bank Board - Advocate

Posted: 12 Aug 2009 05:54 AM PDT

Frank R. Selvaggi, an entertainment industry accountant and prominent gay rights activist based in New York City, has been named to the board of directors of Signature Bank, according to a statement released by the institution. The appointment takes effect on September 1.

A co-founder of the accounting firm Altman, Greenfield and Selvaggi, LLP, Selvaggi serves as a board member and co-chair of the Empire State Pride Agenda, the statewide LGBT advocacy organization. He is also board president of the American Associates of the Old Vic Theatre, a London-based company under the direction of actor Kevin Spacey.

Selvaggi is married to Bill Shea, which the bank stated in the press release that announced his appointment on July 29.

"I am humbled and honored to be named to Signature Bank's board," said Selvaggi in the announcement. "Signature Bank has established a solid reputation and distinguished itself as a premier financial services institution in the metro N.Y. marketplace. I look forward to bringing my decades of experience to the board and to working with the bank's esteemed group of board members."

Signature Bank serves privately owned business, their owners and senior managers through private client offices in the New York metropolitan area.

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Hawks Volunteer At Idaho Food Bank - OurSports Central

Posted: 12 Aug 2009 08:24 AM PDT

August 12, 2009 - Northwest League (NWL) Boise Hawks

BOISE, ID - Thursday August 13, the Boise Hawks mascot Humphrey the Hawk, and few select players will volunteer at the Idaho Food Bank from 12:30 p.m. to 2:00 p.m. to prepare for the Idaho Food Bank's night at Boise Hawks Memorial Stadium. "This is a great opportunity for the Hawks players to give back to the community," said Hawks President/GM Todd Rahr. "The Boise Hawks are committed to help out in any way that they can to help fight hunger in Idaho."

On Friday August 14, the Boise Hawks and The Idaho Food Bank will team up to help collect food at Friday night's Boise Hawks game. Bring a food item to the game to show that even though the economy is down, the generosity of Boise Hawks fans is at an all time high! Look for Humphrey the Hawk and his other Treasure Valley mascot friends at the gates with food barrels collecting food for the Idaho Food Bank and handing out information.

The Boise Hawks are up to the challenge to help make a difference, are you? To find out more information on how you can volunteer or donate to the Idaho Food Bank visit their website at: http://www.idahofoodbank.org/

Call 322-5000 or visit www.boisehawks.com for more information, or to see the entire 2009 promotional schedule.

The Hawks celebrate the 20th anniversary of Memorial Stadium in 2009 - it will be their 23rd season of Northwest League play. The club has won 6 NWL Championships, the most recent banner coming in 2004. Season, mini-plan, and single game tickets for Hawks' games are available at 322-5000. Don't stand in line. Purchase and print your tickets from home @ BoiseHawks.com. The Boise Hawks...rated "F" for fun!

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The opinions expressed in this release are those of the organization issuing it, and do not necessarily reflect the thoughts or opinions of OurSports Central or its staff.

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City Watchdog's Big Bank Bonus Backdown - Ananova

Posted: 12 Aug 2009 07:20 AM PDT

The City watchdog has been forced to backdown on some of its toughest measures to curb big bank bonuses.

The Financial Services Authority said banks should spread two-thirds of the bonuses of senior employees over three years.

But its code of practice, to be introduced next year, excludes specific measures on deferred bonuses as well as the linking of payouts to the performance of banking groups as whole.

The climbdown comes after banks hit back at the proposals.

The specific recommendations in the FSA's consultation in March were seen to be "too prescriptive" by bank bosses.

Banks claimed that increased deferral reduces the perceived value of a bonus to the individual - so total packages could actually go up as a result of the proposals.

The decision to delay the guidelines' implementation until 2010 has also been seen as a softer-than-expected approach.

In theory, the move allows banks and brokers to rush through payments at Christmas before the new rules take effect.

But the FSA's chief executive, Hector Sants, said the new rules need to be put in place to help avoid a repeat of 2008's banking crisis.

"The FSA is determined that banks' remuneration policies should be consistent with, and promote, effective risk management.

"The new rules and code of practice, which will take effect from January, next year, are aimed at achieving this.

"Whilst there is general international agreement on the need for supervisory action on remuneration policies and practices we will be the first major financial regulator to take this step. We think that it is important to have rules in place for 2010."

Speaking on Sky News the chief executive of the British Bankers' Association Angela Knight welcomed the move and called on other countries to follow suit.

"The proposals that the FSA has confirmed today are sensible ones we feel.

"The key issue is going to be this: What are our international colleagues going to do?

"Because we do operate very much in a world market."