The US Federal Reserve has adopted a new set of investing and trading restrictions for its senior officials, barring a wider range of activities than was proposed last fall after an ethics scandal that shook confidence in the US central bank's integrity.
They are meant "to ensure public confidence in the impartiality and integrity of the committee’s work", the Fed said. The Fed's Federal Open Markets Committee is its policy-setting body.
Fed officials will be banned from purchasing sector funds, engaging in short sales, or buying securities on margin, as well as from holding cryptocurrencies, commodities or foreign currencies.
The restrictions come on top of rules first outlined last October that keep Fed officials from purchasing individual stocks or entering into derivatives, or from holding individual bonds and agency-backed securities.
The rules require policymakers and covered staff to give 45 days' advance notice and obtain approval for any transaction, and ban any trading during periods of market stress and for a slightly longer period around regularly scheduled policy-setting meetings.
All investments must be held for at least a year, under the rules.
The sweeping new restrictions come out of review ordered by Fed chair Jerome Powell after Boston Fed chief Eric Rosengren and Dallas Fed president Robert Kaplan resigned following reports of their active trading in 2020, when the central bank launched a large-scale effort to fight the economic impact of the Covid-19 pandemic. The Fed's efforts helped bolster financial markets.
Mr Rosengren, in announcing his retirement last September, cited health issues. Mr Kaplan, who announced he was stepping down the same day as did Mr Rosengren, cited his trading activities, saying they risked becoming a "distraction" to the Fed.
Another policymaker, former vice chairman Richard Clarida, also came under fire after he corrected a previous financial disclosure in late December to show that he had sold a stock fund and then swiftly rebought it shortly before the Fed announced a barrage of rescue programmes to stem the economic fallout from the pandemic.
Most of the Fed's new trading restrictions will come into effect on May 1 with pre-clearance and advance notice rules in force from July 1. Current Fed officials will have 12 months to come into compliance, the central bank said, while new staff and policymakers will have six months from the date they join.
The new trading rules are meant 'to ensure public confidence in the impartiality and integrity of the committee’s work'
US Federal Reserve
Previously, the rules that guided personal financial practices for Fed officials were the same as those for other government agencies, although the Fed had supplemental rules that were stricter than those for Congress and other agencies.
However, questions remain about how much back and forth may have occurred over policymakers’ personal trading in a year when markets first cratered then rebounded on the basis of both large federal fiscal stimulus and an aggressive rescue effort by the Fed.
An investigation by the central bank's inspector general is continuing while Democratic Senator Elizabeth Warren has called for a Securities and Exchange Commission probe into Fed officials' trading activity to determine if any trades in the past breached insider trading rules.
Last week, the Fed, responding to a Freedom of Information Act request by Reuters, said there are about 60 pages of correspondence between its ethics officials and policymakers regarding financial transactions conducted during 2020, but "denied in full" to release the documents, citing exemptions under the Information Act that it said applied in this case.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%209
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Fourth-round clashes for British players
- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)
- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)
Company%C2%A0profile
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
More from Neighbourhood Watch:
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
