Hypo Venture Capital Zurich Headlines:Republicans Make Power Play To Gut Consumer Financial Protection Bureau

http://hypoventurecapital-news.com/2011/05/hypo-venture-capital-zurich-headlinesrepublicans-make-power-play-to-gut-consumer-financial-protection-bureau/

On Thursday, while House Republicans were dealing with a small Medicare privatization snafu, their Senate counterparts laid down an impossible marker. Forty four of their 47 members have signed on to a letter threatening to filibuster any nominee to head the new Consumer Financial Protection Bureau unless it is dramatically weakened.

“We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the structure of the Consumer Financial Protection Bureau is reformed,” reads a letter, co-authored by Senate Minority Leader Mitch McConnell and Sen. Richard Shelby (R-AL), ranking member of the Banking Committee.

Congress created the CFPB, despite GOP opposition, as part of the Wall Street reform law, to protect consumers from predatory actors in the financial industry. Its intellectual godmother is Elizabeth Warren, whom President Obama has tasked with standing up the agency. Despite her popularity, she’s been a long-shot to run the Bureau when it officially launches — largely because of financial industry and Republican (and even some Democratic) opposition. Indeed, former Banking Committee Chairman Chris Dodd (D-CT) — who poured cold water on the idea of nominating Warren — warned that if Democrats tried to jam a director through the Senate without bipartisan support, Republicans would go to war against the Bureau and try to gut it.

Turns out that’s what’s happening anyhow. Who could’ve predicted?

Specifically, Republicans want the CFPB subject to the appropriations process — something it avoids as an entity housed in the Federal Reserve. They also want to delegate more decision making authority away from the Bureau’s director, and give other regulators — many of which are captured by the financial industry — opportunities to block CFPB rules.

This shouldn’t be a winning fight, if Democrats don’t want it to be. The financial reform law is still fairly popular, and the CFPB is the most popular part of it. President Obama could use recess appointment to fill the vacancy, and take the fight public. At this point it’s a question of how he and Senate Democrats decide to handle it.

Note, not signing the letter were Sens. Scott Brown (R-MA), Lisa Murkowski (R-AK), and John Ensign (R-NV), who stepped down before it was released. Sens. Olympia Snowe (R-ME) and Susan Collins (R-ME), who along with Brown votedfor the financial reform law, added their names to the roster.

Hypo Venture Capital Headlines: Zurich Life reports strong competition

http://hypoventurecapital-financialideas.com/2011/08/hypo-venture-capital-headlines-zurich-life-reports-strong-competition/

Zurich Life Assurance’s Irish new business fell by 11% to €83.8m for the first six months of 2011.

Zurich Life Assurance’s Irish new business fell by 11% to €83.8m for the first six months of 2011 compared with a 3% rise in the overall market.

Life new business annual premium equivalent (APE) was down marginally at €19.8m – this includes new business from protection, regular premium savings and single premium investments.

Zurich said that its pensions new business APE was down 14% to €64m. However it also reported a strong performance in single premium lift business.

Zurich Life Assurance Ireland CEO Anthony Brennan said the company is competing in a tough market in Ireland. ‘A number of competitors attached to banks are being prepared for sale and this is driving aggressive pricing for new business,’ he stated.

He said that the life market in undergoing significant challenges with regular premium sales slowing across the market, and especially in pensions.

He said this was down to the weakness in the economy, the introduction of the pension levy and the continued speculation about future tax relief.

‘If we are to avoid a future pensions crisis and encourage a pensions savings habit, it will be vital that the government continues to provide an incentive for all workers to save for their retirement’, he warned.

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Zurich Life Assurance’s Irish new business fell by 11% to €83.8m for the first six months of 2011.

Zurich Life Assurance’s Irish new business fell by 11% to €83.8m for the first six months of 2011 compared with a 3% rise in the overall market.

Life new business annual premium equivalent (APE) was down marginally at €19.8m – this includes new business from protection, regular premium savings and single premium investments.

Zurich said that its pensions new business APE was down 14% to €64m. However it also reported a strong performance in single premium lift business.

Zurich Life Assurance Ireland CEO Anthony Brennan said the company is competing in a tough market in Ireland. ‘A number of competitors attached to banks are being prepared for sale and this is driving aggressive pricing for new business,’ he stated.

He said that the life market in undergoing significant challenges with regular premium sales slowing across the market, and especially in pensions.

He said this was down to the weakness in the economy, the introduction of the pension levy and the continued speculation about future tax relief.

‘If we are to avoid a future pensions crisis and encourage a pensions savings habit, it will be vital that the government continues to provide an incentive for all workers to save for their retirement’, he warned.

Hypo Venture Capital Headlines: Bayern Munich 2-0 Zurich: Schweinsteiger & Robben strikes down Swiss

http://hypoventure-capital.com/2011/08/hypo-venture-capital-headlines-bayern-munich-2-0-zurich-schweinsteiger-robben-strikes-down-swiss/

Bongarts

Bayern Munich gained a decisive upper hand in their quest for Champions League qualification as they earned a 2-0 win over Zurich in the first leg of their play-off tie.

Bastian Schweinsteiger nodded the Germans in front on eight minutes, and although the visitors did well to avoid having the match slip away, Arjen Robben’s curling effort on 72 minutes put the Bundesliga side well in control of the tie.

The visitors were first to attack and Amine Chermiti had a warning shot sail over the bar early on. However, Bayern showed more bite, and Schweinsteiger struck shortly thereafter. Arjen Robben whipped in a dangerous cross from the left, and after a slight deflection from Mathieu Beda, the Germany international nodded into the lower-right corner of the net.

Philipp Lahm should have made it 2-0 in the 12th minute, but Johnny Leoni made an excellent save after the full-back had surged into the left side of the penalty box. The defender turned provider not long after as he set up Mario Gomez, but the off-form striker hesitated and the chance went begging before he even had the opportunity to shoot.

Gomez again failed to take advantage on the hour mark; through on goal he was stopped in his tracks as he struggled to slip the ball onto his favoured right foot.

Possession was rare for Zurich, and even more scarce were opportunities on goal. Chermiti headed a free kick straight into Manuel Neuer’s arms, but was nonetheless called offside, and Ricardo Rodriguez had a long-ranged blast miss a couple yards wide.

Not satisfied with the result of the first 45 minutes, Bayern came out firing in the second half. Following some good lead-up play from Franck Ribery, Gomez missed an absolute sitter from the edge of the six-yard box on 51 minutes. Moments later, the France player’s drive was parried, but Leoni recovered to deny Lahm’s follow-up.

Ribery was unlucky not to make it 2-0 on the hour mark as his free kick hit the right post, but Robben eventually got the vital second goal as he struck a trademark left-footed effort into the upper-left corner.

Zurich tired late in the game as the hosts pressed mercilessly for a third. Gomez looked to finally have his goal, but Dusan Djuric cleared his effort off the line after the striker had rounded Leoni.

The visitors managed to keep the score down to two, but things nonetheless went from bad to worse late in the game. Defender Mathieu Beda received his marching orders for a second yellow card, meaning that he will miss the second leg of the tie.

Bayern will be pleased to have kept a clean sheet for the third time in four competitive matches this year, and to bring a two goal advantage into the return fixture. However, Zurich are not to be under-estimated and can head into the second leg with hope – albeit slim – of reversing the tie.

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Bongarts

Bayern Munich gained a decisive upper hand in their quest for Champions League qualification as they earned a 2-0 win over Zurich in the first leg of their play-off tie.

Bastian Schweinsteiger nodded the Germans in front on eight minutes, and although the visitors did well to avoid having the match slip away, Arjen Robben’s curling effort on 72 minutes put the Bundesliga side well in control of the tie.

The visitors were first to attack and Amine Chermiti had a warning shot sail over the bar early on. However, Bayern showed more bite, and Schweinsteiger struck shortly thereafter. Arjen Robben whipped in a dangerous cross from the left, and after a slight deflection from Mathieu Beda, the Germany international nodded into the lower-right corner of the net.

Philipp Lahm should have made it 2-0 in the 12th minute, but Johnny Leoni made an excellent save after the full-back had surged into the left side of the penalty box. The defender turned provider not long after as he set up Mario Gomez, but the off-form striker hesitated and the chance went begging before he even had the opportunity to shoot.

Gomez again failed to take advantage on the hour mark; through on goal he was stopped in his tracks as he struggled to slip the ball onto his favoured right foot.

Possession was rare for Zurich, and even more scarce were opportunities on goal. Chermiti headed a free kick straight into Manuel Neuer’s arms, but was nonetheless called offside, and Ricardo Rodriguez had a long-ranged blast miss a couple yards wide.

Not satisfied with the result of the first 45 minutes, Bayern came out firing in the second half. Following some good lead-up play from Franck Ribery, Gomez missed an absolute sitter from the edge of the six-yard box on 51 minutes. Moments later, the France player’s drive was parried, but Leoni recovered to deny Lahm’s follow-up.

Ribery was unlucky not to make it 2-0 on the hour mark as his free kick hit the right post, but Robben eventually got the vital second goal as he struck a trademark left-footed effort into the upper-left corner.

Zurich tired late in the game as the hosts pressed mercilessly for a third. Gomez looked to finally have his goal, but Dusan Djuric cleared his effort off the line after the striker had rounded Leoni.

The visitors managed to keep the score down to two, but things nonetheless went from bad to worse late in the game. Defender Mathieu Beda received his marching orders for a second yellow card, meaning that he will miss the second leg of the tie.

Bayern will be pleased to have kept a clean sheet for the third time in four competitive matches this year, and to bring a two goal advantage into the return fixture. However, Zurich are not to be under-estimated and can head into the second leg with hope – albeit slim – of reversing the tie.