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Jun 21, 2011

GATA: THE GATA DISPATCH:Gene Arensberg: Stealth bullish indicator: Who is left to sell?

Gene Arensberg: Stealth bullish indicator: Who is left to sell?

Dear Friend of GATA and Gold (and Silver):
Gene Arensberg's latest Got Gold Report highlights an indicator suggesting that there's no one left to sell gold and silver mining shares. His commentary is headlined "Stealth Bullish Indicator: Who Is Left to Sell?" and you can find it at the Got Gold Report's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Financial & Forex Info | The Australian Capital Circle: Ash clouds causes flights chaos again.

Capital Circle Newsletter
Ash clouds causes flights chaos again
Flights across the country have been grounded and won't get underway again until later today.

The PM's Diary: Julia Gillard is in Canberra. She'll hold a late-morning press conference with Indigenous Affairs Minister Jenny Macklin about the Northern Territory intervention. She'll then attend question time.
Tony Abbott has a standard parliamentary sitting day in Canberra.
Grounded: The ash cloud that has grounded flights across the country is dominating front pages across the country. The Age, Herald Sun, Advertiser, Daily Telegraph, Courier Mail and Sydney Morning Herald all lead off with pictures of the ash cloud and the chaos it has caused. But there is better news for travellers this morning, with flights beginning to take off again. The latest reports are here and here.
Perfect timing: Qantas chief executive Alan Joyce is at the National Press Club today. The airline is expected to outline a structural shake up in the coming days.
Quorum: Parliament descended into chaos last night with 13 quorums called as the House sat. A quorum requires no less than 30 MPs to be in the chamber, with the onus on the government to provide those numbers. Having tested the tactic in the last sitting fortnight, the Opposition used it to full effect last night, exasperating Speaker Harry Jenkins who said he was "at a loss''. Hopefully local government representatives, in Canberra for a conference and in the chamber last night, don't take on the tactics themselves. On doors this morning, Labor MP Nick Champion said the parliament was working well. But Nationals MP Darren Chester said parliamentarians will aim to do better today.
Liberal presidency: Peter Reith has vowed to expand the "Abbott Army'' if he is elected to the party presidency in place of incumbent Alan Stockdale. (Read more...

Mineweb: If Greece really does default then what?

Mineweb logo

If Greece really does default then what?

An analysis of the effects of a possible Greek default and its impact, not only on Europe but also on the U.S. and the global banking system - overall should be positive for gold.
Author: Julian Phillips
Posted:  Tuesday , 21 Jun 2011

This weekend, the E.U. Ministers promised the next tranche of money to Greece and a second bailout package if Greece enforces another bout of austerity on itself. Does this clear the E.U. of its obligations? They have not yet finalized these terms and await the next episode in Greece of its acceptance of this principle.  
A default by Greece will set off a chain of events that would bring down important banks as well as Portugal, Ireland and Spain, with Italy stepping onto the same stage. Furthermore, a default shows that even governments have to pay their bills, if they want the financial system to work.  
The issues involved are significant.
The consequences are even more far-reaching.

Are politics more important than finance? If an electorate or a body of elected officials decides that they are not able to repay excessive debt, are they entitled to refuse to do so?  Or are they entitled to dictate at what pace and volume they repay debt?
It appears to be accepted that shareholders and owners carry the risks of their investments and suffer losses if their investment fail, but should bankers have to suffer losses if they lent recklessly? If they over-lent, should they suffer losses too? They should and it is the law worldwide.  
If a nation defaults, should creditors be able to seize assets inside a country? International law brings Jurisdiction onto the table and the law of Jurisdiction in this case deems the debtor controls the decisions on how the law is applied. If the Greek Parliament says it won't be paid, but will, in their way and time, then that is law.
These are the issues under discussion in Europe and these are the issues to be tested in the days to come.    We live in a global world now where banking and their loans assets bases, etc, stretch across the world.   Government business has always been so certain and profitable; however, now that governments have become dubious debtors, the applecart is overturned. There is no clear international procedure that governments will follow in the event they stop following the ‘rules'. There is a firm set of rules for the system to work. This is not just about Greece. It is about all governments whose debt is moving into the high-risk area. Ireland, Portugal, Spain, Italy, U.S.A.
If there is no set of rules, who do creditors turn to? The U.N.? If there is no overseeing final authority, what happens to international debt obligations? What happens to currencies and their value? After all, they are an extension of nation's creditworthiness. We live in a world of change, even moral change.
Morality often gets trampled in the need of the moment. When different moralities clash, the gravity of decision-making goes to the one with the most power. At the moment, power lies in the hands of the Greek Parliament and they have to rule on the 21st of June. If they choose not to support Papandreou, then they will trigger a chain of events that will have considerably more impact than simply the Greek balance sheet and government funding. Life goes on.
v  The government and civil service will face bankruptcy, as will all dependent services.  A ‘snap' election will surely follow.
v  Greece may well be forced to impose Exchange Controls almost immediately to prevent capital (what's left of it) from leaving the country.
v  They will have to turn to the Drachma with a two-tier currency system, one for trade and one for capital (at a hefty discount for those putting money into the country and at a huge premium for those wanting to take it out). With such a cheap currency, they will see a tourist boom like they've never seen before, as Greek prices, in other currencies, dive.
v  European banking will reverberate with the blows a default causes.
v  The euro itself will fall like a stone.
v  The debt crises of the other European debt-distressed nations will be infected by the Greek scene and likely follow suit as creditors press for repayment.
v  The E.U. will have to decide its own future and their membership, but more and more potential loans will dry-up in future. 
v  It may even be that the E.U. eventually has only the northern, more prosperous nations as members, with a significantly stronger euro than at present.
v  The U.S. battle over the raising of debt ceilings will be taken in a much more serious light and when the game of ‘chicken' reaches its crescendo in early August, the markets will react far more strongly than at present. 
v  Should politics continue to be given a higher priority than debt obligations in the U.S. into August, then the consequences to the entire monetary situation will be dire.
v  Debt-distressed States will battle for Federal support.
v  A double-dip recession in the U.S. will almost certainly follow.
The loss of confidence will fragment global banking and international financial support, creating a far more volatile global financial situation.
Future global growth will be the casualty.
The first major consequence will be that currencies will cease to measure value. With the two major currencies, the dollar and the euro, having lost their reputation, other currencies (for the sake of their international trade competitiveness) will lower interest rates and do whatever they can to keep their exchange rate low, despite their good name. Hence, currencies will become a needed means of exchange with uncertain value. This will bring exchange rate volatility that may in turn have a detrimental impact on global trade.   Deflation will frequently become a feature of nation's economies.  

Julian Phillips is a long time specialist analyst of the gold and silver markets and is the principal contributor to the Gold Forecaster - - and Silver Forecaster- - websites and newsletters
Picture:  Yannis Behrakis / Reuters

Standard & Poor's: Latin America Highlights - Special Edition

Standard & Poor's LatinAmerica Highlights

Special Edition on Latin America

Focus On Latin America: A Round-Up Of The Region's Latest Sovereign Developments

Standard & Poor's Ratings Services expects sovereign creditworthiness in Latin America and the Caribbean to generally remain stable or improve over the next one to two years.

Latin America’s Resilience, Recovery, And Consolidation

During the recent global recession, Latin America showed unprecedented resilience and recovered quickly. On a weighted average, real GDP for the region climbed 6.5% in 2010 after a decline of only 1.9%.

Spanish version



CreditMatters TV

Can Latin America's Nascent Securitization Markets Withstand The Risks?
(00:08:14 min)

An unprecedented period of political and macroeconomic stability, solid GDP growth, and improving legal infrastructure, have contributed to the recent development of securitization markets across several countries in Latin America. However, inflation, credit bubbles in the consumer finance sector, and political risks loom in the region. In this CreditMatters TV segment, Standard & Poor's Juan De Mollein, lead analytical manager for Emerging Markets Structured Finance, and Managing Director Howard Esaki take an in-depth look at these nascent securitization markets and the risks and opportunities that lie ahead.



Latin America: Credit Quality Improves As The Region Rebounds From Global Recession
(00:06:21 min)

The unparalleled speed and success of recovery in many Latin American economies from the global recession has brought financial stability to the region far sooner than many expected. In this podcast, Standard & Poor’s Director Lisa Schineller discusses this historic development and what it means for the region’s medium- and long-term credit outlook. Other topics include the disparities in the pace of recovery among Latin American nations and how certain external trade relations could affect some economies more than others.


Why South American Banks Are Well-Prepared For Credit Growth
(00:06:34 min)

A favorable economy and solid metrics for the local financial systems have spurred growth in Latin America's southernmost countries since 2009. After a short-lived reduction in credit expansion, banks' credit profiles in Argentina, Brazil, Chile, and Peru continue to grow rapidly and are well-prepared to deal with strong credit growth. In this podcast, Standard & Poor's Sergio Garibian, senior director and analytical manager, explains why we expect credit quality to remain stable for the majority of South American banking systems.


Top Stories


Credit FAQ: Will Recent Trends In The Latin American Telecom Industry Affect Companies' Credit Quality?

Consolidation in the Latin American (and global) telecommunications industry is ongoing. In addition, competition is increasing. Cash-rich media companies that want to engage in providing telecom services are entering the fray.

Spanish version

Latin America Is Seeing A Rise In Privately Financed Infrastructure Projects

In the past several months, government agencies in Latin America have announced intentions to have private investors build or finance more than $170 billion in new infrastructure projects in the region over the next the next few years.

How Vulnerable Are Latin American Corporates To Commodity Prices? A Sensitivity Analysis

The global downturn of 2008-2009 had a significant effect in commodities markets. As demand fell, global commodity prices plummeted, suddenly and steeply. As a result, credit quality for commodities-linked companies in Latin America also declined.

Industry Report Card: The Latin American Real Estate Sector Continues To Build On Strong Fundamentals

Real estate sector has been one of the most dynamic sectors in Latin America during the past decade because of significant housing and infrastructure needs in most Latin American countries.

Industry Report Card: Good Credit Quality Should Support Growth For Latin American Metals And Mining Companies

Metals and mining companies in Latin America are confident on favorable pricing and expanding their output capacity to meet the world's demand. Iron ore, silver, gold, and copper prices are hitting all-time highs on strong Asian demand and a weak dollar, and the increases are boosting the financial health of producers in the region and support higher spending.

Spanish version

Credit FAQ: Why The Foreign Currency Rating On AmBev - Companhia de Bebidas das Americas Is Now Higher Than The T&C On Brazil?

The rating on AmBev is now one full category higher than the foreign currency rating on the Federative Republic of Brazil (foreign currency: BBB-/Positive/A-3; local currency: BBB+/Stable/A-2), and the highest among all the Brazilian entities that Standard & Poor's rates.

Portuguese version

Financial Institutions

South American Banks' Resilience Should Support Rapid Credit Growth

A favorable economy and solid metrics for the local financial systems have spurred growth in the southernmost Latin American countries since 2009.

Spanish version

Capital estimado ajustado por riesgo de banca mexicana se compara favorablemente con bancos internacionales, afirma reporte de Standard & Poor's

A pesar de la crisis económica y de la mayor regulación que resultó de ésta, los bancos que operan en México han mantenido niveles de capital que se comparan favorablemente con los de bancos en el resto del mundo.

Financial &Forex Info | Reuters Daily Investor Update: Wall Street rallies ahead of Greek vote

Wall Street rallies ahead of Greek vote
NEW YORK (Reuters) - Stocks posted gains for the fourth day on Tuesday on growing hopes that Greece will avoid a debt default, adding momentum to the market's recent rebound. | Full Article

Home sales hit 6-month low, supply rises
June 21, 2011 02:22 PM ET
WASHINGTON (Reuters) - Sales of previously owned U.S. homes hit a six-month low in May and supply rose, pointing to a housing market still struggling to regain its footing. | Full Article
JPMorgan to pay $153.6 million in SEC fraud case
June 21, 2011 03:33 PM ET
WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co agreed to pay $153.6 million to settle U.S. Securities and Exchange Commission charges that it defrauded investors who bought mortgage securities it helped sell just before the nation's housing market collapsed. | Full Article
Fed meeting begins; weaker growth key to debate
June 21, 2011 01:47 PM ET
WASHINGTON (Reuters) - The Federal Reserve on Tuesday began a two-day meeting against the backdrop of a weakening U.S. economy that will likely force policymakers to plan for the possibility that things may get worse. | Full Article
S&P restates political threat to U.S. AAA rating
June 21, 2011 09:56 AM ET
LONDON (Reuters) - The risks of the U.S. losing its prized triple-A rating over the medium term have increased as the country faces a political impasse and nears its debt ceiling, Standard and Poor's said on Tuesday. | Full Article

Protesters besiege parliament before Greek vote
June 21, 2011 04:21 PM ET
ATHENS (Reuters) - More than 20,000 chanting protesters besieged the Greek parliament on Tuesday before Prime Minister George Papandreou's embattled government faced a confidence vote crucial to avoiding a sovereign default. | Full Article
Fitch sees risk of Greece, U.S. debt defaults
June 21, 2011 11:04 AM ET
SINGAPORE (Reuters) - Fitch Ratings said on Tuesday that it would regard a voluntary rollover of Greece's sovereign bond maturities as a default and would cut the credit rating appropriately, keeping pressure on Athens ahead of a confidence vote in parliament. | Full Article
Obama finalizes plan for Afghan troop cuts
June 21, 2011 02:53 PM ET
WASHINGTON (Reuters) - President Barack Obama made his final decision on Tuesday on the scale and pace of a U.S. troop drawdown in Afghanistan and will announce his plan in a prime-time speech to Americans on Wednesday. | Full Article
Huntsman enters 2012 race against ex-boss Obama
June 21, 2011 01:12 PM ET
JERSEY CITY, New Jersey (Reuters) - Republican Jon Huntsman, the former U.S. ambassador to China, entered his party's 2012 presidential race on Tuesday pledging to make "hard decisions" to prevent America sinking into a debt disaster. | Full Article
U.S. tightens Libya sanctions; Key senators back Obama
June 21, 2011 03:45 PM ET
WASHINGTON (Reuters) - The United States on Tuesday tightened financial sanctions on the Libyan government and two influential senators pushed back against calls to halt funding for American involvement in NATO operations there. | Full Article

U.S. releases graphic tobacco warning labels
High-dose statins raise risk of diabetes: study
FDA panel rejects Novartis drug for gout
HIV guidelines to help homosexuals, trans-gender people
Law seen aiding employer healthcare market Investor Daily Alert 2: Two Hot Biotechs And 4 Income Plays For The Dog Days Of Summer®

Investors Daily Alert  2

Jim Jubak on
Bank Deal Could Put PNC in Sweet Spot

China's Ticking Time Bomb

Today's Top Pros' Top Picks

2 Biotechs to Keep an Eye On
, Michael Murphy
4 Ways to Play the Summer Doldrums
, Doug Fabian
Today's Gurus' Views & Strategies
The Secret of Oracle’s Success
, Igor Greenwald
Fallout from the Apple-Samsung Feud
, Paul McWilliams
Today's Charts in Play
Railroad Stocks Are Right on Track
, Tom Aspray Exclusive Interviews
A Better Way to Play the Energy Sector
, Richard Band
Portfolio Strategies
Fees: A New Way to Slice the Pie, Rob Carrick

Global Investing Ideas

The Dangers of Theme Investing
, Patrick McKeough
Today's Featured Videos
My Favorite Mining Stocks
, Kenneth Gerbino
4 Bonds to Buy Now
, Marilyn Cohen

NYT: Afternoon Business News: Greek Banks Feel Hostage to Debt Crisis


Greek Banks Feel Hostage to Debt Crisis

Unlike their government, Greek banks were seen as well-managed and prudent before the crisis. Now they are struggling to find funding.

J.P. Morgan Settles Mortgage Securities Case

The Securities and Exchange Commission announced a $153.6 million accord over charges that the firm misled investors.

N.L.R.B. Rules Would Streamline Unionizing

The board's proposal to speed up unionization elections will undoubtedly please labor unions.

Lured Back to Adjustable-Rate Mortgages

Popular during the housing boom, more borrowers are wading back into adjustable-rate mortgages.

British Police Arrest Man in Hacking Case

The police in Britain arrested a 19-year-old man in connection with digital attacks on businesses and government agencies "by a single hacking group."

The Washington Post | Post Politics Afternoon Edition: Huntsman joins GOP race

The Washington Post

Politics Afternoon Edition


  1. Huntsman joins GOP race

    Jon M. Huntsman Jr. officially launched his White House bid Tuesday morning, setting up a campaign for the GOP nomination that, if successful, would lead to a matchup against his former boss.
    » Read full article
  2. The Fix: Gingrich's finance team quits

    Two top fundraisers for Newt Gingrich have quit, the latest in a series of staff departures that have badly hamstrung the former House Speaker's 2012 presidential bid.
    » Read full article
  3. Mark Kelly retires from NASA

    Mark Kelly announced his retirement from the Navy and NASA on a Facebook message Tuesday, saying he wanted to spend more time by the side of his wife, Rep. Gabrielle Giffords, as she recovers from her gunshot wound.
    » Read full article
  4. The Fix: Is Rick Perry too George W. Bush-y?

    Plenty of people think Rick Perry sounds like a candidate for president these days. In fact, the Texas governor not only sounds like a candidate, but also like an actual president. Specifically, George W. Bush.
    » Read full article
  5. Fact Checker: Bachmann's Medicare nonsense

    Bachmann suggests President Obama secretly wants to turn Medicare into "Obamacare." Huh?
    » Read full article

Political Hotsheet Top Stories: Hillary Clinton: Saudi women drivers "brave"

The CBS News Political Hotsheet newsletter

Hillary Clinton: Saudi women drivers "brave"

Secretary of state says she supports women who defied driving ban in Saudi Arabia; stresses U.S. wasn't involved in demonstrations
Read full story
Hillary Clinton: Saudi women drivers

How fast will Obama draw down Afghan troops? Major U.S. troop drawdown appears likely as Obama weighs options ahead of sixth address to nation since taking office

Will Romney, Huntsman lose votes as Mormons? New Gallup poll shows 22 percent of Americans would not vote for a Mormon candidate

McCain Arizona senator says information about possible involvement of illegal immigrants in starting wildfires came from forest service

Michelle Obama meets with Nelson Mandela First lady, family, meet former South African president in private home meeting

MarketWatch | Personal Finance Daily: It's not the fee, stupid; it's the baggage fee


Personal Finance Daily
JUNE 21, 2011

It's not the fee, stupid; it's the baggage fee

By MarketWatch

Don't miss these top stories:

A recent survey of air travelers reveals we don't like paying mandatory baggage fees, but don't mind shelling out for other sorts of options, such as "early-bird" boarding on Southwest. That's one of the reasons Southwest Airlines Co. (LUV) earns a high score on the annual American Customer Satisfaction Index.

The ACSI is a national study of customer evaluations for airlines, hotels and restaurants, along with other service providers. In Consumer Confidential, Jennifer Waters reports that Southwest not only leads the airline category among the industries ACSI rated for customer-satisfaction levels, but also it marked the 18th straight year of that airline's dominance. Continental (UAL) is a distant second.

Consumers are still focusing on prices and fees when it comes to hotels too. Guest satisfaction increased by 2.7% overall. Hilton Hotels leads the pack, but Marriott International Inc. (MAR) and Starwood Hotels and Resorts Worldwide Inc. (HOT) share a close second place.

Anne Stanley , Managing Editor, Personal Finance

It's not the fee, stupid; it's the baggage fee

Other airlines should learn from Southwest that customers don't mind fees they think are for valuable services, such as boarding early.
Read more: It's not the fee, stupid; it's the baggage fee.

Recession has broad impact on college grads

Are you among those who invested a good part of your retirement savings into your child's college education? Factors in today's job market in the United States will affect both recent grads and future retirees for a long time.
Read more: Recession has broad impact on college grads.

How baby boomers can manage younger workers

With a new wave of college graduates applying for jobs, companies are looking for the most effective ways to manage these young workers — but some managers are having a difficult time bridging the generation gap, according to a recent survey.
Read more: How baby boomers can manage younger workers.


Confidence vote next hurdle in Greece crisis

Greek Prime Minister George Papandreou faces a no-confidence vote, marking a potentially high-stakes turning point in the nation's fight to avoid default.
Read more: Confidence vote next hurdle in Greece crisis.

Bank of America CFO calls for tax reform

U.S. companies and the government should work out a broad-based tax reform deal to make American business more competitive, the chief financial officer of Bank of America said.
Read more: Bank of America CFO calls for tax reform.

May existing-home sales fall to six-month low

Sales of existing home sales fell 3.8% to a seasonally adjusted annual rate of 4.81 million units. This is the lowest level since November. Officials for the National Association for Realtors said the May level could be the low point of the year.
Read more: May existing home sales fall to six-month low.

Geithner calls for unified voice on Greece bailout

Treasury Secretary Timothy Geithner calls on European policy makers to speak with a unified voice about their efforts to stem an emergency in Greece.
Read more: Geithner calls for unified voice on Greece bailout.

Your questions for Fed Chairman Bernanke, Part II

What question would you like to ask Federal Reserve Chairman Ben Bernanke? Ask below.
Read more: Your questions for Fed Chairman Bernanke.

Whether Dimon is right or not, credit is impaired

Bank lending is restrained, and observers aren't sure whether the reason is regulation or demand.
Read more: Whether Dimon is right or not, credit is impaired.


Nasdaq flashes major warning signals

Many prominent members of the Nasdaq Composite Index (COMP) are in important downtrends, which could present ETF investors with danger or opportunity.
Read more: Nasdaq flashes major warning signals.

Why Bill Gross wants U.S. to go back to school

It's an odd sight to see a billionaire bond trader who's more liberal than anyone of consequence in the Democratic Party, reports Rex Nutting.
Read more: Why Bill Gross wants U.S. to go back to school.

Is Apple becoming a value stock?

For Apple Inc.(AAPL), the competition is vanishing and the stock is getting cheap, writes Brett Arends
Read more: Is Apple becoming a value stock.

Have the bulls retreated enough?

Contrarians concede that bullish enthusiasm stood at potentially dangerous levels in late April. But they wonder, has that bullishness retreated sharply enough since then to keep the bull market alive?
Read more: Have the bulls retreated enough?

CMI GOLD & SILVER: Spot Prices as of the close of trading in New York As of: Tuesday June 21, 2011

CMI - Gold & Silver
Spot Prices as of the close of trading in New York
As of: Tuesday June 21, 2011

  Today Change Week Ago Month Ago Year Ago
Gold $1,546.80   +$4.30 $1,524.50 $1,510.15 $1,240.05
Silver      $36.47   +$0.34      $35.48      $35.13      $18.84
Platinum $1,750.60 +$18.40 $1,796.50 $1,771.00 $1,590.30
Palladium    $770.50 +$19.50    $795.90    $736.45    $491.25

U.S. Department of The Treasury: OFAC Tightens Libya Sanctions

OFAC Tightens Libya Sanctions

WASHINGTON – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today took a series of actions to further tighten U.S. sanctions against the Government of Libya and lifted sanctions against a former senior Libyan Government official who has defected.
“The Treasury Department is carefully monitoring Libyan-associated entities worldwide to ensure that they are not attempting to evade sanctions and assist the Qadhafi regime,” said OFAC Director Adam Szubin.  We will remain vigilant in our efforts to isolate the Qadhafi regime from the international financial system.”
Imposing Blocking Requirements on Three Foreign Libyan-owned Banks
OFAC revoked General License No. 1A and issued General License No. 1B in its place to specifically exclude three banks – Arab Turkish Bank, North Africa International Bank, and North Africa Commercial Bank – from the authorizations in the license.  With the exception of these three banks, General License No. 1B continues to authorize transactions involving banks that are owned or controlled by the Government of Libya and organized under the laws of a country other than Libya provided that the transactions do not otherwise benefit the Qadhafi regime or any other person whose property and interests in property are blocked.
Libyan Arab Foreign Bank subsidiaries Arab Turkish Bank, North Africa International Bank, and North Africa Commercial Bank have processed commercial transactions on behalf of or for the benefit of Libyan Arab Foreign Bank since Executive Order (E.O.) 13566 was issued on February 25, 2011.  OFAC identified Libyan Arab Foreign Bank as subject to sanctions pursuant to E.O. 13566 for being owned or controlled by the Government of Libya on March 15, 2011.    
Identifications of Government of Libya Entities
Also today, OFAC identified nine additional companies – including Arab Turkish Bank, North Africa International Bank and North Africa Commercial Bank – as subject to sanctions pursuant to E.O. 13566 for being owned or controlled by the Government of Libya.
E.O. 13566 blocks all property and interests in property of the Government of Libya and its agencies, instrumentalities and controlled entities within U.S. jurisdiction, whether specifically identified by OFAC or not.  U.S. persons are generally prohibited from engaging in any transactions involving a Libyan state-owned entity or in which any Libyan state-owned entity has an interest, absent authorization from OFAC. To assist U.S. persons and others in identifying Libyan state-owned entities, Treasury today identified the following nine entities as being owned or controlled by the Government of Libya:
  • Arab Turkish Bank: a joint-venture between Arab and Turkish shareholders, established pursuant to an August 11, 1975 agreement between Libya and Turkey. The Libyan Arab Foreign Bank owns 62.37 percent of Arab Turkish Bank’s shares. Turkish shareholders own 36.01 percent of the bank’s shares while the Kuwait Investment Company owns 1.62 percent of its shares.
  • North Africa International Bank: a Tunisia-based bank that is 50 percent owned by the Libyan Arab Foreign Bank. The remainder 50 percent is owned by the Government of Tunisia and Tunisia’s Caisse Nationale de Sécurité Sociale (Social Security Fund Agency).
  • North Africa Commercial Bank: a Lebanon-based bank that is 99.54 percent owned by the Libyan Arab Foreign Bank.
  • General Company for Chemical Industries: a Libya-based, state-owned company responsible to the Secretariat (Ministry) of Economy and Trade.
  • General National Maritime Transport Company: wholly-owned by the Government of Libya, responsible to the Secretariat of Communication and Maritime Transport. General National Maritime Transport Company owns a number of major vessels, including tankers and undertakes a number of maritime transportation activities on behalf of the Government of Libya.
  • Ghana Libya Arab Holding Company: a Ghana-based entity that is 60 percent owned by the Libyan Arab African Investment Company (LAAICO), a subsidiary of the Libyan Investment Authority (LIA).  Both LAAICO and LIA were identified by OFAC in March 2011, as being owned or controlled by the Government of Libya. The remaining 40 percent of Ghana Libya Arab Holding Company’s shares are owned by the Government of Ghana.
  • Glahco Hotels And Tourism Development Company Limited (Golden Tulip Accra): a Ghana-based subsidiary of the Ghana Libya Arab Holding Company that is 60 percent owned by the LAAICO, a subsidiary of the LIA.
  • Libyan Norwegian Fertiliser Company: a Libya-based chemical company that is 25 percent owned by the National Oil Corporation of Libya (NOC), 25 percent owned by the LIA and 50 percent owned by a Norwegian chemical company. NOC was also identified by OFAC as being owned or controlled by the Government of Libya in March 2011.
  • Pak-Libya Holding Company: a Pakistan-based entity that is 50 percent owned by LAFICO, a subsidiary of the LIA. The Government of Pakistan owns the remaining 50 percent of Pak-Libya Holding Company’s shares.
Lifting of Sanctions Against Former Libyan Oil Minister
OFAC removed sanctions against Libya’s former Oil Minister and former Chairman of the National Oil Corporation of Libya, Shukri Mohammed Ghanem. Shukri Ghanem defected from the Qadhafi regime in May 2011.
“Our sanctions are intended to prevent harm and change behavior,” continued Director Szubin.  “To the extent that sanctioned individuals distance themselves from the Qadhafi regime, these measures can be lifted.”
Identifying Information:
Entity:                        Arab Turkish Bank
AKA:                           A and T Bank
AKA:                           Arab-Turkish Bank
AKA:                           Arap Turk Bankasi
Address:                   Valikonagi Cad. No: 10, Nisantasi 34367, Istanbul, Turkey
Alt. Address:             P.O. Box: 150, Sisli 34360, Istanbul, Turkey
Alt. Address:             Havuzlu Sok. No: 3, 06540 Asagi Ayranci, Ankara, Turkey
Alt. Address:             P.O. Box 38-06552, Canakaya, Ankara, Turkey
Alt. Address:             Derya Sol., Sisilkler Plaza, D Blok No: 14/1, Sahrayi Credit, Kadikoy, Istanbul, Turkey
Alt. Address:             Musalla Baglari Mah., Ahmet Milmi Nalcaci Cad., 1-Evkur Ishani No: 112/B-C, 42060 Selecuklu, Konya, Turkey
Alt. Address:             Cumhuriyet Mah., Vatan Cad. No: 22, 38040 Melikgazi, Kayseri, Turkey
Alt. Address:             Incilipinar Mah., Kibris Cad., Zeugma Is Merkezi, No: 13-14, 27090 Sehitkamil, Gaziantep, Turkey
Entity:                        North Africa International Bank
AKA:                          NAIB
AKA:                          NAIB Bank
AKA:                          North Africa International Bank SA
Address:                  Avenue Kheireddine Pacha, Lotissement Ennasim Montplaisir (Bourjel), 1002, Tunis, Tunisia
Alt. Address:            Avenue Kheireddine Pacha, Cite Ennasim Montplaisir, 1002, Tunis, Tunisia
Alt. Address:            PO Box 485, 1080, Tunis Cedex, Tunisia; Bizerte Centre, 7000, Bizerte, Tunisia
Alt. Address:            Ennasim Mont Plaisir Building, Kheireddine Pacha Street, Taksim Al Nassim, 1002, Tunis, Tunisia
Alt. Address:            Boulevard 7 Novembre , Route El Kantaoui, 4011, Hammam Sousse, Tunisia
Alt. Address:            Immeuble Mirage II, Avenue Magida Boulila, Near the Medicine Institute, 3027, Sfax El Jadida, Tunisia
Entity:                        North Africa Commercial Bank S.A.L.
AKA:                          NACB
AKA:                          North Africa Commercial Bank
AKA:                          North Africa Commercial Bank SAL
Address:                  P. O. Box: 11-9575, Beirut, Lebanon; Justinian St., Aresco Centre, Beirut, Lebanon
Alt. Address:            Aresco Center, Justinien Street, Kantari Sector, Beirut, Lebanon
Alt. Address:            Sin El Fil, Mkalles Round About, SAR Bldg, Beirut, Lebanon;
Entity:                       General Company for Chemical Industries
AKA:                          ABU Kammash
AKA:                          GCCI
Address:                  Abu Kammash Chemical Complex, Hadba Al Khadra,
                                  P.O. Box 100/411 and 100/071, Zuara, Libya
Alt. Address:           General Company for Chemical Industries Building, Abu Kammash Area, P.O. Box 411, Al Nuqat Al Khams, Zuwarah 100, Libya
Entity:                        General National Maritime Transport Company
AKA:                          GNMTC
Address:                   El Shaab Port, next to Passenger Terminal, P.O. Box 80173,
Tripoli, Libya
Alt. Address:              Al Wahda Al Arabiya Building, Gargarish Road, Abou Nawas,
P.O. Box 80173, Tripoli, Libya
Entity:                        Ghana Libya Arab Holding Company
AKA:                           Ghana Libyan Arab Holding Company Limited
AKA:                           GLAHCO
Address:                   1st Circular Road, Opposite Midini Hotel, Cantonments, Kumasi, Ghana
Alt. Address              Plot F32 & 33, 5th Circular Road, East Cantonments, P.O. Box AN7281, Accra, Ghana
Entity:                        Glahco Hotels and Tourism Development Company Limited
AKA:                          Golden Tulip Hotel Accra
Address:                  Liberation Road, Opposite Police Church, P.O. Box 16033, Accra, Ghana
Entity:                        Libyan Norwegian Fertiliser Company
AKA:                          LIFECO
Address:                  Airport Highway, Sidi Sleem Area, Tripoli, Libya
Alt. Address:            Plant Libyan Norwegian Fertiliser Company, Marsa el Brega, Libya
Entity:                        Pak-Libya Holding Company
Address:                   Finance and Trade Centre, 5th Floor, Block C, Shahrah-E-Faisal,
Karachi 74400, Pakistan