German finance minister sees signs ECB will raise rates
– [/] An installation piece with paper tubes at Basel Art. – [/] A gallery scene at the Scope Basel show. – [/] A sculpture of Sperone Westwater Gallery’s employee, Michael Short, by Evan Penny. – [/] Evan Penny’s sculpture of Michael Short. – [/] A woman views Jaume Plensa’s “Tel Aviv Man,” (Study) 2010, Galerie Lelong, Paris.
Finance director accused of embezzlement
City staff discovered the irregularities in the processing of checks and funds and reported their findings to the city administration. City Solicitor Frank Warnock said the allegation against Due was forwarded to the Kenton Commonwealths Attorneys office for investigation. We have no indication and there is no evidence that anyone else was involved, Warnock said. Klein told reporters Friday that the city will take whatever steps may be necessary to secure and recoup any misappropriated funds. The alleged misappropriation involved money that was transferred into Dues personal checking account, Warnock said. Most of the questionable transactions appeared to be about $8,000 to $10,000, he said.
“Low rates are above all an expression of insecurity on debt markets. That cannot last forever – even if it is a relief to the federal budget,” he said. “The central bank has announced it will raise rates again when the economy improves. That is good.” ECB chief Mario Draghi actually said after the last meeting on rates on August 1 that rates will remain low for some time. The ECB has based this ‘forward guidance’ on the inflation outlook remaining subdued, and growth weak.