Swiss banking giant Credit Suisse said Thursday that it would eliminate about 4,000 jobs as it attempts to cut costs following a huge quarterly loss. Credit Suisse posted a net loss for the fourth quarter of 5.3 billion Swiss francs ($5.3 billion), compared to a net profit 691 million francs a year earlier. Tidjane Thiam, the bank’s CEO, said the job cuts would save the firm about 1.2 billion francs per year.Poor performance was linked to a number of different factors including sharply falling oil prices, diverging monetary policies by global central banks, a strong Swiss franc and slowing economic growth in China.
The German treasury has predicted "substantial sustainability risks" to the country amid reports that the Eurozone is set for further bailouts because of fears over another sovereign debt crash. Despite Germany's Federal Finance Minister Wolfgang Schauble running a 2015 surplus of US$13.5 billion, experts in his department are predicting "substantial sustainability risks" to Germany's long-term debt-to-GDP ratio because of an aging population.
The head of Russia’s Investigative Committee, Aleksandr Bastrykin, has called for the creation of an international coalition of states to fight the “dictatorship” imposed by the US on the rest of the world, and to reject US dollar as a reserve currency, said an alliance of countries was needed which could act in concert. United States and its allies were waging a “hybrid war” against Russia which included price dumping on energy markets together with “currency wars.”
Global stock markets formally entered a bear market Wednesday after further losses in Asia, European markets closed down reflected crisis of confidence in financial markets, amid a rapid deceleration of the global economy, a sell-off in emerging market debt, a downward spiral in commodities prices, and the seeming perplexity of central banks as to how to deal with a renewed outbreak of panic eight years after the 2008 financial crisis.
A Minnesota city is asking a court for a warrant to enter a rental home in order to check to see if the place is clean. If the city wins the case, inspectors would be able to enter such a building anytime they wish.The renters and tenants say they have nothing to hide but are opposing the city’s move based on principle. No allegations that ordinances have been violated; city arguedt no evidence of wrongdoing is required for the issuance of an administrative warrant..
(Kitco) A spooked world marketplace has prompted keen safe-haven demand for gold that has sent the precious metal to a 12-month high above $1,240.00 an ounce in early U.S. trading Thursday. April Comex gold was last up $44.50 at $1,239.00 an ounce. March Comex silver was last up $0.343 at $15.62 an ounce. There is keen worldwide investor and trader risk aversion as most world stock markets absorbed sharp losses overnight.
Kerry calls for peace now only because his terrorist proxies are losing and doing so decisively. They are all but surrounded in the largest city in Syria, only a matter of time before they cease to exist. Moscow had presented a proposal envisaging a truce in three weeks’ time.
Only four days after his public defense of torture and “a hell of a lot worse” in US military-intelligence interrogations, billionaire Donald Trump added assassination to his foreign policy arsenal as well. Speaking Wednesday on the “CBS This Morning” program, Trump said that his solution to the US conflict with North Korea over its nuclear weapons program would be to eliminate North Korean leader Kim Jong-un; “I would get China to make that guy disappear in one form or another very quickly.”
NATO General Secretary Jens Stoltenberg: The North Atlantic Treaty Organization (NATO) will expand its military infrastructure in Eastern Europe, deploy thousands of additional troops to areas bordering Russia. NATO officials agreed to various measures to enhance military positions in Eastern Europe, including more bases, pre-positioned military equipment, thousands of additional combat troops, and stepped up preparations for cyber and asymmetric war.
Emails obtained by the Flint Journalt hrough the Freedom of Information Act, suggest Michigan Gov. Rick Snyder told state officials to suppress lead testing results, both from local health officials and the community, while they figured out how to present the information to the public.
The Feds want to close down the automotive aftermarket parts business. NHTSA/EPA introduced proposal that would prohibit any changes to an automobile's engine or exhaust after it leaves the factory forcing car owners to use 'original equipment manufacturer' (OEM) parts and not aftermarket parts. The aftermarket community is a multi-billion dollar market.."'Major auto companies have turned to the International Trade Commission to sanction a novel use of design patents on individual repair parts to shut out aftermarket competition even if they are used solely for competition or become nonroad vehicles or engines,"
Russian Prime Minister Dmitry Medvedev warned Thursday that if Arab forces entered the Syrian war they could spark a "new world war" and urged ceasefire talks instead.. Asked about proposals by some Arab countries to enter the conflict under a US command, Medvedev said, "that would be bad because ground offensives usually lead to wars becoming permanent".
A tariff dispute between China and the US could drive a wedge between the nations, triggering a high-stakes trade war..The Norwegian company REC Silicon, one of the world's largest polysilicon producers, stated on Monday that it was temporarily closing its operations in Moses Lake, Washington due to the ongoing conflict between the US and China over solar panels. For the state, which is largely dependent on trade exports to Beijing, the announcement has come as an unwelcome surprise.
Two US Air Force A-10 warplanes carried out airstrikes on Aleppo Wednesday, destroying nine facilities, Russia’s Defense Ministry reported. The same day, the Pentagon accused Moscow of bombing two hospitals, despite no Russian flights over the city.
President of the Portuguese Medical Association, José Manuel Silva, is calling for a worldwide ban on Big Ag’s most used herbicide, glyphosate. World Health Organization’s Cancer research arm, the IARC, called glyphosate ‘probably carcinogenic; State of California move to force Monsanto to label Round Up bottles with a carcinogen warning..
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