Judge Milas “Butch” Hale from Sherwood, Arkansas has been accused of running a “modern-day debtor’s prison” after he recently sentenced a 44-year-old man with pancreatic cancer to 90 days in jail. Lee Robertson, the man with pancreatic cancer, first ran into trouble in 2009 when he was diagnosed and began his first round of chemotherapy. His sickness forced him to stop working, which eliminated his source of income, made it impossible for him to sustain himself. In the course of two weeks, Robertson wrote 11 checks to stores for small amounts ranging from $5 to $41 that all bounced.
Now containing 74,000 pages, the federal tax code has almost tripled in the last 30 years. Trying to navigate those regulations can be time consuming; complexity of the US tax code kills entrepreneurship. A simplified tax code would mean money saved on hiring attorneys to help file paperwork. The money that would have been spent on trying to decipher the tax code could be better used in funding new businesses.
In pursuit of high yields, Western investors are paying little interest to Western sanctions imposed against Russian companies. The reason is that investors are optimistic about emerging markets and "thirsty for yields." Currently, popular financials instruments with fixed income provide too low interest rates for markets players who seek high returns from investment. "Investors have been so bullish on emerging-market credit, they don’t seem to differentiate the risk among Russian issuers," July 1, the European Union extended sanctions against Russia for another six months sanctions included a number of Russian state-owned companies, including Rosneft.
Bolivia’s Deputy Interior Minister Rodolfo Illanes reportedly was kidnapped and killed by striking miners. Bolivian miners have been protesting and blocking roads for two weeks as a new reform is being prepared that would regulate the creation of unions.
Japan’s Government Pension Investment Fund (GPIF) has posted a loss of $52 billion for April to June, following the tumbling Tokyo stock market and the yen’s surge. The value of the fund’s assets dropped $1.3 trillion last quarter, wiping out all the gains GPIF made since October 2014, when it revised its investment strategy and put more money into stocks and foreign bonds.
Stoke-on-Trent city counci is paying £100,000 for a new ‘bin police’ team to check on people’s rubbish;‘waste minimisation’ staff to go through residents blue wheelie bins to make sure they’re throwing away the right kind of rubbish. Anyone caught going against the council’s wishes will get a yellow card (aka warning notice) on their bin. Repeat offenders will see their bins not being collected; says the project will actually save money as contamination of recyclable waste costs in the region of £500,000 a year.
A consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions. Right now, most international financial transactions must pass through the US banking system’s network of correspondent accounts. This gives the US government an incredible amount of power; Instead of passing funds through the US banking system’s costly and inefficient network of correspondent accounts, blockchain technology provides an easy way for banks to send payments directly to one another.
The most valuable startup in the world, most recently valued at $62.5 billion was losing $1 billion a year in China, sold its Chinese operations to its competitor. Uber is investing so heavily in self-driving cars.
Domino's Pizza Enterprises conducted a demonstration pizza delivery by drone in the New Zealand city of Auckland on Thursday, and afterwards said it aimed to be the first company to launch a regular drone service, late this year. Amazon and Google, have plans to make deliveries by drone as a result of which (or rather their money), aviation authorities in the United States, Britain, Australia and New Zealand have been relaxing rules to allow air deliveries. Last month, U.S. convenience store chain 7-Eleven Inc conducted first single commercial drone delivery including coffee, donuts and a chicken sandwich, as part of a trial.
Select members of the public will be able to hail a free ride through their smartphones in taxis operated by nuTonomy, an autonomous vehicle software startup. While multiple companies, including Google and Volvo, have been testing self-driving cars on public roads for several years, nuTonomy says it will be the first to offer rides to the public. It will beat ride-hailing service Uber, which plans to offer rides in autonomous cars in Pittsburgh, by a few weeks.
The US Treasury Department has warned about possible retaliation if the European Commission pursues American companies like Apple, Amazon and Starbucks over tax avoidance. Obama administration warned the EU that the investigation could “create an unfortunate international tax policy precedent.”The US also criticized Brussels for setting unfair and “disturbing” precedents and singling out US companies.
The British Foreign Office has recently declassified documents that allegedly prove that Israel sold weapons to Argentina during the 1982 Falklands War between the Latin American nation and the UK. The British government's National Archives department released the files dated November 16, 1984, which include a memorandum from a senior British diplomat who provided details on the Israeli arms sales to Argentina, the London-basedTelegraph reported Wednesday
Pinal County, Arizona may bei first county where there are no insurers offering Obamacare plans, after Aetna recently decided to pull out of Arizona. Blue Cross Blue Shield is still providing insurance on the county’s exchange, but they too plan to pull out of the exchange in 2017. Residents of Pinal County who can’t afford private coverage won’t be fined when tax day arrives. Obamacare is falling apart; becoming financially unfeasible, insurance companies can’t stay profitable in many areas.
Hundreds of thousands of people across Chile have taken part in protests against the country's controversial privatised pension plan. .Organisers said more than one million people joined demonstrations across Chile The scheme was launched in 1981, during the military government of General Augusto Pinochet. Protesters say 10 million people who joined have now been left with very low retirement incomes - less than minimum wage in many cases. They are calling for President Michelle Bachelet to scrap the scheme. The Chilean pension fund system has been praised by pro-market politicians and economists across the world.
Citing an “urgent” need for the Afghanistan National Army to launch additional campaigns against insurgent forces, the US State Department announced a transfer of some 6,000 rifles, chiefly M-16s, to the ANA. Worth roughly $60 million, the State Department says this transfer is evidence of their “commitment to Afghanistan’s security.”"The Afghan National Army (ANA) will use these weapons and equipment in both offensive and defensive operations against insurgents and terrorists within their borders.
The arms industry is pressuring NATO member nations to hike defense spending in line with the NATO goal for member states to spend at least 2 percent of gross domestic product on defense. Retired Army Gen. Richard Cody, a vice president at L-3 Communications, the seventh largest U.S. defense contractor, explained to shareholders the industry was faced with a historic opportunity. Following the end of the Cold War, Cody said, peace had “pretty much broken out all over the world; all defense budgets went south.”Now, Russia “is resurgent” around the world, putting pressure on U.S. allies “We know that uptick is coming so we postured ourselves for it.”discussed “opportunities in Europe,” highlighting the increase in defense spending by NATO countries.
Venezuelan President Nicolas Maduro has announced a 50-percent hike in minimum wage with a soaring inflation leaving the South American country on the verge of economic collapse; .comes into effect on September 1, applies to all workers earning minimum wage and all public employees, members of the armed forces and pensioners. "This is the third (minimum wage) hike this year."
Military service members on active duty spent $24 million in food stamps at military commissary shops from September 2014 to August 2015, 45 percent of students in schools run by the military are eligible for free or reduced-price meal programs. Food insecurity among active-duty soldiers triggered by a number of different factors: low pay among lower-ranking enlistees, high unemployment of military spouses, larger household sizes, challenges around activation, deployment and unexpected financial emergencies.
Health insurer Aetna, Inc. announced Monday that it will stop selling individual plans on the exchanges set up under the Affordable Care Act (ACA) in 69 percent of US counties and 11 of the 15 states where it has been participating. The move will affect nearly 1 million people across the US, who will have to look for new coverage for 2017, saying it lost $430 million on the Obamacare plans in the first half of 2016. Aetna, the number three US insurer, is the third major company to drastically reduce its involvement in the ACA exchanges. Insurers UnitedHealth Group Inc. and Humana announced they were leaving many of the state exchanges after posting what they claimed were hundreds of millions of dollars in losses.
hortly after they realized the potential for wind energy creation in Wyoming, renewable energy companies began constructing turbines on private property and then selling the clean power they generated to the residents. So, lawmakers decided to tax it. For the last several years, Wyoming has been taxing the power generated by wind turbines at $1 per megawatt. “The question is if wind rights should be severable from surface ownership,
Monsanto made the decision to give up on its seed plant after three years of protests from local citizens and GMO-free campaigners from all over Argentina. In 2014, activists forced to Monsanto to stop the construction of the plant by using coordinated protest techniques at the construction site. A spokesman for Monsanto told Argentinian media organizations that
“An investment of almost 1500 million makes no sense,” forced to admit that protests, local pressure, and resistance by environmentalists, anti-GMO activists and local residents part of the reason the company decided to dismantle the plant.
The three main US stock indexes reached new record highs by the end of the trading on Thursday. The last time that happened was in late 1999, just before the dotcom bubble market collapse.
DEA pilfers millions in cash from travelers with little, if any, evidence they committed even minor crimes even if charges are never levied. Purchasing a one-way ticket — or even flying to California — constitutes sufficient reason for the DEA to target someone for a cash seizure. DEA agents assigned to patrol 15 of the nation’s busiest airports seized more than $209 million in cash. “Of 87 cases USA Today identified in which the DEA seized cash after flagging a suspicious itinerary, only two resulted in the alleged courier being charged with a crime,
In competition with the private sector, the Pentagon is facing a dramatic pilot shortage. Over the next seven years, a large number of pilots working for commercial airlines are expected to retire;aviation industry is bracing for a decline, scrambling to hire new pilots.According to military officials, the hiring spree is having an effect on the US Air Force. 700 fighter pilot shortfall that we’re currently facing by the end of year,"While it takes a decade of flying with the US Air Force to earn a six-figure income, commercial pilots reach this mark in three years,, high stress and long deployments are another factor.
The US Department of Defense announced that Lockheed Martin Mission Systems and Training has received a $36.3 million contract to install and test new equipment at the US Aegis Ashore installation in Poland. The Defense Department plans to arm its Aegis Ashore system to be deployed in Poland in 2018 with land-based Standard Missile-3 (SM-3) interceptors as part of the European missile shield.
Within the mountains of email texts, was a paid segment by the Wine & Spirits Wholesalers of America (WSWA), encouraging politicians to be wary of marijuana legalization. Industries who need you locked in a cage for possessing a plant in order to ensure their job security:
1 – Police Unions:number one contributor to politicians for their votes to lock you in a cage for a plant.
2 – Private Prison Corporations: constantly pushing for stricter laws to keep dollars flowing.
3 – Alcohol and Beer Companies: These giant corporations hate competition,
4 – Pharmaceutical Corporations Big pharma uses the force of the state to legislate out competition.
5 – Prison Guard Unions: scared of losing their jobs,
In 2011, amid a crackdown on international money laundering, the U.S. Treasury Department tried to close loophole authorities said allows drug cartels to move bulk cash across borders on gift and other prepaid cards, reports Reuters. The department's Financial Crimes Enforcement Network proposed that money stored on these cards count toward a U.S. requirement to report cross-border movement of cash of $10,000 or more. But FinCEN l withdrew its proposed rule after pushback from prepaid card industry.
US Chairman of the Joint Chiefs of Staff met with Israeli counterpart at Pentagon to discuss new multi-billion-dollar military assistance package currently in negotiation between Obama and Netanyahu. The package, proposed by the White House calls for unprecedented $40 billion in military aid over next ten years, largest appropriation of foreign financial aid in world history, higher than previous $30-billion agreement 10 years ago Israeli PM expressed unwillingness to accept less than $50 billion. Israel may be reticent to push the Obama Administration too strongly, may not be able to negotiate as large a subsidy from next president. Donald Trump: US is giving away too much money to foreign governments.
A New York federal appeals court ruled Ecuadorean plaintiffs cannot collect a $9 billion judgment in the US against Chevron for rainforest damage. The case has been labelled the “biggest environmental case in the world.” The decision by the US Court of Appeals for the Second Circuit on Monday upheld a lower court’s finding, which found the Ecuadorean court judgment was obtained by corrupt means; doesn't invalidate the Ecuadorian judgment and does not stop the enforcement of the judgment anywhere outside the US.
Vladimir Putin and Recep Tayyip Erdogan presented a united front at their first meeting since Turkey shot down a Russian plane last year, promising to rapidly rebuild a damaged economic relationship and find a new common policy for solving the Syrian conflict.. Putin: “We have gone through a very difficult moment in the relationship between our two countries, but now we would all like to overcome it in the interests of both our peoples,”
Theresa May’s policy chief suggested people with valuable homes who face high social care costs in old age should downsize or re-mortgage to cover their bills. Director of policy John Godfrey suggested over the next 10 years solution to the social care crisis lies in people selling up or releasing some of the equity in their property; downshift or liberate some of that money through equity release to fund their living costs.”. Equity release involves borrowing against the value of a home or selling all or part of it for a lump sum or a monthly income. Godfrey believed government should encourage people to sell their homes to release cash through the building of suitable retirement homes.
Despite the recent US charm offensive against India, New Delhi has resisted the temptation, remaining committed to the BRICS ideal of multi-polarity. India maintains mutually beneficial relations with China. Moscow and Delhi continue with long-planned sensitive military collaborations, involving technology transfers that Russia does not offer to any other nation. Prime examples include the Sukhoi PAK-FA/FGFA 5th Generation stealth fighter project; the joint hypersonic Brahmos cruise missile project; and India's preference for the Russian IL-78MD-90A aircraft, worth $2bn over the Airbus 330.
Trump said no business should pay more than 15 percent of its income in taxes, a major drop from the current 35 percent corporate tax rate.Trump said he wants to simplify the tax code, which currently has seven tax brackets, to three: 12 percent, 25 percent and 33 percent of income after deductions. Trump's proposal from last year had envisioned four brackets: zero, 10 percent, 20 percent and 25 percent.
Democratic presidential candidate Hillary Clinton confirmed she plans to raise taxes by at least $1 trillion dollars during an interview with New York Daily News released Monday. Trump plan to cut the corporate tax rate to 15 percent.
One million employees from nearly 80,000 branches of state and private sector banks in India joined a one-day strike on July 29, chiefly against the privatisation of state-owned banks by the Bharatiya Janatha Party (BJP)-led government. India’s financial sectors were virtually paralysed, affecting about 75 percent of the daily average of paper-clearing transactions. Lack of recruitment over the past two decades has led to more than 300,000 vacancies in the public sector banks, increasing the workload of the remaining workers. Bank employees are also opposing the outsourcing of jobs
Admittance of migrants will cost Italy’s budget a sum of 1.5 billion euro in 2016, or by 500 million euro more than in 2015, Mario Morcone, director of the Italian interior ministry’s migration and civil freedoms department, told TASS on Friday. According to Morcone, Italy has admitted about 140,000 migrants since the beginning of the year.
The Treasury announced it US national debt to grow by $383 billion in 2016, more than double Russia's entire national debt. Russian Ministry of Economic Development: country's national debt declined by 319.17 billion rubles, which amounts to about $4.86 billion US or about 2.9% of Russia's total national debt. 10.63 trillion rubles [about $161 billion US] is left to be paid back," much less than the national debt of the United States, which in the end of January 2016 exceeded $19 trillion."
Washington has raised the cost of being a member of its Empire too high. France and Germany are beginning to exercise independent policies toward Russia French Senate voted overwhelmingly to urge the government to gradually reduce economic sanctions on Russia amid growing opposition. Politicians in Italy, Belgium, and Cyprus are taking the same tack. Politicians in Greece and Hungary have also questioned the sanctions.. So does Donald Trump.
Gold prices have surged nearly 30 percent this year, proving the commodity to be a commonly favored safe-haven for investors in the face of increased market volatility and uncertainty. Wednesday, gold reached its highest level in 33 months outperforming many other commodities as well as S&P 500 index. The precious metal peaked at $1,372 per troy ounce.
Indian government sent 16,000 kilograms of food to Saudi Arabia, which was distributed in front of India’s consulate in port city of Jeddah, in an attempt to defuse mass protests by Indian migrant workers laid off and left to starve. More than 10,000 Indian migrant workers in that country are battling hunger after employers refused to pay their wages. They cannot leave Saudi Arabia because their employers often hold their passports in order to control them; nor can they afford a return trip home. Saudi construction company, Saudi Oger, refused to pay workers’ wages for seven months. It employs 50,000 including 4,000 Indian migrant workers. Hundreds of Saudi Oger’s employees, led protests demanding back wages. Saudi government sent police to disperse the protest,. stationed police outside workers’ camps to keep them from protesting while they starve.
Italian financial police have arrested the former CEO of Veneto Banca and seized millions in cash, shares and property as part of a wide-ranging investigation. Police said Tuesday that prosecutors in Rome are investigating allegations of market rigging and interfering with regulatory authorities dating from 2013-2014. The regional lender's former CEO, Vincenzo Consoli, has been placed under house arrest. Police also searched the homes of 14 others under investigation. Prosecutors are investigating allegations the bank loaned money to customers so they could buy shares, while concealing the transaction from regulators, making the bank appear more solid than it was.
Federal officials approved mortgages worth more than $11 million for Flint, Michigan homes bought after it was discovered the city’s drinking water contained dangerous levels of lead and copper, according to a government watchdog. At least 144 such mortgages were issued that collectively obligated federal taxpayers to guarantee unpaid balances of $11.2 million. An estimated 65 percent of them — 11 of 17 reviewed — were for homes that were not inspected to assure access to safe drinking water, according to the Department of Housing and Urban Development Inspector General.
After every other major US health insurance provider already admitted to generating substantial losses on the Affordable Care Act, known as Obamcare, earlier today Aetna became the latest to report that its annual loss on Obamacare plans would be more than $300 million, and said it had scrapped plans to further expand its Obamacare business next year.
New purchases of Western white wheat have been halted in Japan until some type of validated test can ensure that no GMOs are present in U.S. wheat exports; follows U.S. reports of a third incidence of GMO wheat contamination in the Pacific Northwest.Wheat containing GMOs are not approved for the U.S. commercial market. Steve Mercer, vice president of communications for U.S. Wheat says that Japan’s Ministry of Agriculture, Forestry and Fisheries will resume purchases once a test designed by Monsanto and validated by USDA is available.
Prime Minister Shinzo Abe’s cabinet approved a 28 trillion yen ($274 billion) stimulus package on Tuesday, aimed at bolstering Japan’s sluggish economy.The package includes 13.5 trillion yen ($132 billion) of fiscal measures, with 7.5 trillion yen ($73 billion) in spending by national and local governments, and 6 trillion yen ($59 billion) in low-cost loans.
Iranian First Vice President Es’haq Jahangiri says the country’s non-oil exports during the first four months of the current Iranian calendar year (started on March 20) showed a 21 percent increase in comparison with similar period the previous year. He added that boosting non-oil exports is among the priorities of the Islamic Republic, said Iran exported $16.3 billion of non-oil products in the aforementioned four months.The Iranian first veep said gas condensate, petrochemicals, industrial products, agricultural produce, minerals, carpets and handicraft accounted for 41.2 million tons worth $16.3 billion of the non-oil exports.
The Rodale Institute for 30 years, conducting a long-term comparative Farming Systems Trial. Industrialising nature creating more problems than it solved, documented research comparing organically fertilised fields and conventionally fertilised fields on its 330 acre farm in Pennsylvania, USA. It’s the longest running comparative study of its kind in the world. Water tables being exhausted and polluted, soils are eroding, being contaminated; despite increasing use of pesticides (insecticides and herbicides), ‘pest‘ and disease problems are proving more troublesome than they were before the industrial revolution, resulting in getting less whilst putting more in. With resources failing, this is critical.
US Green Party presidential nominee Dr. Jill Stein has said that both the Republican and Democratic Parties are controlled by predatory banks, fossil fuel giants, insurance companies and war profiteers. Dr. Stein said the American public has rejected both the Republican and Democratic Parties.
South Korea’s media say the country’s businesses will soon be able to settle their accounts with their Iranian counterparts in the euro currency instead of the local won. It will specifically pave the way for Korean businesses to speed up $45.6 billion worth bilateral projects that have been sealed in May during President Park Geun-hye’s visit to Iran. The deals envisaged cooperation between the two countries in areas such as energy, transportation, water resources, ports, science and education, health, insurance, banking and customs.
SEATTLE (AP) — Genetically modified wheat not approved for sale or commercial production in the United States has been found growing in a field in Washington state, agriculture officials said Friday, posing a possible risk to trade with countries concerned about engineered food.
New data for the United States and the eurozone released late last week reveal that the global economy is sinking deeper into stagnation, driven by cash-rich corporations that refuse to make productive investments even as central banks and governments continue to pump hundreds of billions of dollars into the financial markets. Just last week, the US Federal Reserve reassured the financial elite that it had no plans to raise interest rates from their historic lows any time soon.
Last week Exxonmobil reported its lowest quarterly profits since 1999; the company's profits from April-June this year declined by 59 percent compared to the same period last year.
November, California residents will vote on, and undoubtedly pass Proposition 64 (2016) The California Marijuana Legalization Initiative (#15-0103) also known as the “Adult Use of Marijuana Act.” The fear from police who stand to lose their cash cow from smash-and-grab raids on marijuana dispensaries and extraction companies has sent them into a fury. Over the last year, California cops have ramped up asset seizures of cannabis companies in an apparent response to Prop 64.
Flint, Michigan, water rates, which are already the highest in the nation, may go up twofold over the next five years, according to state water officials.
Terrorism and political instability has triggered an unprecedented switch away from Turkey. Figures just released for June – before the attempted military coup – show a fall of 41 per cent in international arrivals compared with 2015.
Germany’s biggest bank posted a net profit of €20 million in the second quarter of the year. This is down from €796 million in the same period in 2015. Deutsche Bank chief executive John Cryan:"If the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring," he said on Wednesday.Overall, Deutsche Bank’s shares have lost about 44 percent of their market value in 2016
Study recently released by the National Center for Health Statistics (NCHS) shows that Americans spend $30.2 billion on complementary health approaches each year. Natural product supplements like fish oil, probiotics more popular. The world’s second-largest retailer, Costco, announced this year thatorganic sales had jumped 72 percent since 2008, with its organics sales totaling $4 billion last year..
Republican White House nominee Donald Trump suggested Sunday that the United States could pull out of the World Trade Organization if he is elected president during a interview. has already threatened to renegotiate or rip up the North American Free Trade Agreement. He said he would slap punitive import taxes of up to 30 percent on firms that moved manufacturing activities abroad, citing NAFTA partner Mexico as an example. Said that French and German citizens could face “extreme” vetting at US borders in light of recent terror attacks in both countries.
Africa’s continental body, the African Union (AU) has announced that it has launched for the first time, a single passport for all citizens on the continent. The AU consists of 54 countries. The only country in Africa, which is not part of the Union, is Morocco.The common passport will grant visa-free access to all 54 member states of the Union, promoting freedom of movement, will increase trade and investment among countries in the Union.
"Between mid-October 2015 and mid-May 2016 ("review period"), WTO Members applied 154 new trade-restrictive measures, amounting to 22 new measures per month… WTO Members must individually and collectively resist protectionist pressures. The best safeguard we have against protectionism is a strong multilateral trading system," the report reads.
The world’s energy markets continue to be held down by Saudi Arabia’s death march of overproduction in its bid to strip market share from competition nations and faces a host of potential geopolitical tremors that could send prices into a free-fall.
Three people have been charged in an unprecedented $1 billion health care fraud scam, accused of using dozens of Miami nursing homes to bilk the taxpayer-funded Medicare and Medicaid programs, according to an indictment unsealed Friday. Assistant Attorney General of the Justice Department’s Criminal Division Leslie Caldwell:“This is the largest single criminal health care fraud case ever brought against individuals by the Department of Justice. Philip Esformes,ran 30 nursing homes and assisted living facilities, joined with two conspirators and a complex network of corrupt doctors and hospitals to refer thousands of patients to their facilities even though the patients did not qualify for the services. Some of the treatments were harmful, they added.
Center for Continuing Study of the California Economy (CCSCE) released a report titled “California Jumps to the World’s 6th Largest Economy; Leads All States in Growth in 2015.” With a $2.46 trillion gross state product (GSP) in 2015, California’s economy is now behind only the US, China, Japan, Germany and the United Kingdom, having surpassed France and Brazil’s gross domestic product (GDP). California is, at the same time, the state with the highest poverty rate in the US.
A New Mexico woman has been awarded $475,000 by US Customs and Border Protection for being forced to undergo cavity searches and then being charged for the invasive and unnecessary procedure; no drugs were found, according to court documents.
Thousands of people have held protest rallies across Argentina against an increase in consumer utility prices ordered by the conservative government. President Mauricio Macri cut energy subsidies and raised energy rates after taking office late last year. He said frozen tariffs during the previous government had left Argentina’s economy on the brink of collapse.
Trump: "No longer will we enter into these massive deals, with many countries. Instead, I will make individual deals with individual countries," "enforce all trade violations" through the imposition of "taxes and tariffs, against any country that cheats" and to renegotiate trade agreements with individual states, particularly China.
The expected asset seizures would be the U.S. government’s first action tied to the 1MDB investigation. Among the properties the US is looking to confiscate, are Van Gogh paintings, Beverly Hills properties, a private jet, ultra high end real estate in NYC and LA, and the rights to profits from the hit movie The Wolf of Wall Street. Global scheme to siphon more than $3.5bn from the Malaysian government fund; first time Malay prime minister, Najib Razak, has been officially tied to the scandal, The actions by U.S. authorities threaten to upend the country’s relationship with Malaysia, a moderate Muslim nation that has long been an important U.S. ally in Southeast Asia, and may force Malaysia to enter China's sphere of influence in exchange for protection from US retaliation.
Goldman Sachs Group, one of the biggest US-based financial services corporations, reported an unexpected and stunning 74 percent year-on-year rise in their second quarter profits. This windfall was mainly due to the recent influx of capital into the bond market, which resulted in debt gaining value, including US Treasury papers. Goldman, which is heavily reliant on trading, skimmed the cream off the hot bond market, while several rounds of layoffs helped cut expenses.
The United States will sell the United Arab Emirates $785 million worth of bombs. UAE will receive 14,640 bombs and guidance kits, which turn unguided bombs into precision munitions with navigation systems, along with other munitions. The UAE is a key US ally in the region in the so-called fight against Daesh and the country’s Al Dhafra Air Base hosts about 3,500 US troops and fighter and reconnaissance aircraft used against the Takfiri terrorists.
Erdogan's historic purge of dissidents and adversaries - many in the country's educational system - continues, according to the latest count, a 50,000 soldiers, police, judges, civil servants and teachers have been suspended or detained since the coup attempt, stirring tensions across the country; has spooked Turkish investors sending local markets and the currency sliding on concerns Erdogan is going to far with his retribution.Turkey said it would announce emergency measures on Wednesday to try "to shore up stability and prevent damage to the economy.
Civil asset forfeiture officially ends in Nebraska as reforms to asset forfeiture laws passed in the spring go into effect. Under the new law, the state can no longer take property without a criminal conviction. The legislation also takes on federal forfeiture programs by banning prosecutors from circumventing state laws by passing cases off to the feds in most situations.
For the second year running, Russia is the world's top wheat producer with exports of 22.5 million metric tons of grain this year, according to the US Department of Agriculture. Russia has won contracts to exports 120,000 tons of wheat to Egypt. In the fall, as soon as the new crop is harvested, Russia will start supplying wheat to China, its low-price strategy which has increased its market share.
The party platform approved at the Republican National Convention in Cleveland offers official support for reinstating the Glass-Steagall law, which separates riskier securities trading from traditional commercial banking. The move would require busting up the six largest banks in America.“We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment,” the platform reads. The GOP platform language is an economic policy earthquake. Republicans have long opposed financial regulation in any form.
Coalinga, California city counci voted 4-1 in April to allow marijuana cultivation within city limits, sell an abandoned prison formerly known as the Claremont Custody Center,for $4.1 million, which totally wiped clean the city’s $4 million debt to Ocean Grow Extracts. The prison be used to cultivate marijuana, and turn it into cannabis oil products, expected to create 100 jobs. This prison probably incarcerated harmless pot offenders over the years.
In a bid to limit needless government spending, the Russian Ministry of Finance has proposed putting a cap on the price civil servants can pay to purchase software, as well as on the power of cars that they are allowed to rent.
BANK RUNS taking place right now throughout Italy. Reports of lines of people at ATM's are draining the automatic tellers of all cash. This comes after weeks of speculation about the health of several Italian banks, including the oldest Bank Monte dei Paschi, which has been in business since the year 1472 - twenty years before Columbus discovered America. Italian banking stocks have declined 68 percent since the beginning of 2016.
Venezuela's President Nicolas Maduro has slammed a major bank in the United States for a decision to close accounts belonging to the Venezuelan government, saying the move amounts to imposing financial blockade on the Latin American country.
Spain will hold a tax reform, particularly in the area of corporations' income, to reduce the budget deficit, acting Spanish Minister for Economy and Competitiveness Luis de Guindos said Tuesday. "We will propose measures in the field of tax on corporations' income. This reform will help to collect the taxes in the amount of 6 billion euros [$6.6. billion],"
Tens of thousands of Venezuelans have crossed the border into neighboring Colombia to buy essential goods amid shortages caused by a decline in oil revenues, acute economic crisis in Venezuela. The crowd flooded the nearby Colombian cities of La Parada and Cucuta to get much-needed food, medicine and other basic stuff. Venezuelan President Nicolas Maduro ordered the border with Colombia to close last year to crack down on smugglers.
Smith & Wesson stock opened near an all-time high on Friday after five police officers were killed and seven were injured in a shooting in Dallas. The gunmaker’s stock opened at $29.75 a share. Stocks for Smith & Wesson rose about 3% on Friday while stocks for fellow firearm manufacturer Sturm Ruger went up by 5%. The shares surged in anticipation of higher gun sales due to fears of stricter gun control policies following the worst mass shooting of police in US history.
International Monetary Fund managing director Christine Lagarde has pointed to the danger of world war as protectionist trends deepen in the global economy. She expressed the hope that the world had not reached a “1914 moment.”The warning came in an interview with the Financial Times on Wednesday, in which she was asked what would be the consequences of the growth of trade conflicts and economic protectionism. She said “waves of protectionism” in the past had “preceded many wars.”
Four former Barclays bankers who rigged global interest rates have been jailed for a total of more than 17 years. Peter Johnson and Jonathan Mathew who were based in London tweaked the bank's Libor rate in a way that benefited their US co-conspirators, traders Jay Merchant and Alex Pabon. Peter Johnson and Jonathan Mathew agreed to fix US dollar Libor. Information they submitted affected Libor calculations across all banks. Rigging took place in the lead up to the 2008 financial market crash .
50 days before the Games begin; financial crisis is preventing the city from honoring its commitments to the Olympic and Paralympic Games. The governor said crisis is so severe it could result in “a total collapse in public security, health, education, mobility, and environmental management. UN Assistant Secretary-General Jean-Paul Laborde said July 5 the risk of terrorist attacks at the Rio Olympics is still high .Rio’s police warned people heading to the Games won’t be protected because officers aren’t being paid. 200 scientists signed a letter stating 2016 Games in Brazil puts the world at risk for a global Zika outbreak. Drug-resistant bacteria discovered growing off of the shores of some of Rio de Janeiro’s beaches where Olympic sailors are scheduled to compete.
Russia's Central Bank started buying Chinese yuan-denominated assets in the fourth quarter of last year, as Moscow seeks to diversify its foreign currency reserves and reduce its dependence on the US dollar.
Iceland’s capital has announced that it will boycott all Israeli products until Palestine is freed from occupation. On Sunday, Reykjavik’s municipality voted for the boycott, and promised to continue the embargo “as long as the occupation of Palestinian territories continues.” The vote is part of the Boycott, Divestment and Sanctions (BDS) movement against Tel Aviv.
Tens of thousands have rallied in central Paris Tuesday afternoon against the controversial labor reforms bill. Unions called for demonstrations across France after the Socialist government invoked a special article in the Constitution that allowed it to force contentious labor reforms through the National Assembly despite opposition from its own party members.
Russian Prime Minister Dmitry Medvedev said on Tuesday the country is gaining momentum as one of the world’s leading exporters of agricultural products. According to Medvedev, everything has been done to transform agriculture from import to export, and that the “Russian market reached such a quality that domestic and foreign consumers could chose Russian products without hesitation.”
A court in Britain has found three former Barclays traders guilty of Libor manipulation between 2005 and 2007. The men are expected to be sentenced on Thursday. Jay Merchant, 45, Jonathan Mathew, 35, and Alex Pabon, 38, were found guilty of trying to rig the benchmark interest rate known as Libor. Libor is the interbank offered rate, and is fundamental in global finance affecting trillions of dollars of contracts and loans worldwide, including mortgages and bonds.
In the wake of last week’s vote in Britain to exit the European Union (EU), the Chinese government, like its counterparts around the world, is grappling with the far-reaching economic and geo-political implications of the referendum outcome. Britain’s exit from the EU has undermined China’s trade and investment strategy towards Europe, which sought to develop the UK as a European base of operations.
Silver prices have reached a 23 month high. Several factors appear to be influencing these gains, including a weakening dollar, and the fact that the Fed may cut interest rates in light of the Brexit vote. The Brexit vote fueled the price of gold after the British pound fell precipitously on June 23rd.
The European Union has formally extended economic sanctions against Russia until January 31, 2017, the EU Council announced in a statement on Friday. The sanctions limit access to EU capital markets for a number of Russian financial institutions, as well as energy and defense firms. Restrictions on arms trading and certain types of oil production technology will also be extended.
Jamaica is contemplating giving tourists arriving in the country the chance to get high as soon as they clear customs. Talks are underway on installing cannabis kiosks at airports and seaports, which Jamaica believes could boost government revenues.
Russian President Vladimir Putin has ordered his government to start the process of normalizing trade ties with Turkey, seven months after Ankara-Moscow relations went into a downward spiral following Turkey’s shooting down of a Russian jet last year.
Two days before a potential historical default, Puerto Rico Governor Alejandro Garcia Padilla made it clear that the commonwealth won’t pay bondholders even as Congress votes on a bill allowing the island to restructure its $70 billion in debt.“On July 1, 2016, Puerto Rico will default on more than $1 billion in general obligation bonds, the island’s senior credits protected by a constitutional lien on revenues,”said the commonwealth couldn’t raise enough to cover what’s owed to bondholders even if he shut down the government. The island has $2 billion in principal and interest payments due Friday.
Trump told supporters, “we got here because we switched from a policy of Americanism, focusing on what’s good for America’s middle class, to a policy of globalism — focusing on how to make money for large corporations who can move their wealth and workers to foreign countries, all to the detriment of the American worker and the American economy itself.”
The demonstration in the French capital attracted at least 55,000 participants, according to the organizers. More than 2,500 officers were deployed. Similar demonstrations have taken place across the country.
European stocks extended their losses on Monday with the British pound falling to its lowest level in almost 31 years in the wake of the economic and political uncertainty following the UK’s historic vote to leave the European Union.
Food prices are expected to rise after the UK voted to leave the European Union (EU), because of the country’s dependence on imports and devaluation of the pound. British farmers get about £3 billion in subsidies from the EU annually.
"Citizens of Great Britain have decided to refuse the diktat from Brussels. Now eight more countries want to hold referendums to exit the EU – France, Holland, Italy, Austria, Finland, Hungary, Portugal, and Slovakia all could leave. Italian ministers warned on Saturday that the European Union MUST change course or risk total collapse after Britain’s vote to leave the bloc.
Panama is preparing to officially open its canal this weekend to far bigger cargo ships after nearly a decade of expansion work aimed at boosting transit revenues and global trade.President Juan Carlos Varela will unveil the new locks and third shipping lane built into the 102-year-old canal. Foreign dignitaries, including the presidents of Taiwan, Chile and other Central American nations, will be present at the ceremony.
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