McDonald’ Profits are crumbling, sales are shrinking around the world. to close at least 900 of its restaurants worldwide. Consumers are defecting for healthier options. First-quarter profits tumbled by nearly $400 million. Vows a turnaround plan.
US Senate and House of Representatives have begun action on legislation to grant President Obama Trade Promotion Authority, also known as “fast-track” authority, which would enable the US government to finalize the Trans-Pacific Partnership, a trade agreement with 11 other countries in Asia and the Americas.
Greek financial institutions, Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers.
Russia plans to invest $2 billion in Argentinian nuclear power plants, and Russia's Gazprom has signed a deal to explore oil and gas fields in Argentina, a project worth another $1 billion. “Gazprom is preparing to develop the Argentine gas industry.
Wednesday, hundreds of janitors, cooks, food service employees, and labor rights activists marched in the streets of Washington, D.C. demanding a wage of $15 an hour for thousands of people employed full time at the U.S. Capitol, who earn too little to pay for basic expenses like housing or food.
As President Obama continues to push the TPP trade deal, Massachusetts Senator Elizabeth Warren has accused the White House of lying about the proposal’s finer points, citing sources who said "if the American people saw what was in it, they would be opposed to it."
Marissa Holcomb, who is five months pregnant, said a masked man waving a gun burst into Popeyes during her shift March 31 ,she was unable to open the safe but was able to give the gunman nearly $400 from the cash registers. Holcomb said one of her managers gave her a choice after the robbery: Repay the money she handed over to the gunman or lose her job.
McDonald’s Japan will axe 131 stores, revamp its menu and refurbish 500 stores this year as it tries to reduce a projected US $319 million loss. Company says in the year ahead it will implement a Business Revitalization Plan aimed to “bring new customer focused initiatives, speeding up restaurant revitalisation, localising its business structure and improving cost and resource effciency.
The European Union has announced readiness to give Ukraine an extra €250 million (USD 267 million), raising the total amount of loans provided to the country to USD 1.72 billion, part of deal known as the Association Agreement signed last year between Brussels and Kiev, a deal which Russia strongly opposed.
Gazprom’s Chief Executive Officer Alexey Miller: Russian-European consortium will be able to raise the required funds to construct the gas pipeline, guarantees up to 47 bln cubic meters of natural gas will be supplied by transit over the territory of Greece after construction of the gas pipeline downstream of the Greek-Turkish border.
As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans, prohibits the storage of cash in its safe deposit boxes.
Russia began quality control of fruits and vegetables from Hungary, Greece, and India in order to begin imports; Aleksey Alekseenko head of Russia’s food inspector Rosselkhoznadzor. Next week products from Cyprus will undergo similar tests.
Student debt comprises 45 percent of federally owned financial assets. doesn’t include assets owned by the Federal Reserve, and assets like land. revenue government earns from student-loan interest payments: 2013, $51 billion. Delinquency rates on student loans have soared.
Ukrainian Prime Minister Arseniy Yatsenyuk: "We are ready to re-launch the banking sector in Donetsk and Lugansk, the goal of the government was to reach peace in Donbass, to "give people normal life, said talks with creditors were not proceeding smoothly.
Greece, once again, said it would not "renege on election pledges to end austerity measures as creditors pressed for a compromise." The full court assault against Greece from all sides came fast and furious. Obama and ECB president Mario Draghi called on the Greek government to do more to resolve the standoff. France expressed increasing frustration with pace of negotiations, openly chided Greece.
Russia plans to spend 113 billion rubles (about $2.2 billion) on the modernization of Crimea's infrastructure in 2015, and will create an analogue of Silicon Valley on the peninsula.
The World Bank agrees with President Vladimir Putin that Russia has successfully managed to overcome the worst of its current economic difficulties due to the government’s fiscal and monetary policy. In the last two months, the level of confidence in the Russian economy has slightly strengthened and the ruble rallied due to fiscal and monetary policy.
Wal-Mart suddenly closed five stores in four states on Monday for alleged plumbing problems. The closures could last up to six months and affect roughly 2,200 workers
in Texas, California, Oklahoma, and Florida.
The German chancellor said Germany is interested in economic cooperation with Russia, despite the current political differences between the two countries, Political differences should be settled in a diplomatic way.
Russia has denied providing up to €5bn to Greece for a planned gas pipeline running through the country in a move that would significantly ease Athens' cash crisis. Der Spiegel quoting a senior Syriza party official, Moscow ready to provide advanced payment to Greece in assent for its "Turkish Stream" project.
Chinese President Xi Jinping will unveil $46 billion China-Pakistan Economic Corridor, the biggest overseas investment, linking Pakistan's strategic Gwadar port on the Arabian Sea with its Xinjiang province through PoK.
Greek finance minister Yanis Varoufakis meeting today with IMF officials in Washington sent global stock and bonds markets tumbling. The IMF is Greece’s key creditor. Poul Thomsen – director of the IMF’s European department in charge of the IMF’s loan programs to Greece and Portugal–admitted that IMF forecasts for growth in Greece were unrealistic.
Investments in Crimea in the past ten years barely reached $10 million whereas contracts for a sum twice as much have been inked in the past several days, chairman of Crimea’s State Council [legislature] Vladimir Konstantinov.
The House of Representatives voted Thursday to give a tax break worth $269 billion to the richest estates in the country, and add that cost to the federal debt. The measure benefits the top .2 percent of the population because the other 99.8 percent of the country doesn't own enough wealth to ever pay the tax. Only estates worth more than $10.9 million for couples and $5.4 million for individuals fall under the tax.
Ukrainian Prime Minister Arseniy Yatsenyuk: "Objectively, the trade relations that we had with Russia 10 years ago, will never be restored," the premier said at a meeting of the social and economic council for the prospects of Ukraine’s development. "We need new markets," Ukraine should look for ways for entering European markets.
Gov. Chris Christie (R-NJ) proposed cutting Social Security benefits in a speech in New Hampshire on Tuesday, proposing a similar approach to national retirement systems as the one currently failing in his home state.
German Chancellor Angela Merkel urged Japan to join the China-led planned Asian Infrastructure Bank (AIIB) which currently has 57 nations with founding member status, a number of which are key US allies. Obama administration, rallying allies and trade partners to forgo membership.
Japan is once again America's largest foreign creditor with total holdings of $1224.4 billion, surpassing China, with $1223.7 billion, for the first time since just around the time Lehman filed for bankruptcy.
"The AIIB has 57 countries as founding members, among those 37 are Asian countries, 20 are countries from outside the region," China's Vice Finance Minister Shi Yaobin
Chicago office was partly protection against a possible cyber attack against the New York Fed. But the main reason for the build-out 700 miles (1,127 kilometers) to the west appeared to be the need to have staff ready at all times in case of disaster.
China rejected Taiwan’s bid to become a founding member of the new Chinese-led infrastructure bank for Asia in a difference over the title the island uses, which could portend how Beijing will run the new institution.
nt is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.
China-led Asian Infrastructure Investment Bank (AIIB) have accepted applications of Georgia, Denmark, Brazil, the Netherlands and Finland to join the bank as founding states; Chinese Finance Ministry.
The Deposit Insurance Fund of Ukraine will not be able to repay people their losses and will have to rely on the external funding from the EU and, in particular, European taxpayers. Forty-six banks went bankrupt in Ukraine in one year; Managing Director of the Ukrainian Deposit Insurance Fund Konstantin Woruschilin .
Switzerland became the first to issue 10-year government bonds with a negative yield. The government of Mexico just sold 100-year bonds denominated in EUROS, a currency that likely won’t even be around in the next decade.
Greece transferred €450 million to the International Monetary Fund (IMF) Thursday. As a result, Athens has repaid its second major loan without being able to access new assistance, already paid the IMF €1.5 billion at the end of March. Greek Finance Minister Yanis Varoufakis: “The Greek government always fulfills its obligations to all creditors and intends to continue to do so.
The creation of the BRICS reserve currencies pool worth $100 billion will allow member states to depend less on negative processes in the world economy and bypass market volatility; Russian Prime Minister Dmitry Medvedev.
Star attraction in the capital "markets" over the past two days has undoubtedly been the Hong Kong stock market, whose Hang Seng index surged as much as 10% over the past two days as a result of Chinese investors swarming into the "untapped" market and blowing yet another asset bubble.
Greece and Russia signed a trade deal that will bring Greece 4.2 billion euros and talked about the renewal of the deal for natural gas supply to Greece. Vladimir Putin: Greece is a sovereign state and has the right to seek economic alliances wherever its interests lie and exploit its geopolitical position.
Eurozone is getting weaker every day, Moscow is building political relationships with Greece, Turkey and Cyprus. Soon, the Russian navy will be allowed to enter the waters near Cyprus. Europe worried about the economy and financial situation.
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