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Russian stocks shrug off weak oil prices, geopolitical factor

January 20th, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/772098

Russian stock indices edged up on the Moscow Exchange on Tuesday after opening in negative territory, despite weak oil prices and increased tension over the situation in eastern Ukraine.

China Partially Rebounds From Monday’s Crash; Europe, US Extend Gains

January 20th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150120/1017138481.html

Stock markets mostly climbed worldwide as China managed to partially recover from yesterday’s stock crash on the optimistic GDP report and stimulus measures, while the European bourses advanced, beating their 7-year highs on the expectations of the full-scale ECB stimulus, due Thursday.

Barack Obama goes after the one per cent with proposed $320 billion tax hike

January 20th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/01/barack-obama-goes-after-one-per-cent.html

Will use his annual State of the Union address to propose hundreds of billions of dollars in tax hikes on America's "one per cent" in a move that will increase tensions with the Republican-dominated Congress. Obama will call for raising capital gains rate on high earners, elimination of a tax break on inheritances, and implementation of a fee on large financial firms lending and borrowing money.

Would forgiving Greece’s debt really be that bad?

January 20th, 2015
Categories: Economic

Link: http://www.cnbc.com/id/102348549

As anti-bailout party Syriza leads polls ahead of a general election in Greece this coming weekend, the head of the International Monetary Fund warned Monday that the country couldn't renegotiate any debt restructuring deal without accepting "the consequences." Allowing Greece to restructure its debts could set a precedent for other struggling economies.

Swiss Shocker Triggers Gigantic Losses For Banks, Hedge Funds And Currency Traders

January 19th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/swiss-shocker-triggers-gigantic-losses-for-banks-hedge-funds-and-currency-traders/

Stunning decision by the Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Citigroup and Deutsche Bank say their losses were 150 million dollars, a major hedge fund that had 830 million dollars in assets at the end of December has been forced to shut down, several major global currency trading firms have announced that they are now insolvent. These are just the losses that we know about so far.

The coming fight over wages in the US 19 January 2015

January 19th, 2015
Categories: Economic

Nervousness in the corporate and political elite over consequences of the real state of social relations in the country—above all, extraordinary levels of social inequality. Several leading newspapers and think tanks have pointed to the long-term stagnation of wages and the lack of social mobility, especially among young workers, as the catalyst for a potential eruption of class conflict in 2015.

Russian Central Bank Bans Western Ratings Agencies

January 19th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Russian_Central_Bank_Bans_Western_Ratings_Agencies/41013/0/38/38/Y/M.html

TThe Central Bank of Russia (CBR) has issued a statement that it will no longer use credit ratings from Standard & Poor’s, Fitch, or Moody’s that were assigned after March 1, 2014. All credit ratings will now be at the discretion of the Board of Directors of the Bank as regulators assess whether or not the ratings made after March are accurate.

"De-Dollarization" Deepens: Russia Buys Most Gold In Six Months, Continues Selling US Treasuries

January 18th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/%22De-Dollarization%22_Deepens%3A_Russia_Buys_Most_Gold_In_Six_Months%2C_Continues_Selling_US_Treasuries/40993/0/38/38/Y/M.html

Russian gold reserves rose by their largest amount in six months in December to just over $46 billion. 20th month in a row, Russia's holdings of US Treasury debt fell.
Deleveraging - debt repayments - in non-banking sector was even bigger.capital outflows are massive. Most of the capital flight that Western analysts decry goes to improve Russian balance-sheets and reduce Russian external debt.

Egyptian tourism minister: Russia, Egypt might use Russian currency in mutual settlements

January 17th, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/771695

Condition of the rouble devaluation and bid to encourage tourism flows from Russia the two countries might begin to use the rouble as a payments unit in the sphere of tourism and in trade in general in February. working on a mechanism of mutual settlements to abandon the U.S. dollar as a basic currency unit.

"Russian Buyer Is A Thing Of The Past" - Oligarchs Rush To Sell US Real Estate

January 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-01-14/russian-buyer-thing-past-oligarchs-rush-sell-us-real-estate

[Russian buyers] view United States real estate as a ‘safe deposit box’ that occasionally comes with a good view. Their objective is to move money out of their home country and safeguard their assets by placing them in the U.S. real estate… [But] at this point, it becomes expensive to maintain a ‘safe deposit box’.”

The Greek Bank Runs Have Begun: Two Greek Banks Request Emergency Liquidity Assistance

January 15th, 2015
Categories: Economic

Link: http://www.zerohedge.com/

Ttwo Greek systemic banks have reportedly resorted to Emergency Liquidity Assistnace indicating that the liquidity situation in Greece is once again as dire as it was in the depth of the European collapse.

Poor Families Pay Double The State And Local Tax Rate As The Rich: Study

January 15th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/01/poor-families-pay-double-state-and.html

Middle- and low-income Americans are facing far higher state and local taxes than the wealthy, according to a new report assessing tax data from all 50 states. In all, the analysis by the nonpartisan Institute on Taxation and Economic Policy (ITEP) finds that the poorest 20 percent of households pay on average more than twice the effective state and local tax rate (10.9 percent) as the richest 1 percent of taxpayers (5.4 percent).

Seven EU countries support lifting sanctions on Russia — source

January 15th, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/771324

Austria, Hungary, Italy, Cyprus, Slovakia, France and the Czech Republic support lifting the anti-Russia sanctions. “Ministers will most likely be preparing the ground for softening the sanctions. Hollande: economic sanctions against Russia must be stopped

Attempts to isolate Russia futile — Russian FM

Sanctions against large countries not effective — Sberbank CEO

‘Carnage’ In Financial Markets Boosts Gold As Safe-Haven Asset

January 15th, 2015
Categories: Economic

Link: http://www.kitco.com/news/2015-01-15/Carnage-In-Financial-Markets-Boost-Gold-As-Safe-Haven-Asset.html

Gold prices hit a four-month high of $1,261 an ounce as Swiss National Bank creating massive volatility, “carnage” in the marketplace. Growing expectations the ECB will introduce a full-scale quantitative easing program, announce that they will purchase about €500 billion in sovereign bonds.

Gold rallies to a 4-month high; ends at $1,264.80

January 15th, 2015
Categories: Economic

Link: http://www.cnbc.com/id/102338987

Gold prices jumped to a 4-month high on Thursday as European shares and the dollar turned lower after a shock move by Switzerland to abandon its three-year cap on the franc sent Europe's shares and bond yields tumbling.

Hundreds of thousands of US layoffs expected as oil boom unravels

January 15th, 2015
Categories: Economic

The drop in the price of oil has prompted oil companies to prepare mass layoffs in 2015 as sections of the industry become unprofitable. According to a variety of sources, hundreds of thousands of jobs in the US alone could disappear this year if oil prices remain low.

Russia’s banking system stable — Central Bank official

January 15th, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/771433

Russia’s banking system is stable today, Russian Central Bank will continue efforts to clean up the banking sector, including in the current economic conditions; Central Bank First Deputy Chairman Alexey Simanovsky.

Oil Prices Drop Again After Brief Revival on OPEC Demand Forecast for 2015

January 15th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150115/1016941463.html

February futures for West Texas Intermediate (WTI) and Brent crude oil dropped to less than $49 per barrel after a brief revival to $50, caused by the revised forecast for 2015 global oil demand, published by Organization of the Petroleum Exporting Countries (OPEC.)

OPEC, Russia in 'Cold War' Over Falling Oil Prices

January 15th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150115/1016937469.html

The Organization of the Petroleum Exporting Countries (OPEC) and nonmembers of the organization, namely Russia, engaged in a "cold war" amid decreasing oil prices; Bahrain's National Oil and Gas Authority. Should OPEC members reduce oil prices further, nonmember countries could replace them in supplying oil and eat into OPEC's market share.

Swiss franc soars after central bank action

January 15th, 2015
Categories: Economic

The franc soared against the euro and Swiss stocks plunged more than 13 percent by midday after the removal of the Swiss franc-euro floor was announced by the central bank. After appreciating more than 30 percent, by mid-afternoon the franc was nearing parity with the euro (valued at 1.02 francs) and rose as much as 14 percent against the US dollar.

World Bank: India Set to Become World’s Fastest-Growing Big Economy

January 14th, 2015
Categories: Economic

Link: http://blogs.wsj.com/indiarealtime/2015/01/14/world-bank-india-set-to-become-worlds-fastest-growing-big-economy/?mod=e2tw

World Bank: India on course to overtake China as world’s fastest growing, big economy in next two years. Prime Minister Narendra Modi unveiled plans to change how India’s economy is managed; cut red tape, raise infrastructure investment, deregulate key parts of economy, shrink role of government.

Russia Could Make Windfall Selling Currency Reserves as Ruble Undervalued

January 14th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150114/1016872137.html

Russia could make a windfall if it sold its currency reserves because the ruble is currently undervalued on the market, Russian Finance Minister Anton Siluanov.

JPMorgan hit by legal costs, Dimon says banks 'under assault'

January 14th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/1014988360

JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were "under assault."

Russell – Buy Gold And Silver While It’s Still Available As China To Back Yuan With Gold

January 14th, 2015
Categories: Economic

Link: http://kingworldnews.com/richard-russell-major-surprise-stocks-china-back-yuan-gold/

China moving to back the yuan with gold to a huge surprise for global stock markets. GDP is about to take over the US’s GDP. This will make China’s economy the greatest economy the world has ever seen, wants its currency to be as strong as or stronger than the US dollar. If world commerce is transacted with gold-back Yuan, China will have won a tremendous victory.

Americans Have Spent Enough Money On A Broken Plane To Buy Every Homeless Person A Mansion

January 13th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/01/americans-have-spent-enough-money-on.html

The vast amounts United States spent on the F-35 II Lightning aircraft, could have provided every homeless person in the U.S. a $600,000 home.

Wealthiest Americans say the poor have it easy: "A survey by the Pew Research Center found that 54% of those with the greatest financial security believe that 'poor people today have it easy because they can get government benefits without doing anything

January 13th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/01/wealthiest-americans-say-poor-have-it.html

Only 36% of the wealthiest say "poor people have hard lives because government benefits don't go far enough to help them live decently."Those struggling the most financially believe the poor need more help by two-to-one margin. The rich say most corporations make a "fair and reasonable amount of profit,"65% of the poor believe corporations make "far too much."

Andrew Hoffman – The Whole World is Falling Apart - Video

January 12th, 2015
Categories: Economic

Link: http://thedailycoin.org/?p=15352#sthash.ds5jQCwW.0nOFtBqu.dpbs

The silver institute claiming there will be a 27% increase in the use of industrial silver by 2018–mining operations are either slowing down or shutting down. Number of ounces required for industrial use are going to be further squeezed by the investment demand which is on the rise.

Another Run on Greek Banks Begins; Get Out While You Still Can; Buy Gold

January 10th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Another_Run_on_Greek_Banks_Begins%3B_Get_Out_While_You_Still_Can%3B_Buy_Gold/40715/0/38/38/Y/M.html

In November, Greeks withdrew €220 million from banks. In December, the figure soared to €3 billion. €600 million of that total came on December 29, when Greece failed to elect a new president, thereby forcing national elections on January 25.

Russia, Thailand Consider Using National Currencies in Bilateral Trade

January 9th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150109/1016723618.html

Russia and Thailand considering switching to making payments in national currencies in bilateral trade; Russian Minister of Industry and Trade. Banks of the two nations have to establish framework for mutual payments in national currencies, In 2014, Russia agreed to increase payments in national currencies with China, Iran and Turkey.

Ukraine Seeks More Trade With China Amid Losses on Russian Market

January 9th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150109/1016704279.html

Ukraine suffered as result of decreased trade with Russia in 2014, expects to compensate by contracts with China a very big market,; Minister of Agrarian Policy and Food. Russia restricted import of vegetables, fruits and dairy products from Ukraine,

Euro sinks to fresh nine-year low

January 9th, 2015
Categories: Economic

Link: http://www.bbc.com/news/business-30728304

The euro hit nine-year low against the dollar, in part after a surprise decrease in German manufacturing. German factory orders fell 2.4% in November, worse than expected. Speculation about extra stimulus measures to combat eurozone deflation also played a part in the euro's drop.

Russia and China: The Dawning of a New Monetary System?

January 9th, 2015
Categories: Economic

Link: http://www.globalresearch.ca/russia-and-china-the-dawning-of-a-new-monetary-system/5423637

Once the demand for the (petro) dollar fades the value of the dollar will decline and at worst may result in hyperinflation in the dollar economies, including those closely linked to the US economy.

Euro zone officially tips into deflation

January 9th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/01/09/euro-j09.html

Figures released by Eurostat on Wednesday confirm that the euro area has fallen into deflation for the first time since 2009, when the region suffered the disastrous economic consequences of the 2008 financial crisis.

Venezuela Joins Argentina & Russia, Bends Over For China

January 9th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Venezuela_Joins_Argentina_%26_Russia%2C_Bends_Over_For_China/40706/0/38/38/Y/M.html

China is Venezuela’s largest creditor, loaned the country over US $50 billion since 2007 in exchange for oil, last year Xi signed a US $4 billion cash-for-oil deal. Venezuela depends on oil for 95% of its export income, oil and gas account for about 25% of GDP.

HEARTLESS: Associated Builders & Contractors Suing City of Lansing So Workers Can Be Paid Less

January 9th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/1014984489

The Michigan Supreme Court agreed to hear a case brought forward by the Associated Builders and Contractors (ABC) which questions constitutionality of the City of Lansing’s prevailing wage ordinance. Rejected by Michigan Court of Appeals, does not conflict with Michigan Constitution or state law.”

Greek minister moves to allay fears of bank run

January 9th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/1014984502

Greece’s finance minister has sought to allay fears that political uncertainty prompted by snap polls later this month will spark a run on banks, amid worrying signs that savers are rushing to withdraw deposits.

Who Will Be Hurt The Most If Greece Defaults

January 8th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-01-07/who-will-be-hurt-most-if-greece-defaults

Germany, France, Italy, Portugal, Cyprus, Slovenia These countries have the most to lose if Greece decides to write down its public debt. Contagion - once broken out will impact not just countries but corporations and banks.

Oil Prices to Go Up After Hitting Low: US State Department Official

January 8th, 2015
Categories: Economic

Link: http://sputniknews.com/us/20150109/1016697168.html

Special Envoy and Coordinator for International Energy Affairs at the US Department of State :Oil prices might continue dropping, but they will definitely bounce back in the future, explained that price drops happen periodically. This has happened before and it will happen again.

China Plans to Invest Extra $250Mln in Latin America Over Coming Decade

January 8th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150108/1016674969.html

China announced plan to increase investment in Latin America to $250million, double trade in region; $500 billion over coming decade. China will invest $20 million in Venezuela, provide $7 million dollars in credit and loans to Ecuador. New phase of bilateral development between China and Community of Latin American and Caribbean States (CELAC); comprises 33 Latin American countries. Trade between China and CELAC members increased from $10 billion to $257 billion.

"Europe Can't Afford A Greek Exit" German Opposition Warns Merkel Is "Playing With Fire"

January 8th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-01-08/europe-cant-afford-greek-exit-german-opposition-warns-merkel-playing-fire

Tthe status quo is a boon for Germany economically and politically, benefits more than most euro members from the single currency. Greek departure may not end the euro, risk of contagion through the bloc’s financial markets. If it had to return to the deutsche mark, German exporters, which account for about half of gross domestic product, would become much less competitive.

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