China is one of Brazil's major trading partners and regularly backs the country's initiatives and projects. Over the past 12 years, the trade turnover between the two countries has increased tenfold — from $8.3 billion in 2001 to $83.3 billion in 2013.
The costs and consequences of Greece exiting the Eurozone may well dwarf the financial losses triggered by Greece's default. If Greece defaults and exits the Eurozone, the entire Eurozone project is at risk. What's to stop other member nations groaning under unpayable debt from defaulting?
Education, establishment of consulates, space exploration, mineral resources, railway systems and TV were among 24 intergovernmental agreements signed by India and China in Beijing.
As many as 25,000 residents of Detroit citizens losing their water cut-offs, though they live next to a body of water that carry’s one-fifth of the world’s water supply. Water rates risen 119% in last decade.
Child welfare authorities take children from parents that had their water cut off in 2014.
A gold fixing facility exists in London, but China wants its own – reflecting its ambitions as a global financial player. The establishment of a China-based gold fix for the yuan also marginally undermines the dollar as the global benchmark currency,
A referendum could bring the conflict to a head after months of inconclusive talks between Greece and its creditors that have exasperated Germany and other euro-area countries. Public support for economic reforms might lead Greece toward a deal, rejection could set the country on a path to leaving the euro.
China’s central bank cut interest rates third time in six months to counter economic slowdown, ease debt pressures on local government authorities and corporations. Official statement People’s Bank of China (PBOC): country’s economy was “still facing relatively big downward pressure.”“Rising debt size forcing China to use a lot of resources repaying and rolling over debt.
Serbian President Tomislav Nikolic: Serbia does not plan any sanctions against Russia; invited Russian companies to invest in the farming sector, said Serbian farmers could offer high-quality produce but were short of funds. "Cooperation in that sphere could bring huge benefits to both countries."
The proposed Transatlantic Trade and Investment Partnership (TTIP) deal between European Union and United States will have direct, negative impact on democracy and the welfare state in Europe, mayor of Rubi a municipality in Catalonia, Spain. "The aim of this Treaty is to create an economy of big corporations to privatize the services of culture, sport, waste disposal, water among many other things."
The Russian currency continues its recovery against the US dollar on Wednesday, trading at its highest level since the end of November 2014, as oil prices rise and investors see geopolitical risks diminishing.
German retail giant will no longer carry glyphosate-containing products as of September 30, 2015. More than 350 ‘toom Baumarkt DIY’ stores belonging to the REWE Group are removing any product that contains this endocrine disrupting chemical concoction, and as of today, no such products can be re-ordered from their stores.
Russian Foreign Ministry: Attempts of the World Bank to "play geo-economic games" and put political tasks above economic ones may result in a growing interest of the world community to alternative economic institutions.
The Department of Defense and the Jersey Guard paid the Jets $377,000 from 2011 to 2014 for the salutes and other advertising, according to federal contracts. Overall, the Defense Department paid 14 NFL teams $5.4 million during that time, $5.3 million was paid by the National Guard to 11 teams under similar contracts.
Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to reporters.
Moody’s has affirmed that Monsanto’s new rating is being downgraded from ‘neutral’ to ‘negative’ following Syngenta’s announcement that it has refused Monsanto’s unsolicited bid of CHF449 per Syngenta share in a combination of cash and stock.
1,600 IRS employees committed tax evasion in a 10-year span; most still employed in spite of a 1998 law calling for termination in such cases. Many of the tax-evading agents were active in enforcing the federal tax laws they have broken. The agents found many ways to evade taxes;“improperly claiming dependents, repeated failure to file timely tax returns, claiming a tax credit for first-time homebuyers when the worker didn’t buy a house.”
International Monetary Fund working with national authorities in southeastern Europe on contingency plans for a Greek default, a senior fund official said—a rare public admission that regulators are preparing for the potential failure to agree on continued aid for Athens"to "ensure that subsidiaries of Greek banks have enough assets that they can exchange for emergency financing at their own central banks—in case financing from their parent institutions is suddenly cut off.
The crude only refinery is aimed at “securing long-term demand for Iran's exported crude oil”, Tehran was also in talks with an Indian company to build a refinery in India with the capacity to process 400,000 barrels of crude oil. India is the second biggest customer of Iran's crude oil after China.
In a little-noticed brief filed last summer, lawyers for the House of Representatives claimed that an SEC investigation of congressional insider trading should be blocked on principle, because lawmakers and their staff are constitutionally protected from such inquiries given the nature of their work.
U.S. Senator Bernie Sanders of Vermont, will introduce bill to break up country's biggest banks, the Too Big to Fail, Too Big to Exist Act, Financial Stability Oversight Council would compile list of institutions so large their collapse could trigger an economic crisis. The Treasury Secretary would have a year from bill's passing to break them up. "No financial institution should have holdings so extensive that its failure could send world economy into crisis."Firms on that list would be banned from using customer money to make "risky activities on the financial market.
Montana residents will no longer have their drivers licenses suspended if they fall behind on their student loan payments. A Montana law that allowed the state to revoke licenses for that infraction was scrapped. In at least 21 states, similar laws remain on the books.
The federal government set a record tax haul in April, taking in nearly a half-trillion dollars in one month alone, according to Congressional Budget Office statistics released Thursday. Spending, was a more modest $317 billion, leaving the government with a surplus for that one month of $155 billion — also a record.
Economic growth eventually runs into limits. Common workers can no longer afford to buy goods and services that the economy produces, because of inadequate wages. Not enough good paying jobs for workers, lack of investment opportunities, because workers cannot afford high prices of goods required to provide adequate return.
Darrell Issa, richest man in Congress; net worth in 2013 $448.4 million said America has made "our poor somewhat the envy of the world."Third World countries have greater inequality of income and wealth, less opportunity for people to rise from have not to the have," said Issa. In the U.S. he noted there is better availability and access to quality public education.
Russian President Vladimir Putin has weighed in on Greece's current financial drama, according to a Bloomberg alert, suggesting that the country may provide funds for Greek energy projects.
World’s central banks and governments throwing everything they can at the problem in an effort to keep system propped up long as possible, will leave most of world’s population, totally wiped out and impoverished. Result will be widespread civil unrest, violence as people realize they have nothing left and no ability to acquire even most basic essential resources.
US Financial Crimes Enforcement Network (FinCEN), issuedfirst-ever ‘civil enforcement action’ against a virtual currency; Ripple Labs. Hong Kong Treasury: “the Government does not consider it necessary to introduce legislation to regulate trading in virtual commodities or prohibit people from participating in such activities.”in the US and in Europe: Tracking down virtual currency transactions. Banning cash. Anything they can do to keep your money trapped in the system where they can keep their eyes on it.
German lawmakerFranz Wiese condemned European Union and Chancellor Angela Merkel’s anti-Russia policy; EU bans are destroying the country’s businesses, with dozens of reported bankruptcies.
Big businesses and politicians from both sides of the ideological spectrum are putting their muscle into new Washington lobbying efforts to end the U.S. embargo on Cuba as the two countries press ahead to re-establish diplomatic relations with the backing of more than a dozen Fortune 500 firms ranging from hotel companies to agricultural businesses.
Venezuela President Nicolas Maduro announced he is increasing the minimum wage for the second time this yearas well as the pensions for retirees by 30 percent, raise salaries for government employees and military personnel as well. Maduro: "I have to protect the vital salary of the workers as defended by the constitution."
LPR Head Igor Plotnitsky; Two months after Luhansk People’s Republic (LPR) introduced a multi-currency system over Kiev’s economic blockade Russian ruble took up 85% of money supply. 85% of all payments in LPR territory are made in Russian rubles while the Ukrainian hryvnia accounts for 12%.
U.S. Council on Economics is alarmed by risk being taken by European elites to bring Greece to heel. Greek default would cause a new and very “unpredictable” paradigm – huge uncertainty in markets. U.S. policy makers fear unforeseeable knock-on effects.
Donetsk People’s Republic in the process of putting together a formal government, plans to nationalize banks that have parasitized Ukraine for years no doubt drawn the ire of oligarchs that own those banks and Anglo-American banking cartel that owns the United States and NATO countries bent on world hegemony and submission to their will.
The IMF faces a dilemma right now. Threatening to stop providing funds to Greece means that Greece is less likely to repay it. On the other hand giving more money to Greece means that any default grows in size.
Russia is the U.S. second largest non-OPEC source of net petroleum products in the month of January. Canada is the largest at 2.9 million barrels per day, Russia at 389,000 bd, Columbia 264,000 bd, Chad 93,000 bd and Mexico at 44,000 bd.
China has liberalized its bond market and issued bonds in yuan, significantly liberalized its bond market and opened it for foreigners. Chinese bond market is the third largest in the world after the US and Japan.
China and Russia will sign a host of deals on energy, finances and investment during a visit by Chinese leader Xi Jinping to Moscow on May 8-10, Chinese Deputy Foreign Minister Chen Gopin said on Monday.
"Millionaires feel compelled to strive for more, spurred on by their own ambition, their desire to protect their lifestyle and an ever-present fear of losing it all. With memories of the financial crisis still lingering, most millionaires don’t have enough wealth to feel secure.
Athens is set to repay loans to all creditors, including the IMF, said the government’s spokesman Gabriel Sakellaridis. Finance Minister Yanis Varoufakis is set to again head the Greek negotiation team after being briefly dumped from the process.
The central banks areplanning drastic restrictions on cash . They see moving to electronic money will eliminate the underground economy, believe it will prevent a banking crisis and elimination of the ability to demand to withdraw funds from a bank, increase their control. Financial police searching people on trains passing through France to see if they are transporting cash, which they will seize.
The new compulsory control is provided for in the 2015 Australian budget.Everyone who has any savings must pay taxes on their savings. The measure is expected to serve as a global test balloon for Europe and North America.
US billionaire investment mogul David Bonderman believes that there's no time like the present to invest in Russia, adding that US sanctions policy has only backfired on them.
Price of the average food basket in the country increases per week ($9.5), salaries stay the same. People can no longer cope with the price hikes and mounting inflation. The black market and grey economy are taking over the formal economy. Average salary in Ukraine about ($94) per month pensions ($55).
Greece: government just ordered a mandatory transfer of all cash reserves from state-owned enterprises to the Greek central bank to avoid a complete economic collapse. It is thought the confiscation of reserves held in commercial banks to the Bank of Greece could raise €2bn for the government. This is merely a one-time measure; what happens next month?
The country’s state pension funds almost defaulted after a shortfall of “several hundred million euros” delayed payments to pensioners this week. Many people panicked when they discovered their pension payments were not in their accounts. Pensioners broke into a board meeting of the state pension fund demanding it stop transferring cash reserves to the government under emergency decree to keep the country solvent.
Russia's state development bank VEB could soon sign the first deal on financing an investment project in Russia in Chinese yuans, VEB CEO Vladimir Dmitriev. European markets are closed, but VEB maintains constructive relations with China’s state development bank.
head of public affairs at UniCredit Group, Italy, Giuseppe Scognamiglio: Cutting Russia out of the global banking payment system SWIFT could turn into a catastrophe for the overall system of payments in Europe.
Russia's agriculture watchdog, Rosselkhoznadzor, will introduce a ban on import of peanuts from the United States starting May 1, 2015, the agency said on Thursday. The prohibition will be effective until the United States provides clarifications concerning the excessive content of cadmium in the US peanuts.
Apple: trillion dollars in sales, almost no taxes paid. Half of Korea’s IT exports are cell phone handsets or semiconductors, total exports growing only as long as IT exports do. Smartphone only thing between them and recession. Taiwan’s exports is more tied to high-tech (unlike Korea which also sells ships and cars), economy depends on exports which depend on smartphone sales.
As the world’s biggest economy nearly came to a halt, stocks have retreated worldwide amidst high uncertainty, stemming from the mostly optimistic state of business affairs, amid poorly thought out economic policies exercised worldwide.
Ukraine has fastest falling economy of 2015 according to British periodical The Economist. The country has seen its GDP shrink by 6.5 percent since last April, with countries like Libya and Macau performing better. Ukrainian economy showed the most significant deepening recession compared to the rest of the world.
Federico Eichberg, Task Force on Foreign Investments at the Ministry of Economic Development: Italy will not support continuation of economic sanctions against Russia. Italian Minister of Economy and Finance Pier Carlo Padoan: "sincerely hope we will cancel sanctions soon as possible, economic partnership between Italy and Russia will continue to grow."
Social Security and Medicare under attack from Wall Street, conservatives, and free market economists claims these programs are unaffordable and the programs can be run more efficiently at less cost if privatized. The programs are disparaged as “entitlements.” The word has come to imply that entitled people are getting something at great cost to everyone else, have become conflated with welfare. Social Security and Medicare are financed by an earmarked payroll tax paid by employees.
Disney cut well-paid longtime staff members, some who had been previously singled out for excellence, as it shifted work to contractors. These contractors used foreign labor, mostly from India. Some were literally flown in the day before. The laid-off workers believe the primary motivation was cost-cutting.
loans supplied by eurozone and International Monetary Fund amount to €226.7bn (about 125 per cent of GDP), two-thirds of total public debt went not to benefiting Greeks but to avoiding writedown of bad loans to the Greek government and Greek banks. 11 per cent of the loans financed government activities. 16 per cent on interest payments. The rest on capital operations of various kinds. Germany has gained enormous amount from its position in the EU.
Citibank recently announced that they were going to swap $1 billion for a portion of Venezuela’s gold. Nicolas Maduro’s cash-strapped regime is so desperate for revenue, that they’ve agreed to pawn 1.4 million ounces of gold, which amounts to $714 per ounce.
Core problem for Greece, it is completely out of money, local municipalities have mutinied,told the government they would not hand over their cash to the central bank without their own conditions being met first. Greece does not have the €1 billion in cash to fund May payments to the IMF, but it is short €400 million for wage and pension payments.
The BRICS group of countries, namely Brazil, Russia, India, China and South Africa, is playing a positive role in "forming a fair world order," speaker of the Russian State Duma lower parliament house, Sergei Naryshkin.
Putin accused some of Russia's "quasi-partners" on Monday of counting on the country's collapse by cutting its banks off from the global financial system at a time when oil prices had plunged. Putin: "Apparently someone was counting on some sort of collapse," "No collapse happened. The Russian economy is easily overcoming these artificial barriers. The peak of [debt] payments has passed. If someone counted on causing some kind of collapse, nothing came of it."
German Finance Minister Schaeuble hinted that Berlin was preparing for a possible Greek default. Greek euro exit would be good in the long term because European contracts would regain their validity and Greece could regain its competitiveness.
Greek Finance Minister Yanis Varoufakis made clear that his government was ready to impose extensive pension cuts and labour market “reforms” in order to reach an agreement with the troika (European Union, International Monetary Fund, European Central Bank.
Last week, the Greek government issued a decree which called for local governments to transfer excess cash to the central bank so that Athens would be able to pay pensions, salaries, and the IMF. The move is expected to raise as much as €2 billion to help keep the country afloat. Tax authorities have started seizing the deposits of small debtors.
Record $2.5 billion settlement paid by Deutsche Bank to U.S. and U.K. authorities for its rate-rigging role in the massive LIBOR scandal, some noted that the fine—while large—suggests that some institutions are still considered "too big to jail."
China hopes that the new Silk Road will boost political ties from the Pacific to the Baltic Sea and cut barriers to trade and investment.
Russia is interested in developing Chinese investment and cooperation, according to Russian Finance Minister Anton Siluanov. Cooperation has been recently growing, as Western markets are now closed for Russia.
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.
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