Soros: Federal Reserve could be asked to extend $15 billion swap arrangement with National Bank of Ukraine; reassure markets, avoid a panic. ”US should provide Ukraine “with same level of weapons to match opposing force. Military-industrial complex, bankers happy at prospect of weapons “sales” to Ukraine. American taxpayers will be forced to pay for it.
South African Johann Rupert made billions selling Cartier jewelry, Chloe fashion. Tension between rich and poor is to escalate as robots, artificial intelligence fuel mass unemployment.“We cannot have 0.1 percent of 0.1 percent taking all the spoils,” “It’s unfair and it is not sustainable.”
Jimmy John’s sandwich shop's, other retailers requires workers to sign agreements they will not work for competitors if they leave their jobs. Sen.D-Minn Al Franken: those agreements "ridiculous." Workers often aren't told their jobs include restriction as condition of employment. Franken and Sen. Chris Murphy (D-Conn.) introduced Mobility and Opportunity for Vulnerable Employees - MOVE - Act to ban non-compete agreements for employees making less than $15 an hour.
British Prime Minister David Cameron will try to convince his European partners at G7 summit in Germany on Sunday of the need to continue stay united against Russia and not to ease economic pressure on Russia. The EU economic sanctions against the key enterprises of the Russian banking, oil and defense sectors are expiring in July.
Greece is considering membership in the BRICS New Development Bank (NDB), Greek Deputy Defense Minister Costas Isychos. Russia invited Greece to become the bank’s sixth member on May 11, discussions of Athens’ ascension into the NDB were not due to start until the BRICS summit in July.
Greece and its international lenders should work out their disagreements without destabilizing the global financial market; White House spokesman Josh Earnest. Greece's national debt around $350 billion.
Global central banks have been manipulating the financial marketplace with their monetary voodoo. “Volatility over the last days has been breathtaking, especially in bond markets,” sheer panic in the market from the standpoint of what’s been happening in Europe.
Ukrainian President Petro Poroshenko confirmed on Friday his decision to sell his businesses and transfer his stake in the Roshen confectionery corporation under a trust agreement to the Rothschild Investment Company.
Erratic hours, on-call last-minute scheduling especially impact black workers, often “have longer commute times than White workers, leading to greater time and money costs when their shifts are cut short.” Lack of healthcare benefits, unmet childcare needs, intensifies poverty, further constrains workers’ ability to gain steady employment. Daycare might be unavailable when workers don’t know if they’ll be working until the day they are called in.
A number of Chinese tech firms are looking to drop their listings in New York and return home to Beijing, where stock markets are surging. They also hope to avoid being ensnared in a legal mess when Beijing formally outlaws foreign shareholder control of firms in protected tech sectors.
In 1968 minimum wage in the United States was $1.60 an hour. Using the inflation calculator that the Bureau of Labor Statistics provides, $1.60 in 1968 is equivalent to $10.74 today. 76.7 percent of the jobs that have been “created” in the U.S. this year have been part-time jobs.
Greek Prime Minister Alexis Tsipras will meet Vladimir Putin on 18 June, fuelling fears that Athens might seek a deal with Moscow that would circumvent EU sanctions on Russia. Athens is looking to receive €5bn (£3.65bn, $5.55bn) in advance payments from Russia by agreeing to become a central hub for a Russia-Europe gas pipeline.
Establishment Survey reported an increase of 280K jobs, Two thirds of all jobs, were low-paying, low-quality jobs, primarily teachers, retail, temp help and waiters. Number of self-employed workers soared by 350K.
International payment operators Visa and MasterCard have fully transferred their transactions inside Russian to processing in the National System of Payment Cards (NSPC), two top managers of Russia's Central Bank said on the sidelines of the International Banking Congress on Friday.
Greek Prime Minister Alexis Tsipras said in a speech to parliament on Friday that his country cannot accept the “unrealistic” proposals set by its lenders that did not include a promise of debt relief.
The world’s second largest consumer of oil after the U.S. began building its strategic reserves a decade ago, recently stepped up construction of storage facilities. China aims by 2020 to squirrel away 100 days of net imports, according to state media. At current rates of imports, that would mean 600 million barrels of crude oil.
The bill makes no mention of Israel directly, but prevents public entities from contracting with businesses engaging in the “boycott of a person or an entity based in or doing business with a jurisdiction with whom South Carolina can enjoy open trade.”
Long reported that the money changers operating within the halls of our most hallowed and influential financial institutions have been manipulating everything from stocks and bonds to housing prices and commodities. We can ignore reality, but we cannot ignore the consequences of ignoring reality.
From bad to horrible for Greek banks, when Greeks "responded with massive outflows to the Greece's government decision to bundle the four tranches to IMF into one by the end of the June." Total net outflows in last 7 business days estimated 3.4 billion Euros threatening the stability of the Greek banks.
State's Medi-Cal program long looked to estates and heirs of deceased Californians to recoup public money spent on their healthcare, suing survivors and filing liens against the homes of poor families. Senate Bill 33 would limit state's ability to go after homes "of modest value," allow survivors hardship exemptions for homes with market value 50% or less of average. Prohibit seeking money from estates of surviving spouses.
China Daily reports Manufacturing Hub Starts Work on First Zero-Labor Factory. Panera Bread to introduce self-service ordering kiosks, Chili’s and Applebee’s to place tablets on their tables, allowing diners to order and pay without interacting with human wait staff.
President Vladimir Putin: Russia-led Shanghai Cooperation Organization is gaining more weight with a dozen new nations showing interest in cooperation; studying possibility of accepting India, Iran and Pakistan into the bloc. Soviet republics of Kazakhstan, Tajikistan, Uzbekistan and Kyrgyzstan, all are Russia’s allies in trade, politics and defense.
Russian Deputy Foreign Minister Sergey Ryabkov: Russia never left G8. It’s our G8 partners who left the Russian presidency last year. "We have much more interest in other formats; the G8 format was not always productive "It is much more interesting to work in BRICS and G20.
Greek Prime Minister Alexis Tsipras announced yesterday that Athens was close to a deal on the austerity measures demanded by the European Union (EU) and the banks. EU authorities still negotiating size of pension cuts and increases in Tax VAT, or sales taxes.
French telecommunications company Orange S.A. is planning to stop its relationship with Israeli mobile operator Partner. The reasons for this are Israel’s violations of international law and its expansionist policy.
Greece will not make Friday’s €300 million payment to the IMF and will instead request to have the payments bundled so as to buy PM Alexis Tsipras a few extra weeks to negotiate a deal and pass an agreement through parliament.
Apple's CEO when he spoke to students at George Washington: you are graduating with a mortgage but no house, those who majored in gender studies, film deconstruction, or any of today's academic fads, do not bother looking for a job. You have been saddled with debt and bad ideas. Good luck.
IMF's research department: as long as countries can fund themselves at a reasonable cost via capital markets, they should consider simply “living with high debt”: policies to deliberately pay down debt are undesirable. Distorting your economy to deliberately pay down the debt only adds to the burden of the debt, rather than reducing it.
IRS approved 501(c)(3) status, which will allow individual federal tax write-offs for people who make charitable donations to the church. Members of the First Church of Cannabis believe that smoking marijuana is a religious observance. In Indiana, the use of marijuana is illegal for recreational or medical purposes.
The country's currency lost nearly half its value since beginning of May, according to dolartoday.com, a website that tracks the unofficial exchange rate. Venezuela relies on oil exports to support its economy, which was already under pressure before oil prices tanked.
Continued warming of oceans may trigger disruptions to marine life not seen in 3 million years; journal: Nature Climate Change. Among the changes: extinction of ocean's keystone species, widespread influx of invasive plants and animals particularly in "temperate and polar biomes." May reorganize marine diversity over large regions, ultimately impact humans, food web may become uncoupled."
Millions straining to make house payments. 30 percent of homeowners 65 and older (6.5 million people) were paying a mortgage in 2013, up from 22 percent in 2001. People 75 and older carrying home loans jumped from 8 percent in 2001 to 21 percent in 2011. Among homeowners 50 and older, foreclosure rates highest for those 75 and up.
Several Wayne County Commissioners pushed against a plan to levy a one-time property tax assessment as part of residents' summer tax bills to cover $49 million owed to employee retirement system. Wayne County Executive Warren Evans: county has $52-million structural deficit, "grossly" underfunded pension system, could run out of money next year.
Factory orders declined eight of the last nine months. Consumer goods-related equipment fell by varying amounts. Business inventories remain at near-record high levels. Money borrowed and spent today comes at the expense of spending that might otherwise have happened tomorrow. Auto industry’s strength, driven by long-term subprime lending, is actually a sign of weakness. These days even superficially good numbers are bad.
Tsipras, who vowed not to surrender to more austerity, tried to pre-empt a take-it-or-leave-it offer by the creditors, sending what he called a comprehensive reform proposal to Brussels. Greek government official said Athens would make a 300 million euro repayment to the IMF Friday if there was an agreement with the creditors, hinting it might otherwise withhold the money without saying so explicitly.
Prime Minister of Slovakia Robert Fico: Russia and Slovakia should make an effort to enhance economic cooperation, past three months turnover between the two countries fell by 40%, need to overcome the negative factors in our trade and economic relations.
The Russian prime minister has warned EU officials that if they decide to tighten the regime of sanctions aimed against Russia, an equivalent reply would follow inevitably. Moscow might lift the embargo on foodstuffs from certain foreign countries if West lifts its anti-Russia sanctions.
Bilateral FTA covers 17 sectors, including e-commerce, government procurement, will remove tariffs on 90 percent of all products traded between China and South Korea. South Korea has surpassed Japan as a bigger trading partner for China.
Maduro: “In Venezuela, there has not been nor will there be dollarization. Our currency, proudly, is and will forever be the bolivar.” Inflation last year was 68 percent, economists predicting three-digit price rises this year.
The financial system is predominantly comprised of digital money. Actual physical Dollars bills and coins amount to $1.36 trillion, a little over 10% of the $10 trillion sitting in bank accounts; a tiny fraction of the $20 trillion in stocks, $38 trillion in bonds and $58 trillion in credit instruments floating in the system. If a significant percentage of people moved their money into physical cash, it could quickly become a systemic problem.
Euro exit is a political decision. the Greek authorities could decide to exit in a unilateral manner. But the current Greek government has no mandate to do so. There is no process for Euro exit defined in the governing European treaties; the practical and legal challenges could not be resolved overnight.
It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts. “We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it."
As more money continues to flow into the pockets of Mexican drug cartels, traffickers need to maintain a solid network of places—often along the southwest border—where they can launder drug money. However, in an attempt to stymie these efforts, several major US banks have been closing numerous branches in the region and shutting down hundreds of customer accounts.
Government officials attending an emergency summit under Prime Minister Alexis Tsipras on Saturday prepared a draft agreement as Greek sources cited by the Athens-Macedonia News Agency indicated that negotiators in Brussels were close to a deal on value added tax, curbing early retirements and the gradual merging of pension funds.
Greek officials hope an agreement with lenders can be reached by Sunday. If no deal is reached, then Greece left with no option but to default on its debt next week. The risk is that Greece is the first domino to fall in a cascading sovereign debt crisis that spreads from one country to another. Portugal, Italy, and Spain are larger dominos that could potentially fall.
The slump is expected to continue throughthis year, since the start of the 2008 financial crisis, the US economy remains mired in stagnation and slump.
You can’t build a solid economy on the jelly of unaffordable housing, unpayable debts, and unsustainable asset prices. But that’s what we’ve got. Credit cannot increase faster than income forever. It is mathematically, economically, and financially impossible.
Research by credit card company Visa and the University of Technology Sydney found Australians are open to the prospect of paying for items using wearable tech including smart watches, rings, glasses and even a connected car. 25% say they are“slightly interested” having a chip implanted in their skin that could be used for payments.
Bank of America has been fined $30 million by U.S. regulators, who accused the bank of violating consumer protections for members of the military in collecting debts. Regulators say the bank violated the law protecting service members by taking improper legal action against military customers for delinquent credit card accounts and overdrafts.
Russian Deputy Prime Minister Dmitri Rogozin has stated that Russia's future depends on its rebirth as a major industrial power, noting that Russian manufacturers must recapture the domestic market, and that reindustrialization is necessary in order to put the country back on a 'sovereign national footing'.
Herman Gref, the head of Russia’s largest bank Sberbank, welcomed the introduction of Islamic banking in the country’s traditionally Muslim regions, saying it would help attract capital from Arab countries.
Venezuela has not always experienced punishing inflation rates. 1950 through 1979, Venezuela’s average annual inflation rate remained in the single digits. It was the 1980s that Venezuela witnessed a double-digit average the 1990s that Venezuela’s average inflation rate exceeded that of the Latin American region. Second-highest rate: Syria’s, which stands at 84%.
Stagnant incomes, rising expenses, crashing employment. Labor that generate hefty profits increasingly scarce. Most big profits generated by financial gaming of debt and leverage, not labor. The few areas of labor that generate hefty profits in protected fiefdoms of state-enforced cartels, financial services or software, machinery that replaces costly human labor.
Current $3 billion annual military aid package set to expire in 2017, US and Israeli officials are discussing a new 10-year deal that could be worth up to $45 billion. Netanyahu refused to say how much Israel was requesting from the United States.
The Central Bank of Russia (CBR) has proposed a discussion about establishing an analogue to the SWIFT global network for transmission of financial information that processes $6 trillion worth of communiqués daily.
New activity/unrest was observed at 6 volcanoes from May 20 - 26, 2015. During the same period, ongoing activity was observed at 23 volcanoes. New activity: Calbuco, Chile | Concepcion, Nicaragua | Kilauea, Hawaiian Islands Reunion Island (France), Nicaragua,, Ecuador. Ongoing activity: Japan |Indonesia| Colima, Mexico, Russia, |Guatemala.
US government Centers for Disease Control taking millions of dollars in drug company money in recent years; The British Medical Journal. Researchers in America and around the world expressed shock, asked how the funding has been influencing CDC actions and decisions. “The CDC Foundation raised $52m in fiscal year 2014, $12m was from corporations.”
U.S. Treasury Secretary Jack Lew repeated warnings not to minimize the global stability risk of Greece sliding out of the euro zone, even if most of its debt is no longer held by commercial banks.
The Australian economy is well on the way to its first recession in almost a quarter of a century, according to data released yesterday on planned investment by business over the next year.
The West is growing ever more irritated at Ukraine as Kiev’s demands for money and assistance are becoming more insistent, Russian Permanent Representative at the European Union Vladimir Chizhov.
Russian Finance Minister Anton Siluanov stressed the importance of developing the economic basis for import substitution, added that Russia needed to develop an export-oriented import substitution policy to be able to sell more of its goods abroad.
“The Prime Minister of Ukraine has urged U.S. partners to actively use the investment opportunities offered by the privatization campaign in Ukraine, particularly in the energy sector,” statement posted on Ukraine’s governmental website. Yats met with U.S. Senator Dick Durbin recently to discuss economic reforms following an additional $1 billion pledge in official U.S. aid.
The international community functions best only when all its members, Russia included, sit together at one table working hand in hand and achieving good results. I hope that, sooner or later, we’ll see this happening;” IMF Managing Director Christine Lagarde.
America’s three biggest banks — JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) — made more than $1.1 billion on overdraft fees in the first three months of the year. Consumer Financial Protection Bureau is currently examining overdraft fees. Woodforest National Bank, First National Bank Texas both get more than 40% of their non-interest revenue from overdraft charges.
The Fed is not a government agency. It’s a private entity whose board of directors is made up of some big names in the banking industry and yes they are guaranteed a certain amount of dividends/interest.
The head of the International Monetary Fund (IMF) says Greece might exit from the eurozone, adding that the possible move will not negatively influence the euro, very unlikely that we'll reach a comprehensive solution in the coming days.
"The supply of oil continues to build," "all this oil needs to go somewhere," surge in super-tankers to a seven year high, millions of barrels being stored on ships.
China is boosting its influence in global gold markets by establishing its largest gold-investment fund led by Shanghai Gold Exchange (SGE), which is expected to raise about 100 billion yuan ($16.1 billion).
42 nurses’ licenses suspended for failure to repay their federal student loans, three in Chattanooga; Tennessee Department of Health’s monthly disciplinary action report. Two states (Montana and Iowa)revoke your license to drive indefinitely until student loan associations notify them of your compliance.
Prices rise well above cost of living increases. Developed countries have already picked the "low-hanging fruit" of technological advance, future innovations will produce far less growth. Corporatists, bureaucrats, officials and the financial elites have no interest to see ordinary citizens prosper. Perpetual growth is no longer tenable.
Russia’s central bank increased its gold holdings substantially in April, added 300,000 ounces to their stockpile of 40.1 million ounces. Russia’s reduction of its exposure to U.S. Treasury bills a symptom of its fear that state assets will be targeted next, also be part of the policy of de-dollarisation which Russia and China are pursuing.
TPP is a corporate/investor rights agreement, not a “trade” agreement. TPP elevates corporations and corporate profits to and above the level of governments, lets corporations sue governments for laws and regulations that cause them to be less profitable. This increases the power of corporations over governments – and us
Labor leaders, who were among the strongest supporters of . minimum wage increase approved last week by the Los Angeles City Council, advocating changes to the law that create an exemption for companies with unionized workforces. Federation of Labor: companies with workers represented by unions should have leeway to negotiate a wage below that mandated by the law.
China and Chile on Monday signed a host of cooperation deals including a multi-billion-U.S.-dollar currency swap pact as the two countries move to enhance their trade and financial ties. Business contracts and governmental accords in areas including politics, trade, finance, mining, agriculture, production capacity and science and technology.
Sophisticated criminals used an online service run by the IRS to access personal tax information from more than 100,000 taxpayers, part of an elaborate scheme to steal identities and claim fraudulent tax refunds, the IRS said Tuesday.
Germans are now rushing into gold. In search of a safe haven from a possible Greek debt default and the ultra-loose monetary policy of the European Central Bank. Germans have increased their purchases of gold by a20% in the first three months of 2015.
“Too big to jail” banks admitted criminal looting through market manipulation and collusion last week, will return a mere 33% of one quarter’s income without prison sentences (total “fine” of $5.7 billion from $15.5 billion 2015 1st-quarter combined incomes.
The world is sinking under too much debt, ageing global population means countries’ debt piles are in danger of growing out of control; European chief executive of Goldman Sachs Asset Management. “There is too much debt and this represents a risk to economies. Consequently, there is a clear need to generate growth to work that debt off but, as demographics change, new ways of thinking at a policy level are required.”
There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of US power.
Kazakhstan and China are close to concluding a joint agreement for the construction of almost 38 industrial enterprises, Kazakhstani President Nursultan Nazarbayev said in an interview aired by the Rossiya 24 television news channel on Tuesday. "We are about to sign a very big contract with China for the construction of about 38 enterprises," Kazakhstan’s head of state said.
Under Clinton's leadership, the State Department approved $165 billion worth of commercial arms sales to 20 nations whose governments have given money to the Clinton Foundation, according to an IBTimes analysis of State Department and foundation data.
Russian President Vladimir Putin spoke out against excluding foreign companies from the Russian government procurement program, saying the local market shouldn’t be deprived of competition.
Israel has begun talks with the US with the intention of increasing American aid to $4.5 billion in grant aid through 2028. Israel is the largest single recipient of US aid and it has been an essential part of Israel’s continuing existence.
Doris Tillman told The Los Angeles Times she was forced to stop paying for water after Los Angeles Department of Water and Power sent her a bill for $11,000. She assumed that the enormous bill must be a mistake. To survive, the 71-year-old woman hauls 50 gallons each week from a nearby water machine at a cost of 25 cents a gallon.
More than 2 million people have used credit cards to pay their mortgage or rent, an increase of almost 50% in a year, according to the housing and homelessness charity Shelter, warns homelessness hanging over them once they have exhausted the limited and expensive credit available to them.
Greek hospitals have run out of supplies such as painkillers, scissors and sheets as budget cuts have left the health service unable to provide even basic provisions for operations and medical procedures.
Los Angeles largest city in the country to move toward a $15 minimum wage. Seattle, San Francisco are other large regions to adopt that wage level. Democrats’ new bill to raise federal minimum wage to $12 per hour by 2020. Current federal minimum wage is $7.25 per hour, couldn’t support a single individual in U.S.
Talks between German Chancellor Angela Merkel, French President François Hollande and Greek Prime Minister Alexis Tsipras failed to produce a breakthrough regarding further loans in exchange for Athens agreeing to deeper austerity cuts. Last week several Syriza ministers warned Greece will not be able to make the June payments without external funding.
The Russian government has approved a draft agreement for a free trade zone between the Eurasian Economic Union (EEU) and Vietnam. The deal is supposed to double bilateral trade and see the EEU more involved in integration processes in the Asia-Pacific.
Greece will not be able to make next debt repayment to International Monetary Fund (IMF), as the country has no money to pay, the Interior Minister said. "The four installments for the IMF in June are 1.6 billion euros ($1.8 billion), this money will not be given and is not there to be given."
Republicans proposing to cut $150 billion from student aid in the recently passed budget bill, including freezing the Pell program that helps needy students acquire higher education.
The civil war-exhausted Eastern European nation has found itself in a complicated financial situation. Ukraine has accumulated a significant governmental and government-backed debt of $42.5 billion as of April 2015,
Prime Minister Tsipras may be ready to compromise but lawmakers from the party’s left wing warned they will not accept a deal that keeps the austerity policies which have devastated Greece’s economy. Some saying abandoning the euro the common currency used by 19 European nations would not be a catastrophe.
In an interview on May 21, 2015 with Turd Ferguson of TF Metals, Jim Willie says,”We are not just in the end time. We’re rounding the bend.
Wall Street investors bought more than 200,000 foreclosed houses in past two years, bundling together the rents they generate into bonds just like subprime mortgage bonds, jacks up rent by a third, immediately begins eviction proceedings against renters who can't pay.
China is planning to introduce the gold fixing reference price in yuan. China is the world’s largest gold producer and is, logically, interested in the possibility to influence the determination of the gold price.
Income inequality in many developed countries has reached an all-time high, report released Thursday by the Organization for Economic Co-operation and Development, growth of social inequality accompanied by the growth of part-time and contingent labor, particularly for younger workers.
Americans saw an immediate jump in their monthly health insurance premiums – up to a quadrupling for some families. Insurers in some states proposing rate boosts for plans sold under the federal health law: New Mexico, Health Care Service Corp. 51.6%, BlueCross BlueShield of Tennessee, 36.3% increase. CareFirst BlueCross BlueShield wants to raise rates 30.4% across its products.
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