Shanghai down 8 percent; trading in 50 percent of all listed companies on China’s two principal exchanges suspended, freezing $2.6 trillion worth of equity. Emergency meetings between Chinese Premier Li Keqiang, banking officials and financial regulators, central bank given authority to provide unlimited liquidity to China Securities Finance, finance brokerage houses, uphold “market stability.”
Chicago homeowners could face 30 percent property taxe hike to pay for city’s financial problems; efforts on state and county levels to raise income and sales taxes, politicians running out of options to pay public worker pension debt.
The New York Stock Exchange halted trading in all symbols earlier on Wednesday, but has now resumed. Trading stopped around 11:30 a.m. ET (3:30 p.m. GMT) and began again at approximately 3:10 p.m. ET (7:10 p.m. GMT).
China Securities Regulatory Commission banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation’s $3.5 trillion stock-market rout. Investors with stakes exceeding 5 percent must maintain their positions, intended to guard capital-market stability amid an “unreasonable plunge” in share prices.
Small businesses that reimburse employees for the cost of premiums for individual health insurance policies or pay their health costs directly will be fined up to $36,500 a year per employee under a new Internal Revenue Service regulation.
popular repudiation of European banks policy shocked ruling elites of Europe. Wall Street Journal: political contagion,”far greater threat to euro zone than Greek financial crisis or exit from the currency block.”What does this mouthpiece of Wall Street fear? Any concession to democratic will of the masses encourage workers in Europe, United States.
Deputy Finance Minister Sergey Storchak :Greece can easily receive financing from the New Development Bank established by BRICS; it will be enough for Greece to buy a couple of shares of the bank to be eligible for funding, added that this would require a political decision.
Federal Prison Industries, is a government-owned corporation that employs inmates for as little as 23 cents per hour, to provide a wide range of products and services under the guise of a “jobs training program.” Hard for any company to compete with companies that use dirt-cheap prison labor.
Supreme Court’s top justice, two associate justices repeatedly ruled in cases involving companies in which they owned stock. Chief Justice John Roberts, Associate Justices Stephen Breyer, Samuel Alito created conflicts of interest participating in decisions that potentially affected their stock portfolio.
Suniva maker of solar panels in the United States backed by Goldman Sachs using prison labor to keep production costs down. Several hundred inmates make solar panels at prisons in Sheridan, Oregon, Otisville, New York.
Incomes savaged, pensions shredded, unemployment skyrocketing. You can’t threaten a prisoner with loss of freedom, can’t threaten Greeks with things getting worse, now so bad that the threat has worn off. European leaders always asking for more undermined their case.
Both of China’s stock markets plummeted 30% of their previous value in June. fueled by two forces: investors taking on debt to invest in stocks, government manipulations. Country’s top stock brokerages decided to collectively buy $20 billion in stocks to stabilize the market, part of supplied by government. Strategy employed by financial firms in the US, after market crash of 1929.
The China-led Asian infrastructure and Investment Bank (AIIB) and BRICS New Development Bank (NDB) can coexist, Russian Minister of Economic Development Aleksey Ulyukayev told RT ahead of the key BRICS/SCO summits in Russia.“I think there is enough room for everybody.
As Germany is all over Greece, trying to make the Mediterranean nation repay its huge government debt by forcing country's top officials to come up with new measures, Berlin is forgetting the Germans have never repaid their own debts.
Banks said they had a €1bn cash buffer to see them through the weekend – equal to €90 (£64) a head for the 11 million-strong population, require immediate help from the European Central Bank on Monday. only sectors in demand are food and fuel.”Food staples, such as sugar and flour running out.
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