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.
Japanese Prime Minister Shinzo Abe unveiled a new plan to create an infrastructure finance bank on Thursday, following recent announcements from China about the institution of the Beijing-based Asian Infrastructure Investment Bank, and the BRICS New Development Bank.
Chinese leadership appears to be trying to gain more control over the country’s economic system, while at the same time (re-)boosting the growth it has lost in recent years. A free market, in whatever shape and form, does not rhyme with the kind of control which the Communist Party has been used to for decades
Bank of England officials secretly researching financial shocks that could hit Britain if there is a vote to leave the European Union in the forthcoming referendum. The Bank blew its cover when it accidentally emailed details of the project including how the bank intended to fend off any inquiries about its work – direct to the Guardian.
United States already trades heavily with the other 11 nations included in the TPP talks. Senator Elizabeth Warren (D-MA) critical of Investor State Dispute Settlement provisions, which would empower corporations to use international courts to sue U.S. government and others enacting regulations and protections that harm their profits.
International Monetary Fund has estimated Greece has until June 5th before it runs out of any money, leaders of Greece, the EU and Eurozone have two more weeks to make the final tranche of 7.2B EUR of emergency funding available, or the consequences might be disastrous.
$5.7 billion dollars is nothing compared to the $40.24 billion net income that banks earned in the second quarter of 2014 alone. It was the second highest profit total in the last 23 years, surpassed only by 2013. Further, the fines are nothing compared to the trillions of dollars in bailouts that banks received at the outset of the financial crisis
Premier Li Keqiang; highest-ranking official from China to visit Colombia since the two nations established diplomatic ties 35 years vowed to deepen economic ties with Colombia during a four-nation South American tour aimed at boosting trade and investment between the two countries. China is Colombia’s second-biggest trading partner.
In 21 out of the 26 OECD member countries that have a minimum wage, working 40 hours per week at the pay floor would not be sufficient to keep one's family out of poverty. In no state can a minimum wage worker afford a one bedroom apartment.
Venture capitalist Tony Perkins: treatment of wealthy Americans today is like Jews in Nazi Germany. Rhetoricclass warfare; financial speculators were unfairly blamed by politicians.
The world has an unease about the dollar system… President Hu of China:‘the dollar is a product of the past.’ The headlines for gold these past few years have only focused on physical gold accumulation by China, Russia and Eastern central banks. China is buying gold mines at a record. U.S. Treasury Secretary Jack Lew: “China isn’t ready for currency reserve status.
David Rosen, legislative budget and finance officer; Office of Legislative Services, told Senate Budget and Appropriations Committee would be nearly impossible for state to scrape together $1.57 billion before end offiscal year in June if that’s what Supreme Court rules in legal battle over pension funding.
Sweeping legislation to strengthen the administration's hand in global trade talks advanced toward Senate passage Thursday after a showdown vote. Obama predicting trade deal would "open up access to markets that too often are closed."Final Senate passage would clear the way for a fierce struggle in the House.
City officials want to slash their $50 million pension debt to a penny on the dollar. City agreed to pay Calpers, its biggest creditor, in full an agreement incorporated into the plan.
Among demands of the workers are the employment of more staff and the payment of unpaid wages. Syriza seeking to finalise agreement for a continuation of austerity with the the European Union, European Central Bank and International Monetary Fund.
Russia’s food embargo not to be lifted soon; Minister of Agriculture Alexander Tkachev. The domestic agribusiness will significantly improve its competitiveness by the time of abolishing Russia’s response measures of the food embargo against Western sanctions.
Chinese stock market will finally open to the outside world raises concerns among Americans as China is likely to become a very attractive place for major investors, creating a new global center of stock trading comparable to Wall Street.
Gold monetisation scheme, India's FinMin Arun Jaitley released bank guidelines on interest rates, reserve and liquidity ratios; allow individuals deposit minimum of 30 grams of gold with banks in return for interest payments. Will have to deposit gold for at least a year, banks may pay the interest after 30 or 60 days of the opening of the gold savings account, the proposal said. Interest and principal payable to depositors likely to be valued in gold, gains will be tax-free.
An Israeli oil company has been ordered by a Swiss court to pay $1.1 billion to Iran in compensation in a long-standing legal battle related to a joint venture before the Islamic Revolution.
The International Labor Organization World Employment and Social Outlook—Trends 2015 report found that three-quarters of workers are “employed on temporary or short-term contracts, in informal jobs often without any contract, under own-account arrangements or in unpaid family jobs.”
Senator Elizabeth Warren (D-MA) this week put out a new report pointing out that even in the trade agreements we currently have, the Obama administration and previous administrations have failed to enforce these labor standards.
Russia will turn to an international court if the Ukrainian president signs a moratorium on the repayment of foreign debt; Russian Finance Minister Anton Siluanov.
China may more than double its investment in the Russian economy to $10 billion within 5 years if conditions are favorable; Deputy Secretary-General of the China Overseas Development Association He Zhenwei.
Malaysia, Thailand, Indonesia, Iran, Uruguay, Chile, Vietnam, Tunis, Serbia and Morocco are among countries that increased deliveries of their products to Russia.
The market is at a standstill, each day without a deal is one day closer to insolvency. Banking sector will run out of collateral by the end of next month, empty pensioner bank accounts. Every day average of 59 enterprises close, 613 jobs lost, market facing a cash crunch.
The committee of Western investors - holders of Ukraine’s sovereign bonds confirmed on Monday it does not accept the idea to write off a debt portion but hailed the effort of the Ukraine’s Ministry of Finance to expedite debt restructuring negotiations.
President of the WB Jim Yong bank is ready to cooperate with BRICS in various areas. BRICS New Development Bank was created in mid-2014 as an alternative to Western global financial institutions by Russia, Brazil, India, China and South Africa. The member states agreed to establish a $100-billion liquidity reserve to maintain the bank's financial stability.
Fed published a paper in 1999 suggesting taxing physical cash using an expiration date if depositors aren’t willing to spend the money. Chase restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans, storage of cash in its safe deposit boxes.
The BRICS New Development Bank will be operational by end of 2015, or early 2016, membership open to all members of the United Nations, subject to agreement from the bank's board of governors; China's Vice Finance Minister Shi Yaobin. The bank is to have capital of $100 billion to fund infrastructure projects.
No breakthrough in negotiations between Greece and its creditors. Greece won’t cross its red lines in negotiations with international creditors just because time is pressing to close a deal; Prime Minister Alexis Tsipras. IMF reportedly refused to be a part of any new bailout for Greece.
Over five thousand people gathered Saturday morning in central Kiev to protest utilities prices. May 1, cold and hot water rates grew 71 percent, April 1, gas rates skyrocketed up 285 percent. Prices for transport, medicines and food grown between 50-200 percent.
Requirements of International Monetary Fund will make majority of Ukrainians homeless; Minister of Finance, moratorium on forced evictions of debtors under economic crisis. People unable to pay utility bills, government of Yatsenyuk raised several times. Bill will make rates profitable for utility companies currently subsidized operating at low profit. Adoption of the law will allow to raise utility prices.
At least $1 trillion of global reserves will switch into Chinese assets if the International Monetary Fund endorses the yuan as a reserve currency this year, according to Standard Chartered Plc and AXA. People’s Bank of China officials have called for the IMF to include the yuan in its reserve basket which consists of the dollar, euro, pound and yen in a review later this year.
Five major international banks are expected to plead guilty as soon as next week to criminal charges in the US related to their deliberate manipulation of global foreign exchange markets, which allowed them to rake in billions of dollars at the expense of retirees, university endowments and municipalities, fines totaling several billions of dollars.
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.
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