Ukraine's central bank governor, Valeriya Gontareva, raised the nation's refinancing rate from 19.5% to a stunning 30% (effective Wednesday) in order to "stabilize the situation in the money and lending markets," and imposed some 'capital controls' on exporters holding foreign cash.
Austria has announced it is halting payments on more than €11 billion ($12.28 billion) in debts of the failed Hypo Alpe-Adria-Bank International AG until it has found a way of winding down the bank without imposing more costs on taxpayers. Already cost Austrian taxpayers €5.5 billion.
Russia’s top supermarket chains are to freeze prices on basic foodstuffs for two months, soaking up the costs as food is expected to eat up half of Russians’ incomes this year.
Reuters reports the Greek government said it was "exploring solutions," including delaying payments to suppliers or try to raise up to 3 billion euros by borrowing from state entities such as pension funds.
Russia will explore ways of softening food embargo for Greece and Hungary consistent with WTO norms; minister of economic development Alexey Ulyukayev.Solutions are explored making possible for goods from these nations to enter the Russian market through processing or tolling mechanisms.
The agreement, extending the existing austerity programme by four months, was finalised on February 20 between the Eurogroup and the newly-elected Syriza government in Athens after nearly a month of negotiations.
Even if Apple’s sales of this watch – which apparently has very heavy demand in China – fall short of Apple’s business plan by 50%, it means that Apple will become one of the largest buyers of gold in the world. This will place a lot more stress on the U.S./UK/EU Governments’ absurdly overleveraged fractional paper bullion scheme.
This week has seen global stock prices approach record highs under conditions where the German government took the unprecedented step of issuing bonds at a negative yield. The two interrelated developments point to an explosive growth of financial parasitism. Investment has fallen to historic lows because of the lack of demand and profit opportunities.
India is to start negotiating a free trade agreement with the Customs Union of Russia, Belarus and Kazakhstan within the next six months, Indian Deputy Minister of Commerce and Industry Rajeev Kher.
After another fall in Ukrainian currency, the Hryvnia, minimum wage in Ukraine reached an all-time low: 1218 Hryvnia is now worth less than 43 US dollars. Bangladesh, Ghana and Zambia, people receive around 4 dollars more. African countries of Lesotho, Gambia and Chad, minimum wage as high as 51 dollars. Highest global minimum wage in Australia: 2700 dollars (a month).
Minnesota governor Mark Dayton inherited a$6.2 billion budget deficit and a 7 percent unemployment rate. agreed to raise Minnesota's minimum wage to $9.50 an hour by 2018, and passed a state lawguaranteeing equal pay for women. Between 2011 and 2015, Gov. Dayton added 172,000 new jobs, 5th-lowest unemployment rate in the country.
Rauner, who made $61 million in 2013 - or $29,000 per hour. Cutting health care benefits for homecare workers. Slashing funding for the Department of Children and Family Services. Cutting Medicaid spending by1.5 billion - including735 million in cuts to hospitals serving Medicaid patients. Increasing childcare copays for working parents. Move state employees into pension plans with lower benefits.
Rauner claims his proposal is a "turnaround budget."
US-based financial company Bankrate surveyed a thousand of adult residents of the United States. The research was conducted to identify the level of financial security of citizens. The results of the study were published on the website of the company.
The U.S. Chamber of Commerce is the largest supporter of the Trans-Pacific Partnership (TPP). This group represents large multinational corporations, many of which are registered as American, but a large percentage of their businesses and profits reside in foreign countries.
New gas dispute as Gazprom demands upfront payments; capital controls tightened, the $17.5bn IMF loan may not be enough; central bank governor faces prosecution as the economy craters. Although banks could still trade with each other, by mid-morning there were no registered trades at any rate, leaving the currency in limbo. The previous day, the central bank rate based on reported trades had fallen 11 percent against the dollar.
With the S&P 500 at all-time highs and Americans getting ready to spend more than $600 billion on Christmas, what’s not to love about the “New Economy?”
Putin: “Gazprom has been fully complying with its obligations under the Ukraine gas supply contract and will continue doing that.” “The advance payment for gas supply made by the Ukrainian side will be in place for another three to four days. If there is no further prepayment, Gazprom will suspend supplies under the contract and its supplement. Of course, this could create a certain problem for [gas] transit to Europe to our European partners.”
Whatever illusions still existed regarding the possibility of using European funds for purposes outside of the straitjacket of those for which they had been earmarked — and even more that they should be placed under the Greek government’s jurisdiction — have thus been dispelled.
The Japanese JCB payment system is ready to start working with Russia’s national payment system (NPCS) by the end of 2015, according to company CEO Takashi Suetsugu.
Europe’s stock markets rose Monday in response to the four-month extension of austerity agreed Friday between the Greek government and the euro group.
Moody’s rating agency downgraded seven Russian financial institutions - Sberbank, Bank VTB, Gazprombank, Russian Agricultural Bank, Agency for Housing Mortgage Lending, Vnesheconombank and Alfa-Bank, "follow the weakening of Russia's credit profile, as reflected by Moody's downgrade of Russia's government debt rating to Ba1 from Baa3 on February 20, 2015."
Rodrigo Rato, the bank’s former chairman and one-time IMF president, In aappeal leaked to the Spanish press cautioned that Judge Andreu’s “premature” decision to force the six defendants to compensate the thousands of shareholders they are accused of defrauding could end up provoking a “much greater evil” than that it is supposed to address. Could send a “message of uncertainty to the markets.”
Starting April 1, gas prices in Ukraine will increase by four times, according to the country’s Minister of Energy and Coal Industry Volodymyr Demchyshyn, said the International Monetary Fund (IMF), main creditor of Ukraine, pushed Kiev to raise the gas consumer tariffs in Ukraine so that they would match Western European levels, demanded an immediate increase in gas prices.
International rating agency Moody’s has revised downwards Russia’s sovereign debt rating to Ba1 (speculative) from Baa3, offering the continuing crisis in Ukraine and dwindling oil prices as the main reasons. The Russian Ministry of Finance promptly replied the decision was politically motivated.
t mothers and babies who receive federally-funded WIC assistance (Women, Infants and Children Program) are usually provided with formula comprised of GMO ingredients, including GMO corn and GMO soy.
German Finance Minister Wolfgang Schäuble (CDU) rejected outright written requests by the Greek government on Thursday for an extension of its previous credit agreement with the EU. Schäuble wants to create a precedent for all of Europe by completely humiliating the Syriza government.
. A 20% decline in the Russia-EU trade turnover in 2014 reported by Eurostat caused concern, EU Ambassador to Russia Vygaudas Usackas said during his meeting with Chairman of the Federation Council’s International Affairs Committee Konstantin Kosachev on Friday.
Institute on Taxation and Economic Policy: the poorest 20 percent of households pay on average more than twice the effective state and local tax rate (10.9 percent) as the richest 1 percent of taxpayers (5.4 percent).
The Russian ruble has been the best performing emerging markets currency in February, adding 12 percent since the beginning of the month. Higher oil prices coupled with a Ukraine ceasefire agreement and stabilization in Debaltsevo has inspired investors.
Negotiations between Greece and eurozone finance ministers collapsed Monday, that could force Greece into default and out of the euro currency, mobilizing unions and social movements around the slogan: "Let's take it all back." Threatens continuation of austerity measures across Europe, lenders want to halt them now before they acquire dangerous and uncontrollable proportions.
SWIFT (The Society for Worldwide Interbank Financial Telecommunication) a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions. This week Russia launched its own 'SWIFT' alternative, linking 91 credit institutions, suggests de-dollarization is considerably further along than many expected especially as Russia dumps US Treasuries at a record pace.
With the bankruptcy of Greece now undeniable, we've finally reached the endgame of the Neocolonial-Financialization Model. Banks extracted enormous profits from expansion of debt. Taxpayers are now feudal serfs whose labor is devoted to making good on any loans that go bad. Note how little of the Greek "bailout" actually went to the citizenry and how much was interest paid to the financial powers.
What we use for money is created as a debt, with the consequence of unpayable and increasing debt. The debt only gets larger, and will never be repaid because this is what we use for money, system is like adding negative numbers forever. The public costs of this fraud are trillions of dollars.
Germany on Thursday rejected a request by Greece to its European partners for a six-month extension to its EU loan programme, saying it was "not a substantial proposal for a solution"; spokesman for German Finance Minister Wolfgang Schaeuble.
Russia added to its gold holdings, selling $22 billion in US Treasurys, record 20% of its total holdings, bringing its US paper inventory to $86 billion in December lowest since June 2008.
French Prime Minister Manuel Valls’ government yesterday forced through an unpopular bill imposing large-scale liberalization of the French economy without a parliamentary vote. Instead, Valls used the anti-democratic provision 49-3 of the French Constitution, which allows the executive to force the National Assembly to either adopt the bill or bring down the government.
America’s economic woes are no secret. Nations like China are growing more and more economically powerful, while America is spiraling out of control.
Every sensible country protects its industries and companies from foreign takeover. Protectionism is a matter of self-preservation. Apparently American politicians are neither interested in being sensible nor are they interested in our nation’s economic survival.
China poised to outstrip the US as world’s largest retail market by 2018, online purchases quickly replacing conventional shopping, according to PricewaterhouseCoopers (PwC). China’s retail market expected to be $10.3 trillion by 2018, compared to $5 trillion in sales projected for North America.
Central banks across the world have purchased a record 477.2 tons of gold in 2014 as an attempt to reduce the influence of the US dollar amid global financial instability, according to World Gold Council.
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