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.
Greece transferred €450 million to the International Monetary Fund (IMF) Thursday. As a result, Athens has repaid its second major loan without being able to access new assistance, already paid the IMF €1.5 billion at the end of March. Greek Finance Minister Yanis Varoufakis: “The Greek government always fulfills its obligations to all creditors and intends to continue to do so.
The creation of the BRICS reserve currencies pool worth $100 billion will allow member states to depend less on negative processes in the world economy and bypass market volatility; Russian Prime Minister Dmitry Medvedev.
Star attraction in the capital "markets" over the past two days has undoubtedly been the Hong Kong stock market, whose Hang Seng index surged as much as 10% over the past two days as a result of Chinese investors swarming into the "untapped" market and blowing yet another asset bubble.
Greece and Russia signed a trade deal that will bring Greece 4.2 billion euros and talked about the renewal of the deal for natural gas supply to Greece. Vladimir Putin: Greece is a sovereign state and has the right to seek economic alliances wherever its interests lie and exploit its geopolitical position.
Eurozone is getting weaker every day, Moscow is building political relationships with Greece, Turkey and Cyprus. Soon, the Russian navy will be allowed to enter the waters near Cyprus. Europe worried about the economy and financial situation.
The Syriza-led government is establishing closer ties with both Russia and China as a counter to its failure to reach an agreement on imposing austerity to the satisfaction of the European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF). The moves towards Russia are seen by sections of the Greek bourgeoisie as a bargaining chip in their ongoing negotiations with the European powers over Greece’s austerity proposals and the repayment of its €315 billion total debt.
Russian President Vladimir Putin: Greece could use revenues from potential joint projects with Russia to pay off its debt to the international creditors. "If we will implement a large project which would bring substantial profits to Greece, it would mean that these revenues could be used to pay off [Greece's] existing debts."
The Russian ruble has hit 55.3 to the dollar Monday, its highest value this year. The currency has become the best performer during the first three months of the year, after it finished 2014 as one of the biggest losers. Russia’s currency went from the world’s worst performer to the best in the first quarter of 2015, despite all the predictions.
Ex-Prime Minister warns uncertainty would hit UK economy and cause ‘chaos,’‘BREXIT’ would cause the “most intense period of instability” since WW2, Seeks to portray Tory policy as disingenuous and cynically putting economy at risk.
MOSCOW, April 7 (Reuters) - Russia may offer Greece a discount on gas deliveries and new loans when Greek Prime Minister Alexis Tsipras visits Moscow this week, the Kommersant business daily reported on Tuesday. Russian President Vladimir Putin and Tsipras planned to discuss economic ties and EU sanctions on Moscow when they meet for talkson Thursday.
Greece drawing up plans to nationalise country’s banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the crisis and soften its demands. Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14.
Kellogg’s makes hundreds of millions from annual sales to British families, latest figures show it effectively paid no corporation tax in UK in 2013. Uses complex legal tax manoeuvres involving subsidiary companies. Warned shareholders its profits could be hit by government moves to close tax loopholes.
Before the advent of high finance, lowering risk could only be achieved by spreading the risk over a large populace. To lower the risk to individuals that their house would burn down in an accidental fire, insurance was sold to 1,000 homes. If one or two of the 1,000 homes burned down each year, the insurance could pay the claims and still build up reserves for future claims. But if a conflagration burns down all 1,000 homes, the insurance is overwhelmed; the guaranteed coverage is rendered worthless.
The National Bank of Ukraine has projected an economic decline of 15 percent for the first quarter of 2015, Ukrainian media have reported, citing the bank's March report on inflation, projects continuing decline through the first three quarters of the year.
Investment funds, governments and central banks have been secretly buying up and storing physical gold in anticipation of an event that will leave the U.S. dollar effectively worthless and governments around the world angling for a new global currency mechanism,
Greece is preparing to leave the Euro zone and will nationalize its banks. Jobs reports shows the economy is no recovery but headed for a major collapse. Full time hard to come by, US is pushing a part-time recovery. Younger people in US cannot find jobs, many retiree’s are not receiving interest on their retirement and they need to get jobs. IMF planning to tax every ones savings, retirement to bailout the bankers. Ukraine introduces martial law bill. Saudi Arabia drops weapons to pro-Hadi forces. US getting involved in Yemen by refueling planes, firing missiles and giving Intel to Saudi Arabia
Russia aims to become the first country in the BRICS group of leading emerging economies to ratify an agreement on the foreign currency reserve pool; Russian Foreign Ministry Ambassador-at-Large Vadim Lukov.
BRICS countries are discussing the creation of a new independent rating agency to counter the geopolitically-biased economic assessment by Western ratings agencies.
Drought in California is getting a lot worse. Snow pack levels in e Sierra Nevada mountains lowest ever recorded. California is turning back into a desert, now has a population of 38 million people. This is not sustainable in the long-term. So when the water runs out, where are they going to go?
Greek finance minister Yanis Varoufakis will travel to Washington to meet with International Monetary Fund Managing Director Christine Lagarde and unspecified US Treasury officials, the Greek government has announced.
Greece's government is drawing up contingency plans to nationalize the country's banks and introduce a parallel currency, as the cash-strapped country teeters on the brink of defaulting on a key international loan. “We will shut down the banks and nationalize them, issue IOUs if we have to, we all know what this means. What we will not do is become a protectorate of the EU.
As the United States continues to beg ally after ally to forgo joining the China-led Asian Infrastructure Investment Bank (AIIB), key nations have, nevertheless, ignored that plea. The UK, Turkey, and Australia have already applied, among others. But the latest application might sting the most, as PM Netanyahu tosses Israel’s name into the mix.
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