Alan Greenspan: if China converted only a “relatively modest part of its $4 trillion foreign exchange reserves into gold, the country’s currency could take on unexpected strength in today’s international financial system.”China boosted its gold reserves by 454 tonnes over the previous five years.
The tiny European country of Luxembourg has become a tax haven for hundreds of international corporations seeking ways to reduce their tax obligations by billions of dollars. Discovery, made by the International Consortium of Investigative Journalists (ICIJ) from thousands of pages of leaked documents, involves at least 340 companies, including PepsiCo and FedEx.
The Department of Justice has opened a criminal investigation into JPMorgan Chase‘s foreign exchange business, similar disclosure by Citigroup. Banks in the U.S. and abroad are facing allegations that they manipulated foreign-exchange rates. Civil enforcement authorities and foreign regulators also investigating its foreign exchange business.
The cut applies to part-timers who work fewer than 30 hours a week -- about 2% of the company's U.S. workforce. More of Wal-Mart's employees signed up for health benefits this year than the company expected, which boosted the company's costs.
On Nov. 5, top financial experts concluded a conference held in Beijing, China to discuss economic reforms and how the current global financial system could be adapted or changed to function in a rapidly evolving monetary environment
Alayne Fleischmann; securities lawyer, central witness in one of the biggest cases of white-collar crime in American history. As a deal manager at the gigantic bank, witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.
The State Duma submitted a bill banning and terminating the circulation of USD in Russia. If the bill is approved, Russian citizens will have to close their dollar accounts in Russian banks within a year and exchange their dollars in cash to Russian ruble or other countries’ currencies
"I think the big reason gold has lost so much ground is because confidence is coming back," says Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis
Ottawa and Beijing have struck a deal that will see this country designated as a trading hub for China’s yuan currency, a benefit that will lower the cost of doing business for Canadian companies seeking Chinese markets.
Qatar will become the Middle East’s first hub for clearing transactions in the Chinese yuan, that could over help Gulf oil exporting countries reduce their dependence on the US dollar. Industrial and Commercial Bank of China’s Doha branch has been appointed as the clearing bank for yuan deals in Qatar.
Global oil prices have plunged to their four-year lows following reports that Saudi Arabia has offered discount to its US crude customers, price of benchmark crude 2.6-percent drop, reaching USD 76.79 per barrel the lowest since September 2010.
Exxon Mobil: $19 billion in profits paid no federal income taxes, received $156 million rebate from IRS. Bank of America $1.9 billion tax refund; $4.4 billion in profits received $1 trillion bailout. General Electric: $26 billion profits paid no taxes. Citigroup $4 billion in profits paid no federal income taxes received $2.5 trillion bailout. Goldman Sachs profit of $2.3 billion received $800 billion from the Federal Reserve and U.S. Treasury Department.
It will take roughly 139 million Americans working non-stop sending 100% of their income to the government for 45 years to cover the government’s unfunded liabilities at their current levels. Repaying our national debt and unfunded liabilities is a mathematical impossibility. It will never happen.
Bank of Japan to increase its purchases of government bonds in an attempt to lift the country out of its deflationary spiral, moving in the opposite direction to the Fed, will impact adversely on economies in the Asian region, notably South Korea and China, will also hit the euro zone.
Oregon will soon be the first state in the nation to charge drivers by the mile for maintaining the state’s roads, moving ahead with the road use fee; 1.5 cents a mile to replace the gasoline tax. As cars get more fuel efficient, gas tax revenue is going down.
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