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Venezuela Says Goodbye to Cheap Gas

February 14th, 2015
Categories: Economic

Link: http://sputniknews.com/latam/20150214/1018260851.html

Venezuela will announce a change of policy soon on gasoline, the finance minister said going to raise its heavily subsidized gasoline prices, which are the lowest in the region. One US dollar buys around five gallons of gas in Venezuela costing the government a hefty $12 billion annually.

Russia’s crisis ‘short-term’ – head of China’s leading rating agency - Video

February 13th, 2015
Categories: Economic

Link: http://rt.com/business/231579-russia-danong-rating-agency/

The economy of Russia is self-sufficient and sanctions won’t kill it, Guan Jianzhong Chairman of Dagong Global Credit told RT. Unlike most Western economies that are suffering from a debt “bubble,” Russia’s crisis is connected not with domestic problems, but rather with outside hits.”

First negative interest rate in Sweden, buys bonds to counter deflation

February 13th, 2015
Categories: Economic

Link: http://rt.com/business/231791-sweden-cut-deflation-qe/

For the first time Sweden’s central bank has cut its interest rate to a negative rate of minus 0.1 percent, and also said it will start buying Swedish government bonds to head off the risk of deflation.

HSBC files: Swiss bank hid money for suspected criminals

February 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141013137

East European bankers accused of misconduct were given Swiss accounts by HSBC, include Vladimir Antonov, currently fighting extradition from UK, accused of looting £400m from Lithuanian Snoras bank. Arturo del Tiempo Marques, Spanish property developer operating in Dominican Republic, HSBC customer controlling 19 separate accounts, contained assets of £2.5m. One of his shipping containers of construction materials, contained tonne of cocaine. Serving seven-year prison sentence in Spain.

Edison's plans to cut jobs, hire foreign workers is assailed

February 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141013342

Southern California Edison's plans to lay off hundreds of employees and hire foreign workers is coming under attack from lawmakers in Congress and local unions. Congress upset about Edison is laying off workers in favor of bringing in cheaper labor from overseas under the controversial H-1B visa program. The visas are intended to bring in skilled and educated foreign workers. The company "is not hiring H-1B workers to replace displaced employees," Edison said in a statement.

EU says Greece demanding €162 bln in WWII reparations from Germany bilateral problem

February 12th, 2015
Categories: Economic

Link: http://tass.ru/en/world/776989

According to Greek legislators Germany must pay Greece $7.1 billion in 1938 prices, €108 billion without interest in current prices. Nazi Germany confiscated $3.5 billion worth of gold and cash from Greece in 1938 prices, equivalent of €54 billion in current purchasing power. Compensations may exceed €162 billion without interest.

Polish farmers ride tractors to Warsaw, demand aid after Russian trade ban (VIDEO)

February 12th, 2015
Categories: Economic

Link: http://rt.com/news/231519-poland-farmers-tractors-protest/

Hundreds of Polish farmers drove their tractors to Warsaw to protest against the poor financial assistance they have received in dealing with the aftermath of the Russian import ban that crippled the Polish agricultural industry. The farmers blocked major highways surrounding the capital, demanded the government explain why it can supply a €100 million aid package to Ukraine, while Warsaw has failed to allocate lesser sums to compensate the farmers’ losses.

Russian diplomat estimates EU losses from Russia sanctions at €20 billion

February 11th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/777020

Russia’s EU permanent representative Vladimir Chizho: European Union has lost €20 billion from sanctions against Moscow. European Union is sustaining considerable losses from its own sanctions."

Tomorrow Greece Decides: Europe... Or Russia

February 10th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-10/tomorrow-greece-decides-europe-or-russia

"Greece's Foreign Minister Nikolaos Kotzias is to visit Moscow on Wednesday to hold talks with his Russian counterpart Sergei Lavrov which means that as soon as tomorrow night, we may know if not Russia but Europe is who suddenly becomes more "isolated", as one of its current member flips allegiance.

Floridians forced to sell their homes at huge losses. A state law can force some Floridians out of their condo units for only a fraction of what they originally paid.

February 10th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/02/floridians-forced-to-sell-their-homes.html

Under a Florida law, companies that own more than 80 percent of condo units in one building can terminate a condo complex under certain conditions and turn it into apartments for rent. The companies have to pay the owners they're evicting "current market value" for their units, which may not cover their mortgage. Some owners are left without a home and in debt.

World can't rely on U.S. to carry economy forever: Canada

February 10th, 2015
Categories: Economic

Link: http://mytechnologyworld9.blogspot.in/2015/02/world-cant-rely-on-us-to-carry-economy.html

The United States is carrying the world economy at the moment but that is not sustainable, and other major nations must shoulder more of the load. We need key pillars of global growth to reassert themselves."; Canadian Finance Minister Joe Oliver

Stock markets fall on fears of Greek exit from euro zone

February 10th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/10/gree-f10.html

Presenting a series of limited reforms, including a gradual increase in the minimum wage and restoration of pension rights, Tsipras said his government would not seek an extension of the “troika” (European Commission, European Central Bank, International Monetary Fund) austerity programme, due to expire on February 28.

Turkey’s Meat Exports to Russia Increased Tenfold in 2014

February 10th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150210/1018042962.html

Turkey's food exports to Russia reached record highs in 2014, particularly in the meat industry, where it grew tenfold; Russian Ambassador to Turkey Andrey Karlov. Trade between Russia and Turkey exceeded $30 billion by the end of 2014.

Egypt Reaches Free Trade Agreement With Eurasian Economic Union

February 10th, 2015
Categories: Economic

Link: http://sputniknews.com/politics/20150210/1018051167.html

Egypt has reached a free trade zone agreement with the Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan, $4.5 billion of trade between Russia and Egypt in 2014, a more than 80 percent increase on the year before. Markets of Russia, Belarus, Kazakhstan, and Armenia will be more easily accessible for Egypt.

Trade, tourism & dumping dollars: Putin building bridges in Egypt - Video

February 10th, 2015
Categories: Economic

Link: http://rt.com/news/230859-putin-egypt-visit-sisi/

Russian President Vladimir Putin visits Egypt. He heads a delegation of officials dealing with trade, agriculture, energy, investment and nuclear power to discuss a free trade agreement between Egypt and Russia-led Eurasian free trade union, which includes Belarus, Kazakhstan, Kyrgyzstan and Armenia. Russia and Egypt may dump US dollar and switch trade to their national currencies. Egypt wants to boost profits from Russian tourists.

After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6 Month Extension

February 10th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/After_Greece_Warns_It_May_Get_Funds_From_Russia_Or_China%2C_Europe_Said_To_Propose_6_Month_Extension/41695/0/38/38/Y/M.html

Greek Defence Minister Panos Kammenos: if Greece failed to get a new debt agreement with the euro zone, it could always look elsewhere for help. If there is no deal then we have the obligation to get funding from another source," "It could be the United States, Russia, China or other countries.

Old people auctioned off to care homes on the internet: Anger over 'cattle markets for grannies' as councils accept lowest bids to save cash

February 9th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Old_people_auctioned_off_to_care_homes_on_the_internet%3A_Anger_over_%27cattle_markets_for_grannies%27_as_councils_accept_lowest_bids_to_save_cash/41655/0/38/38/Y/M.html

The elderly and disabled are being ‘put up for auction’ by local councils on ‘eBay-style’ websites, with care firms bidding to offer them a bed. At least a dozen local authorities are listing vulnerable people’s details including age, what care and medication they need before inviting bids from care homes in the area. Decisions about an elderly resident’s final years being made by a computer program only interested in costs.

Russia, Egypt Sign LNG Supply Deal – Egyptian Minister

February 9th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150209/1017999169.html

Egypt's national gas company and Russian energy giant Gazprom have signed a deal on the supply of liquefied natural gas (LNG) to Egypt.

World record debt of $199trn could drag economies into another crisis - study

February 6th, 2015
Categories: Economic

Link: http://rt.com/business/229883-world-debt-sharp-increase/

Global debt has soared by $57 trillion since the outbreak of the financial crisis in 2007, with the debt to GDP ratio jumping to above 500 percent in Japan. This raises questions about financial stability and poses a threat of another crisis.

Russian stock market hits 3.5 yr high

February 6th, 2015
Categories: Economic

Link: http://rt.com/business/229887-russian-micex-high-2011/

The ruble-denominated MICEX index has gained 2.38 percent reaching 1,736, its highest level since July 2011. The ruble gained more than 1.2 percent against the dollar at the opening of trading on the Moscow Stock Exchange. In 2014 it lost 46 percent against the dollar.

ECB Shuts Off Direct Funds to Greece, World Stocks Plunge

February 5th, 2015
Categories: Economic

Link: http://govtslaves.info/ecb-shuts-off-direct-funds-greece-world-stocks-plunge/

e European Central Bankrestricting access to its direct liquidity lines, citing concerns about the country’s commitment to existing bailout pledges. Bank of Greece spokesman said liquidity will continue as normal, as existing ECB financing will be converted into Emergency Liquidity Assistance.

IRS Warns Of Delayed Refunds, Long Waits For Taxpayers & Possible Shutdown

February 4th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/IRS_Warns_Of_Delayed_Refunds%2C_Long_Waits_For_Taxpayers_%26_Possible_Shutdown/41521/0/38/38/Y/M.html

Internal Revenue Service (IRS) Commissioner Koskinen has advised employees that the budget cuts will result in reduced services to taxpayers; Identity theft could increase, Refund delays. Unanswered calls, Fewer resolutions, ags in correspondence, Shutdowns.

Germany’s working poor and the government’s “jobs miracle”

February 3rd, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/03/ger2-f03.html

Despite endless rhapsodising over Germany’s “jobs miracle” by the government and media, studies are proving that this “miracle” is based on exploitation of low-wage and part-time workers. The number of those who can barely manage to live on their income increased by 25 percent compared to 2008.

Russian ruble recovers as Brent crude rises above $55 per barrel

February 3rd, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/775071

US dollar and the euro fell against the ruble at the opening of trade on the Moscow Exchange. Brent crude oil at the ICE exchange in London grew 1.08% to 55.34 dollars per barrel.

S&P Biased Ratings Contribute to Financial Crisis

February 3rd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150203/1017727289.html

The Standard & Poor (S&P) rating agency skewed its ratings to avoid disappointing its clients, but the company’s actions contributed to worsening of the financial crisis; US Attorney General Eric Holder.

Ex-DOJ Official Says Imprisoning Wall Street Executives Could Deter Fraud

February 3rd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150203/1017730100.html

Sending credit rating agency executives to prison would be more effective than levying fines to prevent companies like Standard and Poor’s (S&P) and Moody’s from fraudulently evaluating financial instruments; former Justice Department Deputy Associate Attorney General Michael Greenberger.

Greek stocks rise after new cabinet offers ‘smart debt engineering’

February 3rd, 2015
Categories: Economic

Link: http://rt.com/business/228895-greece-debt-varoufakis-stocks/

Stocks in Greece rose sharply in early trading Tuesday after the new government of Greece revealed a plan of swapping its €315 billion foreign debt for growth-linked bonds to put an end to a standoff with its creditors.

The high cost of capitalism

February 2nd, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/02/02/395877/The-high-cost-of-capitalism

21st century American capitalism flourished, because it succeeded in overturning unions and blocking environmental restraints. Income and wealth inequality increased with the rise in social costs. Power of US corporations approaching that of an earlier time when governors and federal government called out police and federal soldiers to use deadly violence to break strikes and union attempts to organize.

Greece’s new leftist leaders embark on regional charm offensive

February 2nd, 2015
Categories: Economic

Link: http://america.aljazeera.com/articles/2015/2/2/new-greek-leaders-press-european-leaders-on-debt-deal.html

Prime Minister Alexis Tsipras wants to end years of budget cuts eurozone countries and International Monetary Fund (IMF) required of Greece in exchange for $270 billion in rescue loans, renegotiate payment of bailout debt. Greece public debt 177 percent of its gross domestic product, unemployment rate 25 percent.

Circulation of leading world currencies may be allowed in LPR — republic's prime minister

February 2nd, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/775013

Circulation of the key world currencies may be allowed in the territory of the self-proclaimed Luhansk People’s Republic (LPR) along with the hryvnia, LPR Prime Minister Gennady Tsypkalov. Currencies, such as pounds, dollars, yuans, yens and euros, may be allowed for circulation.

Debt of Six Eurozone Countries Exceeds 100% of GDP, Two More Coming in 2015 (France and Spain)

February 2nd, 2015
Categories: Economic

Link: http://globaleconomicanalysis.blogspot.nl/2015/02/six-eurozone-countries-debt-exceeds-100.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29

100% Debt-to-GDP List

Italy 133%
Portugal 129.4%
Ireland 116.7%
Cyprus 112.2%
Belgium 105.1%
Greece 174.9%
Spain 100.3% (2015 estimate)
France 100% (2015 estimate)

'Chance for a new start': Croatia writes off debts of 60,000 poorest citizens

February 2nd, 2015
Categories: Economic

Link: http://rt.com/business/228311-croatia-erases-debt-poorest/

Croatian government have gotten creditors on plan to erase debts of poorest citizens. hoped to boost economy. Debtors must have no savings or property, debt no greater than $5,100, on welfare or income under $138 per month. $31 million debts to be written off by banks, companies, utilities, cities and tax agency.

Tsipras rushes to reassure EU, banks on Greek debt

February 2nd, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/02/gree-f02.html

Greek Prime Minister and Syriza leader Alexis Tsipras reassured Greece’s creditors Saturday that his government would do nothing to jeopardise the country’s euro zone membership. He insisted Greece would not default and would not make unilateral demands in talks over its ?323 billion debt.

Merkel says no grounds to write off Greece’s debt

January 31st, 2015
Categories: Economic

Link: http://itar-tass.com/en/world/774612

German Chancellor Angela Merkel: sees no possibility for writing off the multibillion-euro debt of Greece. "Private creditors have refused to do this, and banks have already forgiven Greece’s (debts) of several billion (euros). I do not see (a possibility) of further writing off the debt.

Russia’s Central Bank revokes 2 more licenses in banking sector clean-up

January 31st, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/774241

Russia’s Central Bank has stripped two more banks of their licenses in a continued effort to clean up the domestic banking sector and make it financially healthy, the regulator said in a statement on Thursday.

Sberbank lowers limit for drawing cash from ATMs to 50,000 roubles per day from March 1

January 31st, 2015
Categories: Economic

Link: http://itar-tass.com/en/economy/774583

While earlier customers could draw 150,000 roubles ($2,100) a day from the most widely-used cards Visa Classic/MasterCard Standard, now this sum has been reduced threefold to 50,000 roubles ($713).

Mexican Airline to Order Ten More Russian Sukhoi Superjet-100 Planes

January 31st, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150130/1017566875.html

Mexican carrier Interjet has decided to order ten more Russian-made Sukhoi Superjet-100 planes, Russia's ambassador to Mexico Eduard Malayan said on Friday

Russia might bailout Greece – finance minister

January 30th, 2015
Categories: Economic

Link: http://rt.com/business/227751-russia-greece-financial-aid/

Greece hasn’t outright asked Russia for a loan, but Russian Finance Minister Anton Siluanov said Moscow wouldn't rule it out. His statement comes days after Greece openly opposed further economic sanctions against Russia. Russia announced its South Stream pipeline will be re-routed through Turkey, gas hub expected to be built on border between Turkey and Greece.

Russia's Central Bank unexpectedly slashes rate to 15%, ruble reels

January 30th, 2015
Categories: Economic

Link: http://rt.com/business/227839-russia-key-rate-cut/

Russian Central Bank has cut its key interest rate to 15 percent from 17 percent due to the 'shift in the balance of risks of accelerated consumer price growth and cooling economy unexpected change immediately sent ruble down to rate of 71 rubles against the US dollar, Russian currency has lost more than 17 percent of its value since beginning of 2015.

Greece’s finance minister vows to shun officials from troika

January 30th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141002228

Yanis Varoufakis says new government will refuse to engage with auditors from the EU, European Central Bank and International Monetary Fund, said Greece would not pursue further negotiations with the body of technocrats that regularly descended on the country to monitor its economy. Nor would it be rowing back on election-winning pledges by asking for an extension to its €240bn (£180bn) bailout programme. Greece has lost more than a quarter of its GDP, worst slump in modern times, result of budget cuts and tax rise.

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