The country's currency lost nearly half its value since beginning of May, according to dolartoday.com, a website that tracks the unofficial exchange rate. Venezuela relies on oil exports to support its economy, which was already under pressure before oil prices tanked.
Continued warming of oceans may trigger disruptions to marine life not seen in 3 million years; journal: Nature Climate Change. Among the changes: extinction of ocean's keystone species, widespread influx of invasive plants and animals particularly in "temperate and polar biomes." May reorganize marine diversity over large regions, ultimately impact humans, food web may become uncoupled."
Millions straining to make house payments. 30 percent of homeowners 65 and older (6.5 million people) were paying a mortgage in 2013, up from 22 percent in 2001. People 75 and older carrying home loans jumped from 8 percent in 2001 to 21 percent in 2011. Among homeowners 50 and older, foreclosure rates highest for those 75 and up.
Several Wayne County Commissioners pushed against a plan to levy a one-time property tax assessment as part of residents' summer tax bills to cover $49 million owed to employee retirement system. Wayne County Executive Warren Evans: county has $52-million structural deficit, "grossly" underfunded pension system, could run out of money next year.
Factory orders declined eight of the last nine months. Consumer goods-related equipment fell by varying amounts. Business inventories remain at near-record high levels. Money borrowed and spent today comes at the expense of spending that might otherwise have happened tomorrow. Auto industry’s strength, driven by long-term subprime lending, is actually a sign of weakness. These days even superficially good numbers are bad.
Tsipras, who vowed not to surrender to more austerity, tried to pre-empt a take-it-or-leave-it offer by the creditors, sending what he called a comprehensive reform proposal to Brussels. Greek government official said Athens would make a 300 million euro repayment to the IMF Friday if there was an agreement with the creditors, hinting it might otherwise withhold the money without saying so explicitly.
Prime Minister of Slovakia Robert Fico: Russia and Slovakia should make an effort to enhance economic cooperation, past three months turnover between the two countries fell by 40%, need to overcome the negative factors in our trade and economic relations.
The Russian prime minister has warned EU officials that if they decide to tighten the regime of sanctions aimed against Russia, an equivalent reply would follow inevitably. Moscow might lift the embargo on foodstuffs from certain foreign countries if West lifts its anti-Russia sanctions.
Bilateral FTA covers 17 sectors, including e-commerce, government procurement, will remove tariffs on 90 percent of all products traded between China and South Korea. South Korea has surpassed Japan as a bigger trading partner for China.
Maduro: “In Venezuela, there has not been nor will there be dollarization. Our currency, proudly, is and will forever be the bolivar.” Inflation last year was 68 percent, economists predicting three-digit price rises this year.
The financial system is predominantly comprised of digital money. Actual physical Dollars bills and coins amount to $1.36 trillion, a little over 10% of the $10 trillion sitting in bank accounts; a tiny fraction of the $20 trillion in stocks, $38 trillion in bonds and $58 trillion in credit instruments floating in the system. If a significant percentage of people moved their money into physical cash, it could quickly become a systemic problem.
Euro exit is a political decision. the Greek authorities could decide to exit in a unilateral manner. But the current Greek government has no mandate to do so. There is no process for Euro exit defined in the governing European treaties; the practical and legal challenges could not be resolved overnight.
It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts. “We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it."
As more money continues to flow into the pockets of Mexican drug cartels, traffickers need to maintain a solid network of places—often along the southwest border—where they can launder drug money. However, in an attempt to stymie these efforts, several major US banks have been closing numerous branches in the region and shutting down hundreds of customer accounts.
Government officials attending an emergency summit under Prime Minister Alexis Tsipras on Saturday prepared a draft agreement as Greek sources cited by the Athens-Macedonia News Agency indicated that negotiators in Brussels were close to a deal on value added tax, curbing early retirements and the gradual merging of pension funds.
Greek officials hope an agreement with lenders can be reached by Sunday. If no deal is reached, then Greece left with no option but to default on its debt next week. The risk is that Greece is the first domino to fall in a cascading sovereign debt crisis that spreads from one country to another. Portugal, Italy, and Spain are larger dominos that could potentially fall.
The slump is expected to continue throughthis year, since the start of the 2008 financial crisis, the US economy remains mired in stagnation and slump.
You can’t build a solid economy on the jelly of unaffordable housing, unpayable debts, and unsustainable asset prices. But that’s what we’ve got. Credit cannot increase faster than income forever. It is mathematically, economically, and financially impossible.
Research by credit card company Visa and the University of Technology Sydney found Australians are open to the prospect of paying for items using wearable tech including smart watches, rings, glasses and even a connected car. 25% say they are“slightly interested” having a chip implanted in their skin that could be used for payments.
Bank of America has been fined $30 million by U.S. regulators, who accused the bank of violating consumer protections for members of the military in collecting debts. Regulators say the bank violated the law protecting service members by taking improper legal action against military customers for delinquent credit card accounts and overdrafts.
Russian Deputy Prime Minister Dmitri Rogozin has stated that Russia's future depends on its rebirth as a major industrial power, noting that Russian manufacturers must recapture the domestic market, and that reindustrialization is necessary in order to put the country back on a 'sovereign national footing'.
Herman Gref, the head of Russia’s largest bank Sberbank, welcomed the introduction of Islamic banking in the country’s traditionally Muslim regions, saying it would help attract capital from Arab countries.
Venezuela has not always experienced punishing inflation rates. 1950 through 1979, Venezuela’s average annual inflation rate remained in the single digits. It was the 1980s that Venezuela witnessed a double-digit average the 1990s that Venezuela’s average inflation rate exceeded that of the Latin American region. Second-highest rate: Syria’s, which stands at 84%.
Stagnant incomes, rising expenses, crashing employment. Labor that generate hefty profits increasingly scarce. Most big profits generated by financial gaming of debt and leverage, not labor. The few areas of labor that generate hefty profits in protected fiefdoms of state-enforced cartels, financial services or software, machinery that replaces costly human labor.
Current $3 billion annual military aid package set to expire in 2017, US and Israeli officials are discussing a new 10-year deal that could be worth up to $45 billion. Netanyahu refused to say how much Israel was requesting from the United States.
The Central Bank of Russia (CBR) has proposed a discussion about establishing an analogue to the SWIFT global network for transmission of financial information that processes $6 trillion worth of communiqués daily.
New activity/unrest was observed at 6 volcanoes from May 20 - 26, 2015. During the same period, ongoing activity was observed at 23 volcanoes. New activity: Calbuco, Chile | Concepcion, Nicaragua | Kilauea, Hawaiian Islands Reunion Island (France), Nicaragua,, Ecuador. Ongoing activity: Japan |Indonesia| Colima, Mexico, Russia, |Guatemala.
US government Centers for Disease Control taking millions of dollars in drug company money in recent years; The British Medical Journal. Researchers in America and around the world expressed shock, asked how the funding has been influencing CDC actions and decisions. “The CDC Foundation raised $52m in fiscal year 2014, $12m was from corporations.”
U.S. Treasury Secretary Jack Lew repeated warnings not to minimize the global stability risk of Greece sliding out of the euro zone, even if most of its debt is no longer held by commercial banks.
The Australian economy is well on the way to its first recession in almost a quarter of a century, according to data released yesterday on planned investment by business over the next year.
The West is growing ever more irritated at Ukraine as Kiev’s demands for money and assistance are becoming more insistent, Russian Permanent Representative at the European Union Vladimir Chizhov.
Russian Finance Minister Anton Siluanov stressed the importance of developing the economic basis for import substitution, added that Russia needed to develop an export-oriented import substitution policy to be able to sell more of its goods abroad.
Cloud 9, is a non-profit organization that has been helping the homeless. recently had the government show up at a charity event, demand they pay over $400 for a permit in order to continue their work. Being homeless and feeding the homeless – are now considered crimes in many U.S. cities.
“The Prime Minister of Ukraine has urged U.S. partners to actively use the investment opportunities offered by the privatization campaign in Ukraine, particularly in the energy sector,” statement posted on Ukraine’s governmental website. Yats met with U.S. Senator Dick Durbin recently to discuss economic reforms following an additional $1 billion pledge in official U.S. aid.
The international community functions best only when all its members, Russia included, sit together at one table working hand in hand and achieving good results. I hope that, sooner or later, we’ll see this happening;” IMF Managing Director Christine Lagarde.
America’s three biggest banks — JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) — made more than $1.1 billion on overdraft fees in the first three months of the year. Consumer Financial Protection Bureau is currently examining overdraft fees. Woodforest National Bank, First National Bank Texas both get more than 40% of their non-interest revenue from overdraft charges.
The Fed is not a government agency. It’s a private entity whose board of directors is made up of some big names in the banking industry and yes they are guaranteed a certain amount of dividends/interest.
The head of the International Monetary Fund (IMF) says Greece might exit from the eurozone, adding that the possible move will not negatively influence the euro, very unlikely that we'll reach a comprehensive solution in the coming days.
"The supply of oil continues to build," "all this oil needs to go somewhere," surge in super-tankers to a seven year high, millions of barrels being stored on ships.
China is boosting its influence in global gold markets by establishing its largest gold-investment fund led by Shanghai Gold Exchange (SGE), which is expected to raise about 100 billion yuan ($16.1 billion).
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