Russia intends to have its own international inter-bank system up and running by May 2015. The Central Bank of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West.
Venezuela closed its borders with Colombia, deployed thousands of troops to fight smuggling of cut-rate gasoline and other products into the country. Estimates smugglers sneak 40 percent of the country’s basic commodities into Colombia, inflicting 3.7 billion in damage on Venezuelan economy annually.
Beijing says it will spend $40 billion to revive the historic Silk Road and connect China with Central Asia, the Middle East and Europe. Chinese President Xi Jinping said the ambitious project is designed to “break the connectivity bottleneck” in Asia. It will also secure the supply of Uranium and rare metals from Asia.
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.
UK announced it will repay £218 million ($349 million) of £2 billion of debt incurred during the war. Some of the debt being repaid in early 2015 goes as far back to the 18th century. Government paying £136 million a year to holders of war loans. Germany’s debt cut to 112 billion marks, payable over 59 years.
The European Union has filed a complaint against Russia with the World Trade Organization (WTO) contesting Russia’s heavy import duties on paper products, refrigerators, freezers, and palm oil.
A federal bankruptcy judge on Thursday approved a restructuring plan for Stockton, California that will eliminate health care benefits for 2,400 retired city workers,imposes a regressive sales tax hike, slashes public services and spins off public assets to Wall Street bondholders.
GDP grew at a higher than expected 3.5 percent annual rate in the third quarter. The biggest factors in this growth: 16.0 percent increase in defense spending, 11.0 percent increase in the export of goods, 2.4 percent decrease in the import of goods.
Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859; Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%.they have to pay0.25% per annum to the bank for the privilege of handing the bank their money.
Germany calls on the European Union member states, including Britain, to conform to the European Commission’s demand for extra money as budget contribution.
China voted in favor at UN General Assembly calling for ending embargo by United States against Cuba. United States and Israel voted against. Wang Min, China's deputy permanent representative to UN.: embargo and sanctions against Cuba "more unreasonable than ever before ; recovery of world economy weak, international community challenged by crises of food, energy and climate change.
China's president, Xi Jinping : The experience gained at the Shanghai Pilot Free Trade Zone (Shanghai FTZ) can be copied to more places "as soon as possible." China plans to build several FTZs in suitable places other than Shanghai. Foreign trade in Shanghai FTZ $121.7 billion in its first year of operation.
The poorest fifth of Americans pay 16 percent of their incomes in taxes (including federal, state, and local). One in six dollars they earn goes straight to the government. For a family living at the margin, those taxes can be the difference between food on the table and hungry children.
Social Security Administration has just released wage statistics for 2013. Last year, 50 percent of all American workers made less than $28,031, and 39 percent of all American workers made less than $20,000.
China along with 20 other nations have inked a memorandum of understanding (MOU) to establish a new Beijing-backed infrastructure lender for Asia to meet the need for construction of dams, ports, power plants telecommunications networks in Asia. India, Singapore and Vietnam among the signatories.
During the last decades Russia has always been helping Kiev financially, spending hundreds of billions of dollars to support Ukraine, but this cannot last forever, During the last 20 years we have already sponsored the Ukrainian economy for hundreds billions of dollars; Kremlin chief of staff Sergei Ivanov. Thursday.
“We all know the paper market has NO representation to the physical market.” – Keith Neumeyer, CEO, First Majestic Silver Corp.
As evidenced by the Russian central bank, it appears that Russia has added another 1,200,000 ounces of physical gold to their reserves. Total Russian gold reserves now stand at 37,000,000 ounces, or 1049 tonnes.
China‘s central bank is injecting 500 billion yuan ($81 billion) into the country’s five major state-owned banks as it moves to counter slower-than-expected growth in the world’s No. 2 economy, according to a senior Chinese banking executive. The move contributed to a rise in Asian markets early Wednesday,
Global oil prices have dropped to $84 per barrel, a 47-month low. Sending economic and political shockwaves through oil-exporting countries around the world. Tied to production enhancement in the United States, Canada, and Iraq, drop in demand caused by a weak global economy.
President Putin held a presser on a close door meeting he had with Ukrainian President Petro Poroshenko.
The richest one percent of the world’s population now controls 48.2 percent of global wealth. If the growth of inequality were to proceed at last year’s rate, the richest one percent would control all the wealth on the planet within 23 years.
Global financial markets experienced a day of violent gyrations on Wednesday amid growing signs that the financial house of cards created by the provision of ultra-cheap money by the world’s major central banks may be collapsing. European stocks experienced their biggest decline in three years.
Litigation alleging that Deutsche Bank, Bank of Nova Scotia and HSBC Plc illegally fixed the price of silver were centralised in a Manhattan federal court yesterday. The banks have been accused of rigging the price of billions of dollars in silver to the detriment of investors globally.
About 4% of financial institutions in Russia were hit by cyber attacks over the year, even companies with high level of information security control not always avoid problems, say security researchers.
Russia’s Vnesheconombank, VTB and Rosselkhozbank, hit by Western sanctions, have attracted financing from the Exim Bank of China. The agreement was signed Monday by the banks chiefs in the wake of a meeting between the heads of the Russian and Chinese governments.
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