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.
Greek officials have told the International Monetary Fund (IMF) that the debt-stricken country can quit its multibillion-dollar rescue programme more than a year early after meeting the body’s managing director in Washington on Sunday. Athens can do without further loans from the Washington-based lende.
Russia paid off a near record $53 billion in foreign debt, sold off dollars to use as capital to stabilize their declining currency, and to protect their primary resource industry from the deflation America caused by dumping excess oil into the market supply.
Britain and America will hold 'war games' next week to test their response to the collapse of a major bank on either side of the Atlantic. Britain and America will hold 'war games' to test their response to the collapse of a major bank, like Lehman Brothers.
Iran and Russia plan to establish a joint bank as an effort to multiply bilateral trade and bypass sanctions on the Islamic Republic’s banking sector. “Such a bank would be able to exchange money between the two sides using rials and rubles and put aside dollars, euros and pounds.
International Monetary Fund says China has overtaken the United States as the world’s largest economy, according to a report. estimates size of US economy $17.4 trillion, Chinese economy $17.6 trillion. China’s share of the global economy is 16.48 percent, United States 16.28.
After learning that his home was in foreclosure in July 2013, James Cheeseman received an even more unpleasant surprise when he showed up in court the following January. He was told that his mortgage loan had been sold by JP Morgan Chase and purchased by a company he had never heard of before - LVS Financial.
From the American Occupy movement to the surprise best-seller by the economist Thomas Piketty, income inequality is all the rage—perhaps because it’s raging. According to a newly released study, the last few decades have seen a rise of the biggest income gaps within nations since the Industrial Revolution.
More than half of all households in the United States were affected by a data breach that occurred earlier this summer, JPMorgan Chase revealed on Thursday. The names, addresses, and numbers of millions of affected bank clients were stolen by hackers.
It is amazing how the government manages to continue selling Brooklyn Bridges to a gullible public. Americans buy wars they don’t need and economic recoveries that do not exist.
On a global level, growth is being steadily drowned under a rising tide of debt, threatening renewed financial crisis, a continued squeeze to living standards, and eventual mass default. Global debt-to-GDP – public and private non financial debt – still growing, breaking new highs by the month.
The new arrangement is part of a reorganization of political structures in the city to ensure the permanent exclusion of any opposition to the dictates of the corporate and financial elite.
A dark and sinister madness has descended upon the American government. It is madness because it is divorced from reality. It is madness because it is divorced from a desire to serve the human race (which is the ultimate expression of sanity). And it is madness because its promotion of violence is certain to cause more violence rather than ending it. It is dark and sinister because its underlying intention hides in the shadows from which it springs out at crucial moments to forward its dastardly purpose.
As we near the end of the 3rd Q for 2014, time is running out for all the 2014 enthusiasts that are calling for higher prices by year-end. The lessons learned from 2013 have been forgotten as not only are not prices beginning to move higher, they are making new recent lows. Incredibly enough, many of these prognosticators are paid pretty well by their subscribers. Lesson to be learned? Absolutely no one can divine the future.
Six major banks caught up in the investigation into rigging the currency markets are being pressed by the regulator to agree to fines ? possibly of as much as ?1.8bn ? in the next eight weeks. Watchdog warns RBS, HSBC, JP Morgan, Barclays, Citi and UBS they face penalties that could top Libor payout.
Gas prices in Ukraine may quadruple if Naftogaz of Ukraine sets a unified price for all gas consumers, a company senior official said on Wednesday. Alexander Todiichuk, Naftogaz of Ukraine Deputy CEO, said this initiative had been supported by the Ukrainian Energy and Coal Industry Ministry.“This is a heavy blow, politicians trying to avoid it in view of elections this autumn as people’s discontent may affect this process,
Data breach at retailer Home Depot Inc led to fraudulent transactions across United States, draining cash from customer bank accounts; the Wall Street Journal. Criminals using stolen card information to buy prepaid cards, electronics and groceries. Home Depot confirmed its payment systems were breached, 56 million payment cards compromised in cyberattack at its stores.
The lawsuit, which seeks more than $40 billion from the US government, challenges the manner in which AIG was rescued. AIG shareholders argue that the moves violated their Fifth Amendment rights, in that their private property was taken for “public use, without just compensation.”
Ukraine is now in recession. Deep economic ties with Russia have resulted in painful adjustments in recent months. The nation's exports are down 19% from last year, expected to fall further. Retail sales falling, industrial production collapsing. Nation's currency, trading near record lows.
Gazprom Neft (Gazprom Oil). Almost all their clients for crude oil and petroleum products have signed agreements to pay in Rubles. Novoport, already begun delivery for Ruble currency, deliveries to the Asian market are to be completed in Yuan currency.
Russian banks should continue working in Ukraine despite current difficulties because their exit from the country would hurt Ukrainian economy, President Vladimir Putin said Monday.
Russia will not reconsider its decision to ban imports of certain goods, including the prepaid ones;Prime Minister Dmitry Medvedev. Russia banned imports of meat, fish, dairy, fruit and vegetables from the United States, the 28-nation European Union, Australia, Canada and Norway for 12 months.
Ireland's economy is growing at an explosive pace. Rising exports to the US, Britain and China transform the former crisis-state into eurozone’s star economy. Turnaround comes less than a year after Ireland regained economic sovereignty, first eurozone bail-out country to emerge from its EU-IMF Troika regime.
Russian authorities told people not to panic on Tuesday as the battered ruble plunged to record lows, floored by tensions with the West over Ukraine, new sanctions and falling oil prices. Russians concerned a weaker ruble would drive up inflation, make foreign trips and foreign currency purchases unaffordable.
According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014. U.S. national debt has actually grown by more than a trillion dollars in less than 12 months.
With weak job growth, rising poverty, it’s an idea that is gaining more credence. Arguments for a universal basic income (UBI) in which everyone without exception would receive an equal stipend Advocates of UBI see it as more effective means of reducing poverty and shrinking the inequality gap. Politics of the issue are not favorable.
. Finance ministers from the bloc’s 28 countries are fleshing out a host of ideas circulating in European capitals. With interest rates already at record lows, ministers need radical steps to help growth at a time of near record unemployment.
The United States European Union announced Friday expanded package of sanctions against Russian financial, energy, and defense sectors. Banks affected include Russia’s largest lenders Sberbank, Gazprombank and Rosselkhozbank could lead to credit crunch at end of the year; $25.1 billion in Russian foreign corporate debt matures.
By disqualifying municipal bonds from the category of liquid assets, the biggest banks are likely to trim back their holdings in munis which could raise the cost or limit the ability for states, counties, cities and school districts to issue muni bonds to build schools, roads, bridges and other infrastructure needs.
There are no systemic threats to Russian food security after Russia’s embargo on food imports from western countries in response to sanctions over Ukraine, the chief of the Federal Antimonopoly Service told reporters Monday. no global changes in food prices, wave of price hike expectations subsiding.
Just weeks after defaulting (yet again) on its debt (whether technically or not), and shortly after raising the minimum wage by 31% (to $523 a month) amid runaway inflation, Argentina decided to pass legislation (dubbed "the supply law") letting the government regulate private-sector prices, profit margins and production levels. The opposition is up in arms,
Putin’s adviser Sergei Glazyev: “The world is going through overlapping cyclical crises. Global economy is changing. The structure that has driven economic growth for 30 years has exhausted. The world needs to transition to a new system and transition has always come about through war…
Former Cuban President Fidel Castro: The West's policies will make the euro and dollar dependent on the yuan and ruble, Castro criticizes the policies of Washington and Europe, which will he claimed would lead to an economic collapse, making the euro and dollar “useless paper."
Russian bank hit by sanctions earlier this year, named former U.S. senators Trent Lott and John Breaux as its lobbyists. The two will work on “banking laws and regulations including applicable sanctions.” In July, Gazprombank's parent company was hit with sanctions by the U.S. Treasury Department.
Two years since San Bernardino filed for Chapter 9 bankruptcy, gives the city protection from creditors while it reorganizes to make city solvent. The city was projecting a $45 million deficit when it sought refuge in bankruptcy. Mediating with our major creditors to agree to payments at reduced rates.”
Russia and China have begun construction of a new gas pipeline linking the countries.
China agreed to buy $400bn (£240bn) of gas from Russia's Gazprom. Russia will ship 38 billion cubic metres (bcm) of gas annually .The deal will lessen Russia's dependence on European buyers.
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