Latest Articles: Business/Finance
BARCLAYS: There is nothing left to fight the coming economic storm
Post Date: 2016-08-08 09:31:38 by Ada
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The ability of policymakers to stimulate economic growth is dwindling rapidly, and both central banks and governments around the world are running out of options, according to new research from analysts at Barclays. In Barclays' Global Economics Weekly note, subtitled "Diminishing policy power," analyst Christian Keller argues that the ability of central banks or governments to fix things through fiscal or monetary stimulus if the world faces an "adverse shock" to its economy is "increasingly exhausted." Since the financial crisis, central banks around the world have embarked on unprecedented levels of loose monetary policy, cutting interest rates and ...
The richest people in the world are frightened
Post Date: 2016-08-08 09:25:40 by Ada
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The richest people in the world are spooked. They're keeping more cash in their pockets, a sign of fearfulness. Liquidity, or the proportion of their net worth in cash or cash equivalents, is now at 22.2%, according to a report by the research firm Wealth-X. That means $2.22 out of every $10 in wealth is held in cash — the highest level since 2010. The report looked at 2,473 billionaires with a combined wealth of $7.7 trillion. It's not hard to see why the superrich would want the flexibility that comes with holding large sums in cash. Geopolitical turmoil, terrorism, Brexit, and the US election are adding volatility to global markets amid a grim economic picture. ...
OPEC Expects Higher Oil Demand for Rest of 2016 – President
Post Date: 2016-08-08 06:43:32 by Tatarewicz
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Sputnik... The Organization of the Petroleum Exporting Countries (OPEC) is expecting demand in oil to increase in the third and fourth quarters of this year, OPEC President Mohammad Saleh Sada said in a press release published Monday. MOSCOW (Sputnik) — Sada, who is also Qatar’s Minister of Energy and Industry, noted that oil prices have been steadily improving since February following a decline in crude oil production. "Higher oil demand is expected in the 3rd and 4th Quarters," he said in the statement on the organization’s website. Related: Russia Ready to Discuss Oil Output Freeze if OPEC Raises Issue - Energy Minister Nigeria's Mohammad Barkindo ...
Israeli-owned oil company ordered to pay Iran $1.2 billion after losing appeal
Post Date: 2016-08-08 05:26:51 by Tatarewicz
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PressTV... An Israeli-owned oil company has been ordered by an arbitration court in Switzerland to pay Iran USD 1.2 billion in revenues for oil supplied to Israel before the 1979 Islamic Revolution. The Swiss Supreme Court in Lausanne ordered the Israeli firm, the Trans-Asiatic Oil Ltd., or TAO, to pay the money to the National Iranian Oil Company (NIOC), the website of Israeli daily Haaretz reported on Monday. According to the Swiss court, sanctions have been lifted against the NIOC, and there is now no legal obstacle in the way of transferring the long-overdue payment. The Israeli firm also has to pay roughly USD 200,000 in court costs. TAO had been involved in a partnership with the ...
Which is More Inflationary, Government-Created or Central Bank-Created Money?
Post Date: 2016-08-07 11:13:49 by Ada
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Ellen Brown is a strong voice for money-populism. She wants to replace the FED’s current powers with government (Treasury) control over the issuance of money. She would have the Congress authorize spending which would then be financed by the Treasury’s writing of checks as payments or equivalently having the FED issue bank credits as payments. The central bank would passively cash the checks for banks who received them from customer-depositors by issuing credits (bank reserves) to the banks. The FED would in essence be a bookkeeper that transmits the credits to banks as payments to whomever the Treasury is paying. The offsetting accounting entry on the FED’s books would be ...
Iran, Russia map out rival to Suez Canal
Post Date: 2016-08-07 05:42:56 by Tatarewicz
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PressTV... The International North-South Transport Corridor, shown in bold green dots, will significantly reduce costs and travel time. A major project to foster trade connectivity through a less trodden path straddling a promising market is about to feature prominently in discussions when presidents of Iran, Russia and Azerbaijan meet in Baku on Monday. The International North-South Transport Corridor (NSTC), a multi-model route to link India and the Middle East to the Caucasus, Central Asia and Europe, is being nurtured for significantly reducing costs and travel time and boosting trade. “Our talks will focus on a flagship project – the International North–South ...
Ohio university's 'Pizza ATM' cooks and dispenses pies on demand
Post Date: 2016-08-06 08:19:09 by Tatarewicz
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CINCINNATI, Aug. 5 (UPI) -- An Ohio university unveiled a new arrival on campus: a "Pizza ATM" that cooks and dispenses pizzas on demand. Xavier University in Cincinnati announced the Pizza ATM installed at Fenwick Hall allows students to use credit cards, debit cards or student IDs loaded with money to purchase pizzas that are then cooked on demand for three minutes at 500 degrees. The pizzas are then placed in boxes and dispensed through a slot in the machine. "It can store 70 pizzas at any one given time," Jude Kiah, an assistant vice president at Xavier University, told WKRC-TV. "We were looking for a way to solve this problem of having a late-night pizza ...
Venezuela, China join efforts to produce oil
Post Date: 2016-08-06 07:46:48 by Tatarewicz
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CARACAS, Aug. 5 (Xinhua) -- State-run oil companies of Venezuela and China are joining hands to boost oil output from the Orinoco oil belt in southeastern Venezuela, which boasts one of the world's largest oil reserves. The Venezuelan government is seeking to export up to 1 million barrels of oil a day to China. Venezuela's PDVSA and China National Petroleum Corporation (CNPC) are working together on an expansion plan to raise the export from the current 600,000 barrels per day (bpd), turning the South American country into a reliable oil exporter. "We want to ensure a steady supply regardless of oil prices," Venezuela's Oil Minister Eulogio del Pino told Chinese ...
Activists: Midwest pipeline project likely dead
Post Date: 2016-08-04 07:18:05 by Tatarewicz
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Joint decision from Enbridge and Marathon leaves Sandpiper oil pipeline without a major backer. Sandpiper oil pipeline through upper Midwest states likely dead as investors look elsewhere, environmental groups said. ST. PAUL, Minn., Aug. 4 (UPI) -- Environmental groups in the U.S. Midwest claimed a win after an investment decision by pipeline company Enbridge likely ruled out a controversial oil project. Enbridge Energy Partners and Marathon Petroleum Corp. said they established a new joint venture to acquire a stake in the Bakken Pipeline system, a system that links the North Dakota oil fields to regional networks. Once the acquisition is cleared, the companies said they'd give up ...
$65mn cryptocurrency exchange hack aggravates Bitcoin price fall
Post Date: 2016-08-03 02:41:04 by Tatarewicz
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RT... The price of Bitcoin has plummeted once more after a major digital currency exchange in Hong Kong admitted that over $65 million worth of the cryptocurrency might have been stolen flowing a cyberattack on the company’s systems. Hong Kong-based exchange Bitfinex halted trading after discovering a “security breach” that resulted in “some” of their clients losing their bitcoins. While the company did not announce the scale of the attack, some estimates show up to 120,000btc have been moved out of the users’ online wallets, which equals to roughly $65 million at current prices. Read more © Goran Tomasevic Hacker donates $11k of stolen Bitcoins to ...
Compensating Differences
Post Date: 2016-08-02 08:49:24 by Ada
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What economists call an ability to make “compensating differences” is a valuable tool in everyone’s arsenal. If people are prohibited from doing so, they are always worse off. You say, “Williams, I never heard of compensating differences. What are they?” Jimmy Soul’s 1963 hit song, “If You Wanna Be Happy,” explained the concept of compensating differences. His lyrics went: “If you want to be happy for the rest of your life, never make a pretty woman your wife. So from my personal point of view, get an ugly girl to marry you.” His point was that an ugly woman would treat you better. But more importantly, a less attractive woman’s ...
Russian industrial giant seals deal with Iran
Post Date: 2016-08-02 07:47:12 by Tatarewicz
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PressTV... Russia’s Technopromexport has become the country’s first enterprise to win a major industrial deal from Iran after the removal of the sanctions against the country. Technopromexport, part of Russia's state industrial conglomerate Rostec, will reportedly build a thermal power plant in Iran with a capacity of 1.4 gigawatts (1.4 billion watts). The plant will be constructed in the port city of Bandar Abbas in about five years, says the business daily Kommersant in a report that was also carried by Reuters. The project is estimated at €1 billion ($1.12 billion) and will be financed through a Russian export loan, the report added. The contract with Iran ...
A private investigator who charges up to £10,000/day says the police 'are worse than useless' on fraud cases
Post Date: 2016-08-01 11:07:47 by Ada
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Fraud has become the most pervasive crime in the UK, with nearly one in 10 citizens (around 5.8 million people) now victims of criminal deception online, according to the latest Crime Survey of England and Wales. The report also found that the police often do not have sufficient resources to investigate fraud, leaving many victims of cyber deception without justice. Many of those victims turn to one of the UK's estimated 10,000 private investigators — like 57-year-old Paul Hawkes, who says the police are "are worse than useless" at solving fraud cases. Brought up in west London, Hawkes left school at 18 to work in the financial sector before joining a firm focused on ...
Eight years after they helped wreck the economy, Ireland sends 3 bankers to prison
Post Date: 2016-08-01 06:47:30 by Tatarewicz
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In the aftermath of the Great Recession of 2008, amid the destruction of businesses, lives and trust, many clamored for accountability. People wanted trials, convictions, the closing of tax loopholes and a broad repudiation of bankers’ being above the law. Nearly a decade after Lehman Brothers declared bankruptcy and the financial crisis unraveled, those calls have largely gone unanswered, including in the United States. But on Friday, a court in Dublin convicted three top-level bankers of crimes related to their roles in the global market meltdown. The punishments, which range from two to about four years, may seem light but represent a rare instance of prison sentences for actual ...
Meeting on developing the production and use of rare earth metals in Russia
Post Date: 2016-08-01 04:04:13 by Tatarewicz
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Today we will discuss the condition of the domestic production of rare earth metals and the future goals of this industry. Why did I ask you to come here? First, this is the location of practically our first production line; second, I remember well the discussion we had several years ago with the participation of my colleagues, some of whom are now in this hall. Back then, I remember, there were different opinions: some were in favour of acquiring assets abroad and using them here in Russia; others were strongly opposed to this, not only because it was about spending budget money, the money from the reserves; they said that we have a good opportunity to start production of rare earth ...
Cairo and Moscow agree on Egypt's first nuclear power plant construction terms
Post Date: 2016-08-01 03:17:54 by Tatarewicz
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Egypt and Russia have agreed on all the clauses of the commercial contract on construction of the first nuclear power plant in the country, the Egyptian presidential office said in a statement Sunday. "The minister [of Energy] during the meeting briefed the president on the final version of the contract on Dabaa [nuclear power plant], informing him on the agreement with the Russian side on all terms in question," the statement read. The date of contract signing is expected to be announced right after its approval by the country's supreme administrative court, the Council of State. Russia and Egypt signed an intergovernmental agreement on the construction of the Dabaa ...
Russia leding Iran $billion for power plant
Post Date: 2016-07-31 08:07:27 by Tatarewicz
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PressTV... Moscow is set to allocate a USD one-billion loan to Tehran for the construction of a power plant in southern Iran, says Russian Minister of Energy Alexander Novak. “A draft agreement on two credit extensions has been prepared. The total amount is 2.2 billion euros with one billion euros for construction of a power plant in Iran," Novak said after a meeting with Iranian Minister of Communications and Information Technology Mahmoud Vaezi in Moscow. During the Friday meeting between Vaezi and Novak, who co-chair the Iran-Russia joint economic commission, the two sides agreed on a five-year strategic cooperation plan, RT reported. The Iranian and Russian ministers ...
Top 10 Countries With the Highest Salaries
Post Date: 2016-07-31 04:17:29 by Tatarewicz
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Do you ever wonder which country pays its workers the highest salary? Have you ever thought that you’re not truly being paid what you’re worth? Let’s take a quick look at the top 10 countries where people enjoy the highest level of disposable income. What is disposable income? It’s the amount of money that a household gains each year after taxes and transfers, so it basically represents the money available to a household for spending on goods or services. These averages are based on the OECD research calculated for single workers without children. Do you think your country is on the list? Let’s find out! #10 France Well, the infamously discontent French made it to ...
China discovers huge potassium deposit
Post Date: 2016-07-30 05:32:38 by Tatarewicz
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BEIJING, July 29 (Xinhua) -- A huge deposit of potassium, which China desperately needs for agriculture, has been discovered in the northwestern province of Qinghai, the Ministry of Land and Resources (MLR) announced Friday. More than 156 million tonnes of potassium chloride was found during a preliminary exploration in the western part of the Qaidam Basin, according to the MLR. More deposits are expected to be discovered, said the ministry. The MLR called the recovery a "milestone" as China currently imports 70 percent of its potassium. About 450 million mu (30 million hectares) of farmland in China uses potassium and about 6 million tonnes of potassium fertilizer is ...
Bankrupting Pensions – One Basis Point at a Time
Post Date: 2016-07-29 21:56:08 by BTP Holdings
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Bankrupting Pensions – One Basis Point at a Time Mike Larson | Friday, July 29, 2016 at 7:30 am Wall Street loves low interest rates, and the speculative frenzy that results from repeated doses of easy money. But the era of ultra-low rates is bankrupting pensions, one basis point at a time. That’s the conclusion of a depressing Wall Street Journal story this week. It notes that fiscal 2016 results have been dismal for many pension fund managers, with the lousy returns on fixed-income investments a key culprit. Throw in two major recessions, and two bear markets since the turn of the century, and you get a recipe for a funding crisis. The blue-chip Wilshire Trust Universe ...
Palm Beach: “Issuing a strong ‘buy’ recommendation for ‘the next Bitcoin.
Post Date: 2016-07-29 09:04:41 by Tatarewicz
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I’d say bitcoin has been a disappointment in terms of how much real world use it has gotten (as in people actually using bitcoin, not just trading it back and forth because they’re convinced that their local currency is being debased or because they smell a speculative opportunity), and I expect that will continue … but perhaps we’ll get to the point (and banks are genuinely researching and testing blockchain technologies) where the ideas behind bitcoin are a key part of the financial system. It’s just that I think we’ll still convert every dollar to bitcoin before it enters that blockchain, then convert it back to dollars as it leaves, all within a few moments ...
Hillary Clinton Talks Tough on Shadow Banking, But Blackstone Is Celebrating at the DNC
Post Date: 2016-07-28 20:50:41 by scrapper2
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Blackstone, the giant Wall Street private equity firm, will hold an invitation-only reception before the final night of the Democratic National Convention in Philadelphia. The event, at the swanky Barnes Foundation art museum, includes the usual perks for attendees: free food, drink, and complimentary shuttle buses to the final night of the convention. What’s unusual is that the host is precisely the kind of “shadow banker” that Hillary Clinton has singled out as needing more regulation in her rhetoric about getting tough on Wall Street. But Blackstone President and Chief Operating Officer Hamilton “Tony” James doesn’t seem the least bit intimidated. James ...
Here Is Why Oil is Headed Back Towards $30, Even $15! Ruble to Fall
Post Date: 2016-07-28 07:57:11 by Tatarewicz
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RI... Some smart folks are saying that oil prices will be scraping bottom again before too long. This means that the ruble will likely do the same, as since its crash, it simply mimics the oil price in a the most banal and unimaginative fashion. For bonus points, we include a video analysis from the highly respected EconMatters (no connection to Haggith's analysis), arguing that it will go to $15. The crude oil price rally has been completely crushed, though I’ll admit I was wrong when I predicted crude oil prices would plummet in March or April as the perfect storm developed against oil prices. Instead, they rallied. In spite of that, I continued to believe my error was in ...
Your Own Money
Post Date: 2016-07-26 13:27:12 by David Burton
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PRESS RELEASE: Since its inception in 2011, the E. C. Riegel Blog has developed into an impressive library of resources enabling one to understand the potential power and significance of actually earning and using your own money. We'll attempt to make it plain exactly why people are more valuable than anything else and that this posits a better basis for a monetary system than anything else. We offer a unique but obvious perspective on money, economics and the economy. Our mission has been from the beginning to offer humanity the basic economic lifeboats away from a system that we believe is like the Titanic in its ultimate fate. We do not want to be aboard her or have anything to do ...
Canada phasing out some oil railcars early
Post Date: 2016-07-26 06:55:34 by Tatarewicz
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Canadian government enacts measure that phases out railcars tied to deadly oil explosions early. OTTAWA, July 26 (UPI) -- Getting older rail cars that carry crude oil out of service quicker means eliminating the weakest link in the chain of safety, the Canadian government said. Canadian Transport Minister Marc Garneau issued a directive that puts the phase-out date for rail cars designated DOT-111 at Nov. 1, at least six months ahead of schedule. "By removing the least crash resistant tank cars in service, we continue to modernize how dangerous goods are shipped in Canada and further protect Canadians and their families who live near Canada's rail network," he said in a ...
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