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Latest Articles: Business/Finance
Iran wins another legal battle against Israel
Post Date: 2016-08-12 03:37:47 by Tatarewicz
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PressTV... Switzerland’s highest court has rejected an appeal by an Israeli company against a verdict to pay Iran money owed over a joint venture set up before the 1979 Islamic Revolution. A pipeline was jointly set up by the deposed regime of Mohammad Reza Pahlavi — Iran’s last monarch — and the Israeli company Eilat-Ashkelon Pipeline Co. (EAPC) in 1968 to carry Iranian oil to the Mediterranean. The venture was halted after the Iranian Revolution and the establishment of the Islamic Republic, which does not recognize the Israeli regime. The Israeli company has refused to pay back Iran’s share of the revenues from the joint venture. The Islamic Republic had been ...
Powerful Forces In The Russian Elite Want To Exit The US Controlled Global Financial System
Post Date: 2016-08-12 03:16:23 by Tatarewicz
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RI... "This group understands that neoliberal policies make Russia’s economy susceptible to destabilization by Washington if the US wants to punish the Russian government for not following Washington’s foreign policy. Their aim is to promote a more self-sufficient Russia in order to protect the nation’s sovereignty... ... Glaziev also wants the ruble’s exchange value to be set by the central bank, not by speculators in the currency market." According to various reports, the Russian government is reconsidering the neoliberal policy that has served Russia so badly since the collapse of the Soviet Union. If Russia had adopted an intelligent economic policy, its ...
Alice in Wonderland Economics
Post Date: 2016-08-11 17:47:44 by BTP Holdings
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Alice in Wonderland Economics Boris Schlossberg | Thursday, August 11, 2016 at 4:30 pm Little wonder that Lewis Carroll was English, for there is no greater example of our Alice in Wonderland economy than the current state of the U.K. bond market. Let’s review. Two months ago, U.K. citizenry – much to the shock of everyone around, including themselves – decided to vote the country out of the European Union. Almost instantly, the low-information voters experienced buyer’s remorse in what is now being called Regrexit. But never mind. Cable collapsed. Business sentiment data saw the biggest drop on record and last night’s very important RICS report was a disaster. ...
Rockefeller's Death May Begin Total Economic Collapse
Post Date: 2016-08-11 01:12:42 by Tatarewicz
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PMF... Zharkov... The Rockefeller life span is about 95 years - this guy has lived beyond his time by virtue of the living organs of others who have kept him alive. David Rockefeller should have died 6 years ago. He won't last much longer. Maybe, if we are lucky, he will live long enough to see his New World Order totally destroyed. And then he dies. His life lived for nothing other than money, the printed paper now worthless except to those who have little of it. It's almost time for Rockefeller to die. Maybe tomorrow, maybe the day after? Or maybe not soon enough. His politicians have been failures. He is a man filled with hate for his fellow human beings. Rockefeller and ...
RBC analyst is upbeat about an increase in the death of pensioners
Post Date: 2016-08-09 09:11:38 by Ada
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"It is the increase in deaths at older ages (mostly post retirement) which would impact pension schemes positively." UNICEF The number of British people who die every year went up to about 530,000 in 2015, and that's good news for investors in the stock of companies with pension-fund deficits, according to Gordon Aitken, an RBC Capital Markets equity analyst. The increase in the number of deaths rose from a low of about 485,000 deaths in 2011. It is important to be clear that Aitken was not celebrating those deaths. Rather, in a July 7 note to investors, he was explaining how the death rate affects companies that are required to pay more cash into their under-funded pension ...
What’s Coming Is Going to Be a Mess
Post Date: 2016-08-09 08:46:02 by Ada
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The last two months alone have seen Britain leaving the European Union, terror attacks, cop killings, Deutsche Bank nearly collapsing, the German long-term interest rates set at negative, to name a few. But over the next couple of years, it’s going to get a whole lot worse. As economies worsen, there will be more social unrest, more angry people, and crazier politicians. Somebody will try to come along on a white horse to save us all, but she usually makes it worse. Are we at a point right now where it feels like it’s accelerating. People all over are very unhappy about what’s going on. If you read history, there are a lot of similarities between now and the 1920s and ...
Media React to Trump's Economic Proposal
Post Date: 2016-08-09 07:26:57 by Stephen Lendman
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Media React to Trump’s Economic Proposal by Stephen Lendman The Wall Street Journal’s deputy editorial page editor Dan Henninger loved it “on balance,” he said. More on his comments below. The one-sidedly pro-Clinton/anti-Trump media resoundingly turned thumbs down - notably The New York Times and Washington Post. According to Henninger, Trump addressed public angst over deplorable (Main Street) economic conditions, and the “60 - 70% of the American people think(ing) the country is on the wrong track.” “I think this was the first important step in a big uphill comeback for Donald Trump,” he said. “The question now is whether he will stay on ...
Iran eyes China ‘teapots’ to clip Saudi wings
Post Date: 2016-08-09 06:56:29 by Tatarewicz
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PressTV... China’s independent refiners are on board to get Iranian crude oil possibly for the first time as the Middle Eastern producer is targeting new markets following the removal of sanctions. The National Iranian Oil Company (NIOC) is reportedly in talks with the world’s second largest private oil trader, Trafigura, to step up oil shipments to China. Iran currently sells most of its crude oil directly to state-owned refiners in China under long-term contracts as well as through additional spot cargoes. Trafigura now wants to supply Iran’s Heavy crude grade to independent processors, known as teapots, which typically buy shipments at short notice and in small ...
Trump's Economic Plan
Post Date: 2016-08-08 12:32:54 by Stephen Lendman
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Trump’s Economic Plan by Stephen Lendman Here’s a snapshot courtesy of Bloomberg Politics. Specifics aside, promises and fulfillment most often diverge greatly. It’s easy to propose, hard to deliver, especially when intent falls short of campaign pledges. Then there’s Congress to contend with. Even public opinion occasionally has sway - rarely, but sometimes. Ahead of his August 8 economic policy address, Bloomberg said he’ll propose no new financial regulations until “significant (economic) growth” occurs. Earlier he said he’d repeal Dodd-Frank, erroneously touted financial regulatory reform - doing nothing to curb casino capitalism. He’ll ...
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 ...
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