Finance Minister Ibrahim Elbadawi said Saudi Arabia and the United Arab Emirates (UAE) had deposited $500 million with the central bank while $1 billion worth of petroleum products, wheat and products used by the agricultural sector had been received.
Archiv: banks
Wall Street Is Killing Local Newspapers
Perhaps the most infamous recent example was the breakdown of the 127-year-old Denver Post. Since private equity firm Alden Global acquired the paper, it has cut two out of every three staff positions — twice the industry rate for downsizing.
To add insult to injury, the firm has been using staff pension funds as its own personal piggy bank. In total, they’ve moved nearly $250 million into investment accounts in the Cayman Islands.
Dow tumbles 800 points in biggest one day fall of year on global economic growth slowdown
Bank stocks led the decline Wednesday as the inversion of the yield curve is seen making it harder for banks traditional business model to work when short term borrowing costs are higher than longer term lending rates.
Bank of America BAC, -4.69%, Citigroup CITI, -5.40% and J.P. Morgan JPM, -4.15% all ended sharply lower.
Over one million Italians lost jobs during crisis
The number of unemployed in Italy jumped by more than one million people between the start of the global economic crisis in 2008 and 2012, the national statistical agency Istat said Thursday.
Italian economy minister hails ‚historic‘ banking deal
A proposed new agreement on dealing with failing banks, hammered out in a lengthy meeting of finance ministers, was headed for a summit of European leaders on Thursday. Described as an „historic achievement“ by Italian Economy Minister Fabrizio Saccomanni, the single-resolution mechanism (SRM) agency is designed to prevent failures like the collapse of Lehman Brothers in 2008. Ban
The German state’s turn against democracy
In supporting the European banking union, Germany’s highest court reveals its anti-democratic heart.
AfDB approves $98 million financing for road transport corridor project in these two East African nations
“The project will enhance trade by significantly reducing transport costs, thereby accelerating the economic growth of Ethiopia and its neighbour Djibouti, as it is part of the main import-export corridor,” the AfDB said in a statement.
Draghi Shouts Louder at Germany as ECB Prepares Stimulus
(25.07.2019)
Yet Germany, which has a budget surplus and which can borrow money at sub-zero rates, doesn’t see the problem even as its own manufacturing sector contracts. Finance Minister Olaf Scholz told Bloomberg Television on Thursday, minutes before Draghi’s press conference, that he has no plans to loosen the country’s purse strings because it’s not “necessary or wise to act as if we were in a crisis.”
Republicans have no problem giving over $1 trillion in tax breaks to the rich and massive corporations. But when it comes to canceling student debt or tuition-free college, we „can’t afford it.“ What hypocrisy!
Pakistan signs $375 million syndicated loan with UAE banks
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
CNNMoney.com’s bailout tracker
Troubled ASSET RELIEF PROGRAM
Financial rescue plan aimed at restoring liquidity to the financial markets
Committed : $11 trillion (total)
Invested: $3 trillion (total)
Trump loves socialism… for billionaires and massive corporations.
I didn’t hear Jamie Dimon criticizing socialism when Wall Street begged for the largest federal bailout in American history—some $700 billion from the Treasury and even more from the Fed.
JPMorgan Chase CEO Jamie Dimon: Socialism a ‚big mistake‘
JPMorgan Chief Executive Jamie Dimon warned at a quarterly meeting of the Business Roundtable (BR) that socialism would be a “huge mistake.“
“When government owns and controls companies used for political purposes, not economic purposes, it usually means jobs and votes and can lead to huge deterioration,” said Dimon, who chairs the BR.
Will the White House’s bullying of Europe over Iran work?
Those European efforts have centered on the creation of a payment channel with Iran, which in theory could allow European companies to keep trading with the country despite U.S. sanctions. The Paris-based Instrument in Support of Trade Exchanges (INSTEX) was formally registered by Britain, France and Germany more than three months ago and is expected to operate essentially like a clearinghouse for credit points.
Threatening Europe Over INSTEX Is Insane
That confirms a few things that we already suspected. First, it tells us that the U.S. is determined to cut off all legitimate trade with Iran, including trade in supposedly exempted humanitarian goods. They are actively working to cause the Iranian people as much misery as they can. Second, it tells us that the administration is willing to wreck its relations with some of its closest European allies to pursue their economic war against the Iranian people. U.S. interests and longstanding relationships with important allies are being sacrificed for the sake of a vindictive and outrageous policy of collective punishment against a population of more than eighty million people.
„Finally, he said that the EU countries’ special purpose vehicle – INSTEX, a mechanism designed to circumvent US sanctions on Iran – has been nearly useless to date“. @Jerusalem_Post
U.S. Warns Europe That Its Iran Workaround Could Face Sanctions
Sigal Mandelker, the Treasury Department’s undersecretary for terrorism and financial intelligence, signaled in a May 7 letter obtained by Bloomberg that Instex, the European vehicle to sustain trade with Tehran, and anyone associated with it could be barred from the U.S. financial system if it goes into effect.
Trump team threaten Europe with sanctions over Instex
Donald Trump’s staff have threatened sanctions against the financial body created by Germany, the UK and France to preserve trade with Iran in defiance of US trade barriers.
Sigal Mandelker of the US Treasury Department threatened Instex – the European body established to sustain trade with Iran – and anyone associated with it with exclusion from the US financial system.
Credit card interest rates are outrageously high. With @RepAOC, we are introducing legislation to challenge the greed of Wall Street and protect consumers across America.
Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest
Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.
The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.
Deutsche Bank Is Subpoenaed for Trump Records by House Democrats
The two committees that issued the subpoena, the House’s Intelligence and Financial Services committees, also demanded documents from numerous other financial institutions, including JPMorgan Chase, Bank of America and Citigroup, related to possible money-laundering by people in Russia and Eastern Europe, according to three people with knowledge of the investigation.
Wall Street bankers made more in bonuses last year than 3x the earnings of ALL full-time workers making the federal minimum wage of $7.25 an hour. We don’t need austerity for working families. We need austerity for the 1% and multinational corporations.
Philip Hammond seeks to soothe Brexit fears at Goldman Sachs party
Industry sources said Mr Hammond tried to strike an upbeat tone on Brexit at the US investment bank’s 150th anniversary party in the Natural History Museum, which Mr Solomon travelled to London to attend.
A Treasury spokesman confirmed that Mr Hammond met with Mr Solomon as well as other senior figures at the event. About 700 guests listened to a speech by Mr Solomon, who replaced Lloyd Blankfein in October, on the „challenges“ posed to Europe by Brexit.
Did Wall Street get a ‘trillion-dollar bailout’ during the financial crisis?
(18.3.2019)
Sanders, who is running for the Democratic presidential nomination, includes a version of this line in his stump speeches — as part of a slew of statements that he says demonstrates how the system is rigged in favor of the rich and powerful.
But his language is a bit slippery and exaggerated.
The Fed’s $16 Trillion Bailouts Under-Reported
(20.9.2011)
The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy. It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.
Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around.
JP Morgan agreed to pay out *$13 billion* over its massive role in mortgage schemes w the ‘08 recession. They also finance major fossil fuel pipelines. It’s big money? So maybe they *aren’t* the best authority on prioritizing economic wellbeing of everyday people & the planet.
EU charges eight banks over alleged government bond cartel
The European Commission said in a statement that some traders at the banks exchanged commercially sensitive information and coordinated trading strategies on the euro-denominated bonds, mainly through online chatrooms.
Merkel Calls for Swift Return to ‘Normal’ Monetary Policy
In the past Merkel has refrained from wading into monetary policy by defending the independence of the European Central Bank. President Donald Trump has been more pointed, arguing the Federal Reserve has been too aggressive in raising rates. In the U.K., the Bank of England has come under attack from pro-Brexit supporters over its grim economic forecasts about the costs of leaving the European Union.
Bernie Sanders: Concentrated Wealth is Concentrated Power
Sen. Sanders joins Paul Jay who asks if breaking up the big banks is enough to weaken the power of Wall St.
George W Bush – The Elite My Base
Published on Jun 15, 2006
Bernie Sanders: America is ‚owned and controlled by a small number of multi-billionaires‘
„We live in a nation owned and controlled by a small number of multi-billionaires whose greed, incredible greed, insatiable greed, is having an unbelievably negative impact on the fabric of our entire country,“ Sanders told Paul Jay, CEO and senior editor of The Real News Network, in an interview posted Thursday.
Jeremy Corbyn in 2010: „They-the world’s bankers, the IMF, the European Union – are utterly united in what they want: deflation, suppressing the economy & creating unemployment“
How’s that anti-Brexit saviour moment going then @davidschneider ?
Netanyahu Thanks Trump as US Sanctions on Iran Set to ‘Snap Back’ in Full at Midnight Sunday
(today)
The Trump administration announced Friday that its powerful sanctions would snap back against Iran, effective Sunday, on banking, oil, shipping and other economic sectors where the penalties were lifted by the Obama administration in 2015 as part of the JCPOA nuclear deal.
US threatens to smack SWIFT with sanctions if it fails to cut off financial services to Iran
US Treasury Secretary Steven Mnuchin has warned global financial messaging service SWIFT on Friday that it could be penalized if it doesn’t cut off financial services to entities and individuals doing business with Iran.
Iranian Foreign Minister Discusses New US Sanctions With EU Officials – Tehran
„During his Friday night conversations with Mogherini as well as Heiko Maas of Germany, Margot Wallstrom of Sweden, and Denmark’s Anders Samuelsen, the top Iranian diplomat discussed with them Washington’s re-imposition of sanctions against Iran and Europe’s efforts to counter such US moves,“ the statement read.
EU’s purposeful delay in implementing SPV
Reuters has recently reported that a new EU mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of US sanctions take effect, but it will not be operational until early next year.
China Unexpectedly Gambles on European Mechanism to Sustain Iran Trade
„It seems that the fate of our trade with China is linked to the support package being prepared by the European Union,“ Hariri told Bourse & Bazaar in reference to the SPV promised by Iran’s key European trading partners.
No EU Member Ready to Host Mechanism to Defy US Anti-Iranian Sanctions – Report
(29.10.2018) No EU member state is willing to host the so-called Special Purpose Vehicle (SPV) to safeguard Brussels‘ trade ties with Tehran from Washington’s anti-Iranian sanctions, according to The Financial Times.
„No EU government wants to cross the US by having the SPV. Member states are not exactly queueing up for it,“ the newspaper quoted EU diplomats as saying on condition of anonymity.
Joint Statement by the UK, France and Germany on the Iran Nuclear Deal
It is our aim to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN Security Council resolution 2231.
As parties to the JCPoA, we have committed to work on, inter alia, the preservation and maintenance of effective financial channels with Iran, and the continuation of Iran’s export of oil and gas. On these, as on other topics, our work continues, including with Russia and China as participants to the JCPoA and with third countries interested in supporting the JCPoA. These efforts have been intensified in recent weeks, particularly those underpinning the European initiative to establish a Special Purpose Vehicle which we are proceeding with work to set up. This will enable continued sanctions lifting to reach Iran and allow for European exporters and importers to pursue legitimate trade.
The Latest: EU expresses deep regret over US-Iran sanctions
In a joint statement Friday, they said they aim to protect European firms „engaged in legitimate business with Iran.“
They added that their „collective resolve to complete this work is unwavering.“
President Donald J. Trump Is Reimposing All Sanctions Lifted Under the Unacceptable Iran Deal
Sanctions will target critical sectors of Iran’s economy, such as its energy, shipping, shipbuilding, and financial sectors.
Over 700 individuals, entities, vessels, and aircraft are going back onto our sanctions list, including major Iranian banks, oil exporters, and shipping companies.
The sanctions also target transactions with the Central Bank of Iran and designated Iranian financial institutions.
Sales of food, agricultural commodities, medicine, and medical devices to Iran have long been—and remain—exempt from our sanctions.
Reimposing sanctions will cut off revenues the regime uses to bankroll terrorist groups, foment global instability, fund nuclear and ballistic missile programs, and enrich its leaders.
US reimposes all Iran sanctions, allows eight countries to continue importing oil
The US Treasury will also demand SWIFT stop servicing Iran’s banking industry as part of enforcing sanctions over the country’s nuclear program and alleged support for terrorism.
The sanctions will take effect Monday and cover Iran’s shipping, financial and energy sectors.
Trump administration to reinstate all Iran sanctions
President Donald Trump withdrew from the agreement in May, describing it as „defective at its core“ because it had not stopped Iran developing a ballistic missile programme and intervening in neighbouring countries.
„Sanctions are coming,“ he tweeted after Friday’s announcement, referencing the TV series Game of Thrones and its motto „Winter is coming“.
Chinese Banks Embrace Facial Recognition To Fight Fraud
The technology developed at Ping An can pinpoint 54 brief, involuntary micro-expressions that a face often creates before the brain can control the movements of the face. They include eyeballs that move back and forth and rapid blinking. “We use micro expression recognition technology to review loan applications.
In Ireland, a Picture of the High Cost of Austerity
(28.6.2010) Rather than being rewarded for its actions, though, Ireland is being penalized. Its downturn has certainly been sharper than if the government had spent more to keep people working. Lacking stimulus money, the Irish economy shrank 7.1 percent last year and remains in recession.
Joblessness in this country of 4.5 million is above 13 percent, and the ranks of the long-term unemployed — those out of work for a year or more — have more than doubled, to 5.3 percent.
Now, the Irish are being warned of more pain to come.
EU ‘needs another crisis’ to finish banking union
(16.5.2018) “I have the impression that [EU member states] have the false impression that everything’s fine, but everything’s not fine and the job is half done,” Olivier Guersent, director general for financial stability, financial services and capital markets union, said at the annual conference of the Single Resolution Board (SRB) in Brussels.
Politicians need “a big enough crisis for them to be scared enough, but not big enough to kill us”, to finish the banking union project, he added.
EU Bank Rescue Board Says Fund Will Hold €33B In 2019
Europe’s fund for helping failing banks is expected to swell to almost €33 billion ($38 billion) in 2019, up from nearly €25 billion earlier this year,
Italian economy minister hails ‚historic‘ banking deal
As well, the board’s decisions must be approved by EU finance ministers, leading some critics to say the process will be very complex. In a second step, governments will contribute to a resolution fund by imposing levies on banks over 10 years for a total of about 55 billion euros.
CNNMoney.com’s bailout tracker
Troubled ASSET RELIEF PROGRAM
Financial rescue plan aimed at restoring liquidity to the financial markets
Committed : $11 trillion (total)
Invested: $3 trillion (total)