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Posts Tagged ‘Banking’

Ruble-yuan settlements booming, set to reshape global finance

Posted by Ram Kumar Shrestha on May 12, 2015

Russian President Vladimir Putin (L) and Chinese President Xi Jinping (RIA Novosti / Michail Metcel)                    Russian President Vladimir Putin (L) and Chinese President Xi Jinping (RIA Novosti / Michail Metcel)
Settlements in local currencies between Russia and China now account for 7 percent of the bilateral trade, but the potential for growth is tremendous, experts tell RT. Yuan-ruble trade in Russia has grown 700 percent in a year.

Growing cooperation between Russia and China has become one of the hottest topics in the global economy. It is signaling the emergence of a strong alliance of one the world’s richest and strongest economies, which is expected to reshape the existing western-dominated economic model.

While energy deals between the resource – rich Russia and resource – hungry China look natural, bringing the countries’ finances closer looks like a real challenge to the US dollar system, experts agree, although the transition won’t be quick. Read the rest of this entry »

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HSBC exposed: Drug money banking, terror dealings

Posted by Ram Kumar Shrestha on July 17, 2012

AFP Photo/Lionel Bonaventure

AFP Photo/Lionel Bonaventure

The international banking giant HSBC may have financed terrorist groups and allowed Mexican drug money into the US economy through its lax policies, a damning Senate report reveals.

The findings are the results of a year-long Senate probe into HSBC’s activities, highlighting negligence throughout the bank’s international structure. The probe will be published in a 340-page report in Washington on Tuesday, and senior members of the bank will be called to account for the allegations.

“HSBC used its US bank as a gateway into the US financial system for some HSBC affiliates around the world to provide US dollar services to clients while playing fast and loose with US banking rules,” said Senator Carl Levin in a press release. He added that the US branch of the corporation “exposed the United States to Mexican drug money, suspicious travelers’ checks, bearer share corporations, and rogue jurisdictions.”

“The culture at HSBC was pervasively polluted for a long time,” Senator Levin said. Read the rest of this entry »

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Global Financial Collapse: What makes it tick?

Posted by Ram Kumar Shrestha on December 6, 2011

A trader works in front of a board displaying the chart of German share index DAX at the stock exchange in Frankfurt/M., western Germany, on November 2, 2011 (AFP Photo / Daniel Roland)

The mind becomes confused and dismayed when confronted with chaotic situations it can hardly figure out – situations such as today’s Global Financial Woes. Maybe we’re looking too close-up. Let’s take a step back and look again…

Complexity is often engineered into what are basically simple problems by people who benefit from manufactured complications and have the power to control them. When money is involved, the powerful people who benefit from ripping off untold millions of hard workers make sure that their “money machine” will just keep steaming ahead. Take the ongoing Global Financial Crisis.

Firstly, it is not a “crisis” at all: what the world is confronted with today is a full-fledged, irreversible and unsustainable Global Financial Collapse that, if not properly addressed, may bring down the whole global economy with it.

Secondly, this has pushed the Real Economy into a “crisis” from which, if proper measures are taken, it can – and must! – be saved.Because all national economies are basically intact (although many have been badly clobbered!) they can be brought back to health.

Thirdly, the real core of today’s problem is that Finance – that virtual world of banking, fractional lending, usury compound interest, fraudulent derivatives, casino-like speculative “investments” and other parasitic and anti-social activities – has illegitimately risen above the Real Economy which is the world of work, production, manufacturing, effort, toil, sweat and creativity.

In numbers, we see that today Finance has grown to be 20, perhaps 30 times larger than the Real Economy. Read the rest of this entry »

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Greek bailout referendum could sink Eurozone

Posted by Ram Kumar Shrestha on November 1, 2011

The decision to call a referendum on Greece’s bailout has rocked markets around the world. But while the Greek PM seeks

Anti-austerity protesters hold a Greek flag reading 'not for sale' during a student parade in Athens, attended by the Greek minister of education (AFP Photo / LOUISA GOULIAMAKI)

political support for the highly unpopular deal, critics argue he is putting both his country’s and Europe’s futures on the line.

A Greek deputy’s defection from the ruling party is only the latest consequence of Prime Minister George Papandreou’s decision to hold a surprise referendum on last week’s Greek bailout package.

Milena Apostolaki’s move, which leaves the governing socialist party with a slim two-seat majority, highlights the risky game Papandreou is playing with Greece’s financial future.

Struggling with rioters at home and growing dissent from within his own political party, Papandreou’s populist maneuver has cast a dark cloud over the eurozone’s future.

While the country is due to receive an 8 billion-euro tranche in mid-November, it is likely to run out by January, just in time for the referendum, leaving the government with no funds if there is a “no” vote, Reuters reports.

And while Greece is desperately in need of the 130 billion-euro lifeline and a 50-per cent write-down on its enormous debt (which would amount to an additional 100 billion euros), more austerity measures are a pill that many find too bitter to swallow.

This reality is reflected by recent opinion polls which show some 60 per cent of Greeks view the bailout in a negative light.

However, the majority also want to stay within the euro, an ambivalence which has created obvious frustration within the Greek government. Read the rest of this entry »

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Professor Cornel West arrested in DC

Posted by Ram Kumar Shrestha on October 19, 2011

Acclaimed professor and activist Dr. Cornel West was arrested with 18 others on the steps of the Supreme Court building in Washington DC on Saturday during a local demonstration with the growing Occupy Wall Street movement.

Dr. West says that he was in Washington earlier in the day to witness President Barak Obama’s dedication of the Martin Luther King Jr. Memorial, only to join protesters hours later at Freedom Plaza on Pennsylvania Avenue. It is there that activists have been congregating for over a week down as part of the October 2011 Stop the Machine protest that hopes to draw attention to the ongoing war in Afghanistan — which earlier this month reached the 10-year mark, making it the longest-going American war ever.

Once at Freedom Plaza, West and dozens others marched through Washington to the Supreme Court building. A spokesperson for the high court confirmed that West was one of 19 people arrested for refusing to the leave the grounds. Video shows that protesters remained peaceful as they sat on the steps of the courthouse awaiting arrest. Read the rest of this entry »

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Naomi Wolf arrested at Occupy Wall Street

Posted by Ram Kumar Shrestha on October 19, 2011

Photo by Thomas Good / NLN

Author and activist Naomi Wolf has been added to the list now hundreds of names long of protesters arrested during the ongoing Occupy Wall Street demonstrations.

Wolf, a popular writer perhaps most known for her book The Beauty Myth and frequent articles in the Huffington Post, was arrested Tuesday night in Manhattan along with a handful of other Occupy Wall Street protesters.

A group of around 50 participants in the movement, including Wolf, had been in attendance outside of a gala that was honoring New York Governor Andrew Cuomo at New York’s Skylight Studios. While Gov. Cuomo was being lauded as “Game Changer of the Year” at the awards ceremony, Occupy Wall Street protesters were expressing their detest over the politician’s opposition to extending a tax on millionaires and his support of hydraulic fracking.

Wolf says that her participation in the protests outside the event was “peaceful, respectful, law-abiding and orderly,”and insists that the NYPD officials that apprehended her were wrong in doing so.

“I was arrested for not backing down when a police officer told me contrary to what I knew about the law and the permit process that a private entity owned the sidewalk,” Wolf writes on her website following her arrest. “He was mistaken and I was correct,” she adds.

In a separate article written today for the UK’s Guardian, Wolf writes that “Police keep inventing this right to barricade people in and tell people where to protest, but in the United States this is wrong: it’s against the first amendment rights of freedom of assembly.” Read the rest of this entry »

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‘EU’s actions could lead to revolutions in Greece and Portugal’

Posted by Ram Kumar Shrestha on October 16, 2011

The expanded bailout fund will not help if Italy or Spain is dragged into the economic crisis, and the austerity packages are driving Greece and Portugal to revolutions, warned British European Parliament member Nigel Farage.

“They are having austerity packages pushed upon them, which is forcing them into downward deflation, which in my opinion could lead to revolution in Greece and possibly in Portugal, too,” Farage told RT. “What we are doing is stupid, and very, very dangerous indeed.”

“If Italy goes down, they would need a couple of trillion to bail it out,” he said. “And what it the point of bailing these countries out anyway? Are these bailouts helping people in Greece or Portugal? No, they’re not!”

“What they are actually doing,” he continued, “is giving money to these countries to give back to our banks, who over-lent to them in the first place. I mean, the whole thing is mad. What these countries trapped inside this economic prison called the Eurozone need is to devalue.” Read the rest of this entry »

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HSBC To Axe Up To 30,000 Jobs Despite Posting Profits

Posted by Ram Kumar Shrestha on August 1, 2011


Despite announcing pre-tax profits of £7bn for the first half of the year, a three per cent increase on 2010, why to decide 30,000 job cut? Just for more profit?
Read the Article at HuffingtonPost

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Rescued Banks Teeter Towards Collapse

Posted by Ram Kumar Shrestha on December 27, 2010


Wanted to be optimistic­, but not possible.
Read the Article at HuffingtonPost

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