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Showing posts with label Bank run in Ukraine. Show all posts
Showing posts with label Bank run in Ukraine. Show all posts

Thursday, 27 February 2014

Feb 27,2014: News Updates

 

Financial fairy dust: G20 detached from real world

Published time: February 27, 2014 08:41
For those who consider economics a cheap conjuring trick, the latest G20 finance Ministers’ meeting seems to have delivered concrete proof.
Several hundred million dollars have apparently disappeared in a meltdown at what was once ‘Magical: The Gathering Online Exchange’.
...Communiques usually alleviate insomnia but the February 22-23 G20 message demonstrates how the political/central banker class has achieved a remarkable elevated state entirely devoid of attachment to the real world.
... Hence, we ended up with the fairy dust sprinkle approach: the entire G20 communique boils down to “we have a magic wand and we’re going to wave it to save the world.”
The likelihood of anybody living economically happily ever after is currently a dim prospect.


http://rt.com/op-edge/g20-financial-fairy-dust-990/



‘Treasury empty', Ukraine’s economy in free fall

Published time: February 27, 2014 15:35
​Ukraine’s new Prime Minister, opposition leader Arseny Yatsenyuk, has promised the government would do its best to avoid a default, a difficult task as the country’s treasury is empty and the economy is in disarray.
Yatsenyuk says he expects an EU/IMF economic stabilization package soon, but didn’t give any specifics on timing.

http://rt.com/business/treasury-empty-yatsenyuk-parliament-038/




RBS Posts Biggest Loss Since 2008 as McEwan Details Overhaul

By Gavin Finch and Howard Mustoe Feb 27, 2014 9:08 AM GMT+0100
Royal Bank of Scotland Group Plc posted its biggest full-year loss since receiving a government bailout in 2008 as Chief Executive Officer Ross McEwan outlined plans to shrink its investment banking and overseas operations.

http://www.bloomberg.com/news/2014-02-27/rbs-posts-biggest-loss-since-2008-as-it-shrinks-securities-unit.html



 China to Compile List of Solar Projects Qualifying for Financing

By Bloomberg News Feb 27, 2014 6:38 AM GMT+0100
China, the world’s biggest solar market, plans to compile a list of solar projects that will get financing from China Development Bank Corp.
Recommendations from provincial authorities are due by April 2. Projects to be considered include research and development, technology upgrades, mergers and acquisitions, and overseas development, according to a statement posted on the website of the Ministry of Industry and Information Technology yesterday.

http://www.bloomberg.com/news/2014-02-27/china-to-compile-list-of-solar-projects-qualifying-for-financing.html


China's yuan dislodges Swiss franc as 7th most-used currency: SWIFT

HONG KONG Thu Feb 27, 2014 4:21am EST
(Reuters) - China's yuan surpassed the Swiss franc to become the seventh most-used world payments currency in January, global transaction services organization SWIFT said on Thursday.
With a market share of 1.39 percent, the yuan remained one of the top 10 most-used currencies for payments worldwide for the third consecutive month. It ranked eighth in December.

http://www.reuters.com/article/2014/02/27/us-markets-offshore-yuan-idUSBREA1Q0IP20140227



China paper slams West's 'Cold War mentality' over Ukraine

BEIJING Thu Feb 27, 2014 3:15am GMT
(Reuters) - China's top newspaper criticised the West on Thursday for remaining locked in a "Cold War mentality" against Russia in the contest for influence over Ukraine, calling for the shackles of such outmoded thinking to be cast off to deal with the crisis.
The commentary published in the People's Daily, the flagship newspaper of the ruling Communist Party, was the strongest reaction yet in Beijing to the rift between the West and Russia that has been growing since the ouster of Moscow's ally Viktor Yanukovich as president following weeks of protests.

http://uk.reuters.com/article/2014/02/27/uk-ukraine-crisis-china-idUKBREA1Q06C20140227


 Ukraine on alert after gunmen seize buildings

Tension escalates between Moscow and Kiev after armed takeover, with Ukraine leader warning against Russian aggression.
Last updated: 27 Feb 2014 09:26
Ukrainian troops and police officers are on high alert, after armed men seized government buildings in the Crimea region of the country and raised a Russian flag over a barricade.

http://www.aljazeera.com/news/europe/2014/02/201422785139294624.html



GCHQ intercepts Yahoo webcam images of Internet users

Thu Feb 27, 2014 6:41PM GMT
Britain’s domestic spying apparatus, the Government Communications Headquarters (GCHQ), has been mired in a fresh scandal over its harvesting of webcam images.
The scandal exposed in formerly secret documents published by the Guardian on Thursday, involves a scheme, in which the GCHQ has intercepted and stored the webcam images of millions of Internet users with the help of the US National Security Agency (NSA).

http://www.presstv.ir/detail/2014/02/27/352539/gchq-harvests-internet-users-images/



Morgan Stanley Warns Of "Real Pain" If Chinese Currency Keeps Devaluing

02/26/2014
The seemingly incessant strengthening trend of the Chinese Yuan (much as with the seemingly inexorable rise of US equities or home prices) has encouraged huge amounts of structured products to be created over the past few years enabling traders to position for more of the same in increasingly levered ways. That was all going great until the last few weeks which has seen China enter the currency wars (as we explained here). The problem, among many facing China, is that these structured products will face major losses and as Morgan Stanley warns "real pain will come if CNY stays above these levels," leading to further capital withdrawal, illiquidity, and a potential vicious circle as it appears the PBOC is trying to break the virtuous carry trade that has fueled so much of its bubble economy.

http://www.zerohedge.com/news/2014-02-26/morgan-stanley-warns-real-pain-if-chinese-currency-keeps-devaluing


Attorney General Eric H. Holder hospitalized


Manuel Balce Ceneta/AP - Attorney General Eric Holder speaks at the annual Attorneys General Winter Meeting in Washington on Tuesday.
 February 27, 6:45 PM
Attorney General Eric H. Holder Jr. was taken to MedStar Washington Hospital Center on Thursday morning after experiencing faintness and shortness of breath.
Justice Department spokesman Brian Fallon said Holder, 63, had complained of the symptoms during his regular morning meeting with senior staff.

http://www.washingtonpost.com/world/national-security/attorney-general-eric-h-holder-hospitalized/2014/02/27/3e826da6-9fce-11e3-9ba6-800d1192d08b_story.html



Credit Suisse CEO says a few bankers are to blame for $10bn in tax evasion

Edited time: February 27, 2014 06:43
US regulators are after Credit Suisse, Switzerland’s second-largest bank for helping Americans conceal as much as $10bn from US tax authorities. The bank's CEO maintains only a few officials are to blame for helping Americans dodge taxes.
Credit Suisse CEO Brady Dougan told a Senate committee on Wednesday that only a few Swiss-based bankers are to blame, not the bank as a whole.

http://rt.com/business/credit-suisse-dougan-senate-885/


IMF says taxing super rich can boost economic growth

Published time: February 27, 2014 10:40
A new International Monetary Fund study has found that taxing the super wealthy doesn’t stunt the economic growth of a country, and that redistribution can actually spur gross domestic product.
The paper argues inequality is harmful to a country’s growth, and that redistributing wealth using taxes can reduce inequality and boost growth and the length of growth cycles.

http://rt.com/business/imf-tax-rich-report-984/


Rome Is On The Verge Of Detroit-Style Bankruptcy

02/27/2014
With European peripheral bond yields collapsing every single day to new all time lows (primarily driven by Europe's near-certainty that a US-style QE is imminent as we first showed here in November, despite Mario Draghi's own words from November 2011 that a QE intervention is virtually impossible), increasingly more of Europe is trading just as safe, if not more, as the United States. And in keeping with the analogies, considering a major US metropolitan center, Detroit, recently went bankrupt, it is only fair that Europe should sacrifice one of its own historic cities to the gods of negative cash flows. The city in question, Rome, which as the WSJ reports, is "teetering on the brink of a Detroit-style bankruptcy."


http://www.zerohedge.com/news/2014-02-27/rome-verge-detroit-style-bankruptcy


 RSA’s Hester Taps Buffett, Unveils Share Sale to Rebuild

By Sarah Jones Feb 27, 2014 5:51 PM GMT+0100
After less than a month on the job, RSA Insurance Group Plc (RSA) Chief Executive Officer Stephen Hester announced a stock sale and tapped Warren Buffett for reinsurance to help strengthen the insurer after its scandal in Ireland.

http://www.bloomberg.com/news/2014-02-27/rsa-to-raise-1-3-billion-in-share-sale-cuts-dividend.html



A Visual History Of Gold: The Most Sought After Metal On Earth

02/26/2014
This infographic introduces the yellow metal and tells the story of how it became the most sought after metal on earth. Gold was one of the first metals discovered by ancient peoples and eventually gold grew to symbolize both wealth, royalty, and immortality. Gold began to be used as money by many cultures, but the Romans were the first to use it widespread.

The rarity, malleability, durability, ease to identify, and intrinsic value of gold made it perfect for money. While many civilizations throughout the world used gold for money, eventually its role would change with the coming of the gold standard system.


http://www.zerohedge.com/news/2014-02-26/visual-history-gold-most-sought-after-metal-earth



SNC-Lavalin paid Gadhafi son's wife as Libya fell: Ex-VP

Former construction executive jailed in Switzerland claims company had long history of funding Gadhafis
 CBC News Posted: Feb 27, 2014 5:00 AM

Canadian engineering giant SNC-Lavalin is facing fresh allegations about the company’s close ties to Libya’s former Moammar Gadhafi regime, including the claim in court documents that SNC put the wife of a Gadhafi son on its payroll during Libya’s 2011 civil war, despite UN economic sanctions and Western military intervention.

http://www.cbc.ca/news/business/snc-lavalin-paid-gadhafi-son-s-wife-as-libya-fell-ex-vp-1.2552439


 ECB sees yuan challenging greenback

The yuan might one day challenge the role of the US dollar as the world's leading reserve currency, European Central Bank executive board member Yves Mersch said.

http://www.scmp.com/business/banking-finance/article/1436560/ecb-sees-yuan-challenging-greenback



The Future Of America: “It’s Coming… Ukraine is a Warning”

Thursday, February 27, 2014
We’re beginning to see more and more discussions about how the laws, policies and regulations of our federal, state and local governments are working to impoverish the people of this country and restrict their liberties. So much so that even the taboo topic of a potential Ukraine-style collapse right here in America is now being openly discussed in mainstream circles.
In a recent panel discussion on Fox News the question of whether or not Ukraine rioting is the future of America came to the forefront and long-time political operative and former Presidential adviser Pat Caddell weighed in

http://revolutionradio.org/?p=68350


 Central Banker Appointed as Prime Minister of Ukraine

February 27, 2014

A reshuffled Ukrainian Parliament installed following a coup last week has voted to appoint Arseniy Yatsenyuk as the new prime minister of the country. Yats, as Victoria Nuland, the Assistant Secretary of State for European and Eurasian Affairs at the U.S. State Department, called him, is a natural choice. He is a millionaire former banker who served as economy minister, foreign minister and parliamentary speaker before Yanukovych took office in 2010.

http://www.infowars.com/central-banker-appointed-as-prime-minister-of-ukraine/


Ukraine Central Bank Promises Liquidity To Local Banks, With One Condition

02/27/2014
While the "developed" world scrambles to find a way to provide Ukraine with a bailout in such a way that Russia doesn't turn off the gas, Ukraine is doing some scrambling of its own to assure the local banks, which have been plagued by both bank runs and a collapse in the currency to record lows over the past few days, that it will be there to provide funding on a business as usual basis. Itar-Tass reports that "Ukrainian banks will be provided with necessary liquid assets, including cash." But there is a condition: the funding will only come "if they will remain under open control of the National Bank of Ukraine,

http://www.zerohedge.com/news/2014-02-27/ukraine-central-bank-promises-liquidity-local-banks-one-condition



Supreme Court Rules Police May Search A Home Without Obtaining A Warrant

02/27/2014
If the most disturbing, if underreported, news from yesterday, was Obama's "modification" of NSA capabilities, which contrary to his earlier promises, was just granted even greater powers as phone recording will now be stored for even longer than previously, then this latest development from the Supreme Court - one which some could argue just voided the Fourth amendment - is even more shocking. RT reports that the US Supreme Court has ruled that police may search a home without obtaining a warrant despite the objection of one occupant if that occupant has been removed from the premises.

http://www.zerohedge.com/news/2014-02-27/supreme-court-rules-police-may-search-home-without-obtaining-warrant



Thursday, February 27, 2014

National Response Center Website Down - 6 Days and Counting?

Savvy SkyTruth Alerts users may have noticed that we haven't published any new oil or hazmat spill reports from the Coast Guard-operated National Response Center (NRC) since February 20.  If you go directly to the NRC website, you see a "down for maintenance" message.  Polluters and concerned citizens can still submit reports to the NRC by phone, at 1-800-424-8802.  But without the website, we can't search for or download pollution reports.  And that leaves a big hole in our SkyTruth Alerts map, and in the daily updates we email to Alerts subscribers.

http://blog.skytruth.org/2014/02/national-response-center-website-down-6.html



DR Congo must arrest Sudan president: ICC

Wed Feb 26, 2014 4:18PM GMT
The International Criminal Court (ICC) has called on the Democratic Republic of the Congo to detain visiting Sudanese President Omar al-Bashir for the charge of genocide in Darfur.
On Wednesday, the Hague-based tribunal urged the Congolese government to “respect its obligations” to arrest Bashir and hand him over to ICC.

http://www.presstv.ir/detail/2014/02/26/352381/dr-congo-must-arrest-sudan-president/


13 workers test positive for radiation at New Mexico nuclear waste site

Thu Feb 27, 2014 8:24AM GMT
Thirteen workers at an underground nuclear waste site in the US state of New Mexico were exposed to nuclear radiation during a leak earlier this month, test results show.
The US Department of Energy said on Wednesday that no workers were underground at the Waste Isolation Pilot Project in southeastern New Mexico on February 14 when the nuclear leak occurred.

http://www.presstv.ir/detail/2014/02/27/352456/us-nuclear-radiation-affects-13-people/


 Obama warns Karzai of full troop withdrawal

Wednesday, February 26, 2014
WASHINGTON: President Barack Obama told his Afghan counterpart Hamid Karzai on Tuesday he is now planning a full US troop withdrawal, but did not rule out agreeing a post-2014 mission with the next Kabul government.
The US threat was the latest twist in a long political tug-of-war with Karzai, who has infuriated Washington with his refusal to sign a Bilateral Security Agreement (BSA) governing a post-2014 mission in the dying months of his mandate.

http://www.thenews.com.pk/Todays-News-13-28776-Obama-warns-Karzai-of-full-troop-withdrawal


Morocco suspends all judicial ties with France

Thu Feb 27, 2014 1:35AM GMT
Morocco has halted all judicial ties with France after lawsuits were filed in Paris against the kingdom's intelligence chief over his alleged “complicity in torture.”
The Moroccan Justice Ministry said in a statement on Wednesday that it made the decision “to eliminate the distortions that have affected them."
It also recalled the judge responsible for liaising with France on the agreements.

http://www.presstv.ir/detail/2014/02/27/352435/morocco-halts-judicial-ties-with-france/



Medical marijuana workers start unionizing with government help

Published time: February 27, 2014 19:01
Marijuana may still be illegal at the federal level, but the US labor board believes pot workers still have the same rights as any other American employee.
According to the Huffington Post, attempts to unionize by medical marijuana workers in Maine have attracted what some may think to be an unlikely government ally: the National Labor Relations Board.

http://rt.com/usa/feds-defend-medical-marijuana-workers-062/


Friday, 21 February 2014

Feb 21, 2014: News Updates


"The Pig In The Python Is About To Be Expelled": A Walk Thru Of China's Hard Landing, And The Upcoming Global Harder Reset

02/21/2014
...At this point one should conclude that reality - through massive, unprecedented liquidity injections - has been deferred long enough. It is time to let the markets finally return to some semblance of uncentrally-planned normalcy: there is a reason why nature abhors a vacuum. Even if it means the eruption of the very painful grand reset, washing away decades of capital misallocation, lies and ill-gotten wealth, so very overdue.

http://www.zerohedge.com/news/2014-02-20/pig-python-about-be-expelled-walk-thru-chinas-hard-landing-and-coming-global-hard-re



FCC sidesteps explanation on controversial plan to ‘interfere with news stations’

Published time: February 20, 2014 23:58
The US Federal Communications Commission announced it will pull back from an unpopular plan that proposed placing a federal agent inside newsrooms across the country, prompting media watchdogs to accuse the government of trying to restrict press freedom.
 Ajit Pai, commissioner of the FCC, wrote an editorial for The Wall Street Journal earlier this month complaining that his own agency was planning to “send researchers to grill reporters, editors, and station owners about how they decide which stories to run.”
“But everyone should agree on this: The government has no place pressuring media organizations into covering certain issues,” he wrote.

http://rt.com/usa/fcc-explanation-controversial-interfere-news-994/



Venezuela Revokes CNN Press Credentials

CARACAS, Venezuela February 21, 2014 (AP)
Associated Press
Venezuela's government has revoked the press credentials of journalists from CNN after President Nicolas Maduro blasted the television network's coverage of political protests.
CNN says Friday that four of its journalists were notified by the Information Ministry that they are no longer allowed to report in the country. They include CNN en Espanol anchor Patricia Janiot

http://abcnews.go.com/International/wireStory/venezuela-revokes-cnn-press-credentials-22620742



Not a typo, monopsony in spotlight in U.S. cable deal

WASHINGTON Fri Feb 21, 2014 8:21pm GMT

Reuters) - If U.S. antitrust enforcers decide to challenge the proposed $45 billion merger of Comcast Corp and Time Warner Cable Inc, it may be because of an idea with a funny-sounding name that has been gaining currency in government offices.
The idea is monopsony power, the mirror image of the better-known monopoly power but a concept that is just as old.

http://uk.reuters.com/article/2014/02/21/us-usa-comcast-monopsony-analysis-idUKBREA1K1VI20140221



Google deal is no 'gentlemen's agreement', says EU antitrust chief


By Foo Yun Chee

PARIS Fri Feb 21, 2014 11:59am GMT
(Reuters) - The EU antitrust chief defended a deal with Google over how it displays web search results, following criticism from rival firms and his own colleagues, saying there had been no gentlemen's agreement to close the case.
The world's most popular search engine has been under investigation for three years by the European Commission, which acts as the bloc's antitrust regulator, over complaints it was blocking competitors in search results.

http://uk.reuters.com/article/2014/02/21/us-eu-google-idUKBREA1K0TB20140221



Chelsea Manning: US secrecy breeds unilateralism that defies constitution

Published time: February 21, 2014 14:31
The US government’s pursuit of secrecy and power lends itself to unilateralism which the Founding Fathers feared, Chelsea Manning has said. The whistleblower spoke out after being awarded the Sam Adams prize for Integrity in Intelligence.
In a written statement posted on the Pvt. Manning Support Network, Chelsea Manning said the US is moving towards what the American constitution was written to prevent. Following the attacks on the Pentagon and the World Trade Center, “the American government has been pursuing an unprecedented amount of secrecy and power consolidation in the Executive branch, under the President and the Cabinet,” Manning wrote.

http://rt.com/news/chelsea-manning-acceptance-statement-066/



Ukraine peace deal signed, opens way for early election

KIEV Fri Feb 21, 2014 8:06pm GMT
(Reuters) - Ukraine's opposition leaders signed an EU-mediated peace deal with President Viktor Yanukovich on Friday, aiming to resolve a political crisis in which scores have been killed and opening the way for an early presidential election this year.
Under pressure to quit from mass demonstrations in Kiev, Russian-backed Yanukovich made a series of concessions to pro-European opponents, including a national unity government and constitutional change to reduce his powers, as well as bringing forward the poll.

http://uk.reuters.com/article/2014/02/21/uk-ukraine-idUKBREA1H0EM20140221



Bank Runs Begin In Ukraine As Russia's Largest Bank Halts Lending

02/21/2014
Six months ago a "glitch" halted all ATM withdrawals, and Credit and Debit card transactions for Russia's largest bank but today, the CEO of the huge bank has no such "glitch" to blame:

    *SBERBANK SEES RUN ON ITS BANK MACHINES IN UKRAINE, GREF SAYS
    *UKRAINE SITUATION IS PRESSURING RUBLE: SBERBANK CEO GREF
    *SBERBANK HALTS LENDING IN UKRAINE, GREF SAYS

We suspect that whether an agreement is in place or not, this will continue.

http://www.zerohedge.com/news/2014-02-21/bank-runs-begin-ukraine-russia-largst-bank-halts-lending



Obama meets with Dalai Lama despite China warnings


By Roberta Rampton and Sui-Lee Wee

WASHINGTON/BEIJING Fri Feb 21, 2014 6:56pm GMT
(Reuters) - President Barack Obama met exiled Tibetan spiritual leader the Dalai Lama on Friday in a show of concern about China's human rights practices, and in spite of warnings from China that the visit would "seriously damage" ties with Washington.
The private meeting appeared to last about an hour, although the Dalai Lama, a Nobel Peace Prize laureate, was not seen by White House photographers as he entered or exited the complex.

http://uk.reuters.com/article/2014/02/21/uk-usa-china-tibet-dalailama-idUKBREA1K1NW20140221



Suspended Nigeria central bank boss hits back

Lamido Sanusi says president has no powers to suspend head of central bank as he hints he will challenge decision.
Last updated: 21 Feb 2014 11:55
Nigeria's suspended central bank governor has implied that he will challenge President Goodluck Jonathan's decision to suspend him on grounds of financial recklessness.
"The central bank is an independent institution, [and] there is a section of the act that says the president cannot remove the governor without two-thirds of the senate," Sanusi told Channels Television in Lagos, the commercial capital.

http://www.aljazeera.com/news/africa/2014/02/suspended-nigeria-central-bank-boss-hits-back-201422184457507959.html


   

 Feb. 21, 2014, 2:53 p.m. EST

‘Fog of war’ surrounded Fed in 2008, transcripts show

Struggling with a crisis that stayed one step ahead of them
WASHINGTON (MarketWatch) — For the Federal Reserve, 2008 was a grim year, transcripts of their policy deliberations released Friday reveal.
The central bankers trudged though an ever-deepening crisis that remained shadowy and illusive, while trying to show markets that they were on top of the situation. The transcripts show central bankers consistently hampered by a lack of basic information about the weak condition of the nation’s biggest financial firms, whose excesses eventually led to a loss of basic confidence in the health of the financial system.

http://www.marketwatch.com/story/fog-of-war-surrounded-fed-in-2008-transcripts-show-2014-02-21



Russia Freezes Aid For Ukraine; Urges Respect For Legitimate Government

02/21/2014
“We planned to allocate another tranche according to that arrangement. Yet in the current situation we have many questions as to how the money will be used and how it will be paid back," said Russian Finance Minister Anton Siluanov, according to ITAR-TASS this morning.
...    “The national bank of Ukraine can now make efforts to bolster the hryvnia, but demand for foreign currency amid political uncertainty will remain high,” he said. “Therefore, interventions can prove a waste of gold and currency reserves that will lead to nothing and will not prevent the hryvnia's devaluation."

http://www.zerohedge.com/news/2014-02-21/russia-freezes-aid-ukraine-urges-respect-legitimate-government


Sliding ruble to drag Russian economy into recession

Published time: February 20, 2014 09:51
Russia’s GDP growth turned negative in January, with the lowest investment since 2010. Analysts say uncertainty surrounding the ruble, which hit its all-time low against the euro on Wednesday, is weighing on the economy and could drag it into recession.

http://rt.com/business/russia-ruble-economy-recession-871/



China starts to make a power move against the US dollar

China owns more of US national debt than any other country does.
Fri Feb 21, 2014 7:10PM GMT
In order for our current level of debt-fueled prosperity to continue, the rest of the world must continue to use our dollars to trade with one another and must continue to buy our debt at ridiculously low interest rates. Of course the number one foreign nation that we depend on to participate in our system is China.
Unfortunately, there are signs that China has now decided to start looking for a smooth exit from the game. In November, I wrote about how the central bank of China has announced that it is "no longer in China’s favor to accumulate foreign-exchange reserves". That means that the pile of U.S. dollars that China is sitting on is not going to get any higher.

http://www.presstv.ir/detail/2014/02/21/351695/chinas-power-move-against-us-dollar/



Renzi Forms Italy's Latest Coalition

ROME February 21, 2014 (AP)
By FRANCES D'EMILIO Associated Press
Democratic Party leader Matteo Renzi formed Italy's new government on Friday and promised that his coalition will give the economically-stagnant country "hope."
At 39, Renzi will become Italy's youngest premier when he, and his Cabinet, are sworn in Saturday. He will also be the third straight premier to come to office without being elected — the last premier who stood for election was scandal-tainted Silvio Berlusconi in 2008.

http://abcnews.go.com/International/wireStory/renzi-forms-italian-government-22620456




Feb. 20, 2014, 6:58 p.m. EST

Citigroup Gives CEO 23% Pay Raise

Citigroup C +0.42% Inc. boosted Chief Executive Michael Corbat 's pay by an estimated 23% for 2013, his first full year at the helm of the nation's third-largest U.S. bank by assets.

http://www.marketwatch.com/story/citigroup-gives-ceo-23-pay-raise-2014-02-20-18449647


Britain's bank bosses to get millions in share payments in bonus cap dodge

Payments would be on top of bank leaders' basic pay in a move to circumvent EU's limits on bonuses
    The Guardian, Friday 21 February 2014 20.00 GMT   

http://www.theguardian.com/business/2014/feb/21/britains-bank-bosses-share-payments-eu-bonus-cap


Canada inflation rate jumps but retail sales sag

Fri Feb 21, 2014 11:55am EST
OTTAWA/TORONTO (Reuters) - Canada's annual inflation rate jumped unexpectedly last month to its highest in 1-1/2 years, alleviating concern that the country is headed for disinflation and reducing the likelihood the Bank of Canada will be forced to cut already low interest rates.
But the impact of the positive inflation data was offset by a figures that showed a slump in retail sales in December as harsh winter weather kept consumers at home. The drop was the biggest in 12 months and reinforced expectations that the economy likely shrank in the last month of 2013.

http://ca.reuters.com/article/businessNews/idCABREA1K1GC20140221


Austria Demands "Profitable" Bondholders Pay Up Before Bad Bank Bailout

02/21/2014
While, for now, depositors at Austria's Hypo-Alde-Adria-Bank (nationalized in 2009) have not had assets confiscated, Austrian authorities are shifting in an unusual (scary precedent-setting) direction. Amid the resignation of the bank's CEO, the government is taking aim at 'speculators' who dared to buy the bank's bonds below par - and made money therefore on the back of the taxpayer. "What financial markets expect is not always what you want politically," Austria's finance minister warned, "if someone buys today at a lower price, saying ‘shortly, I’ll get 100 back,’ that’s what’s agitating the people."It seems Europe has a new template.

http://www.zerohedge.com/news/2014-02-21/austria-demands-profitable-bondholders-pay-bad-bank-bailout


 Business Wire Halts Direct Feeds to High-Speed Traders

By Noah Buhayar and Sam Mamudi Feb 21, 2014 6:01 AM GMT+0100
Business Wire, the distributor of press releases owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), will stop letting high-speed trading firms purchase direct access to its service.

http://www.bloomberg.com/news/2014-02-20/business-wire-halts-direct-feeds-to-high-speed-traders-1-.html


Buffett's Hypocrisy Exposed Yet Again

Chile: Pedophile Priest Defies Vatican Order

SANTIAGO, Chile February 21, 2014 (AP)
A prominent Chilean priest who was ordered by the Vatican to never again celebrate a public Mass as punishment for sexually abusing altar boys has been photographed apparently defying the order.

Chile's top church leaders confirmed the Rev. Fernando Karadima's act of insubordination Friday and sent the case to the Vatican for investigation. The photos were taken Dec. 4, but they were only released this week by Juan Carlos Cruz, a journalist and one of Karadima's victims.

http://abcnews.go.com/International/wireStory/chile-pedophile-priest-defies-vatican-order-22618550



Federal judge says it’s okay for the NYPD to spy on Muslims

Published time: February 21, 2014 17:26
A federal judge this week dismissed a lawsuit against the New York City Police Department and said that the covert NYPD operation that sent undercover officers into area mosques to conduct surveillance on innocent Muslims was not unconstitutional.
United States District Judge William Martini — a George W. Bush appointee — opined in a 10-page decision published late Thursday that the June 2012 lawsuit against the NYPD must be dismissed due in part to lack of standing with respect to the plaintiffs: a coalition of six Muslim individuals, two organizations that operate mosques, two Muslim-owned businesses and the Rutgers University Muslim Student Association.

http://rt.com/usa/nypd-muslim-martini-ruling-132/



Swiss court rules police officer's slurs did not breach anti-racism law

'Foreign pig' and 'dirty asylum seeker' insulting but not against anti-racism law because specific ethnic group not mentioned
    Agence France-Presse
    theguardian.com, Friday 21 February 2014 14.08 GMT 
 
http://www.theguardian.com/world/2014/feb/21/switzerland-police-officer-racist-slur-law



US expands military net over Africa, checking China’s influence

02/21/14
Over the last decade, America has quietly expanded its military presence throughout Africa in an attempt to counter Chinese and other emerging nations’ influence, while consolidating control over critical strategic resources and trade routes.
The United States, like its allies Britain and France, has long maintained influence and indirect control in Africa through financial institutions such as the World Bank, International Monetary Fund, and African Development Bank. It has exerted political influence using aid organizations such as USAID and NGOs like the National Endowment for Democracy, Freedom House and others.
However, recent years have seen an unprecedented military expansion which has gone almost entirely unnoticed by the US public.

http://rt.com/op-edge/us-expands-military-net-africa-081/



Egypt police fire birdshot, tear gas at protesters

Fri Feb 21, 2014 5:51PM
Egypt security forces have fired tear gas and birdshot at anti-government protesters during nationwide demonstrations, injuring several people.

http://www.presstv.ir/detail/2014/02/21/351687/egypt-police-fire-birdshot-at-protesters/



Israeli forces attack protesters in al-Khalil

Fri Feb 21, 2014 5:27PM GMT
Israeli forces have used rubber bullets, stun grenades and tear gas to disperse a pro-Palestinian protest in the southern West Bank city of al-Khalil (Hebron).

http://www.presstv.ir/detail/2014/02/21/351680/israel-troops-disrupt-alkhalil-protest/



Yemeni forces open fire on separatist protesters

Fri Feb 21, 2014 4:26PM GMT
Yemeni security forces have opened fire on pro-independence protesters in the southern city of Aden, killing one person and leaving over a dozen injured.
The violence broke out when thousands of demonstrators took to the streets in the port city after Friday prayers.

http://www.presstv.ir/detail/2014/02/21/351673/yemeni-forces-attack-separatist-protest/


Venezuela's poor join protests as turmoil grips Chávez's revolution

Government claims protests bear the hallmarks of US-backed coup plot led by jailed opposition leader Leopoldo López
    The Guardian, Thursday 20 February 2014 19.42 GMT   
The poor neighbourhood of Petare in western Caracas is not an obvious hotbed of anti-government sentiment. In the past, its residents have been among the major beneficiaries of Venezuela's public health and education campaigns, and an economic policy that resulted in one of the sharpest falls in inequality in the world.

But as demonstrations sweep several major cities, even the people of Petare have taken to the streets to protest again surging inflation, alarming murder rates and shortages of essential commodities.

http://www.theguardian.com/world/2014/feb/20/venezuelas-poor-protests-chavez-revolution


Why Banks Are Doomed: Technology and Risk

It’s not just that banks are no longer needed–they pose a needless and potentially catastrophic risk to the nation. To understand why, we need to understand the key characteristics of risk.
The entire banking sector is based on two illusions:
1. Thanks to modern portfolio management, bank debt is now riskless.
2. Technology only enhances banks’ tools to skim profits; it does not undermine the fundamental role of banks.
The global financial meltdown of 2008-09 definitively proved riskless bank debt is an illusion. If you want to understand why risk cannot eliminated, please read Benoit Mandelbrot’s book The (Mis)Behavior of Markets.

http://networkedblogs.com/U2FnM


 Zuckerberg’s Data Stance Faces Privacy Backlash in Europe

By Cornelius Rahn and Marie Mawad Feb 21, 2014 1:00 AM

http://www.bloomberg.com/news/2014-02-21/zuckerberg-s-data-stance-faces-privacy-backlash-in-europe.html



Friday, February 21, 2014

Human Rights group calls on World Bank to acknowledge role in the mass killing of one million Indonesians


The Oscar-nominated documentary THE ACT OF KILLING was projected on the World Bank headquarters in Washington, D.C. Thursday in an action by the East Timor and Indonesian Action Network. The group is calling on the World Bank to acknowledge its role in the 1965 military coup in Indonesia that lead to the massacre of an estimated one million civilians. The World Bank helped prop up the corrupt government of Suharto, the general who lead the coup and ordered the mass killings. The Bank sent the Suharto regime $30 billion in development aid over the course of three decades despite knowing $10 billion had been looted by the government.

http://www.activistpost.com/2014/02/human-rights-group-calls-on-world-bank.html


Jon Ronson is ready for blast-off. Is Richard Branson?

After a 10-year wait, Richard Branson says Virgin Galactic will have lift-off this year: he and his children will be on the first (live televised) flight. What took them so long? Jon Ronson meets him and the 'future astronauts' as they prepare for the ride of their lives
        The Guardian, Friday 21 February 2014 16.00 GMT

http://www.theguardian.com/science/2014/feb/21/jon-ronson-virgin-galactic-richard-branson-future-atronauts