The California state’s effort to effectively legalize bitcoin – along side a host of other alternative stores of value – as forms of money cleared an important procedural stage and it moved closer to becoming law. On 4th June, a bill dubbed as AB-129 passed the...
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Pakistan has refused to sell gold worth $2.7 billion, citing national security reasons, as the International Monetary Fund (IMF) pushes Islamabad to convert the precious metal into cash to build foreign currency reserves, revealed the global lender’s report. According to the report, the State Bank...
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In a new interview, Pope Francis asserts that “the god of money” is the root of social problems facing the people of the world. The global economy produces war and unemployment, and therefore this economy cannot hold much longer. “The economy is moved by the ambition...
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British authorities are planning criminal penalties for those who rig benchmark financial and commodity rates. The government will soon propose rules that would criminalize manipulation of the foreign-exchange, fixed-income and commodities market rates. Britain has already introduced a maximum seven-year jail term for trying to manipulate...
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“Libor” is an acronym that stands for “London Interbank Offered Rate”, that is derived from the rates that major banks charge each other for loans. As the world’s most important benchmark interest rate, the Libor is used as a reference rate for hundreds of trillion...
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According to a new report by The Boston Consulting Group (BCG) “Riding a Wave of Growth: Global Wealth 2014”, global private financial wealth grew by 14.6% in 2013 to reach a total of $152.0 trillion. The rise was stronger than in 2012, when global wealth...
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India’s new Prime Minister Narendra Modi makes a priority to recover billions of dollars stashed overseas to avoid taxes. Within 24 hours of his May 26 inauguration, Narendra Modi has created a Special Investigative Team, composed of former judges and current regulators, to find and...
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United States bank regulators are descending deep into the plumbing of the financial system as they seek the most fitting punishment for the giant French bank now in the cross hairs of the law enforcement authorities. The US is seeking more than $10 billion to resolve...
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The second largest Russian bank VTB declined to service American taxpayers. Thus, the bank intends to minimize the risks of the Russian bank customers that arise due to the need to obey the FATCA law (Foreign Account Tax Compliance Act), which requires the foreign banks...
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If the economy really is "getting better", then why are nearly 50 mln Americans dealing with food insecurity? In 1854, Henry David Thoreau observed that "the mass of men lead lives of quiet desperation". The same could be said of our time. In America today,...
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