Economy

Deutsche Bank to axe 35,000 jobs

Deutsche Bank

Germany’s biggest lender, Deutsche Bank, has announced that it will cut 35,000 jobs through redundancies and the sale of businesses. The Deutsche Bank says it plans to slash 9,000 full-time jobs and 6,000 contractor positions. It will also sell operations with 20,000 more workers and close local operations in 10 …

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Federal Reserve cries wolf on interest rates yet again

Federal Reserve Janet Yellen

The Federal Reserve has once again found a convenient excuse for why they again won’t raise rates, but “may do so in December“. Time after time in recent months, they say they will raise rates in the future — most likely to give the illusion that the economy has recovered from the …

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Iceland citizens to get paid from sale of bank

Iceland flag bankers bank

First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki. If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr …

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Putin seeks to ditch US dollar from Russia’s domestic trade

Russian President Vladimir Putin

Russian President Vladimir Putin blasted the government for turning a blind eye on US dollar payments in the domestic oil trade. “I would like to mention one crucial issue in the development of the energy industry, and the economy as a whole. It is a question of finally stopping the …

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IMF set to add Chinese yuan to SDR currency basket

Chinese yuan

China’s currency, the yuan seems to be on track to be included in the International Monetary Fund‘s benchmark currency basket, putting it on par with the dollar, euro and pound sterling. A draft report by IMF staff who have been assessing the yuan’s technical criteria seems to be favourable. Three …

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These companies are hinting at a global recession

Recession recovery

From Filip Karinja, for Birch Gold Group Despite the mainstream media running headlines like “Nowhere to go but up“, the numbers coming out on the health of the economy tell a different story. To be sure, there are some companies doing well at the moment; the media has a field day parading around …

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Saudi Arabia could be bankrupt by 2020 – IMF

Saudi Arabia Faisaliah Tower

The Middle East’s biggest economy, Saudi Arabia may run out of financial assets within the next five years if the government maintains its current policies, warns the International Monetary Fund. Saudi Arabia is expected to run a budget deficit of 21.6 percent in 2015 and 19.4 percent in 2016, according …

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China calls for new global currency to replace US dollar

Gold Chinese Dragon

China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis. The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and …

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Morgan Stanley’s profit plunges 42%

Morgan Stanley

Wall Street bank Morgan Stanley’s profit slumped for the second straight quarter as investors fled the bond, currency and commodity markets amid uncertainty about the timing of a U.S. interest rate hike and concerns about China’s cooling economy. Morgan Stanley, the last of the big U.S. banks to release third-quarter …

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Fast food giant McDonald’s is “facing its final days”

McDonald's closed down Ronald McDonald

An ill-thought scheme intended to retain the last of McDonald’s’ customers has blown up in franchise owners’ faces, showing how little can be done to save the fast food giant from imminent collapse. After seven straight quarters of declining sales, McDonald’s decided to implement an all day breakfast menu earlier …

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