Economy

IMF boss Christine Lagarde under investigation in corruption case

International Monetary Fund Managing Director Christine Lagarde IMF

IMF chief Christine Lagarde has confirmed that she is being investigated for alleged “negligence” in a corruption probe when she was French Finance Minister in 2008, she told AFP. “The investigating commission of the Court of Justice of the French Republic has decided to place me under formal investigation,” Lagarde told …

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Media banned from reporting on Reserve Bank of Australia corruption scandal

Reserve Bank

On 29 July 2014, WikiLeaks releases an unprecedented Australian censorship order concerning a multi-million dollar corruption case explicitly naming the current and past heads of state of Indonesia, Malaysia and Vietnam, their relatives and other senior officials. The super-injunction invokes “national security” grounds to prevent reporting about the case, by …

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Argentina and 10 more countries near bankruptcy

Bankruptcy

The third-largest Latin American economy Argentina failed to make scheduled payments on its government bonds at the end of July. Credit agency Moody’s Investors Service reported a spike in Argentina’s one-year Sovereign EDF (Expected Default Frequency) to 48% in one week. “Amid increasing concerns that Argentina’s default will exacerbate its …

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HSBC headquarters raided in Argentina

HSBC

Call it “the Mother of the Vultures.” HSBC, the Crown Jewel of the British monarchy’s Opium Wars, then and now, found its Buenos Aires headquarters and two other offices raided Wednesday by agents of Argentina’s AFIP tax bureau, in search of documents for the tax-evasion and money-laundering case opened against …

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Russia admits it’s dumping USD and Euro for gold

Russia USD Euro Gold

Editor’s note: this article is sourced from RT so it’s straight from the Kremlin’s mouth  A message to other nations to follow suit perhaps? Russia is taking steps to ensure that it protects itself from any future dollar or euro sanctions. Moscow boasts the world’s 5th biggest foreign exchange reserves and …

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Bank of America fined $17 billion for role in financial crisis

Bank of America

Bank of America, the second largest US lender is close to ending a landmark deal with US authorities to pay up to $17 billion – a record fine – to the Justice Department over its role in the 2007 financial crisis. If completed, it will be largest single compensation settlement, …

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HSBC closes UK bank accounts held by Syrians

HSBC

HSBC has been accused of “shamelessly profiling” its customers by ethnicity after it closed bank accounts belonging to Syrian refugees and students in the UK just days after it was accused of discriminating against Muslim clients. Documents and email correspondence obtained by The Independent show that HSBC, which styles itself as the …

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Russia and China planning to dump the US dollar

Chinese Yuan

The Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on …

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Australian unemployment rate hits 12-year high

Part time casual jobs employment

Unemployment has jumped to the highest level in more than 12 years, following a surprise fall in jobs growth. The jobless rate rose to a seasonally adjusted 6.4 per cent from 6 per cent in June, its highest point since August 2002. The economy lost 300 jobs in July: While …

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Wall Street banks are still ‘too big to fail’

Bank of America

The biggest banks still don’t have adequate bankruptcy plans to avoid precipitating another economic crisis, said U.S. regulators. Eleven of the nation’s largest banks still do not have viable bankruptcy plans that would avoid causing widespread economic damage, U.S. regulators said Tuesday in a sweeping admonition of Wall Street’s giants. The Federal …

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