ECONOMY MONEY AND BANKING

Billions are stolen; only a whistle-blower goes to jail

IT IS more than two years since Malaysians began asking awkward questions about 1MDB, a state-owned investment firm from which billions of dollars are missing. But Malaysia has yet to prosecute anyone in connection with the scandal, perhaps the gravest in its history. Instead, on November 14th a local court handed a prison sentence to Rafizi Ramli, an outspoken opposition politician who has done much to educate the public about the affair. If Mr Rafizi’s appeal is rejected he will spend 18 months in jail.
READ MORE: http://www.economist.com/news/asia/21710280-billions-are-stolen-only-whi...

Madison Square Garden reveals year-long credit, debit card data breach

The Madison Square Garden Company says a year-long data breach compromised credit and debit cards used at concession stands — at several properties it operates. MSG alerted customers to the breach Tuesday, saying the issue has been resolved.

But Knicks and Rangers fans, as well as anyone who took in the Radio City Christmas show last year, may want to check their bank records. Cards used to purchase merchandise and food and beverage items at Madison Square Garden, the Theater at Madison Square Garden, Radio City Music Hall, Beacon Theater and Chicago Theater between Nov. 9, 2015, and Oct. 24, 2016, may have been affected.
READ MORE: http://www.nydailynews.com/new-york/manhattan/madison-square-garden-reve...

Bitcoin Prices in India Soar Amid Demonetization Drive

Bitcoin, the eight-year old virtual currency, is lesser known in India but has been gaining decent traction in the country over the past few months. However, the government's decision to demonetize two currency notes has sparked new interest in bitcoin and other cashless mechanisms
READ MORE: http://www.investopedia.com/news/bitcoin-prices-india-soar-amid-demoneti...

The Trans-Pacific Partnership is dead, Schumer tells labor leaders

The Senate’s soon-to-be top Democrat told labor leaders Thursday that the Trans-Pacific Partnership, the trade deal at the center of President Obama’s “pivot” to strengthen ties with key Asian allies, will not be ratified by Congress.

That remark from Sen. Charles E. Schumer (D-N.Y.), who is expected to be the incoming Senate minority leader, came as good news to the AFL-CIO Executive Council, which met Thursday in Washington. Schumer relayed statements that Republican congressional leaders had made to him, according to an aide who confirmed the remarks.
READ MORE: https://www.washingtonpost.com/news/powerpost/wp/2016/11/10/the-trans-pa...

How a Pillar of German Banking Lost Its Way

For most of its 146 years, Deutsche Bank was the embodiment of German values: reliable and safe. Now, the once-proud institution is facing the abyss. SPIEGEL tells the story of how Deutsche's 1990s rush to join the world banking elite paved the way for its own downfall.

Greed, provincialism, cowardice, unfocused aggression, mania, egoism, immaturity, mendacity, incompetence, weakness, pride, blundering, decadence, arrogance, a need for admiration, naiveté: If you are looking for words that explain the fall of Deutsche Bank, you can choose freely and justifiably from among the above list.
READ MORE: http://www.spiegel.de/international/business/the-story-of-the-self-destr...

NatWest bank has frozen the accounts of Russia's state-run broadcaster RT

Margarita Simonyan tweeted: "They've closed our accounts in Britain. All our accounts. 'The decision is not subject to review.' Praise be to freedom of speech!"

RT says the bank gave no explanation for its decision.

It said the entire Royal Bank of Scotland Group, of which NatWest is part, was refusing to service RT.

The broadcaster, previously known as Russia Today, says NatWest wrote to its London office saying: "We have recently undertaken a review of your banking arrangements with us and reached the conclusion that we will no longer provide these facilities."
READ MORE: http://www.bbc.com/news/world-europe-37677020
MORE: https://www.rt.com/news/363013-rt-uk-accounts-blocked/

Auntie Fee: How to feed 7 people with just $3

Aunty Fee sorts out the doubters and shows how to cook for 7 people on just $3.

AUSTRALIA: 19 Jobseekers For Every Job: The Unemployed Elephant in the Room

According to the Australian Bureau of Statistics, there are 713,300 unemployed workers (5.6% of the workforce) and 1,110,100 underemployed workers (a record-high 8.7%).

Adding the 1.82 million Australians looking for work, the most recent ABS data indicates there are a further 1.34 million ‘hidden unemployed’ who are not considered part of the workforce but are also looking for work.

That’s just over three million Australians who are currently looking for work. Can they all be ‘leaners’, ‘dole bludgers’ and ‘job snobs’?

Not according to the Department of Employment’s figures on job vacancies. According to the Department’s August Vacancy Report, there are 166,800 job vacancies currently listed in Australia – down from over 300,000 in 2008.
READ MORE: https://newmatilda.com/2016/10/10/19-jobseekers-for-every-job-the-unempl...

Run on Banks Begins — Deutsche Bank Clients Begin Withdrawing Excess Cash

As the Free Thought Project reported Thursday, the most prominent bank in Germany is at risk of failure, with potentially profound effects for the EU, the United States and likely the rest of the world. This risk of failure has now gotten so threatening that a number of funds that clear derivatives trades with Deutsche Bank AG have withdrawn excess cash and positions held at the lender, according to Bloomberg.

While the vast majority of the bank’s more than 200 derivatives-clearing clients have made no changes, the hedge funds run on cash highlights serious concern. The paranoia of an imminent collapse spread to the US on Thursday as 10 hedge funds that are Deutsche Bank clients have decided to withdraw cash and listed derivatives positions from the bank, according to a Bloomberg News report.
READ MORE: http://www.activistpost.com/2016/10/run-banks-begins-deutsche-bank-clien...

Why Governments and Banks Want to Eliminate Your Cash

In a new book called “The Curse of Cash”, Harvard economist Kenneth Rogoff advocates removing from circulation all cash with a denomination of greater than $10. In countries such as Sweden, Canada and Italy, the government is already beginning to discourage the use of cash. Almost everywhere in the world, a decreasing share of transactions are being done with cash. Are we moving towards a cashless society?

Surprisingly, despite the increasing use of credit cards, cash holdings are about 8% of GDP, which is actually a larger share of the US economy than a decade ago, indeed even larger than 90 years ago.
READ MORE: http://www.blacklistednews.com/Why_Governments_and_Banks_Want_to_Elimina...

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