ECONOMY MONEY AND BANKING

A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash

In early November, without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this. That is surprising, as Washington's role has been disguised only very superficially.
READ MORE: http://norberthaering.de/en/home/27-german/news/745-washington-s-role-in...

Meet the Internet of big, lethal Things. Should you be free to tinker with a combine harvester?

Silicon Valley’s desire to open up the software that controls heavy vehicles has come under criticism from industry experts.

This week the Electronic Frontier Foundation (EFF) renewed its call for the legal protection that manufacturers use to safeguard automotive software to be relaxed.

For three years, farm machinery maker John Deere has found itself in a fight against the EFF, Silicon Valley’s most reliable proxy group, over the right to control its own intellectual property. Auto manufacturers use a variety of legal mechanisms to stop people tinkering with their gear willy nilly, and one of them is copyright.
READ MORE: http://www.theregister.co.uk/2016/12/23/should_you_able_to_tinker_with_a...

Many CEOs believe technology will make people 'largely irrelevant'

Although artificial intelligence (AI), robotics and other emerging technologies may reshape the world as we know it, a new global study has revealed that the majority of CEOs now value technology over people when it comes to the future of their businesses.

The study was conducted by the Los Angeles-based management consultant firm Korn Ferry that interviewed 800 business leaders across a variety of multi-million and multi-billion dollar global organizations. The firm says that 44 percent of the CEOs surveyed agreed that robotics, automation and AI would reshape the future of many work places by making people "largely irrelevant".
READ MORE: http://betanews.com/2016/12/03/ceos-think-people-will-be-irrelevant/?utm...

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.

Syndicate content