Sunday, May 19th
Last update03:12:17 PM GMT
Economic Glance
The Republican Party has confirmed that it will cut out millions of dollars from the federal plan to help low-income families if they win the November election and get the presidency or control of the Senate of the United States.
Supporters of presidential candidate Mitt Romney went forth to submit an amendment to remove nearly two billion dollars from Medicaid over the next decade, beginning in January 2013.
Welcome to Planet Banker, a surreal place where a seeming lack of oxygen seems to affect the eye-sight and hearing of the inhabitants.
Why are we going on about that cocaine money-laundering thing when their continued capital strength is such a source of reassurance?
The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion.
The New York Fed has introduced a framework to give banks the right to suspend account withdrawals at will to defend against financial panic.
The shadow central planners have proposed new contigency plans to prevent the Great Depression style bank runs that are hitting Europe from spreading to America.
Their solution is the creation of a framework that consists of “capital controls” which allow financial institutions that find themselves in hot water to limit or outright suspend customer account withdrawals.
Late last March the Mormon Church completed an ambitious project: a megamall. Built for roughly $2 billion, the City Creek Center stands directly across the street from the church’s iconic neo-Gothic temple in Salt Lake City.
The mall includes a retractable glass roof, 5,000 underground parking spots, and nearly 100 stores and restaurants, ranging from Tiffany’s (TIF) to Forever 21. Walkways link the open-air emporium with the church’s perfectly manicured headquarters on Temple Square. Macy’s (M) is a stone’s throw from the offices of the church’s president, Thomas S. Monson, whom Mormons believe to be a living prophet.
HSBC, the only British bank with a branch network in America, failed to properly staff its compliance department and wrongly designated Mexico as a “low-risk” country.
In one of the more damaging accusations, the report says HSBC resumed providing banking services to a Saudi Arabian bank despite speculation it had links to financing terrorism.
Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”. Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.
Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.
Page 9 of 64
