Mainstream News

High frequency trader fined more than $3m by regulators

"Financial regulators in the UK and US have fined a high frequency trader and his firm more than $3m (£1.95m) for manipulating commodities markets. The UK's Financial Conduct Authority (FCA) fined Michael Coscia $903,176, while two US regulators levied the rest on him and his company, Panther Energy. Between 6 September 2011 and 18 October 2011, US-based Mr Coscia used algorithmic programs that he developed to create false orders for oil and gas on trading exchanges in the US and UK. A computer program placed and quickly cancelled trades to manipulate the price of commodities, an illegal process known as 'layering' and 'spoofing'." Continue reading →

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A Shuffle of Aluminum, but to Banks, Pure Gold

"The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again. This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange. The back-and-forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman." Continue reading →

Continue ReadingA Shuffle of Aluminum, but to Banks, Pure Gold

India Department of Post to stop gold coin sales

"Following the Centre's decision to halt the import of gold coins and bars in the country, the department of post will stop their sales from its counters from August 1. So, if you want to buy 24-carat gold coins with India Post logo, better hurry up. Otherwise, you will miss the last chance - for the time being - to buy them. The department has so far been selling gold coins from 0.5gm to 50 gm in weight. India Post had entered into a tie-up with a private sector company to sell gold Suisse which were certified by the Switzerland-based International Gold Council. The government has asked India post, banks and other financial institutions to stop the supply of gold." Continue reading →

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John Paulson: Rationale for owning gold is valid

"CNBC's Carl Quintanilla speaks to John Paulson, founder and president of Paulson & Co., about his firm's investments, and his level of concern about the Fed's monetary policy. 'Although the Fed has printed a lot of money, to date there is little inflation,' he says in discussing the gold market." Continue reading →

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Television set injuries on the rise in the U.S.

"Television sets injure one child every 30 minutes in America, and the rate of emergency room visits is increasing with the popularity of flat-screen TVs, according to a new study. Just over half (52 percent) of all TV injuries for those under 18 from 1990 to 2011 were due to the equipment falling and hitting the patient, said the study in the journal Pediatrics. The number of falling TV injuries was 5,455 in 1990, but that more than doubled to 12,300 in 2011, the study said. The number of US households with multiple TVs has more than doubled since 1990. Previous research has found that 215 children died from a falling TV injury from 2000 to 2011." Continue reading →

Continue ReadingTelevision set injuries on the rise in the U.S.

Britain considers banning Internet pornography over ‘corroding’ influence on children

"Every household in Britain connected to the internet will be obliged to declare whether they want to maintain access to online pornography, David Cameron will announce on Monday. In the most dramatic step by the government to crack down on the 'corroding' influence of pornography on childhood, the prime minister will say that all internet users will be contacted by their service providers and given an 'unavoidable choice' on whether to use filters. The changes will be introduced by the end of next year. All police forces will work with a single secure database of illegal images of children to help 'close the net on paedophiles'." Continue reading →

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New York house flipping nets $40,000 average profit

"Looking for a quick $40,000? Consider joining the rapidly growing legion of New York-area home flippers. The average gross profit on a home owned for less than six months and sold in the first half of 2013 in the New York City, Long Island and Northern New Jersey area was $39,458, according to a report released July 19 by real estate analytics firm RealtyTrac. Based on gross profit percentage (10 percent), RealtyTrac found the local market to be the nation's 14th best for profitable home flipping. The practice is on the rise across the country." Continue reading →

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Ingham County judge rules Detroit bankruptcy be withdrawn

"Ruling the governor and Detroit’s emergency manager violated the state constitution, an Ingham County Circuit judge ordered Friday that Detroit’s federal bankruptcy filing be withdrawn. 'It’s absolutely needed,' said Judge Rosemary Aquilina, observing she hopes Gov. Rick Snyder 'reads certain sections of the (Michigan) constitution and reconsiders his actions.' Prior to her ruling, the judge criticized the Snyder administration and Schuette’s office over their hasty move. 'It’s cheating, sir, and it’s cheating good people who work,' the judge said. 'It’s also not honoring the (U.S.) president, who took (Detroit’s auto companies) out of bankruptcy.'" Continue reading →

Continue ReadingIngham County judge rules Detroit bankruptcy be withdrawn

Ingham County judge rules Detroit bankruptcy be withdrawn

"Ruling the governor and Detroit’s emergency manager violated the state constitution, an Ingham County Circuit judge ordered Friday that Detroit’s federal bankruptcy filing be withdrawn. 'It’s absolutely needed,' said Judge Rosemary Aquilina, observing she hopes Gov. Rick Snyder 'reads certain sections of the (Michigan) constitution and reconsiders his actions.' Prior to her ruling, the judge criticized the Snyder administration and Schuette’s office over their hasty move. 'It’s cheating, sir, and it’s cheating good people who work,' the judge said. 'It’s also not honoring the (U.S.) president, who took (Detroit’s auto companies) out of bankruptcy.'" Continue reading →

Continue ReadingIngham County judge rules Detroit bankruptcy be withdrawn

Indian forces shoot six Kashmir protesters dead

"Indian paramilitary forces Thursday shot dead six people protesting at an incident involving the troops at an Islamic school in Kashmir, police said. The angry protesters clashed outside the BSF base on Thursday with troops who started firing, witnesses said. About a dozen rebel groups have been fighting Indian forces in Kashmir since 1989, either for independence or for a merger with Pakistan. The fighting has left tens of thousands, mostly civilians, dead. Nuclear-armed rivals India and Pakistan have each administered part of Kashmir since the partition of the subcontinent after the end of British rule in 1947. Each country claims the territory in full." Continue reading →

Continue ReadingIndian forces shoot six Kashmir protesters dead