"The United States withdrew trade privileges from Bangladesh Thursday, citing dangerous conditions for workers in the wake of a factory building collapse that killed over 1,100 people. Multiple recent tragedies in the country’s huge garment sector 'have served to highlight some of the serious shortcomings in worker rights and workplace safety standards in Bangladesh,' said US Trade Representative Michael Froman." Continue reading →
"The recent drop in gold prices on the Lao market has brought buyers out in droves to purchase gold jewellery while it remains cheap. According to gold shops in Vientiane, sale prices yesterday were at 5,060,000 kip (US$655) per baht-weight for gold jewellery - down about 500,000 kip per baht-weight on previous months. According to gold traders, large numbers of buyers have visited gold shops in Vientiane to purchase gold jewellery and bars as an investment. Some shops at the Talatsao Mall were stripped bare of all of their wares as a result of the gold rush." Continue reading →
"There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week. The price drop led to a rush of buyers for Dubai gold from the Middle East, South East Asia, the Balkans, Turkey and parts of Europe according to Tarek El Mdaka, the managing director of Kaloti Gold in Dubai. 'I cannot find a place for transporting gold on Emirates, on BA on Swiss Airlines this weekend,' Mr El Mdaka said. 'I am shipping in one-and-a-half to two tonnes of gold every day and it is going straight out.' Gold is in such short supply in Dubai that he is able to charge a US$3 premium per ounce." Continue reading →
"The Reserve Bank of India has expressed concern over the rise of 'virtual currencies' which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. 'The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,' RBI said." Continue reading →
"Brazil’s ruling party is reviving a proposal to tax millionaires’ wealth to help pay for measures demanded by protesters staging the largest demonstrations in two decades. The move is part of a congressional rush to pass laws that placate demands from protesters for cheaper transportation, better education, and less corruption. Over the past three weeks, more than 1 million Brazilians have taken to the streets. The proposal, which has been considered for at least 25 years, came back to life as pressure for more spending coincides with a tighter budget. President Dilma Rousseff’s Workers Party, known as the PT, agreed this week to push for the approval of the bill." Continue reading →
"An Internal Revenue Service deputy director whose office awarded more than $500 million in contracts to a friend’s technology company wouldn’t testify before a congressional committee. Greg Roseman was subpoenaed to appear today before a U.S. House committee investigating how Strong Castle Inc., a small business formed in late 2011, managed to attract so much contract work in such a short time. At a House Oversight and Government Reform Committee hearing, he declined to answer questions about his relationship with Braulio Castillo, president of Washington-based Strong Castle." Continue reading →
"The IRS allows some of its 90,000 employees to use company charge cards to buy work-related items, such as office supplies. However, employees made a host of 'improper' purchases -- ranging from a dinner averaging $140 per person to Thomas the Tank Engine rubber wristbands. The inspector general said the IRS has been negligent when it comes to catching employees who circumvent $3,000 caps on transactions, by splitting purchases into several transactions. The agency also doesn't have a good record at turning off credit cards as soon as employees depart or retire." Continue reading →
"Federal prosecutors asked for permission Friday to seize the homes of former Rep. Jesse Jackson, Jr. (D-IL) and his wife, former Chicago Ald. Sandi Jackson, in addition to an IRA of Jackson's with an almost $80,000 balance, the Chicago Tribune reported. According to the Tribune, prosecutors asked a judge in U.S. District Court for the District of Columbia to let them seize the Jacksons' homes in both Chicago and Washington, D.C.'s DuPont Circle. Jackson Jr. pleaded guilty in February to misuing hundreds of thousands of dollars from his campaign accounts, while his wife pleaded guilty to filing false tax returns." Continue reading →
"Dempsey said that since his appointment as head of the Joint Chiefs in 2011 'intrusions into our critical infrastructure have increased 17-fold.' Some 4,000 cyber-security experts would join the ranks over the next four years, while some $23 billion would be spent on tackling the threat. Dempsey said Cybercom was now organized in three divisions. One team was in charge of countering enemy attacks, another was tasked with offering regional support while a third was responsible for protecting some 15,000 US military computer networks. In addition, the military now had a manual which allowed it to cooperate with Homeland Security and the FBI." Continue reading →
"A former high-ranking US military officer is being probed for allegedly leaking details about a US cyberattack on Iran, a US media report said. Citing unnamed legal sources, NBC News said retired Marine Gen. James Cartwright has been told he is under investigation for allegedly disclosing details about the Stuxnet attack on Iran’s nuclear facilities. Cartwright, 63, is the former vice chairman of the Joint Chiefs of Staff. The four-star general retired from the military in August 2011. Stuxnet, tailored specifically to target Iran’s uranium enrichment operation, struck Iran in 2010 and reportedly dealt a serious blow to its disputed nuclear program." Continue reading →