Mainstream News

Number of Chinese becoming US citizens declines

"The number of Chinese who became US citizens has declined annually over the last five years to 31,868 in 2012 from 40,017 in 2008, according to the US Department of Homeland Security. Tao Lin, a New York-based immigration law expert, said naturalization for Chinese appears to be changing. 'It's not like the old-fashioned way when Chinese immigrants would come to the US, gain their citizenship, stay and assimilate to US culture,' said Lin, managing attorney of T. Lin & Associates. 'You're seeing more Chinese people returning to China.'" Continue reading →

Continue ReadingNumber of Chinese becoming US citizens declines

US banker proud to become Chinese national

"The rise of China has not only transformed the global landscape of the financial industry, but it has also changed an American banker’s nationality. Some in Hong Kong’s financial community were surprised by an e-mail from one of the most veteran investment bankers in the city on Tuesday night. Marshall Nicholson, a managing director in charge of investment banking in Hong Kong for China International Capital Corporation (CICC) told his colleagues and friends that he had officially renounced his United States citizenship and would soon receive a HKSAR passport. Nicholson, whose wife is a Hongkonger, first came to the city about 11 years ago." Continue reading →

Continue ReadingUS banker proud to become Chinese national

Huge landslide shuts down largest mine in the world in Utah

"The world's largest man-made excavation - a US copper mine - has been shut down by an enormous landslide that smashed roads and buildings and left two-thirds of the pit base buried. Nobody was hurt in the collapse at the massive open-cast Bingham Canyon Mine, run by Rio Tinto-owned Kennecott Utah Copper - largely because workers had been evacuated amid several weeks of warning signs the ground was going to shift. Kennecott is the second largest copper producer in the US, supplying about a quarter of the country's copper, the company's website states." Continue reading →

Continue ReadingHuge landslide shuts down largest mine in the world in Utah

Bitcoins gain traction in Argentina

"Enter the bitcoin? The virtual currency is emerging as the latest inflation refuge – and Bloomberg reports that TradeHill, a US-based bitcoin exchange, is now planning to open an office in Argentina where demand is fastest in the region. Bitcoins are absolutely not words on everybody’s lips here and many people have no clue about how to use them. But a quick squint at the website of MercadoLibre – a kind of ebay – reveals that you can buy plenty of things, from motorbikes to apartments to an anti-slip spray for bathtubs, and pay with bitcoins. Argentina’s two centuries’ history of currency turbulence, has wired a need for financial smarts into the national DNA." Continue reading →

Continue ReadingBitcoins gain traction in Argentina

Greece to sack 15,000 state workers in next two years to unlock bail-out cash

"Greece is in deep recession, GDP has contracted by 22pc since 2008 and unemployment has spiralled to 27pc as the Greek government has implemented deeply unpopular EU-IMF austerity measures or 'fiscal adjustment' in return for loans. 'Our society has reached its limits. But finally we are meeting our targets and the programme is being improved,' said Antonis Samaras, the Prime Minister, in a nationally televised address. 'Soon, Greece will not depend on the memorandums. Greece will have growth, it will be competitive and outward-looking. In other words, we will have a strong Greece.'" Continue reading →

Continue ReadingGreece to sack 15,000 state workers in next two years to unlock bail-out cash

Feds firm on gun denials for pot users

"The federal form all firearms purchasers are required to fill out includes this question: 'Are you an unlawful user of, or addicted to, marijuana ... ?' An untruthful response to this question is a crime, said a spokesman for the Bureau of Alcohol, Tobacco, Firearms and Explosives. When it comes to marijuana law, the states and federal government have been in an awkward stalemate, with states such as Colorado taking an increasingly casual attitude toward marijuana and the federal government refusing to declassify it from a Schedule 1 narcotic – the same class as heroin and methamphetamine." Continue reading →

Continue ReadingFeds firm on gun denials for pot users

Local credit union tries on being banker to the pot industry

"One of Seattle’s oldest credit unions has stepped up to serve the pot industry—and inadvertently test the limits of state versus federal authority as the state attempts to create an above-board recreational marijuana industry. Other banks and credit unions have uniformly rejected pot-related businesses, because marijuana is on the federal list of illegal drugs, and a bank that handles marijuana revenue could look like a money launderer. On the other hand, it is a business opportunity. Verity's interpretation of the banking rules does push the boundaries a bit, and highlights the tension between state and federal laws." Continue reading →

Continue ReadingLocal credit union tries on being banker to the pot industry

John Paulson’s Gold Bet Loses Almost $1 Billion In Rout: Chart of Day

"Hedge-fund manager John Paulson’s wager on gold wiped out almost $1 billion of his personal wealth in the past two trading days as the precious metal plummeted 13 percent. Gold’s tumble since the start of the year has cut his riches by $1.52 billion on paper. Paulson started the year with about $9.5 billion invested across his hedge funds, of which 85 percent was in gold share classes. Paulson is sticking with his thesis that gold is the best hedge against inflation and currency debasement as countries pump money into their economies, according to the New York-based firm, which manages about $18 billion." Continue reading →

Continue ReadingJohn Paulson’s Gold Bet Loses Almost $1 Billion In Rout: Chart of Day

U.S. Treasury to BOJ: Do As We Say, Not As We Do

"The BOJ will double the monetary base by purchasing about 7.5 trillion yen of Japanese government bonds per month. It plans to extend the average maturity of its portfolio from three to seven years. And it will continue such actions until it achieves its inflation target. In other words, the BOJ is doing exactly what the Federal Reserve is doing. And for this it gets a warning from the U.S. Treasury 'to refrain from competitive devaluation and targeting its exchange rate for competitive purposes'? The message came in the Treasury's semiannual report on international exchange rates, released on April 12." Continue reading →

Continue ReadingU.S. Treasury to BOJ: Do As We Say, Not As We Do