Mainstream News

Brezhnev Bonds Haunt Putin as Investors Hunt $785 Billion

"Holders of Soviet bonds first sold in Communist leader Leonid Brezhnev’s final year are getting in France what they can’t get from President Vladimir Putin: money. The European Court of Human Rights in Strasbourg ordered Russia last month to pay on part of the 25 trillion rubles ($785 billion), equal to almost half of Russian economic output, the government says it still owes the public from lost Soviet savings. Putin is stalling, most recently signing an order in April to halt payments on the notes until at least 2015. Now, armed with court rulings, veteran speculators are joining pensioners in seeking to cash in." Continue reading →

Continue ReadingBrezhnev Bonds Haunt Putin as Investors Hunt $785 Billion

Russia yet to decide on Cyprus loan extension

"Russia has made no decision yet on whether to extend the duration or ease the terms of a sovereign loan to Cyprus, a government source told Reuters on Monday. European Union officials, who over the weekend agreed a 10 billion euro bailout for the Mediterranean island, have said they expect Russia to extend its 2.5 billion euro ($3.27 billion) loan by five years, until 2021, and refinance terms. The involvement of any Russian investors - private or state - in recapitalization of the island's struggling banks is still a matter of talks, the government source said." Continue reading →

Continue ReadingRussia yet to decide on Cyprus loan extension

Royal Air Force plane takes one million Euros to Cyprus

"The government sent a Royal Air Force plane to crisis-hit Cyprus on Tuesday carrying one million euros in emergency loans for British military personnel, the defence ministry said. The cash cargo flight was a 'contingency' plan in case banks in Cyprus stopped giving out money as the island deals with the fallout from a controversial eurozone bailout deal, a spokesman said. 'An RAF flight left for Cyprus this afternoon with one million euros on board as a contingency measure to provide military personnel and their families with emergency loans,' the spokesman said in a statement to AFP." Continue reading →

Continue ReadingRoyal Air Force plane takes one million Euros to Cyprus

French minister in charge of combating tax avoidance resigns over Swiss bank account

"Jérôme Cahuzac, French budget minister, resigned on Tuesday night following the opening of a judicial inquiry into a secret Swiss bank account allegedly held in his name but which he has repeatedly denied having. His resignation was announced by the Elysée Palace following weeks of mounting pressure on the Socialist politician. The move by prosecutors to open a full investigation into the Swiss UBS bank account he allegedly used to hide assets from the tax authorities, made Cahuzac's position untenable and deeply embarrassing for the Socialist government as he was the minister in charge of combating tax avoidance." Continue reading →

Continue ReadingFrench minister in charge of combating tax avoidance resigns over Swiss bank account

Renouncing Your U.S. Citizenship: Is Divorcing Uncle Sam Right For You?

"The billionaire co-founder of Facebook, the only American member of Monty Python, a Civil Rights Leader with a PhD from Harvard, the founder of Carnival Cruise Lines and owner of the Miami Heat NBA franchise, and arguably the best chess mind to ever live have more in common than you might think. So what do Eduardo Saverin, Terry Gilliam, W.E.B. Du Bois, Ted Arison, Bobby Fischer and thousands of U.S. citizens living in Canada have in common? The answer is all five have renounced their U.S. citizenship." Continue reading →

Continue ReadingRenouncing Your U.S. Citizenship: Is Divorcing Uncle Sam Right For You?

Florida investment adviser charged with selling $8 million of fake Facebook shares

"A Florida investment adviser was charged Tuesday with selling $8 million of fake Facebook shares ahead of the social network’s highly anticipated public offering, officials said. The Justice Department said Craig Berkman, 71, was arrested on two separate securities fraud schemes involving Facebook shares. Berkman received a total of at least $8 million from these schemes, most of which he 'misappropriated for his own benefit,' a Justice Department statement said. Investors discovered the fraud when they tried to redeem their shares in 2012, officials said." Continue reading →

Continue ReadingFlorida investment adviser charged with selling $8 million of fake Facebook shares

First Bitcoin Hedge Fund Launches From Malta

"Similar to a mutual fund or hedge fund for alternative assets, Exante’s Bitcoin Fund permits institutions and high-net worth individuals to access the vibrant bitcoin market with a licensed product. The fund shares are distributed exclusively through the Exante Hedge Fund Marketplace platform. Authorized and regulated by the Malta Financial Services Authority, Exante offers the Bitcoin Fund with an initial minimum subscription of $100,000 and a 0.5% upfront subscription fee. However, U.S. persons and U.S. institutions will not be able to access the fund directly; according to the disclaimer, 'U.S. Persons may not subscribe either directly or indirectly for shares.'" Continue reading →

Continue ReadingFirst Bitcoin Hedge Fund Launches From Malta

Cyprus rejects bank bill which would have forced people to hand over 10% of their savings

"The euro was plunged into fresh crisis last night as Cyprus flatly rejected plans to raid bank accounts on the debt-ridden island to save its basket-case economy. In a stunning rebuke to European leaders, the Cypriot Parliament voted to reject draconian plans to seize up to 9.9 per cent from the bank accounts of islanders, including 3,000 UK service personnel and 60,000 other Britons who have made their homes there. Not one MP backed the proposal, which the German government had demanded in exchange for backing a fresh bailout for the bankrupt Cypriot economy." Continue reading →

Continue ReadingCyprus rejects bank bill which would have forced people to hand over 10% of their savings

Cypriot finance minister says “no truth” to resignation reports

"Cypriot Finance Minister Michael Sarris denied reports on Tuesday that he had resigned, as lawmakers in the troubled euro zone member debated a divisive tax on bank deposits to secure an international bailout. Sarris, who was in Moscow on Tuesday, told Reuters by text message there was 'no truth' to the reports, which had further rattled nerves with lawmakers poised to reject the tax." Continue reading →

Continue ReadingCypriot finance minister says “no truth” to resignation reports

How German fears of underwriting Russian oligarchs pushed Cyprus to crisis

"German politicians and many of their European colleagues suspect Cyprus to be a tax haven and a money-laundering site for Russian oligarchs. Of the 68 billion euros stored in Cypriot bank accounts, around 20 billion ($26 billion) belong to Russian account holders. A report compiled last year by the German secret service, the Bundesnachrichtendienst, claims to have found evidence that Cypriot banks or Russian bank branches based in Cyprus are used to launder illegal money. Germany’s ruling coalition of conservatives and liberals is facing general elections in September, and politicians fear accusations they are sacrificing German tax money to bail out Russian billionaires." Continue reading →

Continue ReadingHow German fears of underwriting Russian oligarchs pushed Cyprus to crisis