Mainstream News

Asian economies turn to yuan

"A 'renminbi bloc' has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China's successful bid to internationalize its currency, a research report has said. Seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute's website." Continue reading →

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Tiny gold bars latest rage for jittery investors

"Private investors in Switzerland, Austria and Germany are lining up to buy gold bars the size of a credit card that can easily be broken into one gram pieces and used as payment in an emergency. Now Swiss refinery Valcambi, a unit of U.S. mining giant Newmont, wants to bring its 'CombiBar' to market in the United States and build up its sales presence India - the world's largest consumer of gold where the precious metal has long served as a parallel currency. The 'CombiBar' - which has been dubbed a 'chocolate bar' because pieces can be easily broken off by hand into one gram squares." Continue reading →

Continue ReadingTiny gold bars latest rage for jittery investors

Brazil Doubles Gold Reserves as Central Banks Buy Bullion

"Brazil boosted gold reserves for a third month in November to double the country’s holdings since August as central banks from Russia to Belarus and South Korea add the metal to diversify their assets. Central banks have been expanding reserves as the metal heads for a 12th annual gain and investors hold a record amount in bullion-backed exchange-traded products. Nations bought 373.9 tons in the first nine months of the year and full-year additions will probably be at the bottom end of a range from 450 to 500 tons, the London-based World Gold Council estimates." Continue reading →

Continue ReadingBrazil Doubles Gold Reserves as Central Banks Buy Bullion

The Five Largest Landowners in the U.S. (Three you probably never heard of)

"1. John Malone - The cable tycoon has 2.2 million acres stretching from Wyoming to Maine. 2. Ted Turner - The media magnate has 2 million acres in Nebraska, New Mexico and other states. 3. The Emmerson family This low-profile family holds 1.8 million acres through Sierra Pacific Industries, the nation's second largest lumber producer. 4. Brad Kelley The reclusive billionaire, who drives a pick-up truck and made his money from discount cigarettes, owns about 1.5 million acres and uses much of it for cattle ranching. 5. The Irving family The Canadian forestry family behind J.D. Irving Inc. owns 1.2 million acres in Maine and other locations." Continue reading →

Continue ReadingThe Five Largest Landowners in the U.S. (Three you probably never heard of)

Older homeowners falling more into foreclosure

"Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times. Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures. The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts. About 6% of loans held by persons over 50 were delinquent in 2011, up from 1% in 2007. One of the problems is older Americans are saving less and borrowing more, said AARP." Continue reading →

Continue ReadingOlder homeowners falling more into foreclosure

California School District Owes $1 Billion On $100 Million Loan

"In 2010, officials at the West Contra Costa School District, just east of San Francisco, were in a bind. The district needed $2.5 million to help secure a federally subsidized $25 million loan to build a badly needed elementary school. Charles Ramsey, president of the school board, says he needed that $2.5 million upfront, but the district didn't have it. 'Why would you leave $25 million on the table? You would never leave $25 million on the table.' In the West Contra Costa Schools' case, that $2.5 million bond will cost the district a whopping $34 million to repay." Continue reading →

Continue ReadingCalifornia School District Owes $1 Billion On $100 Million Loan

Georgia rebuilds Stalin monuments

"A Joseph Stalin statue went back up in the Georgian village of Alvani on Friday in a sign of the slipping authority of President Mikheil Saakashvili, who had ordered its removal. The pro-Western president is serving out what some are calling a lame-duck term ahead of elections next year from which he is barred on account of the end of his 10-year constitutional mandate. Saakashvili, whose forces fought a five-day war with Russia in 2008 and who has always sought to ally Georgia with the United States, had spearheaded a furious de-Stalinisation campaign." Continue reading →

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Men Find Careers in Collecting Disability

"In 1960, some 455,000 workers were receiving disability payments. In 2011, the number was 8,600,000. In 1960, the percentage of the economically active 18-to-64 population receiving disability benefits was 0.65 percent. In 2010, it was 5.6 percent. Things have changed. Americans have grown healthier, and significantly lower numbers die before 65 than was the case a half-century ago. Nevertheless, the disability rolls have ballooned. Eberstadt points out that in 1960, only one-fifth of disability benefits went to those with 'mood disorders' and 'muscoskeletal' problems. In 2011, nearly half of those on disability voiced such complaints." Continue reading →

Continue ReadingMen Find Careers in Collecting Disability

France’s Jean-Marc Ayrault slams flight of the ‘greedy rich’

"These individuals are leaving 'because they want to get even richer,' he said. 'We cannot fight poverty if those with the most, and sometimes with a lot, do not show solidarity and a bit of generosity,' he added. Announcing plans to spend up to 2.5 billion euros by 2017 to help the poor, Mr Ayrault said that poverty affected 12.9 percent of the population in 2002 and rose to 14.1 percent in 2010. Mr Hollande has since introduced other hefty new charges on capital gains and inheritance, while increasing France's wealth tax and an exit tax for entrepreneurs selling their companies." Continue reading →

Continue ReadingFrance’s Jean-Marc Ayrault slams flight of the ‘greedy rich’

Facebook paid small tax bill on big profits made outside US, figures show

"Facebook is structured so that companies buying advertisements on the website in the UK, or anywhere outside of the US, have to pay Facebook Ireland. This allowed Facebook Ireland to make gross 2011 profits of £840m – or £3.1m per each of its 287 staff. Despite the high gross profit, Facebook Ireland was able to cut its tax bill to just €3.2m by using an accounting technique called the 'Double Irish'. The manoeuvre allows multinationals to move large amounts of money to other subsidiaries in the form of royalty payments. Facebook moved nearly £750m to the Cayman Islands and its Californian parent in licensing and royalty payments." Continue reading →

Continue ReadingFacebook paid small tax bill on big profits made outside US, figures show