New Yorkers who are missing out on the natural gas revolution could be victims of Russian spy operations that fund popular environmental groups, current and former U.S. government officials and experts on Russia worry. Natural gas development of the celebrated Marcellus Shale deposits has spurred jobs and other economic growth in neighboring Pennsylvania. But not […]
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U.S. Eases Sanctions on Aluminum Firm Tied to Russian Oligarch…
The Treasury Department Monday eased sanctions on Russian aluminum producer Rusal and said it would consider lifting them altogether if the company severs ties with Oleg Deripaska, a Russian oligarch with close ties to President Vladimir Putin. Rusal was sanctioned earlier this month by Treasury’s Office of Foreign Assets Control because of Deripaska’s stake in […]
U.S. Oil Floods Europe, Hurting OPEC and Russia…
As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has […]
1 in 5 Financial Institutions Exploring Crypto Trading, Survey Finds
Mass media company Thomson Reuters has found that one in five of its financial services clients is considering trading cryptocurrencies this year. The firm recently surveyed more than 400 clients on its data and trading platforms, including Eikon, REDI, FXall and Elektron. About 20 percent of these clients were “really interested and actively exploring” launching […]
To ‘Protect’ Workers, World Bank Calls for Eliminating Minimum Wage, Giving Employers More Power…
In a major blow to labor rights, the World Bank in its annual flagship report, World Development Report, has called for the credit-states or “poor countries” to have fewer workers’ regulations, like eliminating a requirement for minimum wage, allowing the employers to fire workers without cause, and repealing laws limiting abusive employment contract terms. The […]
NAFTA Now Bananas – Canada and Mexico Propose U.S. Should Apply Import Tax to Canadian and Mexican Autos…
Representatives from Canadian, Mexican and the U.S. are in the deepest weeds within NAFTA negotiations and some of the proposals are flat out nuts. Within the auto-sector the “Rules of Origin” continue to be one of the biggest sticking points. The U.S. position is that 80% or more of a vehicle made in the U.S., […]
Unpacking the 5 Biggest Cryptocurrency Scams…
Cryptocurrencies have revolutionized the way the world looks at transactions – but they’ve also facilitated some monumental scams over the past nine years. The success of Bitcoin and a number of altcoins jumpstarted an industry that is incorporating Blockchain technology in a number of innovative ways. While the smartest minds have created some game-changing companies […]
Sen Wyden: Time for Opioid Executives to Face the Music on Capitol Hill…
Sen. Ron Wyden, D-Ore., wants to grill the executives of companies that make opioids, saying that they need to be held accountable. Wyden, the top Democrat on the Senate Finance Committee, said during a hearing Thursday that he was a member of the House when tobacco company executives faced a congressional grilling and he wants […]
U.S. to Fine Wells Fargo $1 Billion–the Most Aggressive Bank Penalty of the Trump Era…
Federal regulators are preparing to fine mega bank Wells Fargo about $1 billion for misbehavior in its auto and mortgage markets, according to two people familiar with the negotiations. The settlement, which could be announced as soon as Friday, would be the most aggressive move by regulators during the Trump administration to punish a big […]
Heads Up All Late Filers: IRS Extends Tax-Filing Deadline by a Day Following PC Glitch…
The IRS issued a one-day, penalty-free extension for tax filers after suffering an all-day computer breakdown on Tuesday that prevented taxpayers from filing returns electronically on the day 2017 payments were due. The Internal Revenue Service blamed the problem on a hardware error, and the glitch exposed the information-technology challenges that agency officials have been […]
Starbucks to Close All Stores Nationwide for Racial-Bias Education…
Starbucks Coffee Company (NASDAQ: SBUX) today announced it will be closing its more than 8,000 company-owned stores in the United States on the afternoon of May 29 to conduct racial-bias education geared toward preventing discrimination in our stores. The training will be provided to nearly 175,000 partners (employees) across the country, and will become part […]
Four Flashpoints of Volatility by Nom Prins…
1 – Trade Wars Flashpoints, From China to Canada and Mexico: Wall Street has knee-jerk reactions to any trade war related headlines. There are legitimate reasons to be concerned about trade wars. The world is increasingly more connected than ever. Many major American companies that are household names such as Starbucks (SBUX), Boeing (BA) and […]
Uh Oh… CFPB Suffered More Than 1,000 Data Breaches…
The Consumer Financial Protection Bureau (CFPB) suffered at least 240 data breaches and another 800 suspected hacks, according to Mick Mulvaney, the acting director of the bureau in congressional testimony. Mulvaney is the first CFPB official to admit the agency’s massive data mining of consumer mortgage and credit card information is vulnerable to hackers and […]
The Richest People in America Live on This Miami Island…
The richest people in America live on Fisher Island, a tiny barrier island between Miami Beach and Key Biscayne, according to a study released Tuesday morning. Fisher Island’s 33109 zip code was ranked the wealthiest in the country, topping glitzy neighborhoods in Los Angeles, New York City, and downtown Miami. A Bloomberg study of 2015 […]
Meaningless Words – Chairman Xi Jinping Uses Panda Speech to Con China Trade Critics…
While necessarily needing to continue the gamesmanship, and publicly exhibit positive reception therein, I doubt seriously President Trump is fooled by this familiar Chinese ploy. Actions speak louder than words…
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China’s Running Out of U.S. Imports to Target…
China acted swiftly on Wednesday to announce reciprocal tariffs on $50 billion worth of American imports, unveiling a match for the Trump administration’s move against Chinese imports less than 12 hours before. Now that U.S. President Donald Trump has ordered a review of measures on $100 billion of additional Chinese goods, China will have to […]
Top 20% of Americans Will Pay 87% of Income Tax…
One of the least discussed parts of America’s income tax is how progressive it is, and the tax overhaul didn’t change that fact. In 2018, top earners will pay a higher share of income taxes. The individual income tax matters—a lot—because it is the largest single source of U.S. revenue. And its share has risen […]
Tax Trouble For Certain Bitcoin Traders…
What do you do, come April 17, if you made a ton of money trading crypto last year and have since lost most of it? Panic, probably. A lot of last year’s winners are in deep porridge now. They owe tax on 2017 profits. They’re losing money now, so it’s not easy to come up […]
Manufacturing Industry Has Strongest Jobs Increase in Three Years…
Hiring at private U.S. employers grew more than expected in March, according to a report, as the manufacturing industry showed the strongest increase in more than three years. Firms across the country added 241,000 workers in March, according to payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics. Economists surveyed by The Wall […]
Trump Hits China with Tariffs on 1,300 Products…
The Trump administration Tuesday rolled out a list of proposed Chinese high-tech imports to hit with new tariffs, advancing get-tough measures that have raised alarms about a trade war. The list named 1,300 separate products with a total value of roughly $50 billion. President Trump ordered the tariffs to combat China’s unfair trade practices and […]
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