According to CBC, the Royal Canadian Mint is investigating how a sealed, “pure gold” wafer with proper mint stampings has emerged as a fake. According to the Canadian press, the one-ounce gold piece, which was supposed to be 99.99% pure, was purchased by an Ottawa jeweller on Oct. 18 at a Royal Bank of Canada […]
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Consumer Confidence Soars to Highest Level in Nearly 17 Years…
The Conference Board said the Consumer Confidence Index rose 5.3 points to 125.9, the highest level in nearly 17 years and higher than the 121 median forecast. The Present Situation Index increased from 146.9 to 151.1, while the Expectations Index rose from 103.0 last month to 109.1. “Consumer confidence increased to its highest level in […]
GDP Exceeds Expectations, Grows 3 Percent in Third Quarter…
U.S. gross domestic product rose by an annual rate of 3.0 percent in the third quarter of 2017, a higher-than-expected rate in the wake of hurricanes that hit Florida, Texas and Puerto Rico. Analysts were expecting a 2.5 percent increase, and even President Trump was expecting growth under 3 percent because of the storms. The […]
Billionaire Owner of Pharmaceutical Company Arrested for Fraud and Racketeering…
A drug company founder charged with leading a nationwide conspiracy to bribe doctors and pharmacists to widely prescribe a highly addictive opioid painkiller to people who didn’t need it came to the U.S. from India for postgraduate studies and for a time was listed among Arizona’s richest billionaires. John N. Kapoor launched Insys Therapeutics, which […]
Ex-HSBC Trader Involved In Front-Running Scandal To Be Extradited To U.S….
It’s not shaping up to be a great week for a group of former HSBC FX traders who decided to front-run a massive $3.5 billion currency trade placed by one of their clients and net their bank some $8 million in illicit profits in the process. Earlier this week, Ex-HSBC currency trader Mark Johnson, who […]
What a Jerome Powell-Led Fed May Look Like…
Traders are likely to breathe a sigh of relief if Jerome Powell, the Fed governor under consideration by President Donald Trump to become chairman of the central bank, gets nominated. Powell is now the favorite in betting markets amid published reports he’s in the lead to get Trump to nominate him. Trump himself called Powell […]
Everything You Need to Know About Trump’s Executive Order on Association Health Plans…
On Thursday, President Trump announced a new executive order that has the potential to radically transform the individual health insurance marketplace and give millions of Americans access to high-quality, low-cost health insurance. The executive order, which was crafted with the help of Sen. Rand Paul, R-Ky., will empower individuals and small businesses in associations to […]
One in Three College Students Expect Taxpayers to Absorb Student Loans…
The majority of college students ignore the costs of their student loans and more than a third expect taxpayers to cover the tab, according to a new poll. A poll of college students and recent graduates found that 56 percent of borrowers did not know the interest rates on the loans enabling them to attend […]
Panama Papers-Style Leak May Follow Breach of Offshore Law Firm Appleby…
An offshore law firm representing wealthy clientele suffered a data breach earlier this year that reportedly is preparing for its sensitive financial information to be publicly leaked, in an incident similar to the 2015 Panama Papers case. According to a report in the The Telegraph, the exposed information could place a high amount of scrutiny […]
How Iowa Became An Obamacare Horror Story..
Nick Podhajsky plans to get married this year for an unusual reason: health insurance coverage. The 44-year-old farmer had expected to tie the knot next year. But because Iowa’s individual health insurance market is in chaos—with competition disappearing and prices skyrocketing—his fiancee was potentially going to be left with no affordable coverage options for next […]
Make the Foreign Exchange Report Great (Again)…
The Trump Administration wants to bring down the U.S. trade deficit. A number of manufacturing-heavy Asian economies run sizable current account surpluses. Over the course of the summer, some of them were clearly intervening to keep their currencies from rising against the dollar. But, somewhat surprisingly, this hasn’t caught the attention of the Trump Administration…
Judge Rules Trump Does Not Have to Pay ‘Unconstitutional’ Obamacare Subsidies…
U.S. District Judge Vince Chhabria of California preliminary rejected a lawsuit Wednesday from states challenging the Trump administration’s decision to stop paying out Obamacare subsidies. “Although the case is at an early stage, and although it’s a close question, it appears initially that the Trump Administration has a stronger legal argument. Second, and more importantly, […]
Premiums for Most Popular ObamaCare Plans to Rise 34 Percent…
Premiums for the most popular ObamaCare plans are rising by an average of 34 percent in 2018 in states that use Healthcare.gov, according to a new independent analysis. The study released Wednesday by consulting firm Avalere Health said the premium increases in “silver” plans are being driven primarily by marketplace instability amid uncertainty over the […]
House, Senate Committee Leaders Reach Deal on Obamacare Fixes…
The leaders of two major congressional committees reached a deal to fund Obamacare insurer payments in exchange for delaying enforcement of the law’s individual and employer mandates. The chairmen of the Senate Finance and House Ways and Means committees released the framework of the deal Tuesday. The deal would fund cost-sharing reduction payments to Obamacare […]
Regulatory Scheme Killed by EPA’s Scott Pruitt Cost Taxpayers $68B…
A practice known as “sue and settle” used by the Environmental Protection Agency to enact controversial regulations cost taxpayers $68 billion since 2005 and has an annual cost of $26 billion, according to a new report. The American Action Forum found that “sue and settle,” killed this month by EPA Administrator Scott Pruitt, also dumped […]
U.S. Jury Finds Former HSBC Executive Guilty of Fraud in $3.5B Currency Trade…
A U.S. jury on Monday found a former HSBC Holdings Plc(HSBA.L) executive guilty of defrauding Cairn Energy Plc (CNE.L) in a $3.5 billion currency trade in 2011. U.S. prosecutors have said that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing […]
The Natural Gas Market Is Set to Boom…
Lower-for-longer oil prices and the advance of renewable energy and electric vehicles have made Big Oil plan for a gradual shift toward natural gas in their production portfolios. All current projections point to natural gas as the fastest-growing fossil fuel in the energy mix for decades to come. Pitched as the cleanest burning hydrocarbon (compared […]
Bank Downgrades Chipotle, Complaining It Pays Workers Too Much. Chipotle Says That’s Bunk…
Bank of America Merrill Lynch downgraded Chipotle and warned investors that the stock will “underperform,” complaining that the restaurant chain is paying its workers too much, and that cutting labor costs further will be difficult for the chain. “We are downgrading Chipotle to Underperform from Neutral as we believe, assuming no significant tax reform, that […]
GOP Senators Hold Up Disaster Aid Over Puerto Rico Concerns…
At least two Senate Republicans are delaying swift passage of a disaster aid package — demanding that Puerto Rico be made permanently exempt from a 1920 law that has complicated efforts to send supplies to the hurricane-ravaged territory. Sens. Jeff Flake of Arizona and Mike Lee of Utah are holding up the legislation, according to […]
Raids on Pot Grow Houses Finding More Chinese Nationals, Mysterious Financing…
Police are arresting large numbers of Chinese nationals in raids on illegal marijuana operations in California, Colorado and other states, raising questions about who is financing these grow houses and recruiting the immigrants to tend them. In one recent indictment obtained by McClatchy, money from a southern China bank account was transferred to California to […]
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