Economy

Goldman Sachs fined $5.1 billion over mortgage-backed securities fraud

Goldman Sachs fined 5.1 billion

Goldman Sachs said it agreed to a $5.1 billion civil settlement to resolve federal and state probes into its handling of mortgage-backed securities before the 2008 financial crisis. The proposed deal, which the Wall Street giant announced in a Thursday statement, would settle “actual and potential civil claims” by the US Justice Department and …

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Walmart set to close 269 stores as economic collapse begins

Walmart store

Wal-Mart is doing some rare pruning. The world’s largest retailer is closing 269 stores, including 154 in the U.S. that includes all of its locations under its smallest-format concept store called Wal-Mart Express. The other big chunk is in its challenging Brazilian market. The stores being shuttered account for a …

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JP Morgan and RBS: sell stocks now

JP Morgan RBS stock market sell stocks

From Filip Karinja, for Birch Gold Group Following the worst start to a year in the stock market, Week 2 of 2016 sees the likes of the Royal Bank of Scotland (RBS) and JP Morgan issuing a simple warning to clients: Get out of the stock market ASAP! Don’t worry, we were shocked …

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RBS: Sell everything, a market crash is coming

RBS sell everything Royal Bank of Scotland

Investors face a “cataclysmic year” where stock markets could fall by up to 20% and oil could slump to $16 a barrel, economists at the Royal Bank of Scotland have warned. In a note to its clients the bank said: “Sell everything except high quality bonds. This is about return of capital, not return …

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2016: Stock market off to worst start in history

Stock market 2016 crash bear market

From Filip Karinja, for Birch Gold Group What a start to the year it has been! If the first week of 2016 is anything to go by, then the stock market is in for a wild year ahead. Within the first 15 minutes of trade for the year, the Chinese stock market plunged 7%, …

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China’s stock market halted after 7% plunge

Chinese stock market plunge

Trading on the Shanghai and Shenzhen stock markets was halted for the day on Monday (Jan 4th) after shares fell 7%. The drop in the CSI300 index, which covers both bourses, for the first time triggered an automatic early closure under a new system to curb volatility, after an earlier …

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Switzerland to vote on banning banks from creating money

Switzerland money currency Swiss

Switzerland will hold a referendum to decide whether to ban commercial banks from creating money. The Swiss federal government confirmed on Thursday that it would hold the plebiscite, after more than 110,000 people signed a petition calling for the central bank to be given sole power to create money in the …

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China and Japan dump billions of dollars

Dollar being dumped Japan China

Over the past few years the dollar has staged an impressive comeback. Not because there’s anything fundamentally good about this currency’s future prospects, but because for the interim, most of the economies in world aren’t doing so hot. For a lot of investors, it is the lesser of many evils …

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IMF forgives Ukraine’s debt to Russia

IMF Christine Lagarde Ukraine debt

On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying: “The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day …

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