Search Results for: Bank of International Settlements

Russia and China planning to dump the US dollar

Chinese Yuan

The Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on …

Read More »

Russia could ditch US dollar in 2-3 years

Andrey Kostin Russia

Two to three years would be enough time for Russia to switch to international settlements to the ruble, Andrey Kostin, head of Russia’s second-biggest bank VTB, said. “Two to three years is enough, not only to launch [settlements in rubles], but also to complete these mechanisms. But much will depend …

Read More »

China launches yuan-based international payment system

Chinese yuan CIPS

China launched the first phase of its China International Payment System (CIPS) in Shanghai on Thursday, allowing cross-border transactions in the Chinese national currency, the yuan. CIPS’ first phase provides clearing and settlement services, according to the People’s Bank of China announcement. Its launch is said to remove hurdles to the yuan’s internationalization by reducing transaction costs and processing …

Read More »

‘I don’t care what the UN says!’ Netanyahu vows to continue illegal settlement activity

netanyahu

The Israeli prime minister has vowed to continue building settlements in the “Israeli capital of Jerusalem,” defying near-unanimous international criticism of the illegal activity in retaliation for Palestine’s upgraded UN status. In an interview with Israeli Channel 2, Prime Minister Benjamin Netanyahu threw internationally-recognized boundaries to the wind, saying that …

Read More »

South Africa boycotts products labeled ‘Made in Israel’

South Africa boycotts products labeled Made in Israel

The South African government has put the final seal on a measure boycotting goods produced in the illegal Israeli settlements across the occupied Palestinian territories. The government on Wednesday confirmed that it will not import the goods produced in the occupied West Bank and East al-Quds (Jerusalem) with “Made in …

Read More »

BRICS establish $100bn bank and currency reserves

BRICS nations

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects …

Read More »

Bank of America fined $17 billion for role in financial crisis

Bank of America

Bank of America, the second largest US lender is close to ending a landmark deal with US authorities to pay up to $17 billion – a record fine – to the Justice Department over its role in the 2007 financial crisis. If completed, it will be largest single compensation settlement, …

Read More »

French bank to pay $8.8 billion for violating US sanctions

BNP Paribas

French banking giant BNP Paribas has agreed to plead guilty to two criminal charges of violating US sanctions, and will pay a record-breaking $8.8 billion settlement. Prosecutors allege BNP conducted “long-term, multi-jurisdictional conspiracy.” A lawyer representing the bank appeared in New York state court on Monday to answer for both charges, reports …

Read More »

The Federal Reserve Cartel

Part 1 – The Eight Families The Four Horsemen of Banking, Bank of America JP Morgan Chase Citigroup Wells Fargo, …own the Four Horsemen of Oil, Exxon Mobil Royal Dutch/Shell BP Chevron Texaco, ..in tandem with, Deutsche Bank BNP (Banque Nationale de Paris) Barclays other European old money behemoths But their …

Read More »

JPMorgan faces money laundering probe

JP Morgan

JPMorgan Chase & Co’s compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries. The Office of the Comptroller of the …

Read More »

500 rabbis urge Israel to stop demolition of Palestinian homes

Israel demolishes Palestinian homes

Over 500 rabbis from Israel, Britain, the US and Canada have called on the Israeli prime minister to stop demolishing Palestinian homes. Rabbis for Human Rights (RHR) say Benjamin Netanyahu‘s stance is against “international law and Jewish tradition.” RHR’s open letter came after the Israeli PM announced the destruction of …

Read More »

UN to consider action against Israel over Palestinian occupation

Israel Palestine occupation United Nations

A UN human rights expert has accused Israel of violating a number of international laws and resolutions while suggesting legal action, including travel bans, against the Middle Eastern state. Tel Aviv countered by saying the UNHRC “has lost all touch with reality.” “Israel’s role as occupier in the Palestinian Territory …

Read More »

EU calls for explanations from Israel over diplomat scuffle

Marion Fesneau-Castaing

European diplomats are holding Israel accountable over an incident where IDF servicemen attacked a EU humanitarian convoy in the West Bank on Friday. So far Tel Aviv has left the scandal in limbo, offering no official explanation for the incident. Diplomats from several EU countries have spoken out against the …

Read More »

Sweden to officially recognise State of Palestine

Stefan Lofven Sweden

Sweden’s newly-formed center-left government is set to recognize Palestine as a sovereign state, said Prime Minister Stefan Lofven. If Stockholm proceeds with the move it will be the first EU-member to officially endorse Palestinian statehood. “The conflict between Israel can only be solved with a two-state solution, negotiated in accordance …

Read More »

Chinese renminbi is now directly tradable with the euro

USD dollar Renminbi China

The Chinese central bank, People’s Bank of China, issued a press release announcing the authorization of direct trading between the renminbi and the euro on the inter-bank foreign exchange market. This is huge. The euro is the second most traded currency in the world, after the US dollar. The European Union is …

Read More »