Thunderhawk: » June 9th, 2015, 9:22 am
VIDEO: Your finger is about to replace your bank password
We already use our fingerprint to unlock our phones, and one day soon your finger could replace your bank password.
Over the past year, U.S. banks have been ramping up efforts to incorporate biometric technology (iris scanners, fingerprint readers and facial recognition) into their systems.
Biometric scanners could let you log in to you bank account on your phone or PC, letting you transfer money or send cash without entering a password. That could potentially be safer than using a password, since your fingerprint is unique to you. Passwords can be easily guessed or hacked.
Though the technology has existed for years, data privacy has been a major curveball for banks' adoption of biometric readers.
"Americans have a huge data privacy concern," said Frank Natoli, chief innovation officer at ATM maker Diebold (DBD). Customers don't trust having their biometric data in someone else's hands, he said.
But the tide is beginning to turn. Fingerprint readers used for Apple (AAPL, Tech30) Pay and other mobile payment services have made consumers more ready to accept biometric technology for paying bills and banking.
Thunderhawk » June 9th, 2015,
Iraq looking with Britain to increase its production of oil and diversify sources of income
Twilight News / Search Deputy Iraqi Prime Minister Nuri Shaways example, has typically with Minister of State for Energy and Development Andrea Aostom, Tuesday, increase the production and export of Iraqi oil and the Iraqi government plans to increase and diversify sources of income.
A statement from the Office of the Deputy Prime Minister responded to Twilight News, he said the meeting was held between the two sides on the sidelines of the Oil and Energy Conference held in London, United Kingdom.
He went on Shaways government to support the industry and agriculture and to improve tax collection and customs plans and interest in the financial and banking sector and the support of private banks for the advancement of the Iraqi economic sectors.
The statement added that "there was talk about the war against the terrorist gangs and Daash Makhalafth of destruction and devastation in addition to thousands of displaced families who are in need of humanitarian assistance."
The statement continued that Shaways Britain praised the efforts in support of Iraq at the military level and the initiative of the British Prime Minister to support and develop the capabilities of the Iraqi armed forces in addition to humanitarian aid for the displaced.
Thunderhawk » June 9th, 2015,
VIETNAM: PM: Vietnam will seriously implement free trade agreements
(VOVworld) – The mid-term Vietnam Business Forum opened in Hanoi on Tuesday to discuss improving business competitiveness in the context of Vietnam’s signing of a number of free trade agreements.
In his address, Prime Minister Nguyen Tan Dung said that the Vietnamese government will take coordinated measures to improve the business environment and improve Vietnam’s economic competitiveness. It will strengthen the management of the macro economy to ensure sustainable growth and keep inflation under 5% this year and in coming years. Prime Minister Dung said that the government will remove obstacles to domestic and foreign businesses in the areas of industry, agriculture, and services towards achieving a GDP growth rate of 6.2%.
Vietnam will continue to restructure its economy and step up the equitization of state-owned enterprises as well as restructure its banking system and financial institutions to increase effectiveness and transparency. Vietnam will seriously implement signed free trade agreements and complete negotiations of 14 FTA with 55 partners, including 15 member states of the G20. The government leader stressed the implementation of 3 strategic breakthroughs to reform the market economy institution, mobilize resources for infrastructure development, and improve human resource development to increase productivity. He said that Vietnam is determined to achieve its targets on tax and customs reforms and business startups to be on a par with and even surpass other ASEAN nations this year or next.
Thunderhawk » June 9th, 2015, 10:54 am
Parliamentary Finance: IMF loan would be placed under financial supervision
June 8, 2015 20:02
BAGHDAD / Zora:
explained the parliamentary finance committee member Sarhan Ahmad, said the loan, which will get Iraq from the International Monetary Fund, would be placed under financial supervision under the auspices of the Ministry of Finance.
Ahmed said, "The loan, which the IMF agreed in principle, to give him to Iraq will help in bridge the shortfall in the budget, and will be placed under the financial control supervised by the Ministry of Finance in terms of aspects of exchange management. "
He added that "borrow this amount, it means that Iraq needs funds, so it is not wasted, but will be under the financial control and supervision of the supervisory, and will be spent facets that you need the state. "
explained Ahmed, said that "Iraq needs additional funds, and another supplier, as the collapsed economy and the financial crisis plaguing the country, as a result of the deterioration of oil prices in the global markets and the absence of any other supplier," pointing out that "the budget law for the current year fee Using a plan to address the deficit and the economy, including the borrowing that the government used it to bridge the shortfall in the revenue of the funds. "
He noted that "borrowing is normal, can all States to resort to him the situation of vulnerability to economic crises, especially that Iraq is in a state of war with the fiercest terrorist organization which cost him large sums of money. "
He added that "the loan from the IMF, to help him for the purpose of investment projects and building long-term economic plans, to help the country to promote the level of economic pending improvement in oil prices."
The International Monetary Fund announced yesterday agreed "in principle", the Plan Help Iraq worth $ 833 million, to address the economic impact of the face Daash gangs of terror.
The International Fund and announced that he was "ready to support Iraq in its efforts to cope with the economic impact left by the conflict with Daash and the decline in world oil prices," adding that "help plan this must be established by states Users in next July. "
Deutsche Bank CEOs “Shown Door” – World’s Largest Holder of Derivatives In Trouble?
By Mark O'Byrne June 8, 2015
- Deutsche co-CEOs announce “resignation” nine months before their contracts expire
- Only two weeks ago, CEO Anshu Jain was given more power to reorganise the bank
- Deutsche have been engaged in money laundering, tax evasion, derivative and manipulation scandals
- Deutsche is world’s largest holder of financial weapons of mass destruction (FWMD)
- Deutsche Bank’s derivatives position almost 15 times as large as Germany’s GDP
- Announcement follows Greek failure to pay IMF on Friday and growing financial risk
.The joint CEO’s of Germany’s largest bank, Deutsche Bank, the twelfth largest bank globally in terms of assets, unexpectedly announced their resignation over the weekend. Anshu Jain will resign at the end of this month, almost two years ahead of schedule while Juergan Fitschen will stay on until May of next year.
It is believed they resigned but some media reported that the CEOs heads had “rolled”, they were “shown the door” and Reuters reporting that Deutsche had “purged its leadership.”
The announcement followed what Deutsche Bank described as “an extraordinary meeting” over the weekend. It is particularly surprising given that Jain had been granted extra powers at the bank only two weeks ago to reorganise the scandal plagued lender.
In the past year Deutsche, like many international banks, have been found to have been engaged in a slew of corrupt practices from manipulation of interest rates, for which the firm was fined $2.5 billion in April, to tax evasion and money laundering to “mis-selling” of derivatives.
Deutsche Bank’s derivatives position is truly enormous. It was recently estimated to be around $54 trillion. Germany’s GDP, the fourth largest in the world, was a mere $3.64 trillion in 2015. Were Deutsche Bank caught off-side in its derivatives positions there is not a government or institution on earth that could bail it out and it could lead to contagion in the German financial system and indeed in the global financial system.
The contagion from such an event would be devastating. It is for this reason that Warren Buffet described derivatives as WMD or “financial weapons of mass destruction.”
It is unnerving that the shock resignation should follow an “extraordinary meeting” over the weekend following the failure of Greece to meet its scheduled payment to the IMF on Friday.
This does not count as a Greek default but it increases the risk of a default on the amalgamated 1.5 billion euros that now must be paid by the end of June. A default and the triggering of credit default losses would cause massive volatility in financial markets and potentially destabilise an already shaky global bond market and global financial system.
There have been a number of shocks to the market this year which would have been expected to have led to sharp losses in the derivatives market but slipped quietly by.
The debris caused by the massive volatility in the Swiss Franc following its being unpegged from the Euro – where it spiked 30% in minutes in January – seems to have been swept under the carpet. Austria’s bad bank Heta failed in late February with apparently no casualties.
We do not know what provoked the dramatic reversal in attitude to Anshu Jain at Deutsche Bank but it looks very much like the bank may be getting its house in order in anticipation of another major scandal or crisis. When said crisis breaks the responsibility can be dumped on the previous leadership.
Since Warren Buffett’s initial warning in 2002 , 13 years ago, he has been remarkably quiet on the real and growing threat to global markets and the global financial system. Despite the fact that the scale of the risk today is of an order of magnitude greater now than it was then.
This is unfortunate given the global financial system itself is far more volatile and casino like today than it was in 2002.
Sucking on the teet of Wall Street can lead to self induced omerta.
The global derivatives market is highly complex, totally unregulated and frighteningly large. One of the world’s leading derivatives experts, Paul Wilmott, who holds a doctorate in applied mathematics from Oxford University, has warned that the so-called notional value of the worldwide derivatives market is over $1.4 quadrillion.
A quadrillion is an incomprehensibly massive figure: it is 1,000 times a trillion or 1 with 12 zeros. A trillion is 1,000,000,000,000 and a quadrillion has 15 zeros – 1,000,000,000,000,000. The annual gross domestic product of the entire planet is between $50 trillion and $60 trillion. Thus, the derivatives markets notional value is more than 23 times the size of the value of all of the goods and services traded in global economy in one full year.
The crisis in Greece, the rumblings in the global bond market and indeed in Europe’s fourth largest bank and the threat posed by financial weapons of mass destruction should give cause for concern. It is another reason to reduce allocations to stock and bond markets and increase allocations to gold.
The real systemic risk of today is another reason to ensure owning allocated and segregated gold in the safest vaults in the safest jurisdictions in the world.
Today’s AM LBMA Gold Price was USD 1,173.40, EUR 1,053.32 and GBP 769.85 per ounce.
Friday’s AM LBMA Gold Price was USD 1,175.90, EUR 1,044.25 and GBP 767.82 per ounce.
Gold and silver were both down last week – down 1.58 percent and 3.77 percent respectively.
Silver in USD – 10 Years
Gold fell $6.10 or 0.52 percent Friday to $1,170.90 an ounce. Silver slipped $0.08 or 0.49 percent to $16.10 an ounce.
Gold in Singapore for immediate delivery ticked lower and then higher and was up 0.1 percent to $1,172.86 an ounce an ounce near the end of the day, while gold in Switzerland was again flat. A stronger dollar, near a 13 year high verses the yen, may have contributed to gold’s recent weakness.
After Friday’s U.S. nonfarm payrolls report showed its largest growth since December, up 280,000 from last month, gold sunk to an eleven week low at $1,162.35 an ounce. The payrolls figure was significantly higher than the 225,000 that analysts were expecting. Although some question the veracity of the Bureau of Labor Statistics jobs numbers.
The jobs number led to renewed idle speculation that the U.S. Fed may start to raise interest rates in September.
A senior U.S. official today denied a news wire report that President Barack Obama had told a Group of Seven industrial nations’ summit that the strong dollar was a problem.
Bloomberg News earlier quoted a French official as saying Obama had made the comment. “The President did not state that the strong dollar was a problem,” the U.S. official said. He made a point that he has made previously, a number of times: that global demand is too weak and that G7 countries need to use all policy instruments, including fiscal policy as well as structural reforms and monetary policy, to promote growth.”
Sentiment in the euro zone weakened further in June as the Greek debt crisis and a slightly firmer single currency prompted investors to pare back their expectations for the economy. Sentix research group’s index tracking morale among investors and analysts in the euro area slipped to 17.1 in June from 19.6 in May. That was below the Reuters consensus forecast for a reading of 18.7.
The world’s largest gold back ETF, the SPDR Gold Trust, saw holdings drop 0.17 percent to 708.70 tonnes on Friday,its lowest since mid January. This shows poor sentiment in the gold market.
In South Africa, the Mineworkers and Construction Union said yesterday it would launch a strike if its rival union and gold mining companies impose a wage deal on its members.
In late European trading gold is up 0.31 percent at $1,174.81 an ounce. Silver is up 0.08 percent at $16.11 an ounce and platinum is up 0.41 percent at $16.11 an ounce.