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Saturday, 15 March 2014

March 14, 2014: News Updates

I will be away from the computer for the weekend so there will be no Transpicuous News Updates tomorrow evening.... unless something very major happens.


Ukrainian gas oligarch Firtash arrested in Vienna on FBI warrant

VIENNA Thu Mar 13, 2014 1:46pm EDT
(Reuters) - Industrialist Dmytro Firtash, one of Ukraine's most influential oligarchs with close links to Russia through his gas interests, has been arrested in Austria at the request of the United States.
Austria's Federal Crime Agency said on Thursday that Firtash was held on Wednesday on suspicion of violating laws on bribery and forming a criminal organization in the course of foreign business deals.
Ukraine's Foreign Ministry said: "Our embassy in Austria has confirmed that Dmytro Firtash has been detained at the request of the (U.S.) Federal Bureau of Investigation. He is now being held in a detention center."

 14 March 2014 Last updated at 21:19 GMT

US regulator sues 16 banks for alleged Libor rigging

A US regulator has sued 16 banks for allegedly manipulating the London interbank offered rate (Libor).
The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world.
The regulator said the manipulation caused substantial losses to 38 US banks which were shut down during and after the 2008 financial crisis.
The sued banks include Barclays, HSBC, Citigroup and Royal Bank of Scotland.

China's Li Keqiang warns investors to prepare for wave of bankruptcies

China is braced for a wave of industrial bankruptcies as its slowing economy forces companies with sky-high debts to the wall, the country's premier has said.

The World Is Screaming For A New Financial System

One of the key lessons we can take away from history is that the global financial system changes… frequently....
The Chinese, which have their own economic issues to deal with, are starting to dump Treasuries in record numbers.
Central banks are buying up more gold. Foreign countries are entering into bilateral currency swap arrangements with one another. And world governments are starting to (rather embarrassingly) demand that the US get its budget and fiscal house in order.
Most tellingly, though, member nations of the International Monetary Fund are starting to revolt.

 China’s Big Four Banks See $70 Billion Vanish From Stocks

By Ye Xie and Weiyi Lim Mar 14, 2014 9:45 AM GMT+0100
The world’s most-profitable banks have never been so unloved by stock investors.
China’s four-biggest lenders, which reported $126 billion of earnings in the 12 months through September, sank to the lowest valuations on record in Hong Kong trading yesterday. The MSCI China Financials Index dropped to an almost decade low versus the global industry benchmark while the market value of Industrial & Commercial Bank of China Ltd., the nation’s largest lender, fell below net assets for the first time on March 12.

Stocks: Global risks take center stage

By CNNMoney Staff  @CNNMoneyInvest March 14, 2014: 8:11 AM ET
U.S. stocks fell Thursday on worries about global tensions and more bad economic news out of China. The Dow fell more than 230 points while the S&P 500 and Nasdaq were off by more than 1%.

Alert! Copper Has Plummeted – Plunge In S&P 500 Could Be Next – Here’s Why

Copper has just met the lower resistance line of its descending triangle pattern and should it break throughCopper-USFS that resistance the price for copper could fall like a stone. That, in turn, would have a MAJOR “watch out below” impact on the future level of the S&P 500. Let me explain.
Historically, copper has been a barometer of economic growth exhibiting a high positive correlation with the performance of the S&P 500. 6 months ago (the end of August, 2013) the two categories began diverging from each other – not just a little bit – but dramatically – and continue to do so (the S&P 500 is UP 13%; copper is DOWN 11%). That suggests that there is less demand and that growth is slowing down.

Navy warship accidentally fires torpedo at nuclear dockyard

12:14PM GMT 14 Mar 2014
Military chiefs have launched a major investigation after a Royal Navy warship accidentally fired a torpedo at a nuclear dockyard.
HMS Argyll was moored at Devonport Naval base in Plymouth when the 9ft missile suddenly shot out of its starboard side during a training drill.

BP can bid for US government contracts again

Published time: March 14, 2014 13:23
​The Environmental Protection Agency in the US is again allowing BP to bid for US government contracts. The company had been barred following a guilty verdict in a case surrounding the Deepwater Horizon disaster of April 2010.
The move will allow BP to enter into new contracts with the US government, including in the Gulf of Mexico, meaning hundreds of millions of dollars of new business. It signifies a large step in the company’s recovery from the accident, which has been costly both to its finances and reputation.

Bank of England: Financiers compelled to return bonuses for ‘misbehavior’

Published time: March 14, 2014 10:27
Edited time: March 14, 2014 11:00
UK “bad bankers” may be forced to return the last 6 years of bonuses, as the Bank of England is seeking to make top management more responsible for the lenders’ performance and avoid a repetition of the mis-selling and rate manipulation scandals.
The ruling would cover all the 1,700 firms authorised by the Prudential Regulation Authority (PRA), such as banks, building societies, credit unions, insurers and major investment houses.

Wireless electricity? It's here    

By Matthew Ponsford and Nick Glass, CNN
March 14, 2014 -- Updated 1351 GMT (2151 HKT) | Filed under: Innovations

Helicopter Crash: N Ireland's Richest Man Dies

Sky NewsSky News – 5 hours ago
Northern Irish peer and businessman Lord Ballyedmond was one of the four men killed in a helicopter crash in Norfolk.