At Asia’s biggest rail cargo base in Chengdu in south-west China, the cranes are hard at work, swinging containers from trucks onto a freight train. The containers are filled with computers, clothes, even cars.
Until last year, all of it would have first gone more than 1,000 miles east to Shanghai and then to Europe by sea. Continue reading
Other industry groups such as miners may join process of setting crucial benchmark following allegations that process is open to rigging
Banks could lose sole responsibility for setting the gold price benchmark under new rules proposed by the industry.
Other parties such as miners and refiners may enter the London gold fix, which has been controlled by banks for almost a century but has come under scrutiny following allegations that the system is open to manipulation.
In its continued push to make the yuan a global currency, China’s central bank said Sunday it plans to designate clearing banks for its currency in Paris and Luxembourg, as the two financial centers battle with London to become the leading European offshore yuan-trading city.
The People’s Bank of China announced the move in two separate statements Sunday. It didn’t say when it would designate the clearing banks. Continue reading
The text of a 19-page, international trade agreement being drafted in secret was published by WikiLeaks on Thursday as the transparency group’s editor commemorated his two-year anniversary confined to the Ecuadorian Embassy in London.
Fifty countries around the globe have already signed on to the Trade in Service Agreement, or TISA, including the United States, Australia and the European Union. Despite vast international ties, however, details about the deal have been negotiated behind closed-doors and largely ignored by the press. Continue reading
China Construction Bank (CCB), China’s second-largest lender, has been selected to become the first clearing service for renminbi trading in London, according to reports
The clearing bank will help secure London’s position as a global centre for foreign exchange trading, as financial capitals around the world race to secure a slice of the fast-growing offshore yuan trade. Continue reading
A RMB Yuan (CNY) clearing bank will be officially appointed in the United Kingdom (UK) in June, said Mark Boleat, policy chairman for the City of London Corp, in an interview at the weekend.
“There will be a clearing bank in London. In due course, there will be an announcement,” Mr. Boleat said. The news will be an endorsement for London’s efforts to become an offshore yuan center. Other European financial centers in the race to become a Yuan center include Frankfurt, Paris, Switzerland and Luxembourg.
An official clearing bank facilitates efficient clearing of offshore Renminbi transactions, achieved through the appointed bank’s direct cooperation with the People’s Bank of China (PBOC) , the country’s central bank. Continue reading
By now it should be clear where Europe, or Germany rather, stands in regards to its dealings with Russia and what side it will likely take should it have to decisively choose between it and the West.
BERLIN/MOSCOW (Own report) – In the debate over a possible expansion of EU sanctions against Russia, the German chancellor is suggesting a possible continuation of cooperation with Moscow. “In the intermediate and long term,” Merkel explained, “the close partnership with Russia should be continued.” She sees “no necessity” in a policy of “isolating” Russia, patterned on the cold war’s “containment” policy. Merkel was reacting to the persisting anxiety in leading German business circles, that sanctions against Russia could seriously dampen their expansion opportunities. This is not only an anxiety shared by gas companies, but also by top corporations in other branches with significant commercial and production sites in Russia. On the eve of the Russian president’s visit to China, observers are warning that if the EU and the USA impose boycott measures, Moscow could forge also stronger ties to Beijing, thereby tangibly strengthening China. Hard-core transatlantic circles are up in arms over the prospect that cooperation with Moscow could be continued – pleading for the creation of a global front of NATO countries and their allies against Russia and China. Continue reading
A specter is haunting Washington, an unnerving vision of a Sino-Russian alliance wedded to an expansive symbiosis of trade and commerce across much of the Eurasian land mass – at the expense of the United States.
And no wonder Washington is anxious. That alliance is already a done deal in a variety of ways: through the BRICS group of emerging powers (Brazil, Russia, India, China, and South Africa); at the Shanghai Cooperation Organization, the Asian counterweight to the North Atlantic Treaty Organization; inside the Group of 20; and via the 120-member-nation Non-Aligned Movement (NAM).
Trade and commerce are just part of the future bargain. Synergies in the development of new military technologies beckon as well. After Russia’s Star Wars-style, ultra-sophisticated S-500 air defense anti-missile system comes online in 2018, Beijing is sure to want a version of it. Meanwhile, Russia is about to sell dozens of state-of-the-art Sukhoi Su-35 jet fighters to the Chinese as Beijing and Moscow move to seal an aviation-industrial partnership. Continue reading
An Oregon woman says she thought she was opening up her family’s ranch to local Muslims to teach them how to grow and can veggies — and that her husband was even expecting a tax write-off.
But US-born Muslim convert Eva Hatley testified in Manhattan federal court Tuesday that after the “carloads’’ of fellow Muslims she met through her mosque arrived at the 160-acre ranch in Bly in 1999, the couple watched helplessly as their home was turned into an al Qaeda training camp.
“It wasn’t anything like I envisioned for the property,” insisted Hatley, testifying at the trial of one-eyed, hook-handed hate preacher Abu Hamza al-Masri. Continue reading
- Researcher claims to be able to control light patterns in Manhattan
- Say technique can be used in all major cities
- Uses special $4,000 router to control traffic sensors embedded in roads
A security expert claims to have uncovered a major flaw in the traffic system in in major cities around the world including London and New York.
Cesar Cerrudo, an Argentinian security researcher with IoActive, says he can control traffic lights and even reroute traffic. Continue reading
We have been saying for years that there is a global economic war underway. We have warned that Putin has long intended to attack America with a particular obsession with the reserve currency status of the United States’ dollar. Now, Voice of Russia states that it is time for the attack on the dollar to commence. This is a departure from the previous message on March 28 which stated:
“Russia is fully in control of the petrodollar and could cause the Dow Jones industrial average to plummet as it has never done before. One can wave the Stars and Stripes as long as one likes, but it’s a fact that the Russians can turn the US economy upside down . . . So far, Moscow has been in no rush to resort to extreme measures. Russia is going to react in a mirror-like way . . .”
Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency . Continue reading
Yesterday U.S. President Barack Obama warned Russian President Vladimir Putin that Russia would face more sanctions if it moved further into eastern Ukraine after its annexation of Crimea. Worryingly for residents of New York and for financial markets, Obama also warned that he was more worried about the risk of a nuclear bomb going off in Manhattan then he was about Russia.
Geopolitical risk in the form of terrorism, financial and economic war and actual war remains high and should support gold.
Russia has increased its gold holdings by 7.247 tonnes to 1,042 tonnes in February. Turkey and Kazakhstan also raised their bullion reserves, data from the International Monetary Fund showed today. Turkey’s gold holdings rose 9.292 tonnes to 497.869 tonnes, the data showed.
Many analysts are ignoring the important context of today’s new geopolitical backdrop. Russia alone has some $400 billion in foreign exchange reserves – mostly in U.S. dollars. If they were to diversify just 5%, worth some $20 billion, of those reserves into gold – it would be equal to nearly 500 tonnes of gold or nearly 25% of global annual production.
Russia bought another 7.247 tonnes of gold in February. It will be interesting to see what Russian demand is in March and indeed in the coming months. Sanctions could lead to materially higher demand from the Russian central bank, Bank Rossii.
Shanghai: The controversial construction of a People’s Liberation Army port in Hong Kong’s historic Victoria Harbour has been approved, amid growing unease about China’s role in the former British colony.
The port proposal was “unanimously” passed by Hong Kong’s planning board, China’s state broadcaster announced. Continue reading
The apparent suicide death of the chief economist of a US investment house brings the number of financial workers who have died allegedly by their own hand to four in the last week.
50-year-old Mike Dueker, who had worked for Russell Investment for five years, was found dead close to the Tacoma Narrows Bridge in Washington State, says AP. Continue reading