Under the auspices of “protecting clients from criminal activity,” JPMorgan Chase has decided to impose withdrawal limits on certain ATM transactions. As WSJ reports, following the bank’s ATM modification to enable $100-bills to be dispensed with no limit, some customers started pulling out tens of thousands of dollars at a time. This apparent bank run has prompted Jamie Dimon to cap ATM withdrawals at $1,000 per card daily for non-customers. Continue reading
Now come the calls for the slow death of cash in America:
Harvard’s Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation. Continue reading
Concerned immigration officials are flagging up the “suspicious individuals” to counter-terrorism officers following routine questioning at passport control, according to the head of the Border Force.
They are picked out during routine questioning at immigration desks or if they have travelled into the country through high risk routes, Sir Charles Montgomery said.
In case anyone missed the memo a week ago on Iran’s intention regardless of the nuclear deal:
In defiance of the international arms embargo, Iran last week placed an order with Moscow for a huge fleet of 100 Russian IL78 MKI tanker aircraft (NATO: Midas) for refueling its air force in mid-flight, thereby extending its range to 7,300 km. This is reported exclusively by debkafile from its military and intelligence sources. The transaction runs contrary to the terms of the nuclear accord the six world powers and Iran signed in Vienna earlier this month.
These tanker planes can simultaneously refuel six to eight warplanes. Their acquisition brings Israel, 1.200km away – as well the rest of the Middle East – within easy range of Iranian aerial bombardment. It also puts Iran’s air force ahead of Israel’s in terms of the quantity and range of its refueling capacity. Continue reading
MOSCOW, January 11 (Sputnik) — The Strategic Missile Forces (SMF) of Russia are planning to conduct over 100 drills at various levels in 2015, SMF spokesperson Col. Igor Yegorov said Sunday. Continue reading
Saudi billionaire businessman Prince Alwaleed bin Talal told me we will not see $100-a-barrel oil again. The plunge in oil prices has been one of the biggest stories of the year. And while cheap gasoline is good for consumers, the negative impact of a 50% decline in oil has been wide and deep, especially for major oil producers such as Saudi Arabia and Russia. Even oil-producing Texas has felt a hit. The astute investor and prince of the Saudi royal family spoke to me exclusively last week as prices spiraled below $50 a barrel. He also predicted the move would dampen what has been one of the big U.S. growth stories: the shale revolution. In fact, in the last two weeks, several major rig operators said they had received early cancellation notices for rig contracts. Companies apparently would rather pay to cancel rig agreements than keep drilling at these prices. His royal highness, who has been critical of Saudi Arabia’s policies that have allowed prices to fall, called the theory of a plan to hurt Russian President Putin with cheap oil “baloney” and said the sharp sell-off has put the Saudis “in bed” with the Russians. The interview has been edited for clarity and length.
Q: Can you explain Saudi Arabia’s strategy in terms of not cutting oil production?
A: Saudi Arabia and all of the countries were caught off guard. No one anticipated it was going to happen. Anyone who says they anticipated this 50% drop (in price) is not saying the truth. Continue reading