Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.
Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more than $2 trillion and help wean the kingdom off oil. As part of that strategy, the prince said Saudi will sell shares in Aramco’s parent company and transform the oil giant into an industrial conglomerate. The initial public offering could happen as soon as next year, with the country currently planning to sell less than 5 percent. Continue reading
August 20 (King World News) – The Stock Market Has Turned Bearish
Richard Russell: “As subscribers know, I wish the best for America and believe that America is the hope of the world. Yet there are a few things that worry me.
I believe the US economy is sinking into recession as described by John Williams of Shadow Statistics. I believe we are in a period of deflation and deleveraging. I am convinced that the Fed knows the economy is contracting and this is the reason that they have not yet raised rates. Continue reading
Chinese authorities are attacking users who are connecting to Apple’s iCloud website in what appears to be a surveillance push to steal users’ login credentials, according to a Chinese censorship monitoring group.
In the attack, which was first reported over the weekend, less than 24 hours after the new iPhone 6 went on sale in China, connections to iCloud.com were hijacked and stripped of the usual encryption that prevents hackers and government spies from intercepting the username and password typed by someone connecting to the site.
This is another example of what is technically known as a “man-in-the-middle” (MITM) attack, in which an attacker intercepts a connection between a user and a website in order to steal or tamper with the data being exchanged. In the past year alone, China has been accused of intercepting connections with a MITM attack against Github, Google, and, more recently, Yahoo, in what was seen as an attempt to censor information on the Hong Kong protests.
After several users reported the attack online, the anti-Chinese censorship activist group GreatFire tweeted about the MITM attack on Saturday. The group later published more details in a blog post on Monday. Continue reading
The days of using a password to access a bank account or cellphone will soon be a thing of the past, President Obama’s top cybersecurity adviser said Thursday.
The risk of getting hacked by criminals has grown so widespread that far more sophisticated identification technology — including biometric scanning devices — will become the norm, said Michael Daniel, the White House’s cybersecurity coordinator.
“You’ve started to see some of that with the emergence of the fingerprint readers,” said Mr. Daniel, adding that the technology will become increasingly mainstream as cellphone cameras, “hard” card readers and other authentication gadgets replace the annoying process for millions of Americans of punching in a password to confirm their identity.
It was an interesting week last week. For one thing, Chinese company Alibaba debuted as the largest IPO in the history of the world. Larger than the Initial Public Offerings of Facebook, Twitter, Google, Apple, and Microsoft combined. At the same time, there was a Senate report indicating that China hacked U.S. military contractors in a significant way at least twenty times in the past year. In America, we celebrated the success of Wall Street, earning $300 million or so in underwriter fees. In China, they celebrated finding a path to dethrone American technology dominance (from the official Chinese News Agency): Continue reading
The background on Bitcoin isn’t all that clear, but with JP Morgan Chase & Co. it is. This bank has been known to be not-so ‘Obama friendly’ and subsequently became a large target of the Obama administration via extortion. It doesn’t take much to connect the dots. The public doesn’t care, either, as they see these executives as ‘one per-centers’ and ‘big evil bankers’, yet they can never put a face to these supposed villans and put all bankers in the same basket. America is infiltrated and overrun in every facet of society from the military to the banking industry and the judicial system to the school system.
See the following related articles for a background on JP Morgan Chase & Co.:
- J.P. MORGAN’S $13 BILLION SETTLEMENT CASTS DOUBT ON OBAMA DOJ’S PROSECUTORIAL DISCRETION
- Burglarizing J.P. Morgan Chase, And Slapping Down Prudential: The New, Tyrannical Normal
- J.P. Morgan’s Legal Tally Grows (Again)
It appears bitcoin’s recent turmoil has claimed its first life.
Autumn Radtke, a 28-year-old American CEO of bitcoin exchange firm First Meta, was found dead in her Singapore apartment on Feb. 28.
Radtke formerly worked with Apple and other Silicon Valley tech firms on developing digital payment systems.
Radtke’s death brings the number of questionable financial sector deaths this year to eight. Continue reading