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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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UBS, Credit Suisse to levy fees on Swiss franc deposits from banks - http://money.msn.com/bus...0121203&id=15857884
Quote:"We invite out customers to keep cash balances as low as possible to avoid negative credit charges," Credit Suisse said in a statement to clients seen by Reuters. Swiss banks forcing clients out of francs into what euros? The circus... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Citigroup slashes 11,000 jobs"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Deutsche Bank Hid $12 Billion in Losses - www.cnbc.com/id/100281860The punchline becomes clear when you look at the head of SEC and where he came from and the current General head of Deutsche bank and his former pay master. Zero sum game this one. The circus continues. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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HSBC money laundering fine to clock $1.8B - www.reuters.com/article/...nt-idUSBRE8B500Z20121206$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Africa tomorrow... $2.6 trillion - Africa's collective GDP in 2020 1.4$ trillion - Africa's consumer spending in 2020 1.1 billion - the number of Africans of working age in 2040 128 million - the number of households with discretionary income in 2020 50% - the portion of Africans living in cities by 2030 http://bit.ly/MM17yi - Lions on the move: The progress and potential of African economies. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Uganda government plans budget cut after aid freeze - http://bit.ly/UghxND
Quote:The Ugandan government will review this financial year’s Budget to make adjustments in light of hundred-million dollar cuts in direct aid by the country’s development partners. Until yesterday, some government functionaries had been maintaining that the government would somehow manage even without the development partners’ financial support.
“The donor aid cut is equivalent to 1.3 per cent of Uganda’s GDP, while the total amount of aid cut by the donors stands around $180m out of $200m that was supposed to be provided by the major development partners.”
Donors fund 25 per cent of Uganda’s 2012/13 budget by $4.5b (Shs11.2 trillion). Over the last three weeks, some of Uganda’s development partners had suspended close to $180m (Shs450b) in development aid following revelations by the Auditor General that Shs50b is believed to have been stolen by some officials in the Office of the Prime Minister.
I expect the UG econ to take it in the chin as austerity pills get served, which means the UGX will also take a hammering. Those Umeme EA and foreign IPO investors had better get ready to take in forex losses when converting from UGX to other ccys on cashing out. KE should take a note of this esp now that the election mood is in full swing and UG also happens to be KE's huge export market. Those twin effects are not what the treasury wants to face next year on the back of a weakened KE econ. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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ECB’s Draghi Says Economic Weakness to Persist Into Next Year - http://buswk.co/Xuly8v
Quote:European Central Bank President Mario Draghi said economic weakness in the euro area will persist into next year before a gradual recovery begins.
“Weak activity is expected to extend into next year,” Draghi said today at a press conference in Frankfurt after policy makers left the benchmark rate at a record low of 0.75 percent. “Later in 2013 economic activity should gradually strengthen,” supported by the central bank’s accommodative monetary policy, Draghi said.
Looooong euroland recession - money winter is still into 2013. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Depression Deepens Greek Middle Class Despair With Crime - http://www.bloomberg.com...r-with-crime-rising.html$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Lagos school girls harness the power of pee to generate electricity - http://reut.rs/V4dJjB
Interesting video by Reuters. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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After months of delay, Pentagon told to plan for "fiscal cliff" - http://reut.rs/R8duc4
Quote:The Pentagon said on Wednesday the White House budget office has directed it to begin planning how to implement billions of dollars in across-the-board spending reductions if Congress and the president fail to agree to avert the cuts before January 2.
The strategy calls for a shift in focus to the Asia-Pacific region. Defense Secretary Leon Panetta has warned that deep additional cuts to the budget could undermine the new strategy and force Pentagon planners to go back to the drawing board.
"We're very concerned that sequestration could have a devastating effect overall that would require us at least temporarily to throw out the strategy that we have so carefully put in place over the past year," Little said.
"That's something that we really want to avoid. This defense strategy is the right one for this department going forward. It's right for our military."
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Bundesbank cuts growth outlook as crisis bites - http://reut.rs/WNo30w
Quote:The Bundesbank expects Germany's economy to grow just 0.4 percent next year, down from an earlier forecast in June of 1.6 percent.
Germany has been a key growth driver of the euro zone, now in its second recession since 2009, but the country's resilience to the crisis is wearing thin and the central bank's new projections reflect this.
"Given the difficult economic situation in some euro-area countries and widespread uncertainty, economic growth will be lower than previously assumed," the Bundesbank said.
The euro fell to a session low against the dollar and German Bunds reversed earlier losses as a result.
The Bundesbank said the balance of risks was on the downside and said there was a chance of Germany entering a recession - defined as two consecutive quarters of negative growth. Yep, ze germans feeling ze money winter... The euro will be hammered for some time. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Monti resignation sparks European stocks sell-off - http://bit.ly/QSlht5
Quote:European stock markets sank on Monday, with Milan shares plunging after Italian Prime Minister Mario Monti announced his intention to resign, in the latest twist in the fast-moving euro zone debt crisis. This is victory  One by one the banksters will jump ship and then democracy will resume back in euroland for the recovery to start. Next watching ze germans keenly. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Standard Chartered Gets $100 Million Fed Fine for Unsafe Banking - http://bloom.bg/T0ZYns
Quote:The Fed’s penalty is “one of the largest penalties” given by the Fed for such practices, the central bank said. The Fed also announced a cease and desist order telling Standard Chartered to “improve its program for compliance with U.S. economic sanctions, Bank Secrecy Act, and anti-money-laundering requirements.”
So when is CBK going to grow some teeth and handout some sting shots to those banksters that crimped the USDKES cross in 2011... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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How dirty is the global banking system? Seems kila wiki a major bank gets fined... GOD BLESS YOUR LIFE
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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In the next few years, the Nairobi skyline will be somewhere close to what Dubai in the United Arab Emirates looks like. That may sound ambitious but Adnan Saffarini Engineering Consultants – the firm that has been instrumental in changing the face of Dubai and three other cities within the UAE by designing ultra-modern buildings - is convinced that this is possible. http://www.businessdaily...-/14mo9viz/-/index.html
GOD BLESS YOUR LIFE
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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This Morsi guy will make Egypt to tip again! - http://www.allafrica.com...ories/201212101776.html Middle East needs a calm & sober Egypt otherwise we restart the 2011 boiler plate tensions that spiked oil. Iran oil is off market. Saudis cant fill all the supply gaps. The global econ is too soft for an oil price shock knock! Things need to hold steady here otherwise... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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youcan'tstopusnow wrote:In the next few years, the Nairobi skyline will be somewhere close to what Dubai in the United Arab Emirates looks like. That may sound ambitious but Adnan Saffarini Engineering Consultants – the firm that has been instrumental in changing the face of Dubai and three other cities within the UAE by designing ultra-modern buildings - is convinced that this is possible. http://www.businessdaily...-/14mo9viz/-/index.html
Remember that 70 storey building? Give it some time. If Konza is realized as well as the other planned cities these sky scratchers will be a common occurence as long as hydrocarbons revenues are well managed. Also that Nairobi international hub must go live in that period.$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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hisah wrote:youcan'tstopusnow wrote:In the next few years, the Nairobi skyline will be somewhere close to what Dubai in the United Arab Emirates looks like. That may sound ambitious but Adnan Saffarini Engineering Consultants – the firm that has been instrumental in changing the face of Dubai and three other cities within the UAE by designing ultra-modern buildings - is convinced that this is possible. http://www.businessdaily...-/14mo9viz/-/index.html
Remember that 70 storey building? Give it some time. If Konza is realized as well as the other planned cities these sky scratchers will be a common occurence as long as hydrocarbons revenues are well managed. Also that Nairobi international hub must go live in that period. A novel idea but far away in the making. Yes there is development in Nairobi, but not as fast. Look at the fiber cable? Look at the recurring strikes? Dubai is fueled by a Prince who knows oil revenues might get depleted and wants to make an alternative revenue source, free market and tourism. He can do that coz he has oil money. Yes, Kenya recently discovered oil. I hope it discovers a way to eradicate corruption, otherwise our natural resource will end up in the pockets of a few. My bet is that sky crappers and Konza is atleast another generation away. Even the high cost apartments are getting out of reach of most Kenyans.
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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One of Kenya’s mid-sized lenders, Dubai Bank, is facing a credibility storm after a former managing director made shocking revelations, detailing a web of irregular transactions that have put close to Sh2 billion in customer deposits at risk. Ms Said has filed in court numerous documents alleging irregular transactions by Mr Zubeidi. The documents show that the banking sector regulator, the CBK was made aware of the suspect dealings at the bank but no action has since been taken. Ms Said also says in an affidavit filed in court that Mr Zubeidi boasted to have the protection of senior CBK and Criminal Investigations Department (CID) officials making him untouchable. CBK governor, Njuguna Ndung’u, said the regulator had received the allegations by Ms Said in two letters dated November 23 and 29. http://www.businessdaily.../-/uq4repz/-/index.html
Funny I just posted about rogue banks jana... GOD BLESS YOUR LIFE
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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UBS to Charge Banks for Swiss Franc Accounts - http://online.wsj.com/ar...578172742123375054.html
Quote:UBS AG said Tuesday it will charge fees to bank clients holding Swiss franc cash accounts from Dec. 21 and urged them to keep franc balances as low as possible.
Switzerland's largest bank by market value said "prevailing market conditions" had prompted the move. Bizarro global banking system!? $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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