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« Congressman: Why Does Obama Need 1.6 Billion Bullets? | Main | Moynihan: We're Doing God's Work At Bank Of America »
Thursday
Mar282013

Russia And China Plan New Bank To Replace The IMF

Morning links.  Scroll down for new video collection.

 

Russia And China Give $100 Billion To Create New Bank to Replace World Bank, IMF

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.

“If they announce a BRICS bank it will be quite something,” O’Neill said in an e-mailed reply to questions on March 15. “At a minimum it symbolizes they can achieve something as political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank, which may aid infrastructure and trade projects.”

Finance ministers and central bank governors from the BRICS nations, who met in Durban today, agreed to set up currency crisis fund of about $100 billion, Brazilian Finance Minister Guido Mantega told reporters today. He didn’t give details of proposed funding for the new bank, which Brazil wants established by 2014. The nation’s leaders are due to sign a final accord tomorrow.

 

Cypus Banks to Open for First Time in 2 Weeks With Harsh Cash Curbs

 

Wells Fargo Paid Director’s Son $1.4 Million Last Year

 

Federal employees who don’t pay taxes would be fired if bill passes

 

Mini flash crashes: A dozen a day

 

Barclays announces £39 million in bonuses for execs on budget day

 

Icelandic bank's top executives indicted over fraud

 

Dylan Ratigan is running an organic hydroponic farm

 

Michele Bachmann faces congressional ethics probe

 

Is the student loan bubble about to pop? - Write-offs Hit Record High

 

How To Kill A Drone (Awesone...)

 

Ex-President Expenses Total $3.7 Million In 2012 - Bush Most Expensive

 

Biden Flying To Delaware On Weekends On Taxpayer Dime

 

IRS Star Trek Training Video - Latest Taxpayer Waste

 

Members of Congress Demand Investigation of Obama’s Ammo Stockpile

 

New York State Sets Up Gun Snitch Line With $500 Award

 

CIA Makes $600 million deal with Amazon to build cloud computing system for spies

 

White House moves to let Pentagon take over CIA drones

 

Mercedes unveils Tesla-powered electric car

 

Bulgarian man becomes 6th man in past month to set himself on fire

 

Stealing Frozen Bag Of Meatballs At West Point Brings Federal Charges

 

Man Gets 3 Years In Prison For Auburn Tree Poisoning - But Corzine Is Still Free - ESPN

 

Ecuador auctions off pristine Amazon jungle to Chinese oil firms

 

Why I'm leaving China

 

Mexico Horror: Men Executed And Bodies Arranged With Messages Nailed To Chests

 

A father's hoops dream: Minting an NBA millionaire includes lying about son's age

 

Videos

Ferrari FF: The World’s Only 200 Mph ‘Family’ Car

 

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Consumers struggle with Cyprus banks closed.

 

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Why Has Copper Dropped Out of the Mining Rally?

 

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Global Outlook: Is Gold Losing Its Shine?

 

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Will consumers wear Apple Smartwatches, Google Glasses?

 

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Chinese market may have peaked.

 

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Dick Bove on Cyprus, Europe and U.S. banks.

No surprise.  Bove says all Euro banks must be bailed out. 

 

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Steve Chen: No Regrets About Selling Youtube

Start watching at 45 second mark.

 

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iFixit: The App for the Fix-It-Yourself Revolution

 

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China - World's Most Profitable Bank

 

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Reader Comments (10)

Mar 28, 2013 at 1:05 AM | Registered CommenterDailyBail
China’s largest banks capped a sixth year of record profits by posting a 21 percent average return on equity, more than twice the rate earned by U.S. and European competitors led by JPMorgan Chase & Co. (JPM)

http://www.bloomberg.com/news/2013-03-27/icbc-profit-beats-estimates-on-lending-growth-bad-debt-control.html
Mar 28, 2013 at 1:07 AM | Registered CommenterDailyBail
Mar 28, 2013 at 1:09 AM | Registered CommenterDailyBail
Fed's Evans wary of slowing bond-buying pace

WASHINGTON (MarketWatch) - The Federal Reserve shouldn't scale back the pace of its bond-buying program anytime soon, said Charles Evans, president of the Chicago Federal Reserve Bank. "I think it is ...very successful. I can't see that those are the parameters for doing less,"

http://www.marketwatch.com/story/feds-evans-wary-of-slowing-bond-buying-pace-2013-03-27-149105
Mar 28, 2013 at 1:15 AM | Registered CommenterDailyBail
Mar 28, 2013 at 1:18 AM | Registered CommenterDailyBail
Fed doves in no rush to scale back asset purchases

Flurry of speeches by central bankers doesn’t change policy outlook

http://www.marketwatch.com/story/fed-doves-in-no-rush-to-scale-back-asset-purchases-2013-03-27
Mar 28, 2013 at 1:18 AM | Registered CommenterDailyBail
The problems in Bulgaria are pretty bad to say the least. That entire region has been raped while the vultures circle overhead. I have been watching certain renewable energy concerns operating there for quite awhile . Here is a story about their electricity problems and a bit about their new watchdog...


http://www.novinite.com/view_news.php?id=148525
Mar 28, 2013 at 6:29 AM | Unregistered Commenterjohn

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