Bitcoin slides almost 20% on crackdown fears

•January 17, 2018 • 5 Comments

https://finance.nine.com.au/2018/01/17/08/43/bitcoin-slides-almost-20-percent-on-crackdown-fears

Bitcoin has tumbled 18 per cent to a four-week low close to $US11,000 ($A15,400), after reports that a ban on trading of cryptocurrencies in South Korea is still an option, driving fears of a wider regulatory crackdown.

Bitcoin’s slide triggered a massive selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 per cent on the day, according to trade website Coinmarketcap, and the next-biggest, Ripple, plunging 33 per cent.

South Korean news website Yonhap reported Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the “irrational” cryptocurrency investment craze.

South Korea had said on Monday that its plans to ban virtual coin exchanges had not yet been finalised, as government agencies were still in talks to decide how to regulate the market.

Bitcoin slid on the latest news, trading as low as $US11,191.59 on the Luxembourg-based Bitstamp exchange, down 18 per cent on the day, for a short period putting the digital currency on track for its biggest one-day fall in three years.

“It’s mainly been regulatory issues which are haunting the cryptocurrency, with news around South Korea’s further crackdown on trading the driver today,” said Think Markets chief strategist Naeem Aslam, who holds what he described as “substantial” amounts of bitcoin, Ethereum and Ripple.

“But we maintain our stance. We do not think that the complete banning of cryptocurrencies is possible.”

Cryptocurrencies enjoyed a bumper year in 2017 as mainstream investors entered the market and as an explosion in so-called initial coin offerings (ICOs) – digital token-based fundraising rounds – drove demand for bitcoin and Ethereum, the second-biggest digital unit.

The latest tumble leaves bitcoin down more than 40 per cent from the record high around $US20,000 it hit in mid-December, wiping about $US130 billion off its “market cap” – the unit price multiplied by the total number of bitcoins that have been released into the market.

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dont they say buy low sell high? 🙂

401

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The four contracts that finished Carillion

•January 17, 2018 • 2 Comments

https://www.theguardian.com/business/2018/jan/15/the-four-contracts-that-finished-carillion-public-private-partnership

It was trusted to build some of the country’s most important infrastructure – from NHS hospitals to much-needed new road projects – yet the foundations of construction giant Carillion were shaky enough for the group to be felled by just four contracts. Two were for much-needed new hospitals – and work on both was immediately halted as the company collapsed.

Revenues of more than £5bn – plus annual profits approaching £200m – turned out to be limited props for a company when the facade began to crumble by the summer of last year.

Back then, Carillion shares slumped by 70% in a month as it was forced into a monster profit warning following an £845m writedown.

Much of that – £375m – was blamed on just three large public private partnership (PPP) contracts in the UK. Another £470m was dressed up as the cost of pulling out of several overseas markets.

Carillion never officially revealed exactly which deals had gone so badly wrong, but it quickly became an open secret in the market: the construction of two English hospitals – where workers said on Monday they have already begun to be laid off – one Scottish road and a development in Doha, the capital of Qatar. Together they were enough to kill off the company.

The three UK deals were Merseyside’s “new”£335m Royal Liverpool University hospital, the £350m Midland Metropolitan hospital being built in Smethwick and a road project called the Aberdeen western peripheral route – all of which were beset by seemingly innocuous problems that caused more and more embarrassing delays and mounting costs.

Construction of the Royal Liverpool University hospital – a prestige project to build a new facility with 646 beds, the biggest single-bedroom hospital in England – ran into problems when workers found “extensive” asbestos on the brownfield site and cracks in the new building.

In Smethwick, delays were blamed on “the fitting of pipes and wires [taking] longer than expected”.

The opening of both new hospitals has been delayed by a year. At least, those was the last estimates: no work was being carried out at the Royal in Liverpool on Monday, while local West Midlands media was reporting a similar suspension at Smethwick.

A worker on the new Midland Metropolitan hospital building told the BBC: “Everyone on the site got told: ‘That’s it, go home’. My company said, ‘You’ve been laid off’.”

“They’ve literally locked the gate. They’ve told us we can get our personal tools off the site if they’re small, but that’s it.”

In Aberdeen, the schedule slippage was blamed on more predictable problems: cold weather during a Highland winter.

In Doha the big issue was a £200m dispute over money – cash owed on a project linked to preparations for the 2022 Fifa World Cup. Local reports suggest Carillion was not paid for almost a year’s work.

The Qatar Foundation, which was backing the development, did not return phone calls to elaborate.

All of which is a disaster not just for Carillion workers, whose jobs are now under threat, and for patients awaiting new hospitals and drivers wanting another road.

It is a blow to the entire government policy around PPP, and it was possible to detect a hint of panic inside Whitehall on Monday, with the Cabinet Office stating: “For clarity – all employees should keep coming to work, you will continue to get paid. Staff that are engaged on public sector contracts still have important work to do.”

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a big fall from a big company..the ripples will go on for a while..

“It was the second-biggest construction company in the UK. Listed on the London Stock Exchange, the company experienced financial difficulties in 2017, and went into compulsory liquidation on 15 January 2018.”

who is next?

whats that logo supposed to mean?

401

Cameron on Obama: One of the “most narcissistic, self-absorbed people” he had ever dealt with

•January 17, 2018 • Leave a Comment

http://www.dailymail.co.uk/news/article-5247473/Hilton-David-Cameron-thought-Obama-narcissistic.html#ixzz53dBEh7hy

David Cameron thought Barack Obama was one of the ‘most narcissistic, self-absorbed people’ he had ever dealt with, his former strategy guru has claimed.

While in office the two leaders had a cosy bromance and were pictured high-fiving and playing rounds of golf and ping pong together.

But Steve Hilton tore into Mr Obama for thinking he was ‘smarter’ than everyone else in the room.

And he claimed that his old boss Mr Cameron would get wound up by the ex President’s self absorption.

Hilton, who was Mr Cameron’s adviser when he entered Downing Street but later parted way with him and moved to Silicon Valley where his wife, Rachel Whetstone was working first for Google, then Uber, and now Facebook as a communications executive.

Hilton is also hosting a Fox News show on Sundays called The Next Revolution and used it to jump into the aftermath of the publication of the explosive book Fire and Fury, on Donald Trump’s time in the White House.

The former Downing Street adviser was highly critical of Mr Obama and said: ‘My old boss, former British prime minister David Cameron, thought Obama was one of the most narcissistic, self-absorbed people he’d ever dealt with.

‘Obama never listened to anyone, always thought he was smarter than every expert in the room, and treated every meeting as an opportunity to lecture everyone else.

‘This led to real-world disasters, like Syria and the rise of Isis.’

But the claims were immediately slapped down by a spokesman for the former Prime Minister who said they do not reflect his views.

Mr Hilton made the shocking claim as he railed against ‘elitists’ for criticising Donald Trump and claiming he is unfit to hold office.

He said: ‘For them, it’s all about style and tone, not substance and results. Donald Trump offends the elites aesthetically, like a piece of art that’s not to their taste.

‘They can afford to do that because they live in a world of booming neighbourhoods, delightful hipster eateries and everyone they know employed in the virtual world of the knowledge economy.

‘They don’t see what’s going on in the actual economy. Whatever his mental state, [Trump] has achieved more for working Americans in one year than his predecessors did in eight, or 16, frankly.’

The viewpoint pushed by Hilton on Sunday is one he has been aggressively putting forward for months.

On Sunday he said: ‘Every supporter of President Trump should understand one thing about this book, the argument that Donald Trump is mentally unfit is not Michael Wolff’s opinion, it’s the opinion of some of the people closest to the president.

‘I said back in the summer when I first learned what these aides and hangers-on were saying to Wolff, that the president is surrounded by too many two-faced self-serving Muppets who say one thing in public and another behind the president’s back.’

That was an apparent dig at Steve Bannon, who until the publication of the book in which he openly attacked the White House, had been close to Mr Trump – rather similar to Mr Hilton’s relationship to Mr Cameron.

Mr Cameron and Mr Obama had been understood to get on well together while in office, and were  pictured together playing ping-pong and watching a basketball game.

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and when exposed cameron says its not true..but i believe the “whistleblower”..

“‘Obama never listened to anyone, always thought he was smarter than every expert in the room, and treated every meeting as an opportunity to lecture everyone else.”

sounds like the obama i knew..

401

Trump pardoned 5 megabanks for corruption charges

•January 17, 2018 • 3 Comments

http://thefreethoughtproject.com/trump-pardoned-megabanks-owes-millions-rampant-fraud-corruption/

While Americans celebrated the holidays, President Trump followed in the footsteps of his predecessors by acting in the interest of Wall Street and using the distraction to do something that was not in the best interest of the American people. He pardoned five megabanks for rampant fraud and corruption, which is especially notable because of the amount of money he owes them.

Trump has been using Deutsche Bank since the 1990s, and Financial Times has reported that he now owes the bank at least $130 million in outstanding loans secured in properties in Miami, Chicago, and Washington. However, a source told the Times that the actual number is likely much larger at $300 million.

Reports claimed that Deutsche was the only bank willing to lend Trump money after his companies faced multiple bankruptcies. The relationship has continued over the years, and an analysis from the Wall Street Journal claimed that Trump has received at least $2.5 billion in loans from Deutsche Bank over the last 20 years.

There have been concerns about Trump’s ties to the bank becoming a conflict of interest, dating back to the 2016 election, and the evidence to support those concerns is now becoming clear.

During the week of Christmas, the Federal Register announced that the Trump Administration had issued waivers to Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank—all megabanks facing charges of fraud and corruption.

The banks were involved in the LIBOR Scandal, in which they colluded to deliberately depress the rate at which they paid out on investments. By suppressing the London Interbank Offered Rate (LIBOR) at the beginning of an economic crisis in 2007, the megabanks were able to boost their earnings and to give their customers a false sense of security.

Deutsche Bank pled guilty to wire fraud in a U.S. court in 2015, and it went on to pay $3.5 billion for its role in the LIBOR scandal—more than any other bank involved—before it reached a $7.2 billion settlement with the Justice Department in early 2017.

Then in June 2017, Deutsche Bank trader David Liew, who is based in Singapore, pleaded guilty to conspiring to spoof gold, silver, platinum and palladium futures in federal court in Chicago, confirmingthat the biggest banks in the world have conspired to rig precious metals markets.

While Trump granted 5-year exemptions to Citigroup, JPMorgan, and Barclays, and 3-year exemptions to UBS and Deutsche Bank, it should be noted that his administration is not the only one to have done this. As International Business Times noted“In late 2016, the Obama administration extended temporary one-year waivers to five banks,” which just happened to be the same ones Trump has now extended the exemptions on—revealing the real rulers in DC.

Not surprisingly, the latest decision to pardon the banks comes in stark contrast to one of Trump’s most applauded campaign promises—that he would finally stand up against Wall Street and demand that the most powerful banks be held accountable to the public.

“I’m not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We’re going to tax Wall Street,” Trump said during a campaign rally in January 2016.

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whilst you were watching gloria allred or whatever the outrage was at the time..trump gave a free pass to the banks..

“During the week of Christmas, the Federal Register announced that the Trump Administration had issued waivers to Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank—all megabanks facing charges of fraud and corruption.”

in the face of this:

“I’m not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We’re going to tax Wall Street,” 

lies?

401

Saudi Arabia begins uranium exploration to develop nuclear energy

•January 17, 2018 • Leave a Comment

https://www.rt.com/business/413508-saudi-arabia-uranium-exploration/

The House of Saud has started a survey for uranium and thorium resources, according to a report by Argaam, a Saudi Arabian financial news portal. The kingdom will not use it for military purposes, officials say.

Exploration has begun in the Hail region of the Al Hail Province by the Saudi Geological Survey (SGS) in cooperation with the King Abdullah City for Atomic and Renewable Energy (KACARE) and the China National Nuclear Corporation (CNNC), Argaam reported.

According to the SGS president Zohair Nawab, Saudi Arabia had no intentions to use nuclear energy for military purposes.

The exploration survey is intended for mineral exploration, power generation, seawater desalination, and developing renewable energy sources, he added.

The project has been ordered by Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud.

With Saudi Arabia now experiencing an acute economic challenge due to low crude prices, the royal family has generated a new initiative, known as “Vision 2030,” a plan to modernize the economy and society.

The Saudi crown prince has also cracked down on corruption, which has led to the arrest of 208 individuals including the members of the royal family. They are accused of embezzling and misappropriating $100 billion over several decades.

In a recent op-ed in the Wall Street Journal, the Saudi Minister of Commerce and Investment Majid Al Qasabi wrote that corruption has long repelled foreign investors, but the kingdom is opening up and is “shifting to the forefront of development, in partnership and collaboration with the international community of nations, investors and people.”

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no solar for saudis..nuke all the way..with chinese help..

401

The bottom of the ocean has started sinking under the weight of melting glaciers..this is a real article!

•January 16, 2018 • 3 Comments

https://www.sciencealert.com/bottom-ocean-literally-sinking-under-weight-melting-glaciers-climate-change

Decades of measurements and predictions of sea level rise could have underestimated the scale of the problem, experts warn, due to scientists not accounting for the weighty, warping effects of our ever burgeoning oceans.

Existing assessments of sea level rise haven’t factored in that as the total ocean mass increases due to melting glaciers and ice sheets, the weight of all that extra water pushes down on the sinking ocean floor, deforming the seabed – and disguising just how much the oceans are truly swelling.

“The Earth itself is not a rigid sphere, it’s a deforming ball,” geoscientist Thomas Frederikse from the Delft University of Technology in the Netherlands told Earther.

“With climate change, we do not only change temperature.”

The implications, according to Frederikse and his team, is that as the ocean bottom subsides elastically, the actual increasing volume of the ocean – called barystatic sea level rise – is masked from measurements based on satellite observations.

That’s because satellite readings only tell us one side of the story: geocentric sea level rise, as seen from the surface side.

“[B]ecause satellite altimetry observes sea level in a geocentric reference frame, global mean sea-level estimates derived from altimetry will not observe the increase in ocean volume due to ocean-bottom subsidence, and hence, they may underestimate [global mean sea-level] rise,” the researchers explain in a new paper.

To quantify how much the bottom of the ocean is deforming under the extra load of meltwater, the researchers used various estimates of mass loss from glaciers, the Greenland and Antarctic ice sheets, and land water storage, including groundwater depletion and dam retention.

For roughly the last two decades (the period 1993–2014), the team calculates the increase of the total ocean load has pushed the seabed down by about 0.13 mm (0.005 inches) per year, or around 2.5 mm (almost 1/10th of an inch) in total for the period.

That might not sound like much, but in some regions the deformation is significantly greater – up to 1 mm (0.04 inches) per year over the Arctic Ocean, and 0.4 mm (0.016 inches) per year in the South Pacific.

Overall, the researchers say purely satellite-derived assessments of sea level rise for the period could have underestimated barystatic sea level rise by as much as 8 percent – which is definitely something we need to think about in the future, especially this hidden variable will only become more significant as the world gets hotter and sea level rise accelerates.

“In a future warming climate, the sea-level rise induced by ice sheets will increase, and therefore, the magnitude of the bias due to elastic ocean-bottom deformation will grow,” the team writes.

“To increase the accuracy of sea-level estimates, the effect of ocean-bottom deformation should be taken into account, either based on modelled estimates of ocean mass change, as was done in this study, or using more direct observations.”

The findings are reported in Geophysical Research Letters.

http://onlinelibrary.wiley.com/doi/10.1002/2017GL075419/abstract

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how do they measure at the bottom of the worlds oceans which are between 6000 and 30,000 feet down?

the weight has allegedly led to a 0.004 of an inch depression..please..this is just fake alarmist clap trap..

“That might not sound like much, but in some regions the deformation is significantly greater – up to 1 mm (0.04 inches) per year over the Arctic Ocean, and 0.4 mm (0.016 inches) per year in the South Pacific.”

*sigh

“based on modeled estimates of ocean mass change”

oh..the models..the modelling..so accurate..so politically on point!

401

Saudi Arabia demands $6 billion for the release of Prince Al-Waleed Bin Talal

•January 16, 2018 • Leave a Comment

http://www.telegraph.co.uk/news/2017/12/25/saudi-arabia-demands-6-billion-release-prince-al-waleed-bin/

Authorities in Saudi Arabia are demanding $6 billion from Prince Al-Waleed Bin Talal, one of the richest men in the world, in return for his release after he was arrested in an anti-corruption purge last month in Riyadh.

The prince, who is the 57th richest man in the world, was one of dozens of businessmen, royals and government officials detained last month in the capital’s Ritz Carlton hotel in a move led by the country’s crown prince Mohammad Bin Salman.

Many of the others have since been released, with reports that many have paid for their freedom, but the fee demanded for Prince Al-Waleed is believed to be one of the highest.

Allegations levelled against Prince Al-Waleed included extortion, bribery and money laundering. Prince Al-Waleed is believed to be worth some $18.7 billion, and has accrued a vast portfolio that includes holdings in Citi Bank, Disney, Twitter and London’s Savoy hotel.

But he has reportedly refused to pay any such fee for his release, claiming that paying such a fee would amount to an admission of guilt. It is also believed that the fee could lead to the dismantling of much of the business empire he has spent his life building.

A source close to the prince told The Wall Street Journal ““He wants a proper investigation. It is expected that al-Waleed will give [Prince Bin Salman] a hard time,”

The $6 billion figure was reported by the Wall Street Journal.

Last month, Prince Mutaib Bin Abdullah, the son of the late King Abdullah and head of the country’s National Guard, who was also caught up in the purge was released after paying a reported $1 billion. In total, 320 people were arrested.

In an interview with the New York Times last month, Crown Prince Mohammad Bin Salman said that some 10 per cent percent of government funds had been lost to corruption each year since 1980.

He said that 95 per cent of those caught up in the corruption probe had agreed to such settlements, but said: “About 1 per cent are able to prove they are clean and their case is dropped right there. About four percent say they are not corrupt and with their lawyers want to go to court.”

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this is justice saudi style..pay us..or else!

not that i cry any tears for this globalist prick..should be in a real jail cell..

“he has reportedly refused to pay any such fee for his release, claiming that paying such a fee would amount to an admission of guilt. It is also believed that the fee could lead to the dismantling of much of the business empire he has spent his life building.”

uh huh..

401

 
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