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News & Articles By Richard Brown
08/28/2024
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By Richard Brown
Brent crude oil prices soar above $81 as Libya shuts down oil production and exports
Libya’s eastern government has announced its intention to shut down oil production and exports, causing a cascading effect on the oil market and driving up the price of Brent crude oil past the $81 per barrel mark on Monday morning, Aug. 26. Libya is still divided following a six-year-long civil war that ended with the country […]
08/21/2024
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By Richard Brown
Germany halts new military aid to Ukraine amid budget shortfall
Germany has stopped approving new military aid requests for Ukraine as Berlin grapples with a significant budget shortfall, according to a report by the German newspaper Frankfurter Allgemeine Zeitung (FAZ). The decision, driven by efforts to address the country’s 12 billion euro ($13.34 billion) budget deficit, means that Chancellor Olaf Scholz will no longer approve future military […]
08/15/2024
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By Richard Brown
LL Flooring files for bankruptcy, will close 94 stores amid declining sales
LL Flooring, one of the largest hard-surface flooring retailers in the United States, has filed for bankruptcy, joining a growing list of retailers struggling with financial difficulties this year. Specializing in hardwood flooring, LL Flooring has experienced declining sales over the past year as homeowners cut back on remodeling projects. Under Chapter 11 bankruptcy protection, […]
08/15/2024
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By Richard Brown
Fitch downgrades Israel’s credit rating amid prolonged Gaza conflict
Credit rating agency Fitch downgraded Israel’s credit rating from “A+” down to “A” on Monday, Aug. 12, citing ongoing challenges related to the country’s military conflict. Fitch also maintained a negative outlook on Israel’s future credit rating, suggesting that further downgrades could occur if the situation deteriorates. The downgrade reflects the significant impact of the […]
08/15/2024
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By Richard Brown
Italy doubles “flat tax” on income earned abroad by wealthy residents
Calls for increased taxes on the ultra-wealthy are gaining momentum, with conservative governments now joining the debate. In Rome, the government of right-wing Prime Minister Giorgia Meloni has agreed to double the “flat tax” on foreign income earned by wealthy residents from 100,000 to 200,000 euros ($109,200 to $218,400). The tax was initially introduced in […]
07/31/2024
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By Richard Brown
Trump vows to BAN central bank digital currencies: “There will never be a CBDC while I am president”
Former President Donald Trump has reiterated that, when he wins his second term in the White House, he will ban central bank digital currencies (CBDCs) in the United States. He made his stance clear once again during a speech on Saturday, July 27, at the Bitcoin Conference 2024 in Nashville, Tennessee, saying: “There will never […]
07/05/2024
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By Richard Brown
BIDENOMICS claims another victim: Retail store chain Bob’s Stores to close down all locations by July 14
Bob’s Stores, a retailer specializing in athletic and casual clothing across six states, is closing all its locations. The chain currently has “Going Out Of Business” sales that offer customers massive discounts of between 30 to 70 percent off, and the company’s website is no longer operational. Shoppers can find reduced prices on top national […]
06/26/2024
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By Richard Brown
4 Major banks FLAGGED by U.S. regulators over inadequate derivatives plans
Four major U.S. banks were flagged by regulators over their derivatives plans, urging them to fine-tune their policies linked to these. The four financial giants – Bank of America (BofA), Citigroup, Goldman Sachs and JPMorgan Chase – were told to improve their plans for managing bankruptcy, specifically focusing on the safe resolution of their derivatives […]
06/19/2024
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By Richard Brown
Malaysia declares intention to join BRICS
Malaysian Prime Minister Anwar Ibrahim has announced that his country will apply for membership in BRICS. The 77-year-old leader disclosed the decision in an interview with the Chinese outlet Guancha. “We have made our policy clear and decided to proceed. We will start the formal process soon,” Anwar stated. “We are waiting for the final […]
05/28/2024
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By Richard Brown
G7 inching closer to final resolution on seizing frozen Russian assets to aid Ukraine
Finance officials from the Group of Seven (G7) wealthy democracies have announced progress on a proposal by the United States to generate more funds for Ukraine using Russian assets frozen in their respective countries. “We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign […]
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