Chinese shares close more than 5% lower

    BEIJING, Jan. 21 (Xinhua) — Chinese shares plunged more than 5percent on Monday, as investors dumped stocks amid liquidity concerns sparked by the huge share sale plan of Ping An Insurance.     The benchmark Shanghai Composite Index, which covers both A and B shares, tumbled 266.08 points, or 5.14 percent, to 4,914.44, while the Shenzhen Component […]

2008 election charade, part 2: White House bought by big money

Jan 15, 2008, 00:18 Email this article  Printer friendly page As previously written, the 2008 election is a manipulation, rigged by political elites working behind sock puppet candidates. This fact is even more obvious when one follows the money. What big money interests want OpenSecrets.org is one vital resource that tracks campaign money flows in detail, and virtually in […]

More spying in the future, drones over te Urewera?

Heather Brooke Two weekends ago at the V Festival, revellers were surprised to see a remote-controlled surveillance drone flying and filming overhead. Little to nothing was known beforehand about the drone’s use, and news reports after the fact shed little light on why or how its use was approved. I put in a Freedom of […]

Police “Terror” Boss Has History Of Activist Harassment – Nicky Hager

By Joseph BarrattThe anti-terrorism unit commanded by Assistant Police Commissioner Jon White which led last week’s so-called “terror raids” around the country – arresting 17 political activists – has a history of harassing and imprisoning protestors engaged in legitimate political protest, according to noted author and investigator Nicky Hager. Hager is author of the acclaimed […]

Titanium or Water? Trouble brews in Southern India

by Nityanand Jayaraman, Special to CorpWatch October 24th, 2007< More than 5,000 people converged this month in the southern Indian state of Tamil Nadu to protest a deal that set the stage for the state government to appropriate almost 10,000 acres of land and hand it over to Tata Steel Corporation, a subsidiary of India’s largest conglomerate. […]

Merrill Lynch reels from big write-down

Merrill Lynch & Co was the bank John Key last worked for before coming back to NZ.  NEW YORK – US financial giant Merrill Lynch & Co today reported the biggest quarterly loss in its history after writing down US$8.4 billion, mostly from bad investments related to risky subprime mortgages. “The bottom line is we got it […]

Terror raids suspect beaten in jail

A man arrested in the terror raids has been badly beaten in prison but is refusing to name his attacker. The Corrections Department confirmed that a prisoner – understood to be Jamie Lockett, who faces three Firearms Act charges – was taken to hospital after an assault but was now back in prison. He had […]

Fear of global slowdown as oil price soars

Stock markets around the world were braced for fresh falls today despite attempts by the G7 leading industrial nations and the International Monetary Fund to boost confidence after Friday’s plunge in share prices on Wall Street.The IMF’s key policy-making committee said at the weekend that the recent turmoil in financial markets would lead to slower […]

NZ signs up to US terrorist database

And what does America get out of this deal? And what do they mean when they say;”There are bound to be some human rights concerns but the public good comes first.”  Our human rights are the public good. Ask the people arrested under the anti-terror law this week how they feel about the infringement on their […]

It’s Time For The Banks To Face The Hangman

By Mike Whitney Officials in the Treasury Dept—-working with their colleagues at Citigroup, J.P. Morgan and Bank of America—have concocted a scheme to rescue the banks from their massive losses in mortgage-backed securities. The group is planning to set up a $100 billion emergency fund which will purchase non-performing assets for short term debt. In […]

Geneva investor repayments stopped

Geneva Finance has stopped repaying investors, owed more than $112 million, as it struggles to remain afloat. The Auckland-based company plans to ask its 4500 investors to agree to a repayment moratorium of 612 months, as it tries to stabilise its position. International credit rating agency Standard and Poor’s immediately dropped its long-term rating of […]

Foreclosures, Inflation to Wipe Out Credit Debt Burden for US Economy

Let’s see…the Dow rose 77 points on Friday. Oil hit a new record – at above US$85 a barrel. But we always try to look beyond to news to figure out what is going on. Despite the problems in housing, most Americans are feeling pretty fat and sassy. Living standards – at least, by the […]

Why the US Central Bank Wants to Create Inflation, Destroy US Dollar

It’s the end of the world as we know it…and we feel fine! India is booming. China is booming. The latest news from the Middle Kingdom tells us that its trade surplus is rising at a 56% annual rate. Heck, even Argentina is booming. Its economy has been growing about three times faster than the […]

US Federal Reserve To Cut Interest Rates Until Dow Hits 20,000

The credit addicts on CNBC have got to be flying as high as they’ve ever flown before. The minutes from the Federal Reserve’s last meeting were made public yesterday and Wall Street revelled in the implied monetary largesse like a pig in first-class gravy. The Fed didn’t promise more rate cuts. But it did say […]

“Rulers and Ruled in the US Empire”

James Petras is Binghamton University, New York Professor Emeritus of Sociology, whose credentials and achievements are long and impressive. He’s a noted academic figure on the left, a well-respected Latin American expert, and a longtime chronicler of the region’s popular struggles as well as being an advisor to the landless workers (MST) in Brazil and […]

The selling off of Canada. Will we bemoan the selling of of New Zealand when National starts to sell our assets.

At what point does Canada become a toy country? In August, the last of the major Canadian steel makers was sold to United States Steel Corporation for $1.1 billion. Earlier, Dofasco was sold to a European company which has since been swallowed up by Mittal Steel Co. of India. This latest foreign takeover is just […]

Sub-prime crisis: Is it over?

When the sub-prime crisis rocked world markets on July 27, New Zealand’s sharemarket followed the same dismal path as Wall Street. It sank almost 10 per cent in less than a month. But the NZX-50 index stopped just short of a fresh closing high on Tuesday and overseas markets have also recovered. The sorry episode […]

World Bank accused of razing Congo forests

The World Bank encouraged foreign companies to destructively log the world’s second largest forest, endangering the lives of thousands of Congolese Pygmies, according to a report on an internal investigation by senior bank staff and outside experts. The report by the independent inspection panel, seen by the Guardian, also accuses the bank of misleading Congo’s […]

China to Dump US Dollar as Confidence in Local Market Grows

“To the average American, nothing much has changed in the financial world… “According to ‘Business News’ on PBS, everything is actually OK – there is nothing to worry about. In fact, during the middle of 2008, all problems will be solved. But when will the Chinese ever dump their US treasury debts?” A good question: […]

Brakes go on – big dive in house sales

But Barfoot’s director Peter Thompson said last month was the quietest September since 2000. High interest rates, school holidays – which started late last month – and people travelling to the Rugby World Cup were all to blame. “At the upper end of the market, many potential vendors are overseas following the World Cup action […]

Inflation and the Federal Reserve

by Richard C. Cook Global Research, October 2, 2007 No term in the “dismal science” of economics is more misunderstood than “inflation.” The word means “rising prices,” but is used at different times by different people to describe totally different phenomena. The most predominant type of inflation is natural and occurs as raw materials are […]

Financing Fascism: The Military-Industrial Complex and the Rise of Neo-Conservatism

On the first of Oktober 2007 the 17th Bank registered in New Zealand. This was the JPMorgan Chase Bank. This bank it was announced would not be acting in the realm of other banks but would only act in the wholesale market. This means that the bank will loan to big investors who are interested […]

The Worst Recession in 25 years?

By Robert P. Murphy Posted on 10/1/2007 [Subscribe or Tell Others] << Previous Story | Index | Next Story >> On September 18 the Fed cut its target for the fed funds rate by 50 basis points (0.5 percentage points), from 5.25% to 4.75%. The move surprised many analysts who had been expecting a more […]

Are the good times gone for good?

One of the most influential figures in the world economy, former US central bank chairman Alan Greenspan, has warned that the good times are over for the world economy. Mr Greenspan, who played a key role in managing the US economy as head of the Federal Reserve from 1986 to 2006, says that higher interest […]

New bank registered in New Zealand

JPMorgan Chase Bank has been registered as a bank in New Zealand, the Reserve Bank said. JPMorgan Chase Bank is incorporated in New York and will operate a branch in New Zealand. It intends to only operate in the wholesale market and will not have a retail business. There are now 17 registered banks in […]

Corporate plan for classrooms

A multinational company specialising in public-private partnerships (PPPs) could become a school landlord under National’s education plans. Yesterday, National unveiled more detail on its education policy after The Weekend Press revealed the party was planning to pump more money into private schools and allow the private sector to build and own state schools. The story […]

“A fresh blow to the housing market ,” is how the Financial Times describes it.

“A fresh blow to the housing market ,” is how the Financial Times describes it. The Daily Telegraph comes up with a more bodacious headline: “US housing market in freefall as prices crash” And follows up with this: “Sales of new homes in the US plunged in August at the fastest rate since modern records […]

Credit crisis strikes UBS, Citi, Credit Suisse

By Andrew Hurst and Christian Plumb ZURICH/NEW YORK (Reuters) – The credit crisis struck at the heart of the global financial industry on Monday as Swiss bank UBS AG said it faced a shock loss in the third quarter and Citigroup warned its profits had collapsed. UBS’s chief domestic rival Credit Suisse Group also said […]