Finance

NAB warns of at least £250m in UK misconduct provisions

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National Australia Bank’s new chief executive Andrew Thorburn said the bank will make additional provisions at the full-year result for misconduct issues in the United Kingdom, which have plagued the bank for several years. Mr Thorburn said misconduct charges in the UK were “difficult to predict”. NAB on Monday reported to the ASX third quarter cash profit of “approximately $1.6 billion”, up ... Read More »

Russian banks to switch to Russian software

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The Central Bank of Russia strongly recommends all Russian banks to use Russian software to themselves against the loss of rights and licenses for the use of bank programs. This was stated by Chairwoman of the Central Bank of the Russian Federation  Elvira Nabiullina. Russian credit organizations are to ensure such protection already from September 1, 2014. Previously, experts expressed concerns that ... Read More »

Forests for the future: Kenya’s carbon credit scheme

Elephants forage in Tsavo East National park in southern Kenya, on March 20, 2012

When 61-year old Mercy Joshua was young, the vast forests of southeastern Kenya teemed with wildlife, but decades of unchecked deforestation by locals have devastated the land. She watched forests dwindle and rivers dry up across her homeland of Kasigau—a semi-arid savanna grassland dotted with shrubs, woodland and small rugged hills—as people cut down the trees to scratch a living ... Read More »

When a Car Loan Means Bankruptcy

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The mortgage industry set the stage for the recession by luring people into ruinously priced loans they could never hope to repay, then selling those loans to Wall Street in mortgage-backed securities that went bad. The federal government has since tamed that industry, outlawing most of the risky and deceptive practices that led to that crisis. It must now do ... Read More »

Shai Reshef: An ultra-low-cost college degree

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Published on 4 Aug 2014 At the online University of the People, anyone with a high school diploma can take classes toward a degree in business administration or computer science — without standard tuition fees (though exams cost money). Founder Shai Reshef hopes that higher education is changing “from being a privilege for the few to a basic right, affordable ... Read More »

Obama signs bill giving Israel $225 million for missile defense system

President Obama signs "H.J. Res. 76," a bill that provides an additional $225 million in U.S. taxpayer dollars for Israel's Iron Dome missile defense system, in the Oval Office of the White House, Monday, Aug. 4, 2014. (AP Photo/ Evan Vucci)

President Obama on Monday signed a bill that will give Israel $225 million to restock its Iron Dome missile defense system. The House voted 395-8 to pass the bill Friday night. The missile shield system was developed jointly by the United States and Israel and is said to have intercepted dozens of rockets fired from Gaza during the conflict that began July 17.  The ... Read More »

EU Practiced Its Russian Sanctions in Cyprus

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Europe’s new financial sanctions against Russia will be among the first meaningful ones the West has introduced since the Ukraine crisis started. But punishing rich Russians is not exactly new territory for the EU — it has been doing so since last year in Cyprus. In 2012, the Mediterranean island’s banking system turned out to be too big — its ... Read More »

After Drugs and Guns, Art Theft Is the Biggest Criminal Enterprise in the World

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June 2014, and an unusual three-day conference is taking place in the basement room of New York University’s School of Law. The 200 or so attendees that have hurried their way across sunny Washington Square include FBI agents, lawyers, auction house heads, art dealers and collectors who buy and sell multi-million–dollar items. Waiting, sharp-suited, is -Brooklyn-born conference organiser Chris Marinello, ... Read More »

Putin’s L.America ‘big tour’, deals done

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A six-day tour by Russian President Vladimir Putin to Latin America ended with a long anticipated creation of the BRICS bank and the signing of energy agreements, as Russia looks to build alliances to counter Western influence. The Latin America tour started with the visit to Cuba, where Putin signed a new agreement on oil exploration in Caribbean waters which ... Read More »