15 Nov 2018

Price tag of the ‘war on terror’ will top $6 trillion soon

“The price tag of the ongoing ‘war on terror’ in the Middle East will likely top $6 trillion next year, and will reach $7 trillion if the conflicts continue into the early 2020s, according to a new report out Wednesday. The annual Costs of War project report, from the Watson

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15 Nov 2018

German prosecutors charge Chinese-born engineer in industrial espionage case

Prosecutors in Germany are charging a Chinese-born German national for stealing trade secrets in connection with his former position with chemicals firm Lanxess. German intelligence has warned firms that China may seek to uncover and export trade secrets and that it can be difficult to tell the difference betweens state

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14 Nov 2018

Property bubble fears rise as China struggles with trade war

Concerns over the highest vacancy rate in the world and a cooling economy dealing with a trade war has sparked concerns of an impending bubble in the Chinese housing market. A recent report from China’s largest state-backed investment banks has forecasted that 2019 could be a “year of recession” in

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14 Nov 2018

Iran prepares cryptocurrency as US cuts SWIFT services

Iranian access to the SWIFT financial system has now been cut off as part of US sanctions against the regime. While the SWIFT system is supposed to be an independent entity, the US has demonstrated its influence and control over it in this instance, leading critics to more actively support

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13 Nov 2018

Rust Costs the Pentagon $21 Billion Per Year

“Rust costs the Pentagon more money annually than many of its most expensive weapons systems—up to $21 billion per year, according to a Defense Department-commissioned audit. The report indicates the corrosion of metals that make up modern weapons systems like fighter jets, ships, ballistic missiles and nuclear weapons can sometimes

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13 Nov 2018

Venezuela inflation rate hits 830,000%, refugee and migrant numbers reach 3 million

New figures indicate that inflation in Venezuela has hit 830,000% and IMF projections estimate numbers beyond 1 million percent by the end of the year, causing further “collapse in economic activity, hyperinflation, and increasing deterioration,” which will lead to “intensifying spillover effects on neighboring countries.” Bonuses for state employees distributed

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08 Nov 2018

Tehran keeps probing crypto in search of sanction relief

Iran employs a variety of methods, including cryptocurrency transactions, to avoid international sanctions. In an October advisory statement, the US Treasury Department’s Financial Crimes Enforcement Network stated that “with the full re-imposition on November 5th of sanctions lifted under the Joint Comprehensive Plan of Action, FinCEN expects that Iranian financial

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07 Nov 2018

Most major Pakistani banks hacked, customer data stolen

“In a shocking disclosure, Pakistan’s Federal Investigation Agency’s (FIA) revealed on Tuesday that customers’ data from almost all major Pakistani banks was stolen in a recent security breach. ‘Data of almost all Pakistani banks has been hacked. According to the reports gathered by FIA, most of the banks have been

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06 Nov 2018

Venezuela seeks to repatriate $550 million of gold from Britain

Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, two sources with direct knowledge of the effort told Reuters. Venezuela’s hard currency holdings have dwindled as existing U.S. financial

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02 Nov 2018

Iran Sanctions Kick In, With Biggest Oil Disruption in Years

“Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government. The Middle East’s third-biggest oil producer has already seen many buyers flee, with sales tumbling 37 percent since President Donald

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