20 Aug 2016

Britain not to trigger EU divorce before end of year: Downing Street

“British Prime Minister Theresa May will not begin formal divorce talks on leaving the European Union before the end of the year, a government spokeswoman said on Friday.” Source: Britain not to trigger EU divorce before end of year: Downing Street | Reuters

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20 Aug 2016

U.S. Army fudged its accounts by trillions of dollars, auditor finds

“The United States Army’s finances are so jumbled it had to make trillions of dollars of improper accounting adjustments to create an illusion that its books are balanced.” Source: U.S. Army fudged its accounts by trillions of dollars, auditor finds | Reuters

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17 Aug 2016

Cisco confirms it will cut up to 5,500 jobs, or 7% of its global workforce

“We caught wind earlier this week that Cisco was planning a major cost-cutting operation to reduce its costs by around 15% throughout the month. It looks like the first stage of that is a round of cut jobs, with Cisco announcing as part of its earnings report that it will

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17 Aug 2016

As Venezuela Hikes Wages Without Increasing Revenue or Production, 800% Inflation Likely to Surge

“Venezuela’s inflation rate, already expected by the IMF and others to break records this year, is now expected to go even higher after embattled President Nicolas Maduro hiked the minimum wage Monday, analysts say.” Source: Latin American Herald Tribune – As Venezuela Hikes Wages Without Increasing Revenue or Production, 800%

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15 Aug 2016

Hard Times in Venezuela Breed Malaria as Desperate Flock to Mines

“As a computer technician from a big city, Mr. Balocha was ill-suited for the mines, his soft hands used to working keyboards, not the earth. But Venezuela’s economy collapsed on so many levels that inflation had obliterated his salary, along with his hopes of preserving a middle-class life. So, like

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12 Aug 2016

Venezuela hikes minimum wage by 50 percent as inflation soars

Venezuelan President Nicolas Maduro on Friday announced a 50 percent minimum wage hike that takes effect on Sept. 1, amid triple-digit inflation that has severely weakened spending power in the crisis-stricken OPEC nation. Source: Venezuela hikes minimum wage by 50 percent as inflation soars

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12 Aug 2016

China’s economic slowdown deepens

Fresh economic data from China adds to a raft of indicators suggesting the world’s second largest economy remains in the doldrums. Both industrial output and retail sales fell short of expectations for the month of July. The figures underline China’s difficulty of transforming the economy away from factories and exports. Source: China’s

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11 Aug 2016

Business groups slam China’s draft cybersecurity rules

“In a letter addressed to Chinese Premier Li Keqiang, 46 global business groups spanning finance, information technology, insurance and manufacturing urged Beijing to revise its draft cyber rules, which they said would hamper trade. The signatories include industry associations from Asia, Australia, the United States, Mexico and Europe, according to

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08 Aug 2016

Oil pares near 3-percent gains amid oil glut worries

Crude prices inched down on Tuesday in Asia, paring gains of nearly 3 percent from a day earlier, as worries over a global oil glut tempered speculation that OPEC would try to restrain output. Source: Oil pares near 3-percent gains amid oil glut worries

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04 Aug 2016

Bitcoin plunges after Hong Kong hack

Bitcoin prices plunged after one of the digital currency’s largest exchanges said it was hacked and 119,756 bitcoins were stolen, reviving memories of the money lost after Mt. Gox, the then-biggest exchange, collapsed two years ago. Hong Kong-based Source: Bitcoin plunges after Hong Kong hack – FT.com

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