` European Central Bank leaves `Key Interest Rates ‘ steady with ` Refinancing ‘ rate at 0.25 Percent’


#AceFinanceNews says that the European Central Bank held its key interest rates steady as largely expected on Thursday.

The ECB left its central “refi” or refinancing rate unchanged at 0.25 percent at its monthly policy meeting, it said in a statement.

The central bank also held its other two key rates — the marginal lending rate and the deposit rate — unchanged at 0.75 percent and zero percent respectively.

There had been speculation that the central bank might ease monetary conditions in the 18 countries that share the euro given the worryingly low level of inflation.

ECB President Mario Draghi was scheduled to explain the reasoning behind the latest decision at a news conference.

This decision is key to the strategy adopted by the European Central Bankers and will largely prevent inflation rises, but it will eventually lead to a slow down in the economy of the Western Nations. this is due mainly to the huge indebtedness and risk factor in the Asia-Pacific Investment markets.

More soon ………………………………………………………………………………….

#AFN2014

` First there was a `New Currency ‘ called `Bitcoin’ then came `Greed ‘ now comes Taxation ‘ allowing `Greed ‘ to have its own Reward’s


#AceFinanceNews says according to latest news Japan is looking at ways to tax Bitcoin transactions, a report said Tuesday, in the wake of the spectacular failure of the Tokyo-based MtGox exchange after a half-billion-dollar theft.

The finance ministry and the national tax agency are studying possible rules that could govern transactions using the digital currency, the Yomiuri Shimbun newspaper said.

Authorities believe purchases made with Bitcoin can be subject to consumption and corporate taxes, even though the unit is not a legal currency, the Yomiuri said without citing sources.

This latest case of irregularities that has lead to an the recent investigation as cites by Reuters in saying Mt Gox, once the world’s largest bitcoin exchange, filed for bankruptcy in a Tokyo district court on Friday, the company’s lawyer citing ‘outstanding debts of $63.2 million, after mysteriously going offline on Monday.
Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures. More on this story at http://wp.me/pzTwj-2tk

Has allowed a way for countries to tax Bitcoin transactions and bring them in line with many other the Monetary Systems controls, as was always wanted by the a number of countries.

This latest round of investigations, has only added fuel to the fire.

#AFN2014

` Mt Gox the largest ` Bitcoin Exchange ‘ files for ` Bankruptcy ‘ amid rumours of Hacking ‘


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Originally posted on Ace Finance News :

#AceFinanceNews says that `Tokyo‘s Mt Gox Bitcoin Exchange has filed for `Bankruptcy‘ amid missing currency‘.

Published time: March 02, 2014 11:54
 
Reuters/Jim Urquhart Reuters/Jim Urquhart
Mt Gox, once the world’s largest bitcoin exchange, filed for bankruptcy in a Tokyo district court on Friday, the company’s lawyer citing ‘outstanding debts of $63.2 million, after mysteriously going offline on Monday.

Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures.

A leaked internal Mt Gox “crisis strategy” document suggesting that the exchange site had been hacked and hundreds of millions of dollars’ worth of the cryptocurrency stolen began to circulate online.

Technical glitches in February forced the trading platform to halt deposits, causing the already volatile crypto-currency to plunge 20 percent. On Friday it was listed at $565.07 on Winkdex, a New York-based bitcoin value…

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` Super Rich Taxation could Boost the Economic Growth according to IMF ‘


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#AFN2014

Originally posted on Ace Finance News :

#AceFinanceNews says that the `IMF says `Taxing Super Rich’can boost Economic Growth in the long run’

Published time: : March 01, 2014 20:28
 
Reuters / Kim Kyung-Hoon Reuters / Kim Kyung-Hoon
A new International Monetary Fund study has found that taxing the super wealthy does not stunt the economic growth of a country, and that redistribution can actually spur gross domestic product.

The paper argues inequality is harmful to a country’s growth, and that redistributing wealth using taxes can reduce inequality and boost growth and the length of growth cycles.

“There is surprisingly little evidence that increases in tax rates impede medium-to-long-run economic growth,” the IMF paper says.

Redistribution is a win-win situation and overall has a “pro-growth effect”, and is not a job killer, as many other economists argue.

Growth inequality is more common in countries that redistribute less, and more equal societies have “faster and more durable…

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#US : “Obama to `Issue Executive Order’ Raising `Minimum Wage’ for `Federal Contract Worker’s’ to $10.10″


#AceFinanceNews says `Obama to Issue Executive Order‘ rising minimum wage for federal contract workers to $10.10

Breaking-News Alert US President Barack Obama will announce he is issuing an executive order to raise the minimum wage to $10.10 an hour for federal contract workers under new contracts, the White House said. He will lay out a strategy for getting around Congress and boosting middle-class prosperity on Tuesday in his State of the Union speech, Reuters reported. The president is expected to make clear in his 9pm (02:00 GMT Wednesday) address that he will bypass US lawmakers and go it alone in some areas by announcing a series of executive actions.

 

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#Silk-Road : “US `Federal Charges’ were made `Public Monday’ against `Two Men Accused’ of `Bitcoin’ Exchange Business `Bitinstant’


#AceFinanceNews says `Bitcoin Exchange Operators’ arrested in connection to Silk Road case. 

Published time: January 27, 2014 16:26

Reuters / Pawel Kopczynski Reuters / Pawel Kopczynski
 Federal charges were made public early Monday against two men accused of operating a Bitcoin exchange business in connection to the ongoing investigation involving the Silk Road on-line marketplace.

The United States Justice Department published a statement on their website Monday morning confirming that the two men, Robert Faiella and Charlie Shrem, had been arrested within hours of each other and charged with one count of conspiracy to commit money laundering and one count of operating an unlicensed money transmitting business apiece. If convicted, the men would face a maximum of 25 years in prison.

“As alleged, Robert Faiella and Charlie Shrem schemed to sell over $1 million in Bitcoins to criminals bent on trafficking narcotics on the dark web drug site, Silk Road,” Preet Bharara, the US Attorney for the Southern District of New York, said in Monday’s statement. “Truly innovative business models don’t need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act. We will aggressively pursue those who would co-opt new forms of currency for illicit purposes.”

Shrem, the CEO of the Bitcoin exchange service BitInstant, was also charged with one count of willful failure to file a suspicious activity report, which carries a maximum sentence of five years.

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