One of the oddest bits of news to emerge from the economic collapse of Cyprus is a corresponding rise in the value of Bitcoin, the Internet’s favorite, media-friendly, anarchist crypto-currency. In Spain, Google searches for “Bitcoin” and downloads of Bitcoin apps soared. The value of a Bitcoin went up to $78. Someone put out a press release promising a Bitcoin ATM in Cyprus. Far away, in Canada, a man said he’d sell his house for BTC5,362. Article
Tax evasion by multinationals and corrupt leaders has emerged as a key issue ahead of the third substantive meeting of a UN high-level panel to discuss a framework for development after 2015.
The theme of this week’s meeting in the sweltering Indonesian resort island of Bali is global partnership, the orphan child of the millennium development goals (MDGs). Devoid of clear targets, MDG8 talks in general terms about an open, rule-based trading and financial system, dealing with debt burdens, providing access to affordable essential medicines, and increasing access to new technologies. Goal eight also mentions fostering links between the public and private sector to drive better development…article
While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. No one knows exactly how much money has left Cyprus’ banks, or where it has gone. The two banks at the centre of the crisis – Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus – have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia’s Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks’ largest depositors. Article
Were it not for some shady derivatives trades carried out by the world’s oldest bank, Banca Monte dei Paschi di Siena SpA Italy’s most recent parliamentary elections might have produced a government. Foundations were meant to help move the country’s banking system from state to private control. Foundation ownership meant that bank dividends went to philanthropic causes. Then the Democratic Party covered up derivatives transactions that bailed out one bank. Article
“If you’re going to keep your money in a washing machine, you have to be ready for the fact that one day the machine will break, and its contents will be washed away in the sewer,” says Russian Elena Panfilova. Article
The BRICS grouping of emerging powers has agreed on the creation of a development bank that will rival Western-backed institutions.
The announcement came as the leaders of Brazil, Russia, India, China and South Africa gathered for a summit in Durban…article The emerging BRICS nations already account for 25 percent of global GDP and 40 percent of the world’s population.
A new study has revealed something many of us have already suspected: women are more likely to end up poor than men. According to a recent article by Daily Finance, most women think they are better at saving compared to men. However, a SaveUp.com survey showed the average man has more in his IRA, 401(k), taxable investment accounts and CDs. The only place where women outdid men was with money market investments, which typically don’t pay much of a return. Women had about $13,000 in the money markets compared to $11,000 for men.
Catching up with my husband..article
Gender and corruption is a surprisingly recent issue in anti-corruption scholarship. The first wave of research into the gendered dimensions of corruption focused on whether women are more or less corruptible than men, and whether the promotion of women in public life can be an effective anti-corruption strategy. A second line of enquiry examined the impact of corruption on women as a group, building on the growing evidence that corruption has a disproportionate impact on vulnerable groups in society. Both of these strands of research have already generated a wealth of policy-relevant insights that advance our understanding of the interplay between corruption and gender. Article
The transparency payoff
This week the United Nations is bringing experts and world leaders to Indonesia to debate development priorities beyond 2015, when the Millennium Development Goals expire. Good governance tops the list of what to add to the current eight targets…article
They make less money but live longer-two trends that make saving for retirement more daunting for the female half of the U.S. population.
To cater to this group, a number of personal finance sites that focus on women have cropped up to help them wade through the intricacies of financial planning…article