Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-55253 Tue, 21 Oct 2014 17:59:41 GMT UBS Private Wealth Boss To Stand Trial in US The biggest fish to be caught in the net is now about to have his day in court. On October 14th jury selection started in a federal court in Florida for the trial of Raoul Weil, who as head of UBS's global private-banking business was responsible for the division that had fallen foul of the authorities. In 2009 America issued an international arrest warrant for Mr Weil. He was nabbed last year at an Italian hotel, while on holiday with his wife, and was extradited to the United States, where he has been under house arrest.

Prosecutors allege that Mr Weil, as head of UBS's wealth-management division, oversaw and knew about efforts by a team of 60 or so Switzerland-based private bankers to court American clients and to help them hide as much as $20 billion of undeclared money. This was done using sham companies and foundations, according to court filings.

iehi-feed-55242 Sat, 18 Oct 2014 14:54:18 GMT ISIS fighters withdraw from Syria's embattled Kobani iehi-feed-55241 Sat, 18 Oct 2014 14:53:23 GMT Europe will reconcile with Russia, and soon. It can't afford not to After months of escalating tensions over Ukraine and talk of a new cold war, Russia and the West could soon reach a surprising rapprochement. The eurozone economy is suffering badly and sanctions against Russia are partly to blame. Winter is also upon us, and that reminds every-one Vladimir Putin still holds the cards when it comes to supplying gas.

The clincher, though, is that Ukraine is heading towards financial meltdown. Unless an extremely large bailout is delivered soon, there will be a default, sending shockwaves through the global economy. That's a risk nobody wants to take -- least of all Washington, London or Berlin.

iehi-feed-55219 Tue, 14 Oct 2014 20:44:09 GMT Ukraine crisis: Putin orders thousands of troops away from border iehi-feed-55217 Tue, 14 Oct 2014 20:30:13 GMT The Ukraine, As We Know It, Is Gone Forever - Mike Whitney interviews The Saker iehi-feed-55213 Tue, 14 Oct 2014 15:56:23 GMT Why Oil Is Plunging: US "Handshake Deal" With Saudis iehi-feed-55210 Tue, 14 Oct 2014 03:28:49 GMT Popular Silver Blogger's Site Pulled By Google Based On Mystery Court Order iehi-feed-55207 Mon, 13 Oct 2014 17:14:04 GMT "Isolated" Russia Watch: 8th Largest Bank in World Opening Operations in Russia. It's Chinese. iehi-feed-55202 Mon, 13 Oct 2014 15:04:33 GMT "De-Dollarizing" Russia Pays Down Near-Record $53 Billion In Debt In Third Quarter iehi-feed-55195 Fri, 10 Oct 2014 15:33:12 GMT The Consequences of the Economic Peace - Grant Williams iehi-feed-55193 Fri, 10 Oct 2014 15:12:09 GMT What's the deal between Iran and the US? - Pepe Escobar iehi-feed-55191 Fri, 10 Oct 2014 15:02:38 GMT Russia and the west should stop punishing one another How can we stop the downward spiral of sanctions? Two things need to be done. First, there should be a peace treaty between Ukraine and Russia, combining an agreement on borders with a commitment from Kiev to uphold the rights of Russian speakers, and a commitment from Moscow to stop supporting the rebels in eastern Ukraine. This offers both sides a face-saving way out. Second, Russia and the west should reconfirm their commitment to the so-called Helsinki

principles: respect of territorial integrity and human rights. The Helsinki Accords will turn 40 next summer. This would be a good time to renew these vows. If Moscow chooses this course, the west should begin to dismantle the


It sounds idealistic, and perhaps it is. Just in case, Finland and Sweden should join Nato in due course. Moscow might complain that the western sphere of influence was again expanding. But these two countries are already part of the west. Their membership in Nato would benefit Russia: it would bring in two pragmatic countries who want to make Russia and Nato partners again. As surprising as it may sound these days, it is possible to balance idealism and pragmatism in a constructive way.

iehi-feed-55189 Thu, 09 Oct 2014 19:48:06 GMT Dutch Official: Oxygen Mask Found Around Neck of Malaysia Airlines Crash Victim ("Ruh-Roh" for NATO-Approved MH17 Story!) iehi-feed-55170 Tue, 07 Oct 2014 16:14:27 GMT Truce Bypasses Donetsk Airport, Symbol of Conflict in E. Ukraine iehi-feed-55166 Tue, 07 Oct 2014 03:37:05 GMT Obama Threatens More Sanctions Against Zimbabwe Over Russian-Platinum Deal iehi-feed-55162 Mon, 06 Oct 2014 15:53:16 GMT SWIFT Doesn't Like Being Used As A Sanctions-Bullying Whore iehi-feed-55156 Mon, 06 Oct 2014 15:06:50 GMT Putin Clans Gridlocked Over Arrest as Sanctions Bite iehi-feed-55152 Sun, 05 Oct 2014 22:14:57 GMT Hackers' Attack Cracked 10 Financial Firms in Major Assault Questions over who the hackers are and the approach of their attack concern government and industry officials. Also troubling is that about nine other financial institutions -- a number that has not been previously reported -- were also infiltrated by the same group of overseas hackers, according to people briefed on the matter. The hackers are thought to be operating from Russia and appear to have at least loose connections with officials of the Russian government, the people briefed on the matter said.


The breadth of the attacks -- and the lack of clarity about whether it was an effort to steal from accounts or to demonstrate that the hackers could penetrate even the best-protected American financial institutions -- has left Washington intelligence officials and policy makers far more concerned than they have let on publicly. Some American officials speculate that the breach was intended to send a message to Wall Street and the United States about the vulnerability of the digital network of one of the world's most important banking institutions.

iehi-feed-55151 Sat, 04 Oct 2014 14:03:10 GMT China is Hong Kong's future -- not its enemy | Martin Jacques Much has changed since 1997. The Chinese economy has grown many times, the standard of living of the Chinese likewise. If you want to access the Chinese market nowadays, why move to Hong Kong when you can go straight to Beijing, Shanghai, Guangzhou, Chengdu and a host of other major cities? Hong Kong has lost its role as the gateway to China. Where previously Hong Kong was China's unrivalled financial centre, now it is increasingly dwarfed by Shanghai. Until recently, Hong Kong was by far China's largest port: now it has been surpassed by Shanghai and Shenzhen, and Guangzhou will shortly overtake it.

Two decades ago westerners comprised the bulk of Hong Kong's tourists, today mainlanders account for the overwhelming majority, many of them rather more wealthy than most Hong Kong Chinese. Likewise, an increasing number of mainlanders have moved to the territory -- which is a growing source of resentment. If China needed Hong Kong in an earlier period, this is no longer nearly as true as it was. On the contrary, without China, Hong Kong would be in deep trouble.

iehi-feed-55150 Sat, 04 Oct 2014 13:59:52 GMT Russian agrees to send more gas through Turkish pipeline