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martaakerman

Financial Blog Corliss Group Cybercrime Could Cost Global Economy Over $500 Billion - 2 views

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    McAfee report paints grim picture of lucrative industry, despite incomplete data.

    Cybercrime could be costing the global economy as much as $575 billion annually, according to a new report from McAfee.

    The Intel-owned security company based its estimate on a range of sources, from government agencies to NGOs and academic institutions, counting both direct and indirect costs.

    The report, Estimating the Global Cost of Cybercrime explained the methodology as follows:

    "This study assumes that the cost of cybercrime is a constant share of national income, adjusted for levels of development. We calculated the likely global cost by looking at publically available data from individual countries, buttressed by interviews with government officials and experts. We looked for confirming evidence for these numbers by looking at data on IP theft, fraud, or recovery costs. In addition to a mass of anecdotes, we ultimately found aggregate data for 51 countries in all regions of the world who account for 80% of global income. We used this data to estimate the global cost, adjusting for differences among regions."

    However, the vendor cautioned that "differences in the thoroughness of national accounting", as well as underreporting of incidents and the difficulty of valuing IP all make calculations an imprecise art.

    High income countries lost more as a percentage of GDP, which could be because they have better accounting systems in place and/or that their IP is more valuable and therefore a bigger target for criminals.

    The $575bn figure therefore comes from extrapolating a global total from high loss countries. It could be as low as $375bn if McAfee had extrapolated from "all countries where we could find open source data".
Silvia Ricci

Global Economy to Grow Less Than Expected by Financial Blog Corliss Group - 2 views

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    By Maria Gallucci - Global economic growth is expected to dip this year, following the fiercely cold winter that plagued the United States and turbulence in Ukraine and the world's financial markets.

    The World Bank on Tuesday said it reduced its global growth forecast to 2.8 percent this year, down from a January projection of 3.2 percent, Bloomberg News reported.

    The U.S. forecast was cut to 2.1 percent from 2.8 percent, and outlooks for Brazil, Russia, India and China also fell -- a sign that emerging economies aren't moving fast enough or investing sufficiently in domestic structural reforms, which are needed to accelerate economic expansion, according to the Washington-based institution. It recommended smaller budget deficits, higher interest rates and productivity-boosting measures to stave off future financial unrest, Bloomberg said.

    The growth setbacks, however, might be short-lived. The 2015 projection for global economic growth held steady at 3.4 percent, Bloomberg noted, and growth is expected to regain speed this year despite earlier weaknesses, the World Bank said in its Global Economic Prospects report.

    "The financial health of economies has improved. ... But we are not totally out of the woods yet," Kaushik Basu, the lender's chief economist, said. "A gradual tightening of fiscal policy and structural reforms are desirable to restore fiscal space depleted by the 2008 financial crisis. In brief, now is the time to prepare for the next crisis."
candicesomer

Financial Blog Corliss Group Economic growth to accelerate around the world - 2 views

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    The World Bank's most recent Global Economic Prospects (GEP) report, released this week, says a global economic recovery is underway, underpinned by strengthening output and demand in high-income countries.

    Global GDP growth in 2014 will be 2.8 percent and it is expected to rise to about 4.2 percent by 2016, according to the report, which the World Bank publishes twice a year.

    Average GDP growth in developing countries has reached 4.8 percent in 2014, faster than in high-income countries but slower than in the boom period before the global financial and economic crisis of 2008.

    Demand side stimulus or supply side reforms?

    The global economic slowdown that struck in 2008 was caused by a financial crisis that resulted in large part from the bursting of an enormous, fraud-ridden mortgage lending bubble in the US.

    The crisis led to varying responses in different countries. The GEP report's authors said that in general, developing countries privileged demand stimulus policies over structural reforms during the past several years.

    For example, in 2008 to 2009, China implemented a four trillion-renminbi ($586 billion) stimulus program as a direct response to the slowdown in global trade caused by the global financial crisis.

    Critics pointed to over-investment in China as a risk to continued fast growth. The country is now struggling to contain a real estate bubble of its own.

    The World Bank wants China and other emerging countries to refocus on structural reforms.

    "A gradual tightening of fiscal policy and structural reforms are desirable to restore fiscal space depleted by the 2008 financial crisis," the bank's chief economist, Kaushik Basu, has said. "In brief, now is the time to prepare for the next crisis."
britneypearce

Financial Blog Corliss Group Lenders Fear Spread of Chinese Commodities Fraud Case - 2 views

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    Large banks and trading firms are frantically trying to determine whether they have fallen victim to a suspected commodities fraud emanating from the giant Qingdao Port in northeast China.

    Citigroup and several other large Western banks are concerned that their loans may lack the appropriate collateral, big stockpiles of copper and aluminum at the port. The banks have inspectors on the ground who are trying to assess whether enough of the metals are there.

    The worry stems from suspicions that a Chinese companies pledged the same collateral for multiple loans. Chinese authorities are investigating the matter.

    The case could have broad repercussions for the commodities market and the Chinese economy. Banks have funneled billions of dollars into the Chinese economy through these murky transactions, and commodities prices have been falling over concerns that such lending will dry up.

    Western banks, including Citigroup, are bracing for any potential fallout.

    Just months ago, Citigroup fell victim to a multimillion-dollar fraud in Mexico. If the Qingdao developments harm the bank, regulators and shareholders are likely to press it to explain why its controls had failed again.

    Chinese companies are at risk, too.
Philip Standifer

Financial Blog Corliss Group: 20 essential pre-flight checks for investors - 1 views

Financial Blog Corliss Group: 20 essential pre-flight checks for investors The simple checklists used by pilots and doctors every day have saved countless lives. Use these investment checklists to...

Financial Blog Corliss Group 20 essential pre-flight checks for investors

started by Philip Standifer on 29 May 14 no follow-up yet
Nike Polster

Financial Blog Corliss Group - Here's a tip: rubbish can be a dirty word - 2 views

Call him Matt Black, which is not his real name. He looks like a clean-cut junior executive, but he has a dirty little secret. These days Black is a regular lilywhite. He's a husband and father an...

Financial Blog Corliss Group Here's a tip rubbish can be dirty word

started by Nike Polster on 28 May 14 no follow-up yet
Sabina Dupras

Financial Blog Corliss Group: From Corporate Giants to Main Street, Fraud is on the Rise - 1 views

Investors, analysts and corporate directors rely on external audits to keep companies honest. But a new study says audits are woefully ineffective at uncovering fraud. In fact, more than twice as m...

Financial Blog Corliss Group From Corporate Giants to Main Street Fraud is on the Rise

started by Sabina Dupras on 27 May 14 no follow-up yet
Gerald Hussen

Financial Blog Corliss Group| The Motley Fool: Every Sunday, Useful Tips on Investing - 2 views

Q: What's a leveraged buyout? A: A leveraged buyout (LBO) is when a company is bought out by another entity (or entities), using a lot of debt. Private-equity investors are typically invo...

Financial Blog Corliss Group The Motley Fool Every Sunday Useful Tips on Investing

started by Gerald Hussen on 26 May 14 no follow-up yet
Nike Polster liked it
Valerie Fremont

Financial Blog Corliss Group: Desperate for breathing room - 1 views

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    The slowdown in the economy after 2010-11 has had a ripple impact on the fortunes of India Inc. and lenders alike. With gross domestic product (GDP) growth decelerating from 8.4 per cent in 2010-11 to the sub-five per cent level in the first three quarters of the current financial year, the number of companies seeking succour from lenders under the aegis of the corporate debt restructuring (CDR) cell had almost doubled to 605 as of December 2013 against 305 as of March 2011.

    Further, there has been a 194 per cent jump, from []1,38,604 crore at the end of March 2011 to []4,07,656 crore as of December 2013, in the amount of loans that came up for recast.

    Therefore, it is not surprising that bank managements, in their internal meetings and conferences with the media and analysts, are devoting as much time fielding questions on the loans that had to be restructured in a quarter vis-à-vis loans that have gone sour.

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Joseph Andersen

Financial Blog Corliss Group: Wall Street accountable after the crisis - 2 views

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    How the Government Botched Its Effort to Hold Wall Street Accountable After the Crisis

    The Department of Justice (DOJ) fell down on many of its efforts to hold Wall Street accountable for mortgage fraud after the crisis, according to a new audit from the U.S. Department of Justice Office of the Inspector General (OIG).

    The DOJ promised the public that it would place a priority on going after mortgage fraud. But the report finds that "DOJ did not uniformly ensure that mortgage fraud was prioritized at a level commensurate with its public statements." One telling example is that the Federal Bureau of Investigation (FBI) ranked mortgage fraud as the lowest threat in its lowest crime category. The OIG also visited FBI field offices in Baltimore, Los Angeles, Miami, and New York and found that either it was a low priority or not even listed as a priority. Meanwhile, the FBI got $196 million in funding to investigate mortgage fraud between 2009 and 2011, yet the number of agents doing the investigation decreased in the same time, as did the pending investigations.

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Felipa Adams

Financial Blog Corliss Group: Russia Admits That Its Economy Is In Crisis - 1 views

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    MOSCOW (Reuters) - Russia's government acknowledged for the first time on Monday that the economy was in crisis, undermining earlier attempts by officials to suggest albeit weakening growth it could weather sanctions over Ukraine.

    Moscow markets wait to see the full scale of western measures over the seizure of Ukraine's Crimea and support of its referendum to join Russia, after losing billions of dollars in recent weeks in state and corporate money.

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Gerald Hussen

Financial Blog Corliss Online Group: Barcelona have transfer budget of up to 60 million... - 1 views

BARCELONA (Reuters) - Barcelona will have up to 60 million euros to spend on new players in the close season, according to the man in charge of their economic affairs.( https://news.yahoo.com/barce...

Financial Blog Corliss Online Group: Barcelona have transfer budget of up to 60 million euros

started by Gerald Hussen on 14 Mar 14 no follow-up yet
Gerald Hussen

Financial Blog Corliss Online Group: Another deficit of clear thinking among Hong Kong'... - 1 views

Philip Bowring is appalled by the report on fiscal planning(http://www.scmp.com/comment/insight-opinion/article/1443828/another-deficit-clear-thinking-among-hong-kongs-fiscal) that seeks to preserv...

Financial Blog Corliss Online Group Another deficit of clear thinking among Hong Kong's fiscal planners

started by Gerald Hussen on 12 Mar 14 no follow-up yet
Gerald Hussen

Financial Blog Corliss Online Group: Two Systems, One Country - 1 views

The brutal attack on the former chief editor of a major Hong Kong newspaper has appalled and shocked this city, where violent crimes are rare. Kevin Lau Chun-to, a veteran journalist who had just s...

Financial Blog Corliss Online Group Two Systems One Country

started by Gerald Hussen on 10 Mar 14 no follow-up yet
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