China wants to give up the cash and bank cards

China’s central bank is testing a system that will replace these means of payment

China’s government intends to abandon cash and bank cards. Now it is working on a system that will replace these means of payment .

” Now we are testing the platform that brings together traditional and contactless payment systems ” – indicates the deputy director of the central bank of China Li Dunzhun . According to him , the project is still in the experimental stage . It is attended by China Construction Bank , the investment bank China CITIC Bank, China Everbright Bank, China UnionPay payment system in China and the largest mobile phone operator China Mobile.

” The main factors hindering the implementation of the new system are the lack of awareness of the population about its advantages and limitations of the use of technology near -contact communication (NFC) on mobile devices ” , – stressed Dunzhun .

Note payment system Bitcoin China recognized risky financial institution and banned its use . Citizens to trade Bitcoins is not prohibited .

Recall China UnionPay system in early February, received permission from the National Bank of Ukraine to work in Ukraine .

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After 2 years of Nautilus Minerals robots begin to extract precious metals under water

Robots of Nautilus Minerals will work on the ocean floor , collecting ore with a high content of precious metals , including gold and silver.
Powerful machines with high two-storey house will develop deep rich deposits of gold , silver and copper.
The Canadian company Nautilus Minerals has extensive experience in the marine mineral exploration . Now, together with the French company Technip, Canadians have developed a deep-sea mining technology based on the use of large crawler robots. The company plans to open the first deepwater development in 2015. The rich deep deposit of copper and gold called Solwara 1 is located at a depth of 1600 meters below sea level in the Pacific Ocean north of Australia.
Experts Nautilus Minerals will use submersible robots that can move along the seabed by caterpillars. Robots in length from 4.2 m to 6 m and a height of 14.2 m to 16.5 m will be split up by a special breed and pass them on to the pipe surface ship – builder . Ore processing will be carried out on land, there is already the first contracts for the underwater copper, in particular with China, which is in dire need of a metal, widely used in the electronics industry .
Currently under way is the first robotic assembly : large frame buildings , powerful drills , crawler chassis , massive drums for cables and power cords make an impression . Robots as if out of a science fiction movie , which, in general, is far from the truth , because deep-sea robot miners can truly change the future.
Assembling the robot is in full swing . Their parts look impressive, as befits the designs that will work at a depth of 1.5 km .
At present , the world economy is short of many metals, which are widely used in industry, especially in electronics. The situation on the market of certain metals , especially rare earth today can not be called peaceful , they have not once been used as a tool of trade wars .
At the same time, on the ocean floor are huge reserves of resources , such as field Solwara average copper content in relation to the rock is 7.2 % , while in the top land deposits it in the range of 0.3-5 %.
First underwater mining will be conducted in the Pacific, there will be sold extracted metals . Currently Nautilus Minerals plans to continue the search for additional commercially viable deposits of copper, gold , zinc, silver , nickel, cobalt and manganese in Fiji , Tonga , Solomon Islands , Vanuatu, and in the western Pacific Ocean. Also, there are rich deposits in other regions of the World Ocean , such as the north- east of the Pacific Ocean off the coast of Canada.
While underwater mining – this is only a pilot production , however , the calculations show that it will pay off , and so will the development of underwater mining . This is hardly a valuable raw material is cheaper , but the severity of the shortage of metals will fall , and so we can not be afraid of reducing the rate of technological progress.

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Lawyers have earned billions in the bank’s bankruptcy , which gave start global crisis

In 2008 the announcement of the Lehman bankruptcy led to the beginning of the global financial crisis in 2008 the announcement of the Lehman bankruptcy led to the beginning of the global financial crisis
Legal and accounting companies in the U.S. and the UK on the ruins of what was the fourth largest investment bank on Wall Street, earned about three billion dollars. This writes The Financial Times.
Five years ago, ad once one of the largest financial conglomerates Lehman Brothers bankruptcy led to the beginning of the global financial crisis.
Since then, only in New York, Lehman Brothers Holdings has used the services of lawyers, consultants and more than $ 2 billion, in particular , to the collapse of financial giant earned consulting firm Weil, Gotshal & Manges , and address the restructuring of the company Alvarez Marsal.
According to analysts, PwC, London European subsidiary of Lehman listed on account of fees for services 650 million pounds ($ 1 billion ), or about 2.3% of the amount that the bank planned to return to creditors.
Although experts explain that these amounts are within the normal range for the case of the bankruptcy of such a large institution , this figure is still growing . In the UK the payment in such cases often range from 4 % to 9 % of the amount of payments to creditors.
When Lehman Brothers declared bankruptcy in the early morning Sept. 15, 2008 , it caused a wave of bankruptcy proceedings of its subsidiary companies and complex multilateral litigation.
«Lehman was incredibly large and global company,” – said the chief lawyer of the bankruptcy of the investment bank ‘s North American assets Harvey Miller. ” Within a few days, about eighty lawsuits have been filed against Lehman».
According to FT, the amounts paid to lawyers and consultants failed bank profits have exceeded Lehman Brothers prior to the crisis . In 2005, Lehman ‘s net profit was $ 2.36 billion , even before the mortgage boom helped inflate profits Wall Street.
Creditors of Lehman, is projected to receive higher benefits than the lawyers said earlier . The total amount of the refund lenders can make 26 cents on the dollar. Unsecured creditors are likely to receive all of their money back, possibly with interest.
Miller strongly criticized the actions of regulatory agencies , which allowed to go bankrupt Lehman Brothers. “The collapse of Lehman was like an earthquake , which triggered a fire in the whole world,” he said. “Actions on the weekend of 12-15 September was the result of a serious miscalculation .”

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The Germans were in a panic outflow of capital from Switzerland

Withdrawal of money from taxes in the neighboring country to become citizens of Germany in the national pastime
International pressure on Switzerland is enhanced , and the authorities require banks to stop working with suspicious investors. As a consequence of the German tax deviants hastily evacuated money from Switzerland over the past year German customs officers discovered that their fellow citizens undeclared 20 million euros.
According to the representative of the customs administration in Lörrach Marcus Yukkerta , tax deviants own not only considerable wealth, but also have a rich imagination. For example, one 72 -year-old pensioner at the border put on a lady’s corset , and hid it under a 150 thousand euro. ” In another case, a man was carrying with him a few special urological pads between which we found almost 140 thousand euros,” – said Yukkert Bloomberg.
Under German law, must be imported to declare cash if the amount exceeds 10 million euros. For example , only in Bavaria Lindau “catch ” of the local customs amounted to 2,000,000 euros. The most memorable is a godsend vigilant officers of the unit were 25 thousand euros hidden in a Christmas gingerbread house .
However, not all violators of tax and customs differ similar resourcefulness . Thus , according to a customs office in Singen Harald Gabala , a married couple retired hid the cash in the shoe , and in another case, a large sum of money stuffed under the battery in the car. “We are regularly confronted with the fact that people put on a special zone where the money is , or just hide them in their underwear ,” – says the Gabala .
Bank accounts in Switzerland are not just millionaires . Because of foreign tourists are Germans prevailed , leading away from the tax money to the neighboring country to become citizens of Germany in the national pastime , said in the past, hence fininspektor , and now tax consultant Frank Wehrheim . Expert with 30 years of experience in the industry said that among the tax evaders “fully and doctors, and taxi drivers .”
That is why the German customs officers do not only look for caches of cash , but also carefully examining the documents found during the inspection . “Sometimes pleasant to hold an entire folder of bank statements ” – quoted by Bloomberg chief of the control unit in Lindau on Lake George Kryugersa . The found documents are transferred to the appropriate tax inspections where they are subjected to verification. “Last year we discovered thanks to documents received information about finding a foreign bank € 1.3 billion , with tax paid in Germany, which was not ,” – said the representative of the District Customs Office in Ulm Hagen Kohlmann .
Panic among the Germans , is a hidden tax on income in Swiss vaults , promotes the common practice of the German authorities insiders buying stolen computer discs containing the personal data of citizens of Germany – bank clients in Switzerland. Strong “educational ” effect also had a recent history when as a tax deviationist publicly denounced the president of the famous football club “Bavaria” in Munich Uli Henesi .

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Index of world food prices fell by 7%

Index of world food prices (Food Price Index, FFPI) is maintained for the third consecutive month in December fell by 1.1% compared with the November figure and amounted to 209 points total for 2012, it decreased by 7%, the released on Thursday reported the Food and Agriculture organization (FAO).

The index reflects the monthly changes in world prices for basic food basket of goods.

“The average value of the index in 2012 was 212 points, which is 7% lower than the average for 2011, the most significant was the reduction in the price indices of sugar (17.1%), dairy products (14.5%) and vegetable oils (10.7%) “, – said the FAO.

In addition, in 2012, a 2.4% reduction in FAO Food Price Index for grain: in particular, in December, he was 250 points, which is 2.3% lower than in November – RIA Novosti.

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The largest IT event in the region will be held in Voronezh

At the moment, it is understood that no valuable technology implementation and develop information systems on their own, and that what benefits they bring to citizens, businesses, society as a whole. It is therefore important is holding special events where we could see and discuss the rapid changes in the world of information technology, which occur in our dynamic life.

From 12 to 13 April 2013 in the city of Voronezh Voronezh Forum III will infocomm and digital technology – the largest convention and exhibition event in the region. The Forum’s program consists of three main units: IT for the state of IT for business, IT for life.

Forum organizers are the Department of Mass Communications of the Voronezh region, the Chamber of Commerce of the Voronezh region, with the support of the administration of the urban district of Voronezh. The forum is held with the participation and under the auspices of the Chamber of Commerce of the Russian Federation.

In the preparation of the Forum considered the world experience similar events, the current state of the industry and the ICT market, the concept of long-term socio-economic development to 2020 and the Development Strategy for the Information Society. It is symbolic that the “information society” – this is the first state program approved by the Government as part of the transition to the program principles of the budget of the country.

The draft program of the Forum includes promising areas of information and communication and digital technologies and is expected to enhance visibility and control, to ensure the sustainability and competitiveness of the region in this field. The results should be of real, tangible benefits to the people. Improving the quality of life should be expressed in simple and accessible services that citizens are almost daily. Therefore, work is being done by the set: the creation of e-government, to overcome the digital divide, the development of new communications technologies, and more.

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Asian companies in the future will take more than half the petrochemical market – forecast

Asian countries in 2030 will be able to provide more than half of the global demand for petrochemical products. This forecast is contained in the study of international consulting company Roland Berger.

In particular, it is noted that global demand for petrochemicals in 2030 amounted to 1.16 trillion euros. At the same time China will 27% of the global demand for India – 10% for other Asian countries – 18%. At the same time, the share of Europe and the U.S., according to experts, will decline from the current 40% to 20% – reports

“Right now, the Asian countries account for 43% of the global petrochemicals market. Both China and India are expected annual growth of 6% and 10%, respectively,” – said in a statement.

In addition, according to a study Roland Berger, Asian countries are looking for new ways to reduce dependence on imports. In addition, almost all Asian countries are actively encouraging the development of petrochemical industry, with a focus on R & D clusters, infrastructure and know-how. Thus, the Malaysian government announced that it would invest $ 20 billion to create a center of oil refining and petrochemicals production, and China is planning additional projects chemicals cluster, for example, in Tianjin.

The agency also notes that over the past 20 years, the Asian petrochemical companies have adopted technology and learned a lot from Western competitors. “In the past, European and American players petrochemicals exported and then used his know-how to open production facilities in Asia, it is now a source of technology and intellectual resources is itself Asia,” – said in a statement.

Evidence of this is the fact that companies such as Dow Chemicals and Sabic have opened a major research center in Shanghai. India to follow suit and take similar steps in 2012.

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Profit growth slowed Asian electronics manufacturers

Rating agency Moody’s believes that the operating profit of Asian companies – electronics manufacturers will not grow. They predicted that in the second half of 2013, sales growth in China, which now accounts for about 15% of the world market, will fall sharply.

According to the experts, first, expires subsidies for home appliances to rural areas of China, and, secondly, reduced external demand in the European market.

Japanese electronics makers have already started a large-scale sale of office space and other facilities in an attempt to improve their financial situation. Reuters has reported that Sony, Panasonic and Sharp so try to earn $ 3 billion – reports

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High oil prices stimulate production on the shelf in the U.S. in 2013, – Goldman Sachs

High oil
High oil prices support investment in offshore projects in the USA – the newspaper The Wall Street Journal, citing the opinion of analysts Goldman Sachs.

An expert on raw Goldman Jeff Curry, oil-producing countries, such as Russia and Saudi Arabia, have to realize that the more oil prices remain high, the more money will be invested in the development of offshore oil and gas fields in the U.S..

According to current forecasts, analysts and heads of oil companies expect that in 2013 the volume of offshore oil production in the U.S. will increase. A significant number of experts believe that the market will be saturated with the proposal, because, in addition to increasing oil production in the U.S. is expected to increase in production in Iraq, while the forecast for world demand for fuel remains uncertain.

Specify that, according to the U.S. Department of Energy, the average daily oil production in 2012 increased by 800 thousand barrels per day – up to 6.4 million barrels per day. In 2013, this figure is projected to rise to 7.3 million barrels a day to 7.9 million barrels per day – in 2014, that will be a maximum in 1988. Finmarket reports.

Recall that the cost of Brent in the past year to an average of $ 112 per barrel. The International Energy Agency expects that this year it will drop to $ 105 a barrel in 2014 – to $ 99 a barrel.

It is reported that the capital expenditure in the oil and gas sector in the U.S. in recent years has increased dramatically. The latest figures Goldman, in 2011 the U.S. figure was $ 138 billion versus $ 35 billion in China, $ 10 billion in Russia and $ 5 billion in Saudi Arabia. One of the key factors contributing to this volume of investment in the U.S. – is a favorable tax regime, said Curry.

“I would not want to be too optimistic, but offshore oil will improve the state of the economy,” – he said, adding that cheap offshore oil will increase productivity promsektora USA. Goldman analysts believe that the growth in offshore oil production will reduce trade deficit to 1.2% of U.S. GDP in 2017, strengthening the dollar exchange rate by 5-10%.

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The Bank of England warned of a possible crisis

Mervyn King
Bank of England Governor Mervyn King in the semi-annual report on financial stability on Tuesday again warned about the risks of the global economy, saying that “the search for high returns”, which previously forced investors to pay attention to unsafe assets and caused the financial crisis, can begin again.

King believes that low interest rates combined with an increase in risk appetite determines the desire of market participants to seek higher profits, –

According to him, the search for these profitable assets leads market participants to the “sub-prime” mortgage loans and other such assets, as it was on the eve of the financial crisis and the collapse of Lehman Brothers in 2008, which led to a global recession.

King also believe that we must take into account the fact that “interest rates were very low.” According to the Bank of England, “for” high-yield bonds begins again.

Meanwhile, some experts believe that the global financial crisis may change the scientific leap. This was announced by the Rector and HS RANH under President Vladimir Mau January 14 in Moscow at the press conference, the correspondent of IA REX. According to the rector, by the financial crisis of 2008 and the crisis of the 70′s – 80′s have in common. “When the crisis began in 2008, has been a tendency to call the crisis of liberal, and call it a copy of the crisis of the 70′s – 80′s, which led to deregulation, both soft and hard. Oil prices are now at historical highs, as then . At the beginning of the crisis there were many suggestions on what to restore state regulation. “twenty” as a tool for financial, existed long before this, but if it existed as a system for the return of non-protectionist model “- said Mau.