We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
Cuts in global oil investment biggest ever this year: IEA chief
[ISTANBUL] Global oil investments this year are on track to drop by 20 per cent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said on Friday.
A halving in oil prices in the past year has hit energy companies' revenue and is discouraging them from spending on both exploration and production. "We expect this year, in 2015, global oil investments to be 20 per cent less than 2014," Birol told a news conference at a G20 Energy Ministers' meeting in Istanbul.
"This is the biggest decline in oil history."
With oil at below US$50 per barrel, this has hit investment plans at major oil firms, national oil companies and independents which have had to find ways to conserve cash.
Cutting investment now will delay upgrades at existing fields as well as frontier exploration, meaning output could slow for years to come.
Some analysts predict a recovery for oil and gas where prices drop and stay low for years before rising. Research firm Morningstar told clients last week it anticipates oil markets fully rebalancing in 2017 at the earliest.
Deutsche Bank to invest more to prevent money laundering: exec
[FRANKFURT] Deutsche Bank plans to invest more in technology to prevent money laundering, according to the head of the division that processes its transactions.
Germany's biggest bank was hit by a scandal over suspected money laundering at its Moscow office over the summer and last month said it was closing part of its business in Russia as part of a review of its global structure.
It has also yet to settle with US authorities over alleged sanctions-related violations, following investigations of peers like Commerzbank and Societe Generale for moving funds through the US financial system for countries such as Iran and Sudan.
Werner Steinmueller, head of Deutsche Bank's Global Transaction Banking (GTB) business, told Reuters the lender planned to increase spending on systems to prevent money laundering.
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He did not give any figures for this investment, but said it was part of the bank's plans to gradually double its annual investment of 100 million euros (S$162 million) in the GTB division. "The regulatory requirements are rising, that is a big challenge for all banks," he said on Friday.
Computer systems can be relatively easily programmed to comply with sanctions against countries, companies or individuals, Steinmueller said. "It gets much tougher when it comes to fraud," he added."Known con schemes can be identified fairly quickly but new scams across countries and currencies are much more difficult." Steinmueller said banks used algorithms to spot suspicious trades, but added that Deutsche Bank's GTB unit handles 200,000 to 300,000 transactions every day. "You are looking for a needle in a haystack," he said.
Germany's flagship lender has maintained its global transaction banking network and benefited from the retreat of peers from several markets, Steinmueller said. "A big network is essential in for payment systems and trade financing and that's why Deutsche Bank will stay active in transaction banking in Russia even though it is reducing its footprint in the country," he said.
The GTB unit is expected to avoid much of the cost and job cutting expected in retail and investment banking, sources have said. Chief Executive John Cryan is due to unveil details of his planned revamp later this month. "If we grow as expected in foreign trade finance we will need more staff," Steinmueller said.
The division also expects to see continued growth in China, although growth rates are expected to ease over the next 8-12 months in the wake of recent financial market turbulence there. "We have become more cautious on hiring in China. We continue to recruit but are more selective than in the past."
Chipmaker AMD to cut 500 global jobs, take US$42m charge
[SAN FRANCISCO] Struggling chipmaker Advanced Micro Devices Inc said it would cut about 500 jobs, or 5 per cent of its global workforce, as it looks to rein in costs amid weak demand for its chips used in personal computers and intense competition.
AMD said it expects to take a charge of US$42 million, with US$41 million of that recorded in the just-ended third quarter.
AMD said it expected savings of about US$58 million in 2016 from the restructuring plan.
The restructuring includes outsourcing certain IT and application development services, the company said in a regulatory filing on Thursday. AMD will cut white-collar jobs and is not shutting or idling any fabricating operations, spokesman Drew Prairie said in an e-mail to Reuters.
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The job cuts will take place across AMD's global operations, including Austin, Texas, and company headquarters in Sunnyvale, California, Prairie said.
AMD had about 9,700 employees at the end of last year, according to its latest annual filing from February.
AMD, which sells central processing units and graphics chips used in personal computers, in July reported its second-quarter revenue fell 35 per cent from the year-earlier period, citing weaker-than-expected demand for PCs.
The company has been shifting to gaming consoles and low-power servers, but progress has lagged Wall Street expectations due to intense competition from Intel Corp and newer companies.
Shares of AMD were flat at US$1.74 in after-hours trading.
