“Banks of time” crowd out money
While economists around the world are wondering if the second wave of the crisis will cover us, the townsfolk are coming up with their own ways to withstand possible perturbations in the economy. One of them is the spread of such a form of alternative economic relations as the “time bank”. Although they were invented in the USSR, the development of “time banks” was received in the USA and Great Britain.
The idea to use as a currency not some conventional pieces of paper and pieces of metal, but an intangible, but the only unit of time for the whole world – an hour, was first put forward in 1976 by the Soviet psychologist and engineer Vladlen Livshits. A year later, the world’s first “time bank” was created on the basis of the bakery in Kohtla-Järve. Employees of the enterprise were transferred to a flexible work schedule, one of the fundamental principles of their activity was active and mutual assistance to colleagues, and then to employees of other organizations – the local scientific research institutes of shale and thermal power plants. After the American journalist David Shipler got acquainted with the unusual production experience of Soviet bakers and stokers, the idea of Livshits was developed in the United States. Continue reading
From 21 to 32 trillion dollars are hiding from taxation in various regions of the world and bank accounts. In total, about 10 million people use offshore accounts to hide funds. These figures appear in a report by James Henry, a former economist at McKinsey & Co consulting company, prepared for the Tax Justice Network.
Of the total amount of $ 32 trillion, about half are for 100 thousand people. Tax fees of $ 32 trillion could amount to up to $ 280 billion annually. When evaluating tax evasion, James Henry only considered financial assets. Real estate, luxury goods, yachts, etc. were not taken into account, RBC reports citing an economist report.
According to the report, the official data of the IMF, the World Bank, the UN and the central banks of various countries of the world were used for calculations. “From an economic point of view, the private sector is a black hole,” the report concludes. In addition, it is emphasized that a global banking conglomerate, represented by such structures as HSBC, Citigroup, Bank of America, UBS, Credit Suisse, is involved in fund-raising operations. Continue reading
Megafon has collected suitcases on the stock exchange
MegaFon, one of the largest mobile operators in Russia, is getting ready for an IPO on November 1. The company plans to settle on the London LSE and MICEX-RTS. During the IPO, the operator can sell approximately 15% of the shares. The majority of the shares will be placed by the Swedish-Finnish shareholder of TeliaSonera, the rest will be the treasury shares of the operator directly.
Two of the three largest Russian telecommunications companies have already placed their shares on the stock exchange. VimpelCom entered the New York Stock Exchange (NYSE) in 1996, and MTS in 2000. Today, companies have a capitalization of $ 18.7 billion and $ 16.7 billion, respectively. Three leading players control 80% of the mobile services market.
“The placement of Megafon already seriously affects MTS quotes, drawing institutional funds from the last funds. However, after the placement, we can expect a rebound in MTS securities. As for Megafon, most likely, the company’s valuation at the placement will include a premium, but long-term its papers may become the most interesting in Russian telecom, “said Ilya Rachenkov, an analyst at Investcafe. Continue reading