Monthly Archives: August 2015

What will $100 buy you in Nebraska?

Independent research organisation the Tax Foundation reveals some interesting differences in the cost of living across the US

Why $100 isn’t the same everywhere

How much bang are you getting for your buck this year? Well, it pretty much depends on where you live, according to the Tax Foundation, an independent tax policy research organisation which regularly collates data from The Bureau of Economic Analysis to demonstrate how much $100 buys you on a state-by-state basis. It may come as little surprise to discover that the same goods are often much cheaper in states like Missouri than they are in New York, but there are some interesting discrepancies outside the obvious.

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Chancellor Osborne initiates RBS sell-off

British chancellor George Osborne has started the RBS sell-off with the release of a 5% stake in the bank

RBS sell-off underway

In a move that’s not without controversy, chancellor George Osborne has begun the process of transferring beleaguered bank RBS back to private ownership in the first sale of shares since the bank was rescued in 2008. The sale of shares is estimated to result in a likely loss of around £1bn to the UK taxpayer, amid criticism from opposition politicians that Osborne should have waited for the bank to achieve more fundamental reforms before launching his privatisation operation.

The sale of £2bn-worth of shares – a 5% stake – to City investors is designed to reduce the taxpayers’ shareholding to around 73%. Investment banks including Citigroup, Goldman Sachs, Morgan Stanley and UBS have been appointed to act as ‘bookrunners’, responsible for placing the shares with investors.

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Greek stock market plummets as financial woes continue

The Athens stock index experienced its worst-ever day of trading following an enforced five-week closure

Athens stock market takes a hit

Greece’s stock market plummeted by more than 20% on the first day of trading following a five-week closure prompted by fears that the country was about to exit the eurozone. The Athens stock index experienced its worst-ever performance in the opening few minutes of trading, with banking shares, which make up about a fifth of the index, taking a beating. The overall banking index fell to its 30% volatility limit.

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First conviction secured in Libor rate-rigging scandal

A former derivatives trader has been convicted of fraud following rate rigging scandal

 The first to fall

The seven-year investigation of the rate-rigging scandal that caused global outrage has resulted in its inaugural conviction. A jail sentence of 14 years has been handed down to former City trader Tom Hayes after becoming the first to be found guilty by a jury of rigging the Libor interest rate.

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