industryterm:bank deposits

  • A lire le long article de Reuters sur le mini-Etat al-Qaïdesque qui se bâtit dans le sud du Yémen dans le sillage de la guerre menée par l’Arabie saoudite contre les Houthis et les partisans de Saleh.
    L’article détaille les ressources financières sur lesquelles AQPA - vous savez, ce groupe censé être responsable des attentats à Charlie... - a pu mettre la main et sa stratégie d’implantation locale pour gagner la bataille des cœurs et des esprits.

    How Saudi Arabia’s war in Yemen has made al Qaeda stronger – and richer

    One unintended consequence of the war in Yemen: Al Qaeda now runs its own mini-state, flush with funds from raiding the local central bank and levying taxes at the local port.

    Reuters 08.09.16
    http://www.reuters.com/investigates/special-report/yemen-aqap
    Morceaux choisis mais tout est intéressant :

    Once driven to near irrelevance by the rise of Islamic State abroad and security crackdowns at home, al Qaeda in Yemen now openly rules a mini-state with a war chest swollen by an estimated $100 million in looted bank deposits and revenue from running the country’s third largest port. [...]
    The economic empire was described by more than a dozen diplomats, Yemeni security officials, tribal leaders and residents of Mukalla. Its emergence is the most striking unintended consequence of the Saudi-led military intervention in Yemen. The campaign, backed by the United States, has helped Al Qaeda in the Arabian Peninsula (AQAP) to become stronger than at any time since it first emerged almost 20 years ago.
    Yemeni government officials and local traders estimated the group, as well as seizing the bank deposits, has extorted $1.4 million from the national oil company and earns up to $2 million every day in taxes on goods and fuel coming into the port.
    AQAP boasts 1,000 fighters in Mukalla alone, controls 600 km (373 miles) of coastline and is ingratiating itself with southern Yemenis, who have felt marginalised by the country’s northern elite for years.

    Pour les amateurs d’humour, la déclaration de l’ambassade saoudienne :

    In a recent statement issued by the Saudi embassy in Washington, Saudi officials said that their campaign had “denied terrorists a safe haven in Yemen.”

    Comment AQAP a fait concrètement pour profiter de la guerre des Saoudiens :

    Barely a week after Saudi Arabia launched “Operation Decisive Storm” against the Houthis in March last year, Yemeni army forces vanished from Mukalla’s streets and moved westward to combat zones, security officials and residents said.
    The city’s residents were left defenceless, allowing a few dozen AQAP fighters to seize government buildings and free 150 of their comrades from the central jail. The freed included Khaled Batarfi, a senior al Qaeda leader. Pictures appeared online of Batarfi sitting inside the local presidential palace, looking happy and in control as he held a telephone to his ear.
    Tribal leaders in neighbouring provinces told Reuters that, in the security vacuum, army bases were looted and Yemen’s south became awash with advanced weaponry. C4 explosive and even anti-aircraft missiles were available to the highest bidder.

    Et, enfin, un constat rassurant :

    And just as Islamic State seized the central bank in Mosul in northern Iraq, AQAP looted Mukalla’s central bank branch, netting an estimated $100 million, according to two senior Yemeni security officials.
    “That represents their biggest financial gain to date,” one of the officials said. “That’s enough to fund them at the level they had been operating for at least another 10 years.”

    • Sur le même sujet, comment la guerre menée par l’Arabie saoudite, la situation humanitaire catastrophique de vastes parties de la population et l’effondrement de l’Etat central créent les conditions propices à l’établissement d’un émirat islamique al-Qaïdesque au Yémen :
      Al Qaeda Winning Hearts And Minds Over ISIS In Yemen With Social Services
      IBTimes / 07.04.16
      http://www.ibtimes.com/al-qaeda-winning-hearts-minds-over-isis-yemen-social-services-2346835

      The Yemen war began a year ago, when Saudi Arabia launched a nine-country coalition to eradicate the Houthi rebels, a Shiite armed political group that took over the country’s capital, Sanaa, from the internationally recognized government in 2014. Since then, the conflict in Yemen, much like the ones in Syria, Iraq and Libya, has drawn in various international powers and the political chaos has left civilians without any form of support from the state.
      “It’s like a Game of Thrones with its shifting alliances,” Joscelyn said. “But who is benefiting from Saudi intervention in Yemen? AQAP.”
      [...]
      Yemenis are not in a position to reject what AQAP is offering. More than half of Yemen’s population lives below the poverty line. Today, 20 million people — 80 percent of the population — are in need of humanitarian assistance.
      Photographs and news articles circulated on AQAP’s social media accounts, and in its propaganda newspaper al-Masra, emphasize how the group has built bridges, dug water wells, repaired roads and distributed humanitarian assistance throughout the areas it controls. The photographs also show militants carrying out punishments according to their version of Sharia law, but the group omits the most brutal scenes from its propaganda.
      [...]
      The idea of power-sharing may contradict the Islamist doctrine of complete allegiance, but that’s not to say AQAP has given up on its future goal of establishing an emirate. The group is constantly recruiting and training Yemenis who want to fight the Houthis. Last month, the U.S. carried out a drone strike on a training camp in the AQAP-controlled city of al Mukalla, killing roughly 50 militants.

  • Negative Interest Rates – Are There Any Positives? | naked capitalism
    http://www.nakedcapitalism.com/2016/03/negative-interest-rates-are-there-any-positives.html

    Posted on March 29, 2016 by Yves Smith

    Yves here. I’m a bit mystified that central bankers were so confident that an untested experiment like negative interest rates would work out as planned, particularly since some of the assumptions as to why they thought it would work seem utterly barmy. But this is what happens when you put stock in theories that were debunked (by no less than Keynes), like the loanable funds model, that mainstream economists treat as gospel.
    By Steve Worthington, Adjunct Professor, Swinburne University of Technology. Originally published at The Conversation

    Negative rates have been introduced by some central banks worldwide. In theory doing so should both devalue their currency, making their exports cheaper and imports more expensive, and at the same time encourage consumer spending. It should also boost lending by financial institutions, as the value of capital being held by both individuals and banks is ever decreasing.

    Sadly this theory when put into practice has been found wanting. The Bank of Japan introduced a negative interest rate of minus 0.1% in January 2016 and the yen subsequently increased in value compared to its competitor currencies. Indeed in 2016 the yen is the best performing G10 currency against the US$.

    Similarly the Swiss National Bank flagged a negative interest rate of minus 0.25% to be introduced in January 2015, but the inflow of funds into the Swiss franc continued and the rate was finally reduced on its introduction to minus 0.75%, with the aim of discouraging capital inflows. However despite these moves the Swiss National Bank continued to accumulate foreign exchange reserves into the second half of 2015.

    The European Central Bank (ECB) further increased its negative interest to minus 0.4%, on bank deposits held at the ECB in mid March 2016, as it attempted to manipulate downward the value of the Euro. The impact of this was undermined somewhat by allowing the European banks to borrow from their central bank at the same minus rate, depending on how much they lend to businesses and consumers. An initial dip in the value of the Euro when the minus 0.4% was announced was then followed by a sharp rise, as the implications of the whole package became clearer.

    So will negative interest rates continue to be used as a weapon from the central bank armoury, or will the unpredictable behaviour of consumers and investors undermine the intentions of the central banks?

    If the weapon of negative interest rates does not work as expected on currency values or domestic consumption and investment, what else is there left to deploy to prevent deflation and a further slow down in economic actively? Economics indeed truly is dismal science.

    #économie #capitalisme #banques

  • $5.8 bn of fresh Gulf aid to Egypt - Ahram Online
    http://english.ahram.org.eg/News/93048.aspx

    Saudi Arabia is expected to give Egypt up to $4 billion in additional aid in the form of central bank deposits and petroleum products, Egyptian daily newspaper Al-Ahram reported on Thursday.

    The UAE is also expected to contribute $1.8 billion to the new aid package in the form of fuel shipments, the source added.

    Citing an unnamed ministerial source, the newspaper said the package would be worked out during a visit next week to the oil-rich kingdom by Egypt’s interim Prime Minister Hazem El-Beblawi.