G7 Reported Freezing New World Bank Projects In Russia – 1 August 2014

A freeze on new World Bank projects in Russia would be aimed at punishing President Putin’s action over Ukraine, and may affect planned spending of $1.5 billion.

This measure was agreed by deputy finance ministers from the G7 during a conference call last week, reports Bloomberg citing three government officials familiar with the plans.

The move comes amid fresh rounds of far-reaching sanctions targeting Russia’s banking, energy and defense. The EU and US have been insisting Russia was destabilizing the situation in Ukraine, even though Moscow repeatedly denied any involvement in the conflict.

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ZeroHedge – Espirito Santo Stock Suspended After 40% Crash, “Pending Information” – 1 August 2014

Looks like it will be a busty weekend for European leaders calling the crisis over. Knife-catching ‘value’ investors have been torn asunder as Banco Espirito Santo’s stock crashed another 40% today to 12c and has now been suspended by Portugal’s securities regualtor.

• *BANCO ESPIRITO SANTO SHARES SUSPENDED PENDING INFORMATION, CMVM SAYS

With Goldman bailing and the sovereign suggesting it is not willing to bailout, it appears – based on Sub debt’s collapse – that a bail-in burden-sharing solution is coming. When will Bill Miller scoop it up?

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‘Null & Void’: Ugandan Court Overturns ‘Draconian’ Anti-Gay Law – 1 August 2014

Uganda’s highest court annulled a controversial anti-gay law that punished homosexual activity with up to life imprisonment. The court ruled that the bill was passed illegally late last year while opposition also claimed it violated fundamental rights.

“I can confirm the anti-homosexuality law has been struck down. The judge said there were irregularities in the process of its enactment and also there was no quorum in parliament,” said Nicholas Opio, a lawyer for a group of 10 Ugandans – including two Ugandan rights organizations – opposed to the law who petitioned the constitutional court to declare the strict law invalid.

The panel of five judges ruled that the bill was passed by the Ugandan parliament in December without the necessary quorum of lawmakers, as at least three of MPS opposed the legislation. Thus, the bill was ratified and signed into law by President Yoweri Museveni back in February illegally.

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US Senate Passes Emergency Funding For Israel’s Iron Dome – 1 August 2014

US Senate unanimously supported on Friday legislation to give Israel emergency funding for its Iron Dome missile system.

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Hyper Report – 140801 – Getting Poorer – 1 August 2014

Argentina Blames US Authorities For Triggering Default – 1 August 2014

Argentina has accused the US of judicial malpractice and threatened to take it to the International Court of Justice, as it allowed two small hedge funds drag Buenos Aires into default and made creditors and ordinary people suffer.

The majority of bond holders agreed to write-off two thirds of Argentina’s debt held since it defaulted in 2001-2002. However a group of hedge funds, or as Argentina calls them “vulture fund” investors, who did not agree to the write-off, are now insisting on full payment of all the debt.

The problem arose after the US court prevented Argentina paying $539 million to its creditors, saying it should first pay $1.5 billion to compensate those investors who never accepted the restructuring deal.

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‘Wrong Time, Altered Images’: Moscow Slams Kiev’s MH17 Satellite Data – 1 August 2014

The satellite image on the left was provided by the Russian Defense Ministry on 14 July, 2014. On the right is the image that Kiev claims were taken by its satellites on July 16, 2014. Image from mil.ru

Satellite images Kiev published as ‘proof’ it didn’t deploy anti-aircraft batteries around the MH17 crash site carry altered time-stamps and are from days after the MH17 tragedy, the Russian Defense Ministry has revealed.

The images, which Kiev claims were taken by its satellites at the same time as those taken by Russian satellites, are neither Ukrainian nor authentic, according to Moscow’s statement.

The Defense Ministry said the images were apparently made by an American KeyHole reconnaissance satellite, because the two Ukrainian satellites currently in orbit, Sich-1 and Sich-2, were not positioned over the part of Ukraine’s Donetsk Region shown in the pictures.

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