275  7TH Ave  7th floor New York , NY 10001                                                                                                                dcullinanecpa@yahoo.com

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​Daniel Cullinane CPA                                   p 848-250-9587                                                                                                                                     

​It is make or break for the Internet as we know it, unless Congress acts this summer. The Obama administration will end US protection of the Internet handing authoritarian regimes the power they have long sought to censor the web globally , including the US The battle lines were drawn last week when the Obama administration backed a plan submitted by the Internet Corporation for Assigned Names and Numbers or Icann to free itself in September from the US oversight that has kept the Internet open since the 1990s. In response bills were introduced to block the Obama internet surrender. 


An ongoing dispute over public space at Trump Tower took another turn Thursday when New York City officials fine Donald Trump $10,000 after his representatives failed to show up at a hearing to explain why a bench remained missing The Bench where passersby could rest, was part of a deal between the real estate mogul and city dating to the 1970s Mr Trump was granted a bonus to build a bigger building in exchange for creating a public space at Trump Tower  Michael Cohen executive vice president of the Trump organization and special counsel to Mr Trump said the city's finding of default and the fine came about due to a scheduling error by one of Mr Trump's lawyers.

The city also now is looking into whether Mr Trump has improperly used the public space for events related to his campaign



A Citibank ATM is seen in Los Angeles, California, in this March 10, 2015 file photo. REUTERS/Lucy Nicholson

Next time you want to make a quick errand to a bank, you might have to travel a couple of more miles than you’re used to. This month Bank of America (BAC) said it has 23% fewer branches and 37% fewer workers than it did in 2009, according to a CNNMoney story.Bank of America had 4,689 branches at the end of the first quarter of 2016, down from the average of 6,100 in 2009 while the workforce downsized to 68,400 from 107,900 in 2009. As more consumers get comfortable doing all manner of financial transactions online and on their phones, mobile banking has become increasingly common. In 2015, one in 10 adults in the US began using mobile banking for the very first time – amounting to 25 million new mobile bankers, according to Javelin, a research firm. And last year marked the first time weekly mobile bankers exceeded weekly branch bankers.

Other major banks are experiencing similar shifts. Here’s a look at how the largest US banks have cut back on their physical branches.In the last six years, bank branches in the US fell overall by 6.3%, according to FDIC data: As of this month there were 93,283 bank branches, down from 99,550 in 2009.Despite the broad pullback of brick-and-mortar branches, some major banks like PNC (PNC), JPMorgan (JPM) and Wells Fargo (WFC), have seen the reverse (as shown in the table above). For Wells Fargo, the near-doubling of bank branches from 2009 to 2010 was the result of its merger with Wachovia in the wake of the financial crisis (the merger was announced in 2008, with the first retail bank conversions taking place at the end of 2009). Similarly, PNC acquired the US retail banking operations of the Royal Bank of Canada in 2011.“Basically there is that push toward mobile banking and the general thought process is: more convenience is good for more of the newer generation,” James Noe, financial analyst at Sageworks, a financial information company says. (Millennials have adopted mobile banking at a higher rate than older generations, of course.)

In addition to added convenience for consumers, banks themselves are saving money by closing branches and migrating transactions to digital channels. According to a 2013 Javelin report, an in-person transaction costs the typical financial institution $4.25, while a mobile transaction costs about 10 cents, “so the move to mobile is key to a lower cost delivery strategy.”

“We can think of how Uber came about in the taxi industry, people just needed a taxi right away, but it was really hard to get one. They might have to travel couple of miles to get a cab. Same with banks – so maybe they have to deposit their checks, but they don't have to drive 5 miles from their home anymore; they can just take a picture that goes directly into other deposit accounts,” Noe says

Investors for the first time accepted negative returns for the privilege of owning rock-solid German government bonds on Tuesday as fears of a possible Brexit and economic worries caused a rush to the safety of German debt. While borrowers traditionally pay interest on the money they are loaned, in the face of heightened political and economic uncertainty, those interest rates have come down to record lows recently as investors flock to safe havens to park their cash.German government 10-year bonds are considered a benchmark of financial security and strong demand for the bonds, known as Bunds, caused prices to peak, in turn pushing their yields into negative territory for the first time ever.

In afternoon European trading Tuesday, the Bund yielded minus 0.028 percent, the immediate cost to anyone holding the investment.Ditching any hope of a return on their investment now seems a reasonable price to pay to escape the uncertainties of falling stock markets or volatile commodities and currencies.The 10-year German government bond is regarded as one of the safest investments and among the factors driving the current rally in Bund prices are concerns about the global economy, rock-bottom inflation expectations in the single currency area and fears about a possible Brexit with the British referendum on EU membership just 10 days away, traders said.A huge driving factor behind the current price trend is the heightened uncertainty over a possible Brexit, which is driving investors into the safe haven of German sovereign bonds," said DeKaBank economist Ulrich Kater.European stock markets felt the pressure from rising Brexit panic again on Tuesday, with London's FTSE index dropping 1.3 percent, Frankfurt's DAX down 0.7 percent and the CAC-40 index in Paris falling 1.2 percent.
Bond yields in the UK, although still positive, also dropped as money flowed into the market, reaching 1.13 percent for the 10-year British government bond compared to 1.14 percent on The British pound dropped further as the bookmakers put the chances of Britain leaving the EU at around 42 percent.View gallery
[The European view of Brexit]
Britain will vote in a referendum on June 23, 2016 to decide whether to stay in the European Union ( …
Sterling fell over one percent on the day against the dollar, to $1.4108 per pound, and by 0.2 percent against the euro at 1.2608 euros per pound.Nervousness translated into rapid price movements of sterling, known as volatility, that some analysts compared to jitters last seen during the 2008 financials crisis.Sterling volatility is currently 30 percent above its highest point during the 2008/2009 financial crisis," noted Kallum Pickering at Berenberg.

Interest rates on sovereign debt have been low for some time as central banks snap up government bonds from investors in an effort to boost economic growth through increased liquidity. Be it in Japan, the United States, Switzerland or Britain, the rate of return for sovereign bonds of most major industrialised nations are striking new record lows in day-to-day trading.View gallery
[German government 10-year bonds are considered a benchmark …]
German government 10-year bonds are considered a benchmark of financial security (AFP Photo/Daniel R …

Fitch ratings agency estimates that some $10 trillion (9 trillion euros) worth of sovereign debt was yielding a negative return at the end of May.That has sparked fears that a rise in interest rates could see the stampede into bonds turn into a stampede out."The drop in yields below the zero mark once again shows the immense challenges currently facing global financial markets," Kater said.

"Weak growth is pulling down inflation expectations even further. Central banks are trying to counter falling inflation expectations using aggressive monetary policy," he said.The European Central Bank has slashed its key interest rates to zero and launched a massive bond-buying programme known as quantitative easing (QE) in a bid to get the eurozone economy back on its feet and push inflation higher.

"Fears that Britain will quit the EU has killed off any willingness to take risks in European capital markets," said LBBW analyst Werner Bader.

- Good for taxpayers -

Germany's own finances have benefitted from its safe-haven status in recent years, because with investors favouring German sovereign debt, borrowing rates in Europe's biggest economy have come down.The government has seen its annual interest payments fall from more than 40 billion euros ($45 billion) per year in 2008 to 21 billion euros in 2015.The reduced debt servicing costs enabled Germany to balance its budget in 2014 for the first time since 1969 and a year ahead of target.

The finance ministry declined to comment on the drop inBund yields on Tuesday.
At the German national financial agency, or Finanzagentur, which is responsible for managing the country's public debt, a spokesman said that the drop to negative yields should not be seen in terms of either good or bad."The government's debt management is done on a long-term perspective. The current level of yields is of secondary importance," he said."The main aim is to reach a sustainable balance between costs and reliability of planning," he continued.But from the taxpayers' point of view, "negative yields are certainly pleasing because they reduce interest payments in the federal budget." bur-spm/jh/kjm



​Average monthly employment income is entering a period of decline. May's abysmal report of 38,000 new jobs may be an anomaly, more likely, 150,000 monthly adds as GDP growth rises in the second half of 2016. The number is likely fall to 100,000 or so but till next year. May's low number ends any chance of a June interest rate hike by the Fed but a hike is still in store for later, as long as gains top 100,000




Greece's latest financial deal with its creditors buys Europe breathing room in the never ending saga of how best to restore the debt burdened country to economic health. Greek law makers voted to enact more painful financial reforms in exchange for continued aid , which will be enough to keep Greece afloat until 2018. The underlying financial problems  remained unsolved. Greece's debt load is still sky high, In fact, the International Monetary Fund, one of its creditors insists that the country can not repay what it owes without significant debt write downs. Germany and other European creditors disagree and are dead set against such relief. Come 2018. when the current bailout package expires, the two sides will have to decide whether to continue insisting on repayment  full or or write off some of Greece's debt. Europe has dodged making that call for now but it cannot put off that decision forever

Burma's economic prospects are brightening, now that the US government is doing away with long running trade sanctions triggered by human rights abuses to lift those sanctions, and US businesses are already eyeing Burma's markets. Natural resources will be an early draw for US firms Abundant deposits of tin, copper, marble and jade, plus forests containing highly sought specialty timber will open up to American companies, which will be competing with Chinese firms. A growing consumer market beckons, Two giant American brands KFC and MacDonald's plan to develop in Burma.