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Frontrunning: June 20
- US budget talks hit tense stage (FT)
- Siemens chief warns on US skills shortage (FT)
- Greek Default Would Spell ‘Havoc’ for European Banks a Year After Bailout (Bloomberg)
- Spain protesters turn anger against Brussels (FT)
- Credit Suisse downgrades China banks, GDP (MarketWatch)
- Rare earth prices soar as China stocks up (FT), previously covered here
- H.K. Home Prices to Fall Up to 15% (Bloomberg)
- Americans gave $291 billion to charity in 2010 (Reuters)
- Taliban-U.S. Talks Are Preliminary, Gates Says; Karzai Criticizes Motives (Bloomberg)
- Assad to address Syria as his troops block refugees (Reuters)
- Civilian deaths pile pressure on Libya campaign (FT)
- Medvedev rules out poll tussle with Putin (FT)
- Iraq hunting $17 billion missing after U.S. invasion (Reuters)
- Banks Holding Record $1.45 Trillion to Buy Treasuries as Savings Top Loans (Bloomberg)
Global economic highlights courtesy of Egan-Jones:
- China may raise interest rates another two or three times this year: reports.
- European govts failed to agree on releasing a loan payout to spare Greece from default.
- Greek power co. workers start strikes against privatization, potentially causing shortages
- Greek funding round has hit some bumps.
- IMF cuts its US, global growth forecasts, warns on government debt.
- Japanese exports drop 10.3% in May as impact from quake and tsunami lingers.
- Yen heading to new high as no intervention in sight with Fed rates on hold.
- Airbus reportedly snags $17B AirAsia order.
- Buffett-backed BYD China share offer raises less-than-sought $219M.
- Ford to spend $1B to develop seven all-new/significantly upgraded vehicles under Lincoln.
- Nabors June earnings to be weaker than prior expectations.
- Nestle sees 10% raw material price inflation in 2011.
- Oaktree Capital Management LLC files for IPO of up to $100M.
- PetSmart announces $450M share purchase program.
- PNC Fincl Srvcs to buy US retail operations of Royal Bank of Canada for $3.45B.
- Skype fires executives, avoiding payouts after Microsoft buyout closes.
- Sprint Nextel ties up with LightSquared to share network expansion costs, equipment.
- United Capital to voluntarily delist and deregister its common stock and tender offer.
- Volkswagen AG reports 14.6% rise in global vehicle deliveries from January to May.
- Zurich Financial sees $295M in U.S. weather claims.
Earnings Calendar: BHO, CAVO, EBF, GMTC, PEDH, PKE, RENN, RFMI, TGALD.
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who said details of Greek structure on the ESM has been agreed.
EUROGROUP JUNCKER: ESM to be able to buy bonds on primary market
Welcome to Euro POmos¡
The "Charity" number shows how much taxes should HAVE BEEN PAID.. sigh..
Anybody notice? Silver Spot 35.40
and SLV 34.50 ?
Almost $1 spread? Never saw this before.
Fuck paper.
Oil is moving into final dip as prediceted in February:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a#p30486
Im Long oil for a little end of quarter make up....and inflation hedge
from 92 up to 100
Play with UCO ,USO or OIH
Any currency traders that can comment on the new, solely "Risk On" character of the GBP/USD in the past days ?
Maybe the irish trouble sir.
Thank you, i'll think about that.
US budget talks hit tense stage
Yep we're at the stage where Washingtons obese flatulent pigs-at-the-trough (GOP and Dems) realise their finger dipping bowls are being taken away ...the daily diet of 24 Big (Debt) Macs, 22 (citizen flavoured) Cheesecakes are 'safe' still 3 years into recession and DC are snorting away full fat/cream pig swill ....decisions, decisions!
Cue DC Press Release: "We have made some very hard decisions after much tough, tense negotiation (ie. posturing, bluff and playing chicken)... and agreed to cut some finger dips with deferred payments (ie. cooking the books) hitting teachers and pensioners first rather than our parasitical wholly unproductive Masters-of-Mahem in banking, Pharma, healthcare and the military industrial complex. It shall remain mute the rest of our budget is held up by the only moron on the planet still willing to buy the US Govts 'Ponzi Bonds', our crone Ben 'Is a Dull Boy' Bernanke."
Definitely a skills shortage in Washington.
Lets talk about debt baby......
Debt repatriation:
NYT's David Kocieniewski writes on pg. A1 on what happened last time corporate America got a one-time cut in the 35 percent tax rate on foreign profits: "Congress and the Bush administration offered companies a similar tax incentive, in 2005, in hopes of spurring domestic hiring and investment, and 800 took advantage. .. Though the tax break lured them into bringing $312 billion back to the United States, 92 percent of that money was returned to shareholders ... according to a study by the nonpartisan National Bureau of Economic Research. ...Indeed, 60 percent of the benefits went to just 15 of the largest United States multinational companies - many of which laid off domestic workers, closed plants and shifted even more of their profits and resources abroad in hopes of cashing in on the next repatriation holiday." http://nyti.ms/k43Xyg
And Tepco takes another hit: http://online.wsj.com/article/SB10001424052702303936704576397022661986508.html?mod=WSJ_hp_LEFTWhatsNewsCollection
if anyone else gets irritated by the FT links being subscription only, here's a tip you may not know.
they only seem to block the articles being viewed from referral links, not from Google traffic, so just search for the exact article title in Google, being FT it will be near the top, and click into the article that way instead.
Vultures Circling Yankee Stadium As Muni Parking Lot Bonds Almost In Default
http://www.greenwichtime.com/news/article/Hedge-funds-stalk-Yankee-Stadi...
This would never happen if George were still here
http://www.youtube.com/watch?v=VeILuYuS5gU
Of course we have a skills shortage. We haven't made squat for decades.
But that's for lack of opportunity, not lack of skills.
re: Iraq hunting $17 billion missing after U.S. invasion (Reuters)
"All indications are that the institutions of the United States of America committed financial corruption by stealing the money of the Iraqi people, which was allocated to develop Iraq, (and) that it was about $17 billion," said the letter sent to the U.N. with a 50-page report.
shocked, shocked, i tell ya.
Americans gave $291 billion to charity in 2010
wow, and the cure for cancer can't get 25 million for stage 3 FDA trials.. . . .
http://vimeo.com/24821365
today is the last day to watch for free, Dr Burzynski the movie Cancer is Serious Business
must see