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After Delta Reroutes Flight Into Israel, 5 Other Airlines Suspend Flights To Tel Aviv On Missile Worries

Update: U.S. FLIGHTS TO ISRAEL HALTED BY FAA

About two hours ago, and in the aftermath of the public outcry regarding flights in conflict zones, first Delta then most other major international carriers announced they would suspend flights to Israel "until further notice" amid concerns that a rocket landed near Ben Gurion International Airport in Tel Aviv. The list of confirmed airlines that have halted such flights is shown below.



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William O'Brien, Infamous CEO Of BATS, Has Left The Firm

Remember when IEX' Brad Katsuyama swept the floor with BATS CEO Bill O'Brien, exposing him as a liar on national TV in his spirited defense of HFT and an "unrigged market"? Well, Bill has just left the building: as BATS reported moments ago he is no longer with the firm.



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US Government Releases Alleged Evidence Of MH17 Missile Trajectory

The 'information war' is hotting up. On the heels of yesterday's 30-minute detailed presentation of Russia's 10 awkward questions for Ukraine (and the US), CNN reports that the US government has released a satellite trajectory map of what it says was the flight's path and the site from which the missile was shot. Of course, the epicenter of the MH17 launch is Snizhne, in pro-Russian separatist-held territory. Rebel leader Alexander Borodai responded, "we don't have the technical ability to destroy this plane. Ukrainians are not interested in the truth."



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As Gaza Death Toll Surpasses 600 Israel Ambassador Says IDF Deserve Nobel Peace Prize For "Unimaginable Restraint"

The situation in Gaza has crossed beyond the rabbit hole (or perhaps in this case, tunnel) and has entered the surreal zone.



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The Rot Within, Part I: Our Ponzi Economy

Depending on blowing the next bubble to temporarily prop up the economy is the height of foolhardy shortsightedness.



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Europe Agrees To Disagree Over New Russian Sanctions

As usual, Europe is talking out of both sides of its mouth (or other orifices). On the one hand, we are told:

  • EU foreign ministers failed to agree new sanctions against Russia at a Brussels meeting

And on the other hand:

  • Dutch minister says EU imposing new sanctions on officials over Russia

So - which is it Europe?



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In Potentially "Lethal Blow" For Obamacare, US Appeals Court Finds Insurance Subsidies Invalid In Most States

Moments ago, in what NBC classified as a "potentially lethal blow to Obamacare" a federal appeals court has ruled that the federal government may not subsidize health insurance plans bought by people in states that decided not to set up their own marketplaces under Obamacare. The law clearly says that states are to set up the exchanges. But 34 states opted not to, and the federal government took over in those states. The court ruled that federal government may not pay subsidies for insurance plans in those states. As the Hill reports further, the D.C. Circuit Court of Appeals said the Affordable Care Act does not permit the IRS to distribute premium subsidies in the federal ObamaCare exchange, meaning those consumers must bear the  full cost of their insurance.



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Rising Wages Where? Real Wages Post First Annual Decline Since 2012

For all the talk about "noisy inflation" this and "rising prices are good for the economy" that, what the Fed's cheerleading squad continues to ignore is the one most important inflation the US economy needs in order to actually have a sustainable recovery instead of centrally-planned stagflation: wage inflation. And while bullish pundits keep reffering to some mythical CEO survey promising wage will increase any day now, just not today, the BLS released its most recent real wage (adjusted for inflation) report today showing that not only did the average real hourly wage remain flat for the second month in a row at $10.29, the lowest level since September 2013, but posted the first annual decline since October 2012.



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Bill Ackman's "Most Important Death-Blow-For-Herbalife Presentation Ever" - Live Feed

The question on everyone's lips... how many slides? And where's Carl Icahn?



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Congressional Hearing On Hedge Fund Tax Evasion Through "Fictional Derivatives" - Live Webcast

As reported yesterday, at 9:30 am this morning the permanent subcommittee on investigations will hold a hearing in which it will expose the latest tax-evasion loophole used by select high-frequency trading hedge funds which has the technical name "basket options", but which, thanks to Carl Levin's mnemonic of fictional derivatives" will be better known as such (read the full story How RenTec Made More Than $34 Billion In Profits Since 1998: "Fictional Derivatives"). It will be interesting to learn, although we doubt it will be discussed, how in light of collapsing trading volumes for underlying securities, how much of the record derivative and future trading volume in recent years is directly related to this kind of tax-evading trading, and perhaps just as important, whether Congress and the IRS will crack down on such practices in the future.



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The Latest Updates About Ukraine And Flight MH17: News Roundup

For those just waking up and looking to catch up on all the latest news out of Ukraine and the MH17 crash response in particular, here is the latest news roundup.



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Gold Dumped (Pre-CPI) And Pumped (Post-CPI)

9 minutes before CPI data hit, gold futures were slammed lower on notable volume ($390 million). Then as CPI hit and "noise" was evidently not going away, gold prices surged over $12 to $1316 obn very heavy volume... Gold is moving inversely with the USD (which is flying around) as stock rally (?) and longer-term bonds rally/flatten.



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CPI Remains Stubbornly High as Yellen's "Noise" Won't Go Away

Consumer Price Inflation was 2.1% in June (as expected) remaining above the Fed's mandate levels and worryingly for all those who see the Fed as omniscient... refusing to go "noisily" down. Core CPI fell very modestly to 1.9% year-over-year but the jump in gasoline prices accounted for two-thirds of the overall rise in June CPI (seems like the Fed needs to print some more world peace to brings prices down). How many months of 'high' inflation does it take before Yellen admits it is not 'noise'?



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Chinese Premier Li Admits Central Planning May Not Be Optimal

In an odd admission of the possible fallibility of a centrally-planned economy, none other than Chinese Premier Li recently noted, "we should never assume that we few at the top have more insight or power but should try to mobilize the intelligence and creativity of the many thousands of our people so as to create unrivaled value." Perhaps the Federal Reserve would do well to listen. However, Li did not excuse himself from the need to spin how well things were going. On the heels of our 11 awkward Chinese fact charts, Li explains "the Chinese market is booming, the economy strong [sic]. Enterprises are the mainstay of the market." However, as Diapason Commodities' Sean Corrigan, when trying to confirm this 'fact', "discrepancies abound."



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