Economic principles explain why the Saudis began, in late 2014, to pump crude as fast as they could – or close to as fast as possible. In fact, there is a good reason why the Saudi princes are panicked and pumping.
Goldman Sachs attracted more than a quarter of a million applications from students and graduates for jobs this summer, "suggesting fears of a ‘brain drain’ in the sector may be exaggerated as banks introduce more employee-friendly policies." The number of applications from students and graduates globally have risen more than 40% since 2012, the paper adds. This means there is greater demand to get a job at Goldman than there is even in China where recently 1.2 million job candidates applied for 19,000 much-desired govermment positions.
“Shooting in Chicago is like a cancer...It’s starting to spread out, and I just figured it was a matter of time.” The logic of one Chicago mother, who watches another mother weep over her dead son in their South Side neighborhood, perfectly sums up what they are living throuigh in Obama's recovery: She is glad her own son is in jail, because the alternative is unbearable... “He was bound to be shot this summer,” she says.
With just a few million dollars and a phone number, you can snoop on any call or text that phone makes – no matter where you are or where the device is located. That’s the bold claim of Israel’s Ability Inc, which offers its set of bleeding-edge spy tools to governments the world over. And it’s plotting to flog its kit to American cops in the coming months.
There are just two drivers setting the pace for today's risk mood: the OPEC meeting in Vienna which started a few hours ago, and the ECB's announcement as well as Mario Draghi's press statement due out just one hour from now. Both are expected to not reveal any major surprises, with OPEC almost certainly unable to implement a production freeze while the ECB is expected to remain on hold and provide some more details on its corporate bond buying program, although there is some modest risk of upside surprise in either case.
Social media giants Facebook, Twitter, Google and Microsoft have vowed to tackle online hate speech in less than 24 hours as part of a joint commitment with the European Union to combat the use of social media by terrorists. Although these social networks are saying that there will be an attempt to balance out free expression and what they consider to be dangerous, the fact that the lines have already been blurred between the two inside the EU is quite concerning.
Following media machinations over his donations to Veterans, Donald Trump struck back today in a press conference, raging that the liberal media "should be ashamed," and singling out ABC's Tom Llamas as a "sleaze." The Donald then turned the microphone over briefly to Al Baldasaro, a veteran from New Hampshire who skewered the news media, saying reporters should ''get your head out of your butt - focus on the real issues...stop using veterans as political pawns."
After yesterday's US and UK market holidays which resulted in a session of unchanged global stocks, US futures are largely where they left off Friday, up fractionally, and just under 2,100. Bonds fell as the Federal Reserve moves closer to raising interest rates amid signs inflation is picking up. Oil headed for its longest run of monthly gains in five years, while stocks declined in Europe.
Vowing to intensify their action to overturn an unpopular labor law, striking French union workers have already left hundreds of thousands of tourists stranded, gas stations empty, and nuclear power plants stretched. However, as low-skilled American workers fall foul of minimum wage blowback, the French parliament - despite Prime Minister Valls insistence that "France must show that it’s capable of reforming" - just passed new legislation making it illegal for your employer to send you an email outside of work hours.