- French policewoman killed in shoot-out, hunt deepens for militant killers (Reuters)
- The Bold Charlie Hebdo Covers the Satirical Magazine Was Not Afraid to Run (BBG)
- Evans Says Fed Shouldn’t Rush Rate Rise as Inflation Undershoots (BBG)
- Oil holds above $51 as traders search for floor (Reuters)
- Gross Helps Fuel New Fund With His Own Cash (WSJ)
- ECB warns Greek funding access hinges on keeping bailout (Reuters)
- Greece Jolts QE Juggernaut as ECB Gauges Deflation Risk (BBG)
- Analysts Say There's No Telling How Low Oil Prices Could Go (BBG)
- Scientists find antibiotic that kills bugs without resistance (Reuters)
"We’ve read a lot of silly articles since oil prices started falling about how U.S. shale plays can break-even at whatever the latest, lowest price of oil happens to be. Doesn’t anyone realize that the investment banks that do the research behind these articles have a vested interest in making people believe that the companies they’ve put billions of dollars into won’t go broke because prices have fallen? This is total propaganda."
Yesterday, to much fanfare, the White House blasted that it was Obama's desire to appoint Allan R. Landon, a Hawaiian community banker, to serve on the Board of Governors of the Federal Reserve System. To wit: "President Obama said, “Allan Landon has the proven experience, judgment and deep knowledge of the financial system to serve at the Federal Reserve during this important time for our economy. He brings decades of leadership and expertise from various roles, particularly as a community banker.” Apparently what he also brings as Bloomberg's Dawn Kopecki reminds us, is the usual near-criminal cronyism and corruption that we have all grown to love and expect from every single Fed governor in recent history. It turns out in 2005 Landon agreed to step down as SFHLB board member due to the "appearance of impropriety" when he "failed to comply with a rule requiring the disclosure of conflicts of interest by a director."
Update: Liberation now backtracking on the arrest report, saying this instead: The Interior Ministry denied the arrest of the suspects, but police sources, it was confirmed their location and identification.
Having managed to escape after their murderous rampage at the Charlie Hebdo offices, some were skeptical if the police would be able to catch the shooting suspects, who were identified minutes ago, alive. Moments ago French newspaper Liberation reported that the three suspects have indeed been arrested: google translated
The three suspects have been identified. This is Said K., born in 1980 in Paris, Sherif K., born in 1982 in Paris and Hamyd M., born in 1996. All three are from Gennevilliers (Hauts-de-Seine). They were reportedly arrested but no official confirmation comes in time for the Interior Ministry.
Note there is no official confirmation from French authorities yet so it is not exactly clear where Liberation is getting its information.
What happens to your market when competitors are selling 61 million units of your product at 1% margin and growing revenues by 135% and shipments by over 220%? Margin compression, baby!
The economic "recovery" has been harsh, especially for the former hedge fund manager of Paron Capital Management, James Crombie and his family of 4 including. So, as a result Crombie decided to continue living the good life: he did so by squatting in someone else's Maryland house listed in May 2014 for over $1 million.
Obama + Vacation = ...
- U.S. agency gives quiet nod to light oil exports (Reuters)
- China’s Stocks Fall to Pare Biggest Monthly Advance Since 2007 (BBG)
- The Cartel: How BP Used a Secret Chat Room for Insider Tips (BBG)
- BRICs Busted as Stocks Diverge Most on Record on Outlook (BBG)
- Petrobras deadline prompts some bondholders to push for default (Reuters)
- AirAsia Captain at His Happiest When Flying, Family Says (BBG)
- UK housing crisis: brick stocks hit record low (Telegraph)
- European Stocks Drop as Greece’s ASE Tumbles After Vote Results (BBG)
- AirAsia Stock Drops Most Since 2011 After Flight Vanishes (BBG)
- Libya's NOC says firefighters had managed to extinguish the blaze at three of 6 burning oil tanks (BBG)
- Bomber kills 11 Shi'ite pilgrims north of Baghdad (Reuters)
- Hillary Clinton Faces Uphill Fight for White, Rural Vote (WSJ)
- Yen’s Slump Seen Longest Since Gold Standard Ended (BBG)
- The 94% Plunge That Shows Abenomics Losing Global Investors (BBG)
- Sony's 'The Interview' makes $18 million in opening weekend (Reuters)
Very quietly and under the radar, authorities in China have cracked down on Christmas celebrations in China, deeming them "Western spiritual pollution." As CNMNews reports, for several years, a virtual rush to convert to Christianity has been underway in China, both in its Protestant and Catholic versions. The Department of Education this year issued a directive to limit Christianity’s appeal to young people, banning Christmas events and celebrations in schools and kindergartens, deemed “kitsch” and “un-Chinese”. The crackdown has also been spreading to universities and colleges nationwide. The result is nowhere more evident than in Google's traffic in China...
Massive 1,500 Ton Gold Vault For Sale In The Heart Of London, One Previous Owner, Asking £4,500,000 O.B.O.Submitted by Tyler Durden on 12/26/2014 15:16 -0400
As a result of Deutsche Bank's gold-rigging problems, the German bank's practically brand spanking new Singapore gold vault, just over a year old, is about to go on sale. But while one can debate when the brand new storage facility will see a "for sale" sign attached to the main vault door, one thing is clear: Deutsche Bank's massive, and even newer, gold vault in London is already looking for offers. According to Reuters, Deutsche Bank is "open to offers for its London-based gold vault following the closure of its physical precious metals business."
According to KickassTorrents (KAT), which is now the world’s most popular website to download torrents, showed that the number of downloads for “The Interview” surpassed 1 million on early Friday. The tally includes copies which were later deleted due to copyright infringement claims but does not include downloads through other file-sharing services. The figure puts “The Interview” on track to become one of the most pirated movies of the year.
- Japan inflation slows to 14 month low, output slips (Reuters)
- Russia says ruble crisis over as reserves dive, inflation climbs (Reuters)
- Ruble rebounds sharply from lows as exporters sell dollars (Reuters)
- Xbox, PlayStation Networks Attacked, Hackers Claim Credit (BBG)
- Sony’s ‘The Interview’ Packs Theaters Without Violence (BBG)
- Oil edges above $60 as Libyan output slumps (Reuters)
- Shoppers’ Late Rush Gives Hope to Retailers (WSJ)
- Japan says close to deal with South Korea and U.S. on North Korea defense (Reuters)
- NYPD Arrests Seven for Threats After Slayings of Officers (BBG)
For years, we've been warning that the economics of the US 'shale revolution' were suspect. Namely, that they've only been made possible by the new era of 'expensive' oil (an average oil price of between $80-$100 per barrel). We've argued that many players in the shale industry simply wouldn't be able to operate profitably at lower prices. Well, with oil prices now suddenly sub-$60 per barrel, we're about to find out. Using the traditional corporate income statement, it is difficult to determine if shale drilling companies make money. There are a lot of moving parts, some deliberate obfuscation at some companies, and the massive decline rates make analysis difficult – since so much of reported profitability depends on assumptions made regarding depreciation and depletion. So, can shale oil be profitable? If so, at what price? And under what conditions?
"It was essential for our studio to release this movie, especially given the assault upon our business and our employees by those who wanted to stop free speech,"
SONY THE INTERVIEW TO STREAM FOR RENT AT 1:00 PM ET TODAY
"We chose the path of digital distribution first so as to reach as many people as possible on opening day, and we continue to seek other partners and platforms to further expand the release."