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- Here is why AAPL bounced off $500: Apple Repurchases $14 Billion of Own Shares in Two Weeks (WSJ)
- German Court Refers OMT Decision to Europe's Top Court (WSJ)
- Inflation Fuels Crises in Two Latin Nations (WSJ)
- U.S. job growth seen snapping back from winter chill (Reuters)
- Google to own $750 million Lenovo stake after Motorola deal closes: HK exchange (Reuters)
- Frigid Winter Spells Trouble for U.S. Economy (BBG)
- Winter Games to open, Putin keen to prove doubters wrong (Reuters)
- Regulators Ready to Proceed on Bank Leverage Limit (WSJ)
- Abe Eyes Window for Biggest Military-Rule Change Since WWII (BBG)
In the last year Bitcoin has gone 'viral'. As ConvergEx's Nick Colas notes, a lot has happened in 2013: Price appreciation, yes, from $20 to +$800 – the result of this online “Currency” going from science project to mainstream topic. Volatility too – disruptive technologies seldom travel a level path. The story, Colas notes, is about to change, and there are three critical gates which bitcoin must navigate in the New Year. First is regulation, and we will get a good dose of that next Tuesday and Wednesday when the New York State Department of Financial Services holds hearings on bitcoin and potentially issuing a ‘Bitlicense’ to help regulate business which transact in the currency. Second is adoption – how will existing businesses incorporate bitcoin into their sales, marketing and payment channels. Lastly will be volatility, which will have to come down in 2014 to encourage broader use.
As Vladimir Putin proudly shows off his holiday vacation spot - Sochi - to the world and proclaims it clean, safe, and accepting of homosexuals ("just don't tell the kids"); there is a considerably darker side to Russia that he would very much like the outside world not to know about. As Bloomberg reports, hidden from the outside world and abetted by policies that critics say promote infections rather than curbing them, the HIV scourge plaguing Russia is one that even the poorest countries have begun to subdue. With an estimated 2.4 million users of injected drugs and 1.3 million of Putin's countrymen with the life-threatening virus that causes AIDS; among the top 20 global economies, only India, with a population almost nine times bigger than Russia’s 143 million, has more people living with HIV.
- From the guy who said the market is not overvalued: Q&A with Fed’s Williams on Upbeat 2014 Outlook and What Keeps Him up at Night (Hilsenrath)
- Obama Readies Revamp of NSA (WSJ)
- Indian envoy leaves U.S. in deal to calm diplomatic row (Reuters)
- China overtakes US as largest goods trader (FT)
- Wall Street Predicts $50 Billion Bill to Settle U.S. Mortgage Suits (NYT)
- Low-End Retailers Had a Rough Holiday: Family Dollar, Sears Struggle as Lower-Income Customers Remain Under Pressure (WSJ)
- ECB charts familiar course as Japan, US and UK begin to diverge (FT)
- Housing experts warn of hiccups as new U.S. mortgage rules go live (Reuters)
- It's a HFT eat HFT world: Infinium ex-employees sue over $4.1m loss (FT)
- Slowing China crude imports to challenge exporters (FT)
JFK Shuts Down After Plane Skids Off "Ice Skating Rink" Runway: Entire Nation Blanketed In Subzero Deep FreezeSubmitted by Tyler Durden on 01/05/2014 10:35 -0400
It's cold out there. Cold enough that JFK's runways are so frozen, airplanes literally are skidding off runways, which is what happened seconds ago to a Delta airplane landing at JFK.The result: JFK is now closed until further notice. But that's just New York: elsewhere America is gripped in a cold spell which may beat all records, as 140 million Americans are expected to see subzero temperatures in the coming days, including the deep south. As CNN reports, "The deep freeze gripping much of the country is about to send temperatures plummeting to unbelievable lows. Parts of the Midwest and Great Plains will plunge as low as 30 degrees below zero on Sunday. That's where the Green Bay Packers will host the San Francisco 49ers in what could be the coldest football game in NFL history. By Wednesday, nearly half the nation -- 140 million people -- will shudder in temperatures of zero or lower, forecasters said. Even the Deep South will endure single-digit or sub-zero temperatures."
In a day that will be remembered for the first major snowstorm to hit New York in 2014 and test the clean up capabilities and resolve of the city's new populist mayor (not starting on a good note following reports that JFK airport will be closed at least until 8:30 am Eastern), it was only fitting that there was virtually no overnight news aside for the Chinese non-manufacturing PMI which dropped from 56.0 to 54.6, a new 4 month low. Still, following yesterday's ugly start to the new year, stocks in Europe traded higher this morning, in part driven by value related flows following the sell-off yesterday. Retailers led the move higher, with Next shares in London up as much as 11% which is the most since January 2009 and to its highest level since 1988 after the company lifted profit forecast after strong Christmas trading performance. Other UK based retailers with likes of AB Foods and M&S also advanced around 2%.
Less than two weeks after Federal Judge Richard Leon ruled that the NSA's "indiscriminate and arbitrary" invasion of privacy is "likely" unconstitutional, giving a trace of hope that America may rise above its Orwellian Banana republic status, here comes New York City District Judge William Pauley to slam the coffin shut on US privacy and the Fourth amendment, and make a mockery of Edward Snowden's alternative Christmas message. Moments ago the WSJ reported that "a federal judge in New York City has ruled that a massive U.S. phone-tracking program is legal." Bananas for everyone!
"IMPORTANT: FOR ALL US DOLLAR PAYMENTS TO A COUNTRY SUBJECT TO US SANCTIONS, A PAYMENT MESSAGE CANNOT CONTAIN ANY OF THE FOLLOWING: 1. The sanctioned country name. 2. Any name designated on the Office of Foreign Asset Control (OFAC) restricted list, which can encompass a bank name, remitter or beneficiary."
When former Tyco International CEO Dennis Kozlowski was convicted for stealing $150 million in company money in 2005 on 22 criminal counts including grand larceny, conspiracy, securities fraud/sales and falsifying business records to a prison term of 8.33 to 25 years, he became the poster child for corporate greed. Shortly thereafter the entire financial system nearly collapse when everyone on Wall Street became a poster child for corporate greed and nobody went to jail. As such it became a moot point to make anyone a symbol for "corporate greed" since the Department of Justice itself admitted there is a brand new category reserved for the uber-greedy ones, also known as Too Big To Prosecute. Which is why moments ago, news broke that Kozlowski was granted parole after serving 100 months in jail, exactly nobody was surprised.
- Christie Sets Himself Up for Run in 2016 (WSJ)
- De Blasio Elected Next New York City Mayor in Landslide (WSJ)
- Hilsenrath: Fed Study: Rate Peg Off Mark (WSJ)
- MF Global Customers Will Recover All They Lost (NYT) - amazing what happens when you look under the rug
- Virginia, Alabama Voter Choices Show Tea Party Declining (BBG)
- Explosions kill 1, injure 8 in north China city (Reuters)
- Toyota boosts full-year guidance as weak yen drives revenues (FT)
- Starbucks wants to recruit 10,000 vets, spouses to its ranks (Reuters)
- U.S. Economy Slack Justifies Stimulus, Top Fed Staff Papers Show (BBG)
- Israel set to become major gas exporter (FT)
While the Obamacare website rollout may be a huge slap in the face of government (in)efficiency and (dis)organization (healthcare.gov has now joined the ranks of all other New Normal "full-time" workers by working part-time following a daily maintenance shutdown from 1 am to 5 am), the reality is that sooner (unlikely) or much later it will be fixed. And while the realization that the Unaffordable Care Act is just that, and will soak up far more cash from the majority of the population will be a slap in the face of all who never understood that socialist Ponzi schemes always cost far more in the bitter end, it is nothing that America's favorite pastime can't resolve - paying on credit. Which means that the biggest threat to Americans as a result of Obamacare is neither the website, nor really who foots the bill (ask future generations), but the actual impact on services, and as CBS reports the next shock to brace for is the sudden drop off in healthcare providers as an imminent "explosion of demand for doctors and services" mean a looming doctor shortage is just around the corner.
The debut of Healthcare.gov has been probably the worst launch of a major website in history, millions of Americans are having their current health insurance policies canceled, millions of others are seeing the size of their health insurance premiums absolutely explode, and this new law is going to result in massive numbers of jobs being lost. It is almost as if Obamacare was specifically designed to wreck the U.S. economy. Americans are going to pay far more for health care, the quality of that care is going to go down, they are going to have to deal with far more medical red tape, and thousands upon thousands of U.S. employers are considering getting rid of the health plans that they offer to employees altogether due to Obamacare. If the U.S. health care system was a separate nation, it would be the 6th largest economy on the entire planet, and now Obamacare is going to absolutely cripple it. To say that Obamacare is an "economic catastrophe" would be a massive understatement. Of course we were assured that it wouldn't turn out this way.
- Top China Banks Triple Debt Write-Offs as Defaults Loom (BBG)
- PBOC suspends open market operations again (Global Times)
- Eurozone bank shares fall after ECB outlines health check plan (FT)
- O-Care falling behind (The Hill)
- Key House Republican presses tech companies on Obamacare glitches (Reuters)
- J.P. Morgan Faces Another Potential Huge Payouta (WSJ)
- Yankees Among 10 MLB Teams Valued at More Than $1 Billion (BBG)
- Free our reporter, begs newspaper as China cracks down on journalists (Reuters)
- Peugeot Reviews Cost-Saving Alliance With GM (WSJ)