"The demise of America comes in small steps. But it’s unstoppable. The same is true for every other housing bubble. When no-one can afford to buy a home anymore but a bunch of Russians and Chinese, rental prices surge. And then shortly after that the whole thing goes up in smoke."
LIBOR is a benchmark reference rate (which explains why some banks were so eager to manipulate it). The pricing of all kinds of floating-rate debt is tied to it(corporate loans, mortgages, student loans, credit card debt, and assorted derivatives, such as currency and interest rate swaps, etc.). That has now become a problem.
South Africa's sacked finance minister Gordhan told reporters that he and his deputy "learnt our fate from the TV screen. Not from any phonecall, chat or conversation. So that was I’m sure as interesting for us as it was for you."
The South African Rand erased its advance to become the worst performer in emerging markets after we detailed earlier that President Jacob Zuma ordered an international investor roadshow aborted - serving as a wake-up call to the country’s political risks.
One day after snap protests against corruption and Russia PM Medvedev broke out across numerous Russian cities, leading to the detention of hundreds of protesters as well as opposition leader Aleksey Navalny, the Russian opposition activist was found guilty of staging an unsanctioned rally, and will be fined 20,000 rubles (US$350) for his role in organizing what the authorities said was an illegal protest in Moscow on Sunday.
The rand tumbled as much as 1.7% and banking shares on the Johannesburg bourse fell more than 2% after South African President Jacob Zuma unexpectedly ordered Finance Minister Pravin Gordhan to return from an investor roadshow to Britain and the United States on Monday because he "did not give permission for the trip" a government source said.
The median age of millennials is 30 - meaning that half are older and half are younger - and 30 happens to be the age at which millennials tend to self-identify as adults according to new research by CBS.
The Director of The FBI has managed to do what many have failed to do - bring a desperately divided nation together. James Comey is unpopular across the political spectrum, according to a new poll that finds voters have a negative opinion of Comey by a more than two-to-one margin.
"The downgrade of Saudi Arabia's Long-Term IDRs reflects the continued deterioration of public and external balance sheets, the significantly wider than expected fiscal deficit in 2016 and continued doubts about the extent to which the government's ambitious reform programme can be implemented."