For the first time since 2012, Bafin - Germany’s banking regulator, which for a minute looked like it might actually accuse Anshu Jain of lying about LIBOR - has closed a bank. All financial transactions by Maple Bank of Canada’s German subsidiary have been halted due to "imminent over indebtedness."
- European stocks plunge as Lunar New Year offers no cheer (Reuters)
- European Stocks Fall, Credit Weakens as Signs of Distress Abound (BBG)
- Management trouble at world's biggest hedge fund: Bridgewater succession plan in flux as heir Greg Jensen steps back (FT)
- U.S. athletes should consider not attending Olympics if fear Zika - officials (Reuters)
- Geithner Gets JPMorgan Credit Line to Invest With Warburg Pincus (BBG)
- Top Clinton Donor Wants a Law Against $1 Million Gifts Like His (BBG)
An Exasperated John Kerry Throws In Towel On Syria: "What Do You Want Me To Do, Go To War With The Russians?!"Submitted by Tyler Durden on 02/07/2016 23:48 -0500
The only leverage the ‘Sultan’ may enjoy at the moment. From Brussels to Berlin, sound minds are terrified that the EU is now actually hostage to Erdogan’s Kurd “priority”, while Ankara is doing next to nothing to fight massive migrant smuggling. And that explains German Chancellor Angela Merkel’s own desperation. How could the alleged most powerful politician in Europe falls for such a crude extortion racket? The ‘Sultan’ wants a lot of cash, a lot of concessions, and even a further shot at entering the EU. Otherwise, he won’t turn off the tap on the grim refugee flood. No wonder the regime change rumor mill is frantic. In Ankara? No; in Berlin.
Someone didn’t read the refugee pool rules cartoon...
Venezuela's central bank has begun negotiations with the suddenly troubled Deutsche Bank to carry out gold swaps "to improve the liquidity of its foreign reserves as it faces heavy debt payments this year", payments which it won't be able to fund unless it manages to "liquify" its gold. "One of the sources said the central bank has taken an unspecified amount of gold out of the country so that it can be certified, which is required for gold that is used in such swaps."
Iran enjoys trolling the United States. In fact, it’s something of hobby for the Ayatollah, who has maintained the country’s semi-official “death to America” slogan even as President Rouhani plays good cop with Obama and Kerry. In the latest humiliation for Washington, Tehran now says it wants to be paid for its oil in euros, not dollars.
At a printing factory in the western city of Chongqing, a Reuters reporter was present when a local official visited last week to make sure the boss paid his workers before the Year of the Monkey begins. The official declined to speak with Reuters, although the boss later said it was an attempt to prevent unrest. "That's what the government is most fearful of," said the factory owner, who did not want to be named.
"Folly For The Ages": After Buying Back 63 Million Shares At $83, Hess Just Sold 25 Million Shares At $39Submitted by Tyler Durden on 02/06/2016 16:22 -0500
The bottom line: Hess just sold 25 million shares at a price of $39 after purchasing 63 million shares through 2015 at an average price that was more than double, or $83 share. As Reuters puts it, "this modern Hess era is a case study that should be required reading in boardrooms everywhere."
The United Nations Working Group on Arbitrary Detention has ruled that Wikileaks’ Julian Assange has been arbitrarily detained by the “democratic” governments of Sweden and the UK and is entitled to his freedom and compensation for detention by the two “democratic” governments. We will see if the ruling has any effect on the behavior of “the two great champions of liberty.”
World Succumbs To Zika Panic: Puerto Rico Declares Emergency; Plane Cabins Sprayed; CDC Says "Use A Condom"Submitted by Tyler Durden on 02/05/2016 18:33 -0500
Guess who will be blamed in a few months when global trade, commerce, and growth all go negative?
Enterprise Products Partners has told at least some counterparties that it is experiencing delays in delivering crude from its tanks, according to three sources who were informed of unspecified "terminalling and pump" issues. The hiccups may be a sign of things to come as traders fear a further increase in stocks at Cushing would test the upper limits of tanks and cause the next leg of an 18-month rout.
North Dakota "has been the economic envy of every state in America for most of the past decade with the lowest jobless rate, the highest increase in personal income, and the fastest-growing population." Not anymore.