• Pivotfarm
    04/18/2014 - 12:44
    Peering in from the outside or through the looking glass at what’s going down on the other side is always a distortion of reality. We sit here in the west looking at the development, the changes and...

Reuters

Tyler Durden's picture

Feds Probe GM Over Ignition Problem Bankruptcy Fraud





Not only is GM facing record high inventories of slow-to-sell cars and the recall of million sof its cars (and a sale halt), Reuters reports that the terrible ignition switch problem - that has caused 13 deaths - may have been known about (and not disclosed) prior to the bankruptcy (and subsequent taxpayer bailout). The Justic Department is investigating whether GM understated (or hid) the information from regulators and committed bankruptcy fraud.

 


Tyler Durden's picture

Russian Forces Storm Crimean Military Base In Belbek - Live Webcast





As we reported earlier, while Ukraine military forces are either slowly leaving the Crimea or joining the Russian army, one outpost, that at the Crimean airforce base of Belbek, remains undaunted by Russian demands to hand over the premises as the Russian ultimatum to surrender has expired, and moments ago wire services reported that shots were fired as Russian forces stormed the front gate of the Crimean outpost. Watch a live webcast from the scene below as the Russian force take control of the last place of presence of Ukraine forces in the Crimea.

 


testosteronepit's picture

The Russia “Sanction Spiral” Elegantly Spirals Out of Control





White House attacks Russian financial markets and oil, Merkel suffers from “moral cowardice,” Russia develops “Putin Doctrine,” in crescendo of sanctions and counter-sanctions

 


Tyler Durden's picture

Petrodollar Alert: Putin Prepares To Announce "Holy Grail" Gas Deal With China





While Europe is furiously scrambling to find alternative sources of energy should Gazprom pull the plug on natgas exports to Germany and Europe (the imminent surge in Ukraine gas prices by 40% is probably the best indication of what the outcome would be), Russia is preparing the announcement of the "Holy Grail" energy deal with none other than China, a move which would send geopolitical shockwaves around the world and bind the two nations in a commodity-backed axis. One which, as some especially on these pages, have suggested would lay the groundwork for a new joint, commodity-backed reserve currency that bypasses the dollar, something which Russia implied moments ago when its finance minister Siluanov said that Russia may refrain from foreign borrowing this year. Translated: bypass western purchases of Russian debt, funded by Chinese purchases of US Treasurys, and go straight to the source.

 


Tyler Durden's picture

Frontrunning: March 21





  • Australia says nothing spotted in search for plane (AP)
  • Putin looks to Asia as West threatens to isolate Russia (Reuters)
  • China Billionaire Builds Metals With Dreyfus, Glencore Hires (BBG)
  • China Beige Book Says Economy Slowing (BBG)
  • Caterpillar Said to Be Focus of Senate Overseas Tax Probe (BBG)
  • US Cancels Summit With Divided Group of Gulf Nations (WSJ)
  • Cyprus defense minister suffers aneurysm (AP)
  • Abe to zero in on economy as tax hike looms (Nikkei)
  • Europe strikes deal to complete banking union (Reuters)
 


Tyler Durden's picture

Putin Signs Crimean "Absorption" Law As Visa, MasterCard Halt Payment Services For Bank Rossiya





Moments ago the "absorption" of Crimea into the Russian Federation was completed after Putin signed the final previously passed by parliament. And with that, in less than a month, the Crimean "question" has been answered. The only question is whether Putin will stop here or will the ease with which he just expanded the Russian political map leave him hungry for more. In other news, as part of the Western escalations against Russia, Bank of Rossia, the one bank exclusively identified in the sanctions list, announced that Visa and MasterCard have stopped, without notification, providing services for payment transactions for clients. These moves in turn promptly led to Putin announcing that he wants to open an account with the Bank Rossia. 

 


Tyler Durden's picture

Mapping Europe's Mutually Assured Economic Destruction As EU Plans More Sanctions





With senior German officials expecting discussions among leaders at the EU Summit to solely focused on a second round of sanctions against Russia (and warnings that they "must avoid a spiral of sanctions"), we thought it worth drilling down on just how mutually-dependent the two regions are. As Acting-Man's Pater Tenebrarum notes, the following infographics suggest tit-for-tat sanctions could be a really big problem for Europe and why the EU's leaders are probably quietly praying for the crisis to simply go away.

 


Tyler Durden's picture

Dropping Like Flies: Largest Steel Maker In China's Shanxi Province Defaults On CNY 3 Billion In Debt





 

When we started discussing the upcoming onslaught of corporate defaults in "Minsky Moment" China, now that the bankruptcy seal has been broken, we warned that the worst is about to come. Well, it's coming. Overnight, Hong Kong's The Standard reported that in addition to the solar, coal and real-estate developer companies that are on everyone's radar as potential future bankruptcy candidates, one can also add steel makers to the list, with its report that Highsee Group, the largest private steel makers in Shanxi province has defaulted on CNY3 billion of debt, unable to repay its bonds on time.

 


Tyler Durden's picture

Estonia Next? Russia "Signals Concern" For Its Citizens In The Baltic Republic





Amid the growing Crimea crisis, Estonia, Latvia and Lithuania - which like Ukraine were all parts of the old Soviet Union and have very significant concentrations of ethnic Russian-speaking citizens - have expressed growing apprehension over Moscow's intentions. As Reuters reports, Russia signaled concern on Wednesday at Estonia's treatment of its large ethnic Russian minority, comparing language policy in the Baltic state with what it said was a call in Ukraine to prevent the use of Russian. "Language should not be used to segregate and isolate groups," the envoy noted, referencing the same 'linguistic tensions' that supported its annexation of Crimea.

 


Tyler Durden's picture

Frontrunning: March 20





  • Possible debris off Australia a 'credible lead' for missing Malaysia jet (Reuters)
  • Maldives and Afghanistan: Theories Blossom for Airliner (BBG)
  • Ukraine Military Concedes on Crimea as Russia Takes Hold (BBG)
  • Asia Stocks Drop on Fed; H-Share Index Enters Bear Market (BBG)
  • Scientists say destructive solar blasts narrowly missed Earth in 2012 (Reuters)
  • GM’s Ignition Victims Need Help From Bankruptcy Judge (BBG)
  • U.S. Alleges Inside Traders Used Spycraft, Ate Evidence (WSJ)
  • God Meets Profit in Obama Contraceptive Rule Court Case (BBG)
 


Tyler Durden's picture

Ukraine Announces Joint US Military Exercises As Obama Rules Out "Military Incursion" - Recap Of The Day's Events





With the story of the day undoubtedly Yellen's first (bungled) press conference, it was easy to forget that the second coming of the Cold War is raging in the Ukraine. For those curious what they may have missed, here is a summary of the major events that took place in the troubled country this afternoon. Highlights from AP, AFP, Reuters, WSJ, Bloomberg, RIA and Interfax.

 


GoldCore's picture

"Print Yellen Print" - Meanwhile Russia Warns U.S. Sanctions "Unacceptable", Threatens “Consequences”





Russian Foreign Minister Sergei Lavrov told U.S. Secretary of State John Kerry that Western sanctions over the Crimea dispute were "unacceptable" and “will not remain without consequences." Geopolitical risk shows the importance of owning gold as a hedging instrument and safe haven diversification. As does Yellen's confirmation today that she is going to "print baby print".


 


Tyler Durden's picture

Ukraine Demands Its "Seized Personnel" Be Released Shortly, Or Else





Ukraine acting President Oleksandr Turchynov has some stern demands of his Russian occupying force neighbors:

  • *UKRAINE'S TURCHYNOV SEEKS RELEASE OF DETAINED CRIMEA PERSONNEL
  • *UKRAINE PLEDGES 'ADEQUATE MEASURES' IF PERSONNEL NOT RELEASED

Furthermore, he promisese to take "appropriate steps" unless Crimean authorities free all hostages within 3 hours (by 3pmET). For now, Russian forces refuse to negotiate. Meanwhile, Russia is standing both militarily and now economically behind Crimea as it affirms it will cover the region's budget deficit.

 


Phoenix Capital Research's picture

How Corporations Are Masking Inflation… Without the CPI Moving





Since 2007, the world’s Central Banks have collectively put more than $10 trillion into the financial system since 2008. To put that number into perspective, it’s equal to roughly 15% of global GDP.

 


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