- 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)
The mystery of the disappearance of Malaysian flight MH-370 may remain forever, but at least the families of the 162 victims of AirAsia Flight QZ8501 will get some closure when a few hours ago, Indonesian rescuers pulled wreckage and bodies from the sea off the coast of Borneo on Tuesday. While the plane has yet to be found, and the possibility of finding survivors is slim, the Indonesian navy said some 40 bodies had been recovered as dusk fell.
One would have thought that more than half a year after the mysterious disappearance of Malaysia flight MH-370 airlines would have taken precautions to keep track of airplanes at any given moment. One would be wrong, and as the latest mystery surrounding AirAsia's missing jet deepens, it has become clear that like with its Malaysian predecessor, nobody has any clue where the plane may be, so the speculation begins. Cue Reuters, which reports that the plane "could be at the bottom of the sea after it was presumed to have crashed off the Indonesian coast, an official said on Monday, as countries around Asia sent ships and planes to help in the search effort."
- 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)
About 12 hours after AirAsia flight QZ8501 with 162 people on board disappeared and lost all contact with Jakarta air traffic control at 6:17 am local time (11:17 pm GMT Saturday), the aircraft searching for any clue of what may happened to the second unexplained disappearance of an airplane flying in the region, have been called off due to nightfall even as ships will continue their search through the night. As Sky News reported, "Rescuers scouring the Java Sea have halted their search because it is getting dark, Indonesia's transport ministry said. Hadi Mustofa said: "We ended at 5:30 pm (1030 GMT) because it was getting dark. The weather was also not too good as it was getting really cloudy. "Tomorrow we will begin at 7 am, or even earlier than that if the weather is good."
Air Asia Confirms Lost Contact With Indonesia Flight After Crew Asked For "Unusual Route", 155 Passengers On BoardSubmitted by Tyler Durden on 12/27/2014 23:16 -0500
UPDATE: *SINGAPORE AVIATION: SEARCH AND RESCUE OPERATIONS ACTIVATED
An Air Asia Indonesia flight from Surabaya in east Java to Singapore carrying 155 passengers has gone missing, Air Asia has confirmed. As Bloomberg reported, the flight departed Surabaya at 5:20am local time and lost contact soon after... Contact was lost at 6:17 a.m. local time (23:17 GMT on Saturday), after the crew asked for an “unusual route.” The latest discussions are that the loss of contact could be weather-related.
Joseph Goebbels had nothing on US and European media today.
That propaganda as a strategic and political instrument has been refined to a huge extent over the past 70-odd years since Goebbels first picked up on Freud’s lessons on how to influence the unconscious mind, and the ‘mass-mind’, as a way to ‘steer’ an entire people, not just as a means to make them buy detergent. These days, the media can make people believe just about anything, and they have the added benefit that they can pose as friends of the people, not the enemy. But there is a reason why such a large ‘industry’ has developed on the web with people writing articles that don’t say what the mass media say. That reason for is, obviously, first and foremost that not everybody believes whatever they are told. The problem is equally obvious: not nearly enough people are being reached to make a true difference, and to question the official narratives.
Do you see what happens Larry, when you, supposedly, use all of your crack 16MHz 80286 supercomputers to dictate to Americans what C-grade comedy flops they can and can not watch?
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 14:16 -0500
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."
- 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)
"I find it so disturbingly illogical that we Americans are willing to die so that our political class can enjoy ill gotten riches and power yet we cower when it comes to defending our great nation against the political class, something our founding fathers pleaded for us to do. The truth, which the political class legislates so hard for us to overlook, is that they are powerless without us. It is us that fight their fights, fund their wars and enforce their laws that enslave us yet we bow down and call them Mr. President and Madame Secretary. And so I ask each and everyone of you, when will we wake up and recognize that we are the power and the wealth and that the political class has only managed, through deception, to harness our strengths and pass them off as their own? For until that day of awakening, we will continue to live as an oppressed people ruled by others for others."
Japanese 10Y Yield Drops To Record Low; 2s Sell Subzero After BOJ Indirectly Buys Record Foreign StocksSubmitted by Tyler Durden on 12/25/2014 15:43 -0500
While the rest of the world was preparing to celebrate Christmas, China was busy easing its economy into growth, and its stock market into low earth orbit, by lowering non-bank deposit reserve rates to zero as reported previously, while Japan was enjoying the consequences of the BOJ monetizing 100% of all gross JGB issuance, when overnight the Japanese Ministry of Finance not only sold $22 billion in 2 Year paper at a negative yield of -0.003%: the first time ever a government note (not bill) has sold at a negative yield, but the Japanese 10 Year yield dropped to 0.31%, declining below the previously all time low hit on April 2013 when the BOJ first announced its unprecedented QE program.
In another Christmas surprise, China once again decided to adjust the cost of money, only this time instead of hiking, it eased, and in an effort to shore up the world's second-largest economy, China Business News reported that the PBOC will waive reserve requirements for non-bank deposits. As the WSJ adds, at a meeting with big financial institutions on Wednesday, the People's Bank of China told participants that they will soon be able to add deposits from nonbank financial institutions to their calculations of their loan-to-deposit ratios, according to the executives. The move would add considerably to the banks' deposits and allow them to lend more. Chinese stocks, which had been pricing in further easing by the PBOC for the past 3 months, a period during which the Shanghai Composite soared over 50%, were delighted by the latest easing move and surged even more, surging higher by the most in the past three weeks.
We live in a new world, and the Saudis are either the only or the first ones to understand that. Because they are so early to notice, and adapt, I would expect them to come out relatively well. But I would fear for many of the others. And that includes a real fear of pretty extreme reactions, and violence, in quite a few oil-producing nations that have kept a lid on their potential domestic unrest to date. It would also include a lot of ugliness in the US shale patch, with a great loss of jobs (something it will have in common with North Sea oil, among others), but perhaps even more with profound mayhem for many investors in US energy. And then we’re right back to your pension plans.
The oil price drop that has dominated the headlines in recent weeks has been framed almost exclusively in terms of oil market economics, with most media outlets blaming Saudi Arabia, through its OPEC Trojan horse, for driving down the price, thus causing serious damage to the world's major oil exporters – most notably Russia. While the market explanation is partially true, it is simplistic, and fails to address key geopolitical pressure points in the Middle East.