In yet another fit of populist rage, Hillary Clinton is set to unveil her 'fairness doctrine' for the drug industry. As Reuters reports, Clinton will create an "aggressive new set of enforcement tools," including the ability to levy fines and impose penalties on manufacturers when there has been an "unjustified, outlier price increase." In other words - government-imposed price controls - ask the Venezuelans how that ends...
On the verge of running out of bond to monetize, the ECB has engaged in something fed had expected: it is buying bonds from itself. But according to a troubling Reuters "trial balloon" that may be just the beginning: as Reuters writes, the "ECB may soon be forced to follow the Bank of Japan's example and buy equities as part of any expanded stimulus programme."
Some 70,000 households were left without power after Hermine was became the first hurrican to make Florida landfall since 2005, slamming Florida's northern coast for, before it weakened to a tropical storm and ploughed its way overland toward the Atlantic Coast on Friday.
The much anticipated payrolls day, expected to provide at least some more clarity on future Fed policy, has arrived and heading into today's report both price action and newsflow has been muted. U.S. equity index futures were fractionally higher, as European stocks rise 0.6% while Asia was flat. Gold fell as the dollar rose, while comments by Vladimir Putin which endorsed an OPEC oil production freeze while granting Iran an exemption, have pushed oil higher.
"The thing that scares us is the rise in delinquencies," said Bill Phelan, PayNet's president. "Every one of these months where investment is down and delinquencies are up is one step more toward contraction."
Amid threats of violence, opponents of Venezuelan President Nicolas Maduro flooded the streets of Caracas today (2 million strong) in a major test of their strength and the government's ability to tolerate growing dissent. However, for a nation that is forced to slaughter stallions for meat, line up for toilet paper, and dying from lack of simple medicines, Reuters reports that there is another destabilizing factor - ultra-violent street gangs are thriving..."It's better to work together than be enemies. It's better to make war with the police than with each other."
For the first time in over a decade a hurricane is expected to make landfall in Florida. Winds from strengthening Hurricane Hermine lashed at Florida's northern Gulf Coast, forcing residents to evacuate some coastal areas and stock up on provisions ahead of what the state's governor warned would be a lethal storm. Forecasters are also warning that Hermine poses a Labor Day weekend threat to states along the northern Atlantic Coast that are home to tens of millions of people.
The infamous Romanian hacker Marcel Lazar, better known by his nickname "Guccifer" and best known for helping expose the existence of the private email domain Hillary Clinton used when she was U.S. secretary of state was sentenced on Thursday to 52 months in prison by a federal court in Alexandria, Virginia.
The United States and its negotiating partners agreed "in secret" to allow Iran to evade some restrictions in last year's landmark nuclear agreement in order to meet the deadline for it to start getting relief from economic sanctions. Which means Obama lied: the U.S. administration has said that the world powers that negotiated the accord - the United States, Russia, China, Britain, France and Germany - made no secret arrangements.
Less than two weeks after news of a probe into Monte Paschi fasle accounting leaked, Milan prosecutors have filed a request to shelve a probe for alleged market manipulation and false accounting against the chief executive of Monte dei Paschi di Siena and the bank's former chairman, three judicial sources said.