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Frontrunning: August 25
- So Draghi was bluffing after all: ECB Said To Await German ESM Ruling Before Settling Plan (Bloomberg)
- German finance ministry studying "Grexit" costs (Reuters) - it would be bigger news if it wasn't
- Money Funds Test Geithner, Bernanke Resolve as Schapiro Defeated (Bloomberg)
- Top Merkel MP says Greek deal can't be renegotiated (Reuters)
- China Eyes Ways to Broaden Yuan's Use (WSJ)
- Armstrong ends fight against doping charges, to lose titles (Reuters) - Dopestrong?
- Need more socialism: Public confidence in France's Hollande slips (Reuters)
- Seoul court rules Samsung didn't violate Apple design (Reuters)
- France, Germany Unify Approach to Greek Talks (WSJ)
- Stevens Sees Mining Boom Peaking, RBA Ready to Act (Bloomberg)
- Colombia replaces finance minister in surprise move (Reuters)
- RBI Says Weak India Growth Outlook Imperils Budget Deficit Goal (Bloomberg)
Overnight Media Digest:
WSJ
* Lance Armstrong said Thursday night he is finished fighting a barrage of drug charges from the U.S. Anti-Doping Agency, putting his unprecedented string of seven Tour de France titles at risk along with his legacy as one of the greatest cyclists in history.
* Sales of newly built homes rose briskly in July and inventories declined to the lowest level on record, a sign that builders may need to ramp up construction.
* A federal court ruled that the Tennessee Valley Authority is liable for damages caused by a 2008 spill of toxic coal because it failed to follow its own safety rules.
* Federal authorities accused an aspiring Hollywood actor of threatening the families of several wealthy individuals, including film executive Harvey Weinstein and the chairman and co-founder of Groupon Inc, according to people familiar with the investigation.
* The regulator who scuttled new rules on money market funds decided to vote against the proposal after he learned that SEC Chairman Mary Schapiro released copies of a report that the industry views as unfair and misleading.
* The competition for $4 billion contract to start replacing the U.S. military's Humvee trucks entered a new stage as the Pentagon awarded three development contracts.
* A Texas judge ruled in favor of TransCanada Corp's use of eminent domain in its effort to build an oil pipeline that could ultimately stretch from the Canadian tar sands to the U.S. Gulf Coast.
* Mitt Romney said Thursday that he would replace Federal Reserve Chairman Ben Bernanke, dismissing the advice of a top adviser who suggested this week that the chairman should be considered for a third term.
* The Federal Reserve Bank of New York closed the book on its crisis-era acquisition of AIG's most toxic assets, at a $6.6 billion profit in the latest sale of bonds.
* The number of U.S. workers filing applications for jobless benefits rose by 4,000 to a seasonally adjusted 372,000. Separately, sales of newly built homes in the U.S. rose in July
FT
ATHENS AND BERLIN IN SPAT OVER FUNDS
Leaders in Athens and Berlin wrangled publicly over how to deal with Greece's plea for further assistance on Thursday.
MURDOCHS AT ODDS OVER BBC
Elisabeth Murdoch on Thursday sought to distance herself from her brother James' hostility to the BBC, by hailing the public service broadcaster.
CAMERON PRESSED TO REPLACE GREENING
David Cameron is coming under increasing pressure to appoint a new transport secretary in next month's cabinet reshuffle.
BOE FINDS QE HURT DEFINED BENEFIT PENSIONS
Some pension groups have been harmed by side effects of QE, according to a Bank of England paper released on Thursday.
SEC FACES CALL TO REJECT FACEBOOK OFFER
U.S. regulators are facing pressure to reject Nasdaq OMX's proposed $62 million settlement for its members after Facebook's debut on its stock exchange.
BEST BUY AND FOUNDER RESUME BUYOUT TALKS
Best Buy and founder Richard Schulze have resumed talks about a potential buyout.
ASIL NADIR JAILED FOR 10 YEARS
Asil Nadir was sentenced to 10 years in prison on Thursday for stealing 20 million pounds ($31.77 million).
REPUBLICANS EYE RETURN TO GOLD STANDARD
The Republican party plans to adopt a "gold commission" set to become part of party policy.
BRC TO NAME ITS DIRECTOR-GENERAL
The British Retail Consortium will on Friday name Helen Dickinson, the head of retail at KPMG, as its director-general.
AVIVA WARNS IT MAY AXE UP TO 800 UK JOBS
Aviva has warned that as many as 800 jobs at its UK business are under threat as a result of a cost-cutting push by the FTSE 100 insurer's new chairman.
NYT
* After the failure of one effort to overhaul a major part of the mutual fund industry, top government officials worked on Thursday to find alternative ways to rein in what they see as a systemic threat to the financial system.
* The severity of China's inventory surplus has been masked by the blocking or adjusting of economic data by the government.
* Mitt Romney is proposing to end a century of federal control over oil and gas drilling and coal mining on government lands to court western voters and supporters from the energy industry.
* Three years after General Motors Co hobbled out of bankruptcy, it is betting that the new Cadillac ATS will become a global contender in luxury cars.
* Facebook Inc is trying to find ways to show lucrative ads to mobile users without cluttering up their hand-held screens and driving them away in frustration.
* The Federal Reserve Bank of New York said on Thursday that it had wound down the final remnant of its rescue of the American International Group Inc, generating a multibillion-dollar profit in the process.
Canada
THE GLOBE AND MAIL
* Canada is cancelling $130 million in debt owed by Cote d'Ivoire, erasing an old tab to help the African country dig itself out from a pile of debt.
Report in the business section:
* Some of the country's largest corporations are striking back at Bank of Canada Governor Mark Carney, arguing he is wrong to assert that domestic companies are hindering economic growth by socking away cash.
NATIONAL POST
* Some of Ontario's most powerful unions will fight the province in court if proposed legislation imposing new contracts on teachers becomes law.
FINANCIAL POST
* Research In Motion Ltd plans to soon begin commercial talks with Canadian wireless carriers such as BCE Inc and Rogers Communications Inc after showing them early versions of the BlackBerry 10 phone this week.
European economic update:
UK GDP -0.5% - higher than expected
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Chancelorette with strap-on: the new greek position. pretty sure some italian squids are soiling themselves watching this
Draghi - Once a Goldman, still a Goldman.
401K WITHDRAWL PETITION TEMPLATE POSTED BY ANN BARNHARDT - AUGUST 23, AD 2012 7:22 PM MST This was drafted and sent in by a reader, and I think it is a great template for anyone who wants to petition their employer to let them out of their 401k. I would recommend sending it via certified mail - let them know you're dead serious, and try to get as many of your co-workers to do the same as you possibly can.
*****MAKE CERTAIN THAT YOU REPLACE THE BRACKETED AREAS WITH INFORMATION SPECIFIC TO YOU AND YOUR COMPANY. FAILURE TO DO THIS WILL RESULT IN YOU MAKING A FOOL OUT OF YOURSELF AND DRASTICALLY REDUCING THE CHANCES THAT ANYONE WILL LISTEN TO YOU OR TAKE YOU SERIOUSLY.******
"Seoul court rules Samsung didn't violate Apple design"
Flush that crAPPL!
And now the usual bullshit from the greece press conference. Same shit over and over and over again. And the most anoying comment is there as allways. "We need to regain confidence in the markets for the eurozone"
Excuse my french but what the fuck is wrong with these assholes? They got their heads so far up their own asses they dont even realize that the confidence is gone for ever. Its not about confidence at all, the markets are frustrated over more QE no more QE, more "belive me it will be enough" LTRO or not. This of course equals to market crash now or market crash later whatever the decision is.
Lance Armstrong...after 15 years of being labeled guilty and having to prove his innocence day in and day out, he has told the establishment to Go Fuck Itself.
Atlas has Shrugged.
Three cheers for Lance. Is there a better argument against government regulators that function outside the rule of law? One of my favorite pieces of hubris: "He must have cheated, because other cyclists were cheating and he beat them".
Maybe they need an agency to determine when bankers cheat? Oh wait, they do- the SEC. Why aren't they as determined as these jerkoffs? Why can't they twist the law and make their own judgements?
Couldn't have that, could we?
Armstrong is one perfect example of how sports work in 'American' societies: supposedly promoting a healthy way of life while being a drug addict who manipulated results (nothing wrong actually as in 'Americanism', everything works like that, promoting freedom while expanding slavery etc, been the same from day zero)
This guy has had solid evidences against him for years like blood samples showing he is a drug addict who cheated his way up (the 'American' way)
Free marketers as they are 'American' are showing their 'American' colours.
Armstrong, through free markets principles, should be sued for damage he caused to biking by various sports bike organization this 'American' disgraced by his presence and drug addiction.
Wont happen. This 'American' might be stripped from his title while laughing his way to the bank...
Remind me again, how many chinese went home from the london olympics for drugs and poor performance to enhance their chances at weaker competitors?
I believe the technical term for what you have is called Inferiority Complex. Don't worry, there is help available.
had a co-worker once who when stationed in Europe in the Army went to buy a bike. When the guy asked him what he'd be using it for he blurted out "to ride in the Tour De France." Needless to say the idea that he could even ride this bike to the end of the driveway was an entertaining thought. be interesting to see if France...with that massive trade deficit...goes all in on "French dishonor" on this one actually and "sticks it to the Yankee one more time." I thought the motto over there is "if you ain't cheatin' you ain't tryin'"? At least as it comes to the Tour de France of course. I'm sure it's all cleaned up now ever since they stripped the last American of his title.
he has told the establishment to Go Fuck Itself.
__________________________________
What establishment is that?
Actually, that 'American' has had a senator or congressman specially intervened on his behalf.
Has an 'American' representative nothing else to do that siding with a well known drug addict? Aint there a deep economical crisis, several wars going, destruction of the environment, depletion of resources?
Armstrong is part of the establishment. His misbehaviour is only such he can no longer be protected.