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Frontrunning: January 16
- Jon Huntsman Will Leave Republican Presidential Race, Endorse Mitt Romney, Officials Say (WaPo)
- Dont laugh - Plosser: Fed Tightening Possible Before Mid-2013 (WSJ)
- Greece’s Creditors Seek End To Deadlock (FT)
- France Can Overcome Crisis With Reforms – Sarkozy (Reuters)
- Nowotny Says S&P Favors Fed’s Bond Buying Over ECB’s ‘Restrictive’ Policy (Bloomberg)
- Bomb material found in Thailand after terror warnings (Reuters)
- Ma Victory Seen Boosting Taiwan Markets as Baer Considers Upgrading Stocks (Bloomberg)
- Japan Key Orders Jump; Policymakers Fret over Euro (Reuters)
- Renminbi Deal Aims to Boost City Trade (FT)
Press digest
WSJ
* Facebook Inc is gearing up for what is expected to be one of the biggest-ever initial public offerings for a Web company. But as the social network moves toward an IPO it must prove to investors that it is ready for the big time.
That task falls to Chief Executive Mark Zuckerberg, 27, who built Facebook out of his Harvard College dorm room in 2004, and Chief Operating Officer Sheryl Sandberg, 42, a former Google Inc executive.
* Online video site Hulu LLC is increasing its output of original shows, the latest in an escalation of TV-like programs being made directly for the Internet, further blurring the lines between the Web and TV.
Hulu said Sunday that it will roll out two new shows between now and summer, while bringing back a third it debuted last year.
* Greece will resume talks with its private-sector creditors next week on a massive debt restructuring plan, with an aim to reach the outlines of a deal in time for a Feb. 23 meeting of euro-zone finance ministers.
In remarks to fellow socialist party members, Finance Minister Evangelos Venizelos insisted the talks will resume in the coming days despite breaking down on Friday amid disagreements over the future interest rate Greece will pay.
* Asian stocks dropped after S&P lowered its ratings on nine euro-zone nations. The euro fell to a fresh 11-year low against the Japanese yen.
* The cascade of rating downgrades that hit France and eight other euro-zone nations last week casts fresh doubts over the monetary union's ability to bail itself out of financial crisis and rescue its most vulnerable member, Greece.
Standard & Poor's Ratings Services on Friday said it had stripped triple-A ratings from France and Austria and downgraded seven others, including Spain, Italy and Portugal. It retained the triple-A rating on Europe's No. 1 economy, Germany.
* The European Central Bank's increasingly swollen balance sheet has helped bring a measure of calm to volatile markets, but some believe it could itself become a problem and bring more volatility to the 17-nation currency bloc.
Nearly a year of anticrisis-lending measures have sent the ECB's books to a record 2.73 trillion euros ($3.46 trillion), some 29 percent of the euro zone's gross domestic product, its highest percentage ever.
FT
GREECE'S CREDITORS SEEK END TO DEADLOCK
Greece's international creditors are considering an appeal to French and German leaders to break a deadlock in negotiations over the size of the losses to be taken by banks and other bondholders as part of a 100 billion euros deal seen as crucial to bringing the country's debt under control.http://www.ft.com/cms/s/0/cde38142-3fa4-11e1-ad6a-00144feab49a.html#axzz...
THREE SET TO BID FOR ANADARKO'S BRAZIL UNIT
Three of Europe's biggest oil companies are set to vie for Anadarko Petroleum's Brazilian business, valued at more than $3 billion, as interest from global groups in this new frontier for deep water exploration grows.http://www.ft.com/cms/s/0/2a38ffaa-3f94-11e1-8809-00144feab49a.html?ftca...
SAUDIS SET TO OPEN UP ACCESS TO BOURSE
Saudi Arabia, the Middle East's biggest economy and the world's largest oil exporter, is expected to allow foreigners to invest directly on its $340 billion stock market for the first time later this year.http://www.ft.com/cms/s/0/1ce9aaf4-3e1b-11e1-ac9b-00144feabdc0.html#axzz...
RBS PRESSED TO HELP SAVE UK RETAILER PEACOCKS
Royal Bank of Scotland, majority-owned by the UK taxpayer, was pressed on Sunday night to back a deal to save Peacocks , the heavily indebted value fashion retailer.http://www.ft.com/cms/s/0/0e857b98-3fa4-11e1-ad6a-00144feab49a.html#axzz...
MURDOCH ATTACKS OBAMA OVER ONLINE PIRACY LAWS
The White House has spoken out against proposed legislation intended to reduce online piracy, inviting a strong response from Rupert Murdoch, and fuelling a battle between the technology and entertainment industries.http://www.ft.com/cms/s/0/471520c6-3f9f-11e1-ad6a-00144feab49a.html#axzz...
RBS STAFF CONSIDER ARM BUYOUT
A group of dealmakers at Royal Bank of Scotland, including its head of corporate finance, are considering a management buyout as the state-controlled bank looks to sell or shut down its advisory business.http://www.ft.com/cms/s/0/8df5030a-3f93-11e1-ad6a-00144feab49a.html#axzz...
CO-OP BANK TO INCREASE BUY-TO-LET LENDING
The Co-operative Bank, one of the UK's few self-proclaimed ethical lenders, is looking to significantly increase the number of mortgages it provides to buy-to-let landlords, a group accused of fuelling the recent property crash.http://www.ft.com/cms/s/0/7ddb5ab8-3e09-11e1-91ba-00144feabdc0.html#axzz...
MILITARY WARNS GAS IMPORTS AT RISK
UK military leaders have raised concerns that more than 80 percent of the UK's liquefied natural gas imports would be halted if Iran made good its threat to block the Strait of Hormuz.http://www.ft.com/cms/s/0/b52cdf90-3f8b-11e1-ad6a-00144feab49a.html#axzz...
OSBORNE PROMISES EXTRA CASH FOR IMF
Chancellor of the Exchequer George Osborne will promise on Monday to help struggling euro zone countries by increasing Britain's contributions to the International Monetary Fund, admitting that "risks faced by the global economy have increased significantly over the past year".http://www.ft.com/cms/s/0/4421f076-3fa7-11e1-ad6a-00144feab49a.html#axzz...
MANCHESTER AIRPORT CHIEF LOOKS AT OPTIONS
One of the UK's few publicly owned airports has not ruled out a part-privatisation to raise money for acquisitions but said it was "unlikely" to join the bidding for Edinburgh airport.http://www.ft.com/cms/s/0/9f4c2dd4-3f95-11e1-ad6a-00144feab49a.html#axzz...
NYT
* Bitter memories of the collapse of Nortel Networks , once Canada's most valuable corporation, will be revived on Monday as the fraud trial of three of its former top executives begins.
Prosecutors contend that after Nortel suffered steep financial losses in the dot-com crash at the turn of the century, its postcrash bookkeeping was also fraudulent.
* American Media Inc is hoping that enquiring minds will embrace a digital version of its 70-year-old supermarket tabloid, The National Enquirer.
Next month, the magazine company will introduce an iPad app of The National Enquirer that it expects to "reinvent gossip." The app, called Enquirer Plus, will have separate content from the print publication and video aimed at younger readers.
* The Treasury's schedule of financing this week includes regular weekly auction of new three- and six-month bills on Tuesday and an auction of four-week bills on Wednesday. The stock and bond markets are closed Monday in observance of the Martin Luther King's Birthday holiday.
* As Greece and its lenders prepare for another week of tense negotiations, European officials now say that the task is less to help the country through its troubles than to avoid the sort of uncontrolled default that many experts fear could threaten the global financial system.
Officials from the so-called troika of foreign lenders to Greece - the European Central Bank, European Union and International Monetary Fund - have come to believe that the country has neither the ability nor the will to carry out the broad economic reforms it has promised in exchange for aid, people familiar with the talks say, and they say they are even prepared to withhold the next installment of aid in March.
European economic highlights
- UK Rightmove House Prices -0.8% m/m 0.4% y/y. Previous -2.7% m/m 1.5% y/y.
- Germany Wholesale Price Index 0.0% m/m 3.0% y/y. Previous 0.7% m/m 4.9% y/y.
- Switzerland Producer and Import Prices 0.3% m/m -2.3% y/y – higher than expected. Consensus -0.1% m/m -2.8% y/y. Previous -0.8% m/m -2.4% y/y.
- Norway Trade Balance NOK41.2B. Previous NOK35.5B.
- Italy Harmonized CPI 0.3% m/m 3.7% y/y – in line with expectations. Consensus 0.3% m/m 3.7% y/y. Previous 0.3% m/m 3.7% y/y.
- Italy General Government Debt 1905.0B. Previous 1909.2B.
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How much was deposited at ECB overnight?
Which is funnier? Huntsman releasing all eight of his voters to Romeny, Sarko saying that the French will reform and this will be a big deal, or Plosser saying the Fed could ease (I'm assuming this is if the Bernank were whacked and the Abominable Snowman became the new Fed chief.)
Dont laugh - Plosser: Fed Tightening Possible Before Mid-2013 (WSJ)
Almost wet myself
Let's not forget that Greenspan tried to tighten at the end of his career. And he suddenly realized in 2008 that without low rates the market would shit the bed. So he eased, and then promptly retired -- handing the bomb (with the fuse already lit) to Bernanke.
Now it's Bernanke's turn to figure out that the machine they have built is completely out of control. As long as they're in "easing" mode -- they can delude themselves into thinking they're in control. That delusion is about to be shattered if they actually try to raise...
The only thing they can tighten is the noose around their necks
They still think they're in control.
The Latter Days threatened Huntsy with ex-communicado (or just found the right number to write on a napkin).
It'll be even more embarassing when RP does the same dance.
Hunstie never had a chance but I will miss his rationality and it was sort of neat to him him talk Mandarin... At least he understood that the Repubs are surely shooting themselves over their slavish adherance to Creationism and Anti-GW stances.... Eventually, you cannot help but look foolish....
Edit: Getting outpolled by Colbert also has gotta hurt...
BREAKING NEWS
BREAKING NEWS
America surrenders to the Taliban! I heard it on the John Bachelor show last night. It's true... the Obama White House and the Taliban are posturing their way into terms of our surrender...
http://www.fuckfrance.com/topic/4033709/1/Discussions/US-of-A-surrenders...
Headline: "Statist Endorses Statist;" quoted saying "the State Knows Best," "We'll all be better off once you little people stop pretending you have any say in this"
Mormon Ex-governor Endorses Mormon Ex-governor
There, fixed that for you.
meanwhile the BDI continues its fall into oblivion
http://www.bloomberg.com/apps/quote?ticker=BDIY:IND#chart
Aaron Rodgers Jersey B.J. Raji Jersey Bart Starr Jersey Ray Nitschke Jersey Charles Woodson Jersey Clay Matthews Jersey Donald Driver Jersey Greg Jennings Jersey John Kuhn Jersey Jordy Nelson Jersey A.J. Hawk Jersey Aaron Kampman Jersey Al Harris Jersey Brandon Jackson Jersey Brett Favre Jersey Desmond Bishop Jersey James Starks Jersey Jermichael Finley Jersey Nick Barnett Jersey Nick Collins Jersey Packers Customized Jersey Paul Hornung Jersey Randall Cobb Jersey Reggie White Jersey Ryan Grant Jersey Tramon Williams Jersey William Henderson Jersey
At least he understood that the Repubs are surely shooting themselves over their slavish adherance to Creationism and Anti-GW stances casas prefabricadas