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Frontrunning: January 24

Tyler Durden's picture





 
  • Fears Mount That Portugal Will Need a Second Bailout (WSJ)
  • EU to Have No Deadline for End of Greek Talks (Bloomberg)
  • Japan economy predicted to shrink in 2011 (AFP)
  • Japan’s Fiscal Pressure Intensifies as Tax-Boost Plan Insufficent: Economy (Bloomberg)
  • Berlin ready to see stronger ‘firewall’ (FT)
  • Hungary Likely to Lift EU’s Highest Interest Rate (Bloomberg)
  • Obama Speech to Embrace U.S. Manufacturing Rebirth, Energy for Job Growth (Bloomberg)
  • EU Hits Iran With Oil Ban, Bank Asset Freeze in Bid to Halt Nuclear Plan (Bloomberg)
  • China's Oil Imports from Iran Jump (WSJ)
  • Croatians vote Yes to join EU (FT)
  • Japan’s $130 Billion Fund Unused in Biggest M&A Year in More Than Decade (Bloomberg)
  • Buffett Blames Congress for Romney’s 15% Rate (Bloomberg)

Press Digest

WSJ

* Macy's Inc sued Martha Stewart Living Omnimedia Inc to block a new licensing agreement with rival J.C. Penney Co, saying the agreement violated its own exclusive arrangement with the brand.

The lawsuit, filed under seal in state court in Manhattan, comes about a month after J.C. Penney inked a deal with the company founded by celebrity homemaker Martha Stewart.

* Thorsten Heins, Research In Motion's new chief executive, said he won't divide the company into parts and is confident in its strategic path.

* The Japanese government is expected to announce Wednesday that the country recorded its first annual trade deficit since 1980. If the yen remains strong, economists warn that Japan could run trade deficits for years to come.

* EU foreign ministers approved an oil embargo on Iran, moving past an internal debate on the economic burden on some members.

* The Obama administration sanctioned Iran's third-largest bank, Bank Tejarat, closing off one of Tehran's few remaining conduits for trade with the West.

The US Treasury Department's action on Monday follows President Barack Obama's move last month to ban any American dealings with Iran's central bank, and an agreement by the European Union earlier Monday to ban all purchases of Iranian oil.

* Germany and the IMF pressed their case at a meeting of finance ministers that Greece's private-sector creditors should agree to interest rates of less than 4 percent, deepening a standoff that has delayed time-sensitive talks.

* The head of the International Monetary Fund warned that in addition to cutting yawning budget deficits Europe needs to do more to promote growth and stop the crisis from spreading to the world economy.

"It is about avoiding a 1930s moment, in which inaction, insularity, and rigid ideology combine to cause a collapse in global demand," IMF Managing Director Christine Lagarde said before the German Council on Foreign Relations.

* Bank of America Corp CEO Brian Moynihan is being dragged back to the past once again.

The 52-year-old chief executive is expected to be deposed in coming months in as many as three civil lawsuits over the bank's handling of its takeover of securities firm Merrill Lynch & Co on Jan. 1, 2009.

FT

* Thorsten Heins, the newly appointed chief executive of the BlackBerry maker Research in Motion, introduced himself to skeptical securities analysts on Monday and shares of the company fell 8.5 percent.

As he did during interviews with the media on Sunday, Heins, the former co-chief operating officer of RIM, said in a conference call with analysts and in a video RIM posted to YouTube that RIM's strategy was sound and destined for success.

* As euro zone finance ministers gathered in Brussels to discuss the Greek debt crisis, Christine Lagarde said a "larger firewall" was needed to safeguard global financial stability.

* Chesapeake Energy, the nation's second biggest natural gas producer, announced Monday that it would cut production of gas in response to plummeting prices.

* A proposed law in Europe would compel Web sites to obtain consent when collecting personal data and to delete that data forever at the consumer's request.

* About one million homeowners facing foreclosure could have their mortgage burden cut by about $20,000 each as part of a long-awaited deal taking shape among state attorneys general, federal officials and the nation's largest mortgage servicers.

But a final agreement remained out of reach on Monday despite political pressure from the White House, which had been trying to have a deal in hand that President Obama could highlight in his State of the Union address Tuesday night.

* Federal auditors said that the government failed to rein in executive compensation at the biggest companies it bailed out during the financial crisis because its main concern was simply getting its money back.

NYT

* Thorsten Heins, the newly appointed chief executive of the BlackBerry maker Research in Motion, introduced himself to skeptical securities analysts on Monday and shares of the company fell 8.5 percent.

As he did during interviews with the media on Sunday, Heins, the former co-chief operating officer of RIM, said in a conference call with analysts and in a video RIM posted to YouTube that RIM's strategy was sound and destined for success.

* As euro zone finance ministers gathered in Brussels to discuss the Greek debt crisis, Christine Lagarde said a "larger firewall" was needed to safeguard global financial stability.

* Chesapeake Energy, the nation's second biggest natural gas producer, announced Monday that it would cut production of gas in response to plummeting prices.

* A proposed law in Europe would compel Web sites to obtain consent when collecting personal data and to delete that data forever at the consumer's request.

* About one million homeowners facing foreclosure could have their mortgage burden cut by about $20,000 each as part of a long-awaited deal taking shape among state attorneys general, federal officials and the nation's largest mortgage servicers.

But a final agreement remained out of reach on Monday despite political pressure from the White House, which had been trying to have a deal in hand that President Obama could highlight in his State of the Union address Tuesday night.

* Federal auditors said that the government failed to rein in executive compensation at the biggest companies it bailed out during the financial crisis because its main concern was simply getting its money back.

European Economic Highlights:

  • UK Public Finances (PSNCR) for December 22.9B – higher than expected. Consensus 19.0B.  Previous 10.6B.
  • UK PSNB ex Interventions for December 13.7B – lower than expected. Consensus 14.9B. Previous 18.1B. Revised 17.9B.
  • UK Public Sector Net Borrowing for December 10.8B – lower than expected. Consensus 12.1B. Previous 15.2B. Revised 15.1B.
  • Czech Republic Business Confidence for January 7.4. Previous  5.3.
  • Czech Republic Consumer Confidence for January -25.3.  Previous -29.8.
  • Spain Mortgages – capital Loaned for November -32.6% y/y. Previous -40.6% y/y.
  • Spain Mortgages on Houses for November -35.8% y/y. Previous -43.6% y/y.
  • Ireland Property Prices for December -1.7% m/m -16.7% y/y.  Previous -1.5% m/m -15.6% y/y.
  • Germany PMI Manufacturing for January 50.9 – higher than expected. Consensus 49.0. Previous 48.4.
  • Germany PMI Services for January 54.5 – higher than expected. Consensus 52.5. Previous  52.4.
  • France PMI Manufacturing for January 48.5 – lower than expected. Consensus 48.6. Previous 48.9.
  • France PMI Services for January 51.7 – higher than expected.  Consensus 50.0. Previous 50.3.
  • Finland Unemployment Rate for December 7.4% - higher than expected. Consensus 6.8%. Previous 6.2%.
  • Eurozone PMI Composite for January 50.4 – higher than expected. Consensus 48.5.  Previous 48.3.
  • Eurozone Manufacturing for January 48.7 – higher than expected. Consensus 47.3. Previous 46.9.
  • Eurozone PMI Services for January 50.5 – higher than expected. Consensus 49.0 – higher than expected. Previous 48.8.
  • Eurozone  Industrial New Orders for November n.s.a. -2.7% y/y – in line with expectations. Consensus -2.7% y/y. Previous 1.6% y/y. Revised 1.5% y/y.
  • Eurozone Industrial New Orders for November s.a. -1.3% m/m – higher than expected. Consensus -2.2% m/m. Previous 1.8% m/m. Revised  1.5% m/m.
 


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Tue, 01/24/2012 - 08:50 | Link to Comment AnAnonymous
AnAnonymous's picture

US citizens love their centralization stuff.

Now, the commander in chief speaks about centralizing manufacturing in the mecca of US citizenism, the US of A, instead of the decentralized system that exists right now.

Centralism, centralism...

Tue, 01/24/2012 - 08:56 | Link to Comment cossack55
cossack55's picture

Croats also to invest in Sears, Kodak, 1st Solar and GM.

Suicide gene found  to originate in Croatia.

Tue, 01/24/2012 - 09:25 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

"Chinas oil imports from Iran jump WSJ"

.......................................

China and India have offered to pay for Iranian oil with GOLD... how ya like dem apples, Ben, Billary and Oblammer? Beginning to look like you stepped in crap and your foot came up smelling like...crap. Benny, you said gold isn't money...but when it is gladly accepted for the one commodity that makes the modern world function it sure looks at least as good as fiat.

It looks to me like our idiot politicians have given gold a huge boost with their idiotic attempted sanctions against Iran. Unintended consequences... The road to hell is paved with people that had good, and sometimes bad, intentions.

"Gold emerging as world reserve currency, whether West likes it or not…"

"Oil-for-gold: Tehran’s metal shield from sanctions"

http://maxkeiser.com/2012/01/24/gold-emerging-as-world-reserve-currency-whether-west-likes-it-or-not/

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