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Frontrunning: June 7

Tyler Durden's picture





 
  • China Cuts Interest Rates for First Time Since 2008 (Bloomberg)
  • New Risk to Europe's Growth: Banks Cut Lending to Cities (WSJ)
  • Labor Faces New Challenge - Losses in Wisconsin, California Come as Ranks of Government Unions Decline (WSJ)
  • Yellen argues for more Fed easing amid Europe risk (Reuters)
  • Americans Cling to Jobs as U.S. Workforce Dynamism Fades (Bloomberg)
  • Japan’s LDP Agrees to Talks With Noda’s DPJ on Sales Tax (Bloomberg)
  • Korean Buying Spree Boosts Brent Price (FT)
  • China Delays Bank Capital Rule Tightening as Economy Slows (Bloomberg)
  • China CIC Chief Sees Rising Risk of Euro Breakup (WSJ)

Overnight media digest

WSJ

* Organized labor, reeling from blows in Wisconsin and California, is grappling with the prospect of diminished political clout and fewer members in public-sector unions.

* Nasdaq's CEO apologized for the exchange's role in the Facebook debacle, and the stock market operator set a plan to compensate brokers for losses.

* Anonymous allegations of improper payments to Kazakh customs officials by an exploration joint venture have prompted investigations at major energy companies including Eni, Chevron and BG Group.

* A trio of Federal Reserve officials warned of risks to the health of the U.S. recovery and said the central bank might need to take new actions to support economic growth.

* The ECB kept rates steady despite a deepening downturn and slowing inflation, raising pressure on governments to take the lead in fighting Europe's debt crisis.

* A proposed regulation barring banks from trading with their own money would have forced JPMorgan Chase to document and more carefully evaluate the risks it took in its trading activities that have led to a multibillion-dollar loss, a top Federal Reserve official said.

* Small businesses are waiting longer for commercial customers to pay their bills as many big companies continue to hoard cash to bolster their own working capital.

The trend, which began in the recession and has worsened in recent years, is putting growing pressure on people like Nirav Sheth, who owns a Web-development company in Washington.

* Manhattan apartment rents continued to creep up in May to a record, amid unusually strong job growth in the city.

A report by Citi Habitats, a real-estate broker with a large rental business, put the average monthly rent on a signed contract in Manhattan in May at $3,438, up $9 from the month before and up about 3 percent from the year-earlier May.

 

FT

RUSSIAN WATCHDOG TARGETS TNK-BP DISPUTE

Russia's anti-monopoly watchdog has proposed regulatory changes that would force the public disclosure of the confidential agreement at the centre of a stand-off between BP and its Russian billionaire partners in TNK-BP.

BANK OF CYPRUS SEEK FSA COVER FOR UK SAVERS

Bank of Cyprus is set to join the UK's deposit protection scheme as it moves to insulate its 50,000 British savers from further turmoil in Greece.

MITTAL TO REDUCE CHINA STEEL AMBITIONS

Lakshmi Mittal has signalled a dramatic scaling back of ArcelorMittal's ambitions to expand in China's steel industry through an agreement to cut the company's stake in one of the country's top metals producers.

CANADIAN PM URGES CLOSER LINKS TO ASIA

Stephen Harper, prime minister of Canada, has said Washington's decision to delay construction of a controversial oil pipeline was the "wake-up call" that Canada needed to reduce its dependence on its neighbour and strengthen links with Asia.

KOREAN BUYING SPREE BOOSTS BRENT PRICE

The price of the world's most important oil benchmark is being boosted by South Korean refiners buying on the back of a tax loophole involving North Sea oil.

SOROS AMONG BRAZIL TELECOM BIDDERS

George Soros's investment fund has been named as one of six groups bidding for Brazil's new fourth-generation telecom licences as the country races to improve its infrastructure before hosting the World Cup and Olympics.

 

NYT

* Researchers put together most of a fetus's genome using a mother's blood and father's saliva, heralding an era when parents might know much more about a child long before its birth.

* Goldman Sachs is expected to name fewer partners this year. The firm will be more selective than usual, having cut its head count over the last year by more than 8 percent to cope with reduced revenue amid difficult markets and new regulations.

* Representative Jesse L. Jackson Jr. proposed that raising the federal minimum wage might encourage Americans to spend more, which would help stimulate the economy.

* Now that voters in San Diego and San Jose have overwhelmingly passed pension cuts for city workers, other struggling cities may follow suit.

* Technology that allows the sharing of frequencies is getting new backing as smartphones and tablets put greater demand on available bands.

 

China

FINANCIAL NEWS

--The State Council, or the cabinet, decided to implement a regulation on management of capitals of commercial banks from Jan 1, 2013, which put lenders under the regulatory supervision within the Basel III framework agreed by G20 leaders in 2011.

CHINA DAILY (www.chinadaily.com.cn)

--Apple Inc is considering opening two new stores in China, a step that would give it eight stores in the country; one of its new stores will be in Chengdu, capital of Sichuan province.

PEOPLE'S DAILY

--President Hu Jintao told leaders of the Shanghai Cooperation Organization (SCO) that member states should promote mutual trust and regional stability and cooperation, and to expand the grouping's global influence during the SCO Beijing summit held at the Great Hall of People.

--Vice Premier Wang Qishan and U.S. Treasury Secretary Timothy Geithner discussed economic relations between China and the United States over the phone. The two officials also exchanged views on the economic situation in Europe, the upcoming Group of 20 (G-20) summit in Los Cabos, Mexico.

CHINA SECURITIES JOURNAL

--Shanghai saw a successful land auction on Wednesday, with seven pieces of property auctioned, including one that sold at a 435 percent premium to its starting price. But total land sales for the year to date are still only 30 percent of last year's total.

SHANGHAI SECURITIES NEWS

--Sixteen listed securities houses said their combined profits hit 1.98 billion yuan ($309.6 million) in May, up around 20 percent from April.

--Poly Real Estate (Group) Co Ltd said contract sales rose over 40 percent by area and by value in May from a year earlier.

--There could be an nationwide electricity shortage this summer of as big as 35 million kilowatts.

21ST CENTURY BUSINESS HERALD

--Property companies raised over 10 billion yuan in May through syndicated loans, overseas bonds, and trust loans, showing that liquidity in these enterprises remains tight.

SHANGHAI DAILY

--China's Ministry of Human Resources and Social Security is preparing a document in conjunction with the police that will simplify procedures for expats to gain permanent resident status as part of efforts to attract foreign talent, a spokesman said in an online chat.

 

Britain

The Times

NASDAQ TRIPLES PRICE OF FACEBOOK FURY

Nasdaq
has tripled the compensation pool, from $13.7 million to $40 million,
for investors who lost out during the botched flotation of Facebook.

The Telegraph

EUROPE PLOTS RESCUE PLAN FOR SPAIN'S BANKS

European
leaders are mustering resources to rescue Spanish banks, regardless of
Madrid's protestations, amid intensifying pressure from markets and
politicians around the world.

BRITAIN COOLS ON FOREIGN ACQUISITIONS

Acquisitions
of foreign companies by UK businesses have fallen to their lowest
level in 25 years as corporate Britain takes shelter from the recession
and euro zone crisis.

The Guardian

SPAIN URGES EU TO SAVE ITS BANKS

Spain
is warning that Europe's single currency will unravel unless its
leaders decide within weeks to centralise budget and tax policies in the
eurozone and agree on a strategy to pool responsibility for failing
banks .

The Independent

EURO ZONE DIVIDED AS TIME RUNS OUT FOR SPAIN

The
euro zone sovereign debt emergency showed no signs of abating on
Wednesday as the Spanish government desperately haggled over the terms
of its expected bailout and the ECB refused to ease monetary policy for
the currency bloc.

 


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Thu, 06/07/2012 - 08:39 | Link to Comment Disenchanted
Disenchanted's picture

from: http://original.antiwar.com/giraldi/2012/06/06/in-the-land-of-the-blind/

 

But the pièce de résistance for the week has to be a seemingly unrelated story about the awarding of the Presidential Medal of Freedom, the nation’s highest honor for a civilian, to former Secretary of State Madeleine Albright, who famously stated that the deaths of half a million Iraqi children due to sanctions was “worth it.” President Obama, in a White House ceremony, honored Albright because her “courage and toughness helped bring peace to the Balkans and paved the way for progress in some of the most unstable corners of the world.” He said it with a straight face, and, more frighteningly, he might actually have believed what he was saying. If there was ever a blatant example of U.S. government hypocrisy, this was it: a mass murderer presenting a medal to another mass murderer. Wage war for humanitarian reasons but kill the children. Promote the freedom of the Internet but secretly make it a weapon of war and figure out how to shut it down. All in a day’s work in the Imperial City.

 

This USA culture, establishment, and society of today makes me want to puke. If I wasn't just a blue-collar working man and had the means I'd renounce my citizenship and just GTFO. 

 

JFC on a Cracker...

Thu, 06/07/2012 - 09:26 | Link to Comment Disenchanted
Disenchanted's picture

 

 

re: Domestic Use of Drones USA

 

New Air Force Instruction 14-104  April 2012

http://cbsla.files.wordpress.com/2012/06/drones1.pdf

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