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Frontrunning: May 23
- Rajoy to ask for ECB assistance, according to reports (Sharecast)
- Bundesbank Suggests Greek Exit From Euro Would Be Manageable (Bloomberg)
- Unemployed Burn as Fed Fiddles in Debate Over Natural Rate (Bloomberg)
- Regulators, investors turn up heat over Facebook IPO (Reuters)
- China to boost private energy investment to bolster economy (Reuters)
- OECD fears euro woe to snap brittle world recovery (Reuters)
- China slowdown threatens Australia - World Bank (Herald Sun)
- Guessing game begins over next Treasury chief (Reuters)
- Italians spurn main parties in local polls (FT)
- A fragile Europe must change fast (FT)
- Spain to outline Bankia plan, may announce bailout size (Reuters)
- China Should Adjust Policy Early - Government Researcher (WSJ)
- Clegg sounds new economic tone (FT)
- BOE Voted 8-1 on U.K. Stimulus in ‘Finely Balanced’ Decision (Bloomberg)
Overnight Media Digest
WSJ
* The decision by Facebook CFO David Ebersman to boost the number of shares offered may have doomed any real chance the social-networking company had that its stock would jump on its first day of trading.
* Egyptians vote Wednesday in a historic presidential vote that is poised to shake up notions of what democracy will mean for the Arab world.
* The bank's trading loss has stoked frustration among Republicans -- who haven't forgotten that it donated mostly to Democrats last election cycle.
* Sony and Samsung Electronics are trying to force retailers to rein in discounts on televisions, a tactic aimed at preserving profit margins that may also help protect chains such as Best Buy and Target from cutthroat online competition.
* Put off by high fees and disappointing performance of so-called pooled funds, major institutions are building in-house real-estate investment divisions to acquire property directly.
* Patch.com, a network of small-town news sites owned by AOL , has emerged at the center of a tug of war over the Internet company's future.
* Televisions are being made in the U.S. again, but the effort says as much about marketing as it does about the global shift in manufacturing costs that is lifting wages in China and elsewhere.
FT
GETTY IMAGES OWNERS CONSIDER SALE OR IPO
The owners of Getty Images, the world's largest distributor of stock photos, video and other digital content, have retained bankers to examine a possible sale or public offering of the business they took private four years ago for $2.4 billion.
GERMANY RULES OUT COMMON EURO BONDS
Germany refused to share the debt burden of stressed eurozone peers on Tuesday, ignoring two of the most influential international economic bodies which offered support for proposals championed by Paris, Rome and Brussels ahead of a summit.
WEST SHIFTS STANCE ON IRANIAN SANCTIONS
Western powers are prepared to offer Iran an "oil carrot" that would allow it to continue supplying crude to Asian customers in exchange for guarantees it is not building an atomic bomb.
CLEGG SOUNDS NEW ECONOMIC TONE
The ruling UK coalition government is preparing a "massive" increase in state-backed investment in housing and infrastructure, as Deputy Prime Minister Nick Clegg signalled a shift from lurid warnings by ministers about the debt crisis to a fresh emphasis on growth.
CLEGG JOINS SHIFT TO GROWTH AND OPTIMISM
After two years of issuing "lurid" warnings on the deficit, British Deputy Prime Minister Nick Clegg says the coalition is about to embark on a new strategy based on optimism, investment and growth. It is the clearest admission yet by a senior minister that Britain - like the rest of Europe - is tired of austerity.
CALL TO CUT FRACKING'S METHANE LEAKAGE
A top-10 investor in BP and Royal Dutch Shell has called for changes in the way oil companies produce shale gas, in a further sign of shareholder disquiet about the environmental impact of fracking.
ANGLO AND CODELCO RESTART TALKS ON MINES
Anglo American and Codelco, the Chilean copper miner, have agreed to restart settlement talks to try to avoid a lengthy legal battle over the ownership of copper mines in Chile worth as much as $22 billion.
NYT
* Rival bankers and big investors have complained that Morgan Stanley botched the debut by setting the price too high and selling too many shares to the public.
* All sorts of private Internet communications were casually scooped up as Google Street View cars photographed the world's streets.
* The Japanese basics brand Uniqlo, betting on a comeback for the American consumer, is taking advantage of recession-lowered rents to expand in the United States.
* Kleiner Perkins Caufield & Byers, the blue-chip Silicon Valley venture capital firm known for its early investments in Google, is being sued by an investment partner.
Canada
THE GLOBE AND MAIL
- American intelligence officials supplied vital information in the early days of the investigation that climaxed with the arrest of an accused spy inside Canada's top-secret naval signals centre, sources say.
- Montreal police brought the hammer down on student demonstrators, enforcing a controversial law that brought tens of thousands into the streets in a protest earlier in the day that drew international support.
Reports in the business section:
- More than 4,800 Canadian Pacific Railway Ltd employees have gone on strike, stopping freight shipments. The strike by the Teamsters Canada Rail Conference began at 12:01 a.m. on Wednesday.
- Bank of Nova Scotia's landmark red tower in downtown Toronto has been sold for $1.27-billion, the highest price yet paid for a Canadian office building.
NATIONAL POST
- The newly elected Redford government is expected to introduce a mysterious bill during a brief sitting of the legislature this week. The legislation, dubbed Bill 1, would focus on one of the campaign promises made during the recent election.
FINANCIAL POST
- Royal Bank of Canada, Bank of Montreal and other Canadian lenders will post higher profit in the fiscal second quarter as a firming economy fuelled loans to consumers and businesses.
European Economic Summary
- Switzerland Unemployment Rate 7.8% - in line with expectations. Consensus 7.8%. Previous 7.7%.
- Eurozone Current Account s.a. 9.1B. Previous -1.3B. Revised -1.2B.
- Italy Consumer Confidence 86.5 – lower than expected. Consensus 89.5. Previous 89.0. Revised 88.8.
- UK Retail Sales Ex Auto Fuel -1.0% m/m -0.3% y/y – lower than expected. Consensus -0.7% m/m 0.7% y/y. Previous 1.5% m/m 2.8% y/y. Revised 1.6% m/m 2.7% y/y.
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But Spain said they didn't need a bailout! I don't know who to believe any more.... /sarc
Has Italy said that it doesn't need a bailout yet?
Just last week he said no bailout.....but this week its OK....How does one invest in this crap....they don´t....these politicians are just "living" day by day...crisis to crisis ...no one is working on fixing the problems...no one....failure is the only option now...its a spiral down to the end..
It's all theater, psyops
Forget the financial world...check out Becky's boobies on CNBC today...YIPPEE
UK says massive investment in social housing; wow 900% debt on GDP and all ports open to increase debt unlimited. AUsterity is now a forgotten nightmare. It is Olympic year in UK! They even have an aircraft carrier to make sure no hard landings; just hard launching of ever increasing debt, now à la Clegg!
Its a wonder that the higly respectable uber-shill journal called "The Economist" gives lessons on debt moderation to Europe while it condones banksta private sector scam unlimited emananting from City; now this new twist to Rule Britannia roars like a debt soaked lion on all four paws.
http://news.yahoo.com/brazils-economy-grow-less-expected-211219280--fina...
here's the hammer of a canadian, provincial, and municipal police cracking down and assaulting TV news crews.
Bill 78 repeals freedom of association and free speech, subjecting these to arbitrary fines and summary enforcement.
These draconian measures no longer have anything to do with students, only the forced "Respect of my autoriteh".
http://www.youtube.com/watch?v=wJTXn8rEqEo