Dubai

How Americans Came To Die In The Middle East

The writing of this historical synopsis is an attempt by this former artillery officer with a father buried in a veteran’s cemetery to understand why brave Americans were sent to their death in the Middle East and are still dying there. The hope is that we finally can learn from history and not keep repeating the same mistakes.

Global Stocks, Futures Rally, Ignore Sharp Yuan Devaluation On Hopes Fed Is Right This Time

The single biggest event overnight was the PBOC's devaluation of the Yuan to the lowest since March 2011, setting the fixing at 6.5693, the highest in over 5 years and in direct response to a stronger dollar, which however if one looks at the DXY remains well below the recent highs in the 100 range, suggesting for China this is only just beggining. However, the fact that there was not more volatility in onshore and offshore overnight FX also comforted the market that at the same time as its was devaluing the PBOC was also intervening in the FX market, thus providing some assurance it would not allow runaway "risk off" sentiment prevail, nor would it promote another blitz round of capital outflows, leading to another gradual levitation in overnight risk.

Little Known Lawsuit Exposes Yet Another Major Cyberheist In 'Secure' Global Payments System

A few months ago, we reported the incredible story of how hackers stole $100 million from Bangladesh Central Bank by way of the New York Federal Reserve. Now, thanks to a little noticed lawsuit, details are emerging that hackers had initially stolen another $12 million from a bank in Ecuador, Banco del Austro, although the bank was able to get back about $2.8 million of the stolen money.

Iran's Supreme Leader Accuses Obama Of Lifting Sanctions Only "On Paper"

Relations between Iran and Saudi Arabia, which supposed had thawed as part of Obama's landmark 2015 nuclear deal which also allowed Iran to resume exporting its oil, are once again on the fence following a statement by Iran's Supreme Leader, Ayatollah Ali Khamenei, which accused the United States of scaring businesses away from Tehran and undermining a deal to lift international sanctions. 

The Awful Lull Before The Storms Of Summer Strike

Weeks from now when we’re used to the mild air and the greened world, going coatless and care-free, is when the storms of summer strike and the life of the nation turns from fairy tale to horror comic. Both Clinton and Trump are perfect representatives of the nascent forces moving towards some kind of civil war in comic book America.

Iran Is Ready To Flood The World With Oil... It Just Has No Ships To Deliver It

As increasingly more of Iran's tanker fleet is currently utilized or is otherwise out of commission, Iran desperately needs foreign ships to execute its plans for a big export push to Europe and elsewhere and meet its target of reaching pre-sanction sales levels this year. There is just one problem: nobody is willing to give their spare tankers to Tehran, no matter the price.

Analysts Respond To Doha Meeting Failure: "Blow To Sentiment"

Failure to proceed with crude output freeze plan seen as a "serious blow" to oil-market sentiment by Energy Aspects; Barclays expects mounting tensions between Saudi Arabia and Iran to boost volatility. Separately, Kuwait oil workers strike viewed as price-supportive.  Here, courtesy of Bloomberg, is a summary of what analysts have said so far on meeting’s outcome as well as comments on Kuwait:

 

Goldman On Doha: "Bearish For Prices ", Expect "High Price Volatility"; Saudi Oil Production May Jump

"we view this outcome as bearish for oil prices given consensus expectations for a “soft guidance” freeze at January production levels"... "We therefore view risks to our Saudi forecast as skewed to the upside: it is at the guidance provided by the deputy crown prince in his latest interview with Bloomberg this week, with such volumes presented as contingent on a deal to freeze production being reached."

Frontrunning: April 1

  • Italian Bank Stocks are Surging on the Back of Rescue Reports (WSJ)
  • European Stocks Rise Led by Italian Banks; Emerging Markets Gain (BBG)
  • Oil price dips on prospects for producers' meeting (Reuters)
  • U.S. shale oil firms feel credit squeeze as banks grow cautious (Reuters)
  • U.S. banks' dismal first quarter may spell trouble for 2016 (Reuters)
  • Miserable Year for Banks: Stocks Suffer as Rates Stay Low (WSJ)

Greeks Confiscate Largest Amount Of Gold Ever Smuggled

Customs officials at the Greek-Turkish border crossing of Kipoi have confiscated the largest amount of gold that anyone has ever attempted to smuggle out of the country.  The loot was found hidden in a taxi and consisted of 18 bars of unrefined gold, weighing 33.5 kilos, along with four crosses made of oure gold (11.6 grams). The gold was found last Friday during a police check on cars planing to cross the border. The suspects hid seven gold bars and the four crosses in the car’s passenger armrest while the other 11 bars were concealed in their luggage.

smartknowledgeu's picture

Lars Schall explores the time-honored tradition of following the money in an attempt to discover answers to yet unresolved questions regarding the terrorist attacks of 9/11 in New York City. Mr. Schall is an independent investigative journalist that has produced many hard-hitting pieces regarding Central Bankers' manipulation of gold prices, and the failure of the US Central Bank (The Federal Reserve) to return all of Germany's gold reserves in the past.