- Razor-edge U.S. Congress vote to decide fate of Obama Pacific trade pact (Reuters)
- EU Readies for Default as Tsipras Drives Greek Finances to Brink (BBG)
- Greece Can’t Plan a Barbecue, Let Alone a Currency, Nielsen Says (BBG)
- IMF quits Greece talks amid ‘air of unreality’ as deal unravels (FT)
- Greece Counts Cost of One Man's Gamble (BBG)
- Merkel urges Greece and creditors to keep pushing for deal (Reuters)
- Fearful ECB starts countdown on Greek funding lifeline (Reuters)
- Greek stocks suffer further pummelling (FT)
- Senate lets NSA spy program lapse, at least for now (Reuters)
- Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
- Tepid factory data add to Asian gloom (FT)
- Citigroup Likely to Close Banamex USA (WSJ)
- Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
- Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
- Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
- Romário leads drive for Brazilian probe into Fifa (FT)
- Faster than China? India's road, rail drive could lay doubts to rest (Reuters)
Less than two years ago, the number of smartphone shipments in China soared by roughly 100% year over year, rising over 80 million for the first time. Fast forward to Q1 of 2015 when according to IDC, the Chinese smartphone market - the largest in the world since 2011 when it overtook the US - has not only reached maturity but is now also fully saturated and as a result smartphone shipments suffered their first Y/Y decline, dropping 4.3% on an annual basis. As IDC notes, "this is the first time in six years that the China smartphone market declined YoY as the market continues to mature." Worse, on a quarter over quarter basis, the market contracted 8% on the back of a large inventory buildup at the end of last year.
- As reported here first: The U.S. Has Too Much Oil and Nowhere to Put It (BBG)
- Dollar Drops From 12-Year High as S&P Futures, Bonds Gain (BBG); Dollar Bulls Retreat From 12-Year High to Euro With Fed in View (BBG)
- Clinton Private Email Plan Drew Concerns Early On (WSJ)
- ECB Bond Buying Not Needed With Economy Improving, Weidmann Says (BBG)
- China Feb new yuan loans well above forecast (Reuters)
- U.S. probing report Secret Service agents drove car into White House barrier (Reuters)
- Kerry tells Republicans: you cannot modify Iran-U.S. nuclear deal (Reuters)
- PBOC Pledges to Press on With Rate Liberalization Amid Slowdown (BBG)
- China Prepares Mergers for Big State-Owned Enterprises (WSJ)
Exactly 15 years ago today, who said it?
"You want winners? [This] is what my fund is buying today to try to make money tomorrow and the next day and the next? You want my top 10 stocks for who is going to make it in the New World? You know what? I am going to give them to you. Right here. Right now. OK. Here goes. Write them down..."
Fifteen months later, Money magazine reported that [his] list had cratered 82%... Accountability ruins the game.
- Greek Risk Draws Global Concern on Lehman Echo Warnings (BBG)
- Merkel to urge caution in U.S. as pressure builds to arm Ukraine forces (Reuters)
- West Races to Defuse Ukraine Crisis (WSJ)
- German-French Push Yields Ukraine Summit Plan With Putin (BBG)
- Swiss Leaks lifts the veil on a secretive banking system (ICIJ)
- Italy Lenders Seen Cleansing Books Amid Bad-Bank Plans (BBG)
- G-20 Finance Chiefs Face Tough Test in Istanbul (WSJ)
- Demand for OPEC Crude Will Rise This Year, Says Group (WSJ)... or rather prays
- U.S. Banks Say Soaring Dollar Puts Them at Disadvantage (WSJ)
"As a former military analyst myself I can tell you that by now the Russian intelligence community's "indicators and warnings" should be "flashing red" and that in all likelihood Russia is already preparing for war..."
Prisons employ and exploit the ideal worker. Prisoners do not receive benefits or pensions. They are not paid overtime. They are forbidden to organize and strike. They must show up on time. They are not paid for sick days or granted vacations. They cannot formally complain about working conditions or safety hazards. If they are disobedient, or attempt to protest their pitiful wages, they lose their jobs and can be sent to isolation cells. The roughly 1 million prisoners who work for corporations and government industries in the American prison system are models for what the corporate state expects us all to become. And corporations have no intention of permitting prison reforms that would reduce the size of their bonded workforce. In fact, they are seeking to replicate these conditions throughout the society.
Thanks to improving life expectancy and the Federal Reserve's financial repression lowering yields, US company pension funds have been hit by a double whammy. As Moody's warns, companies will have to find $110 billion in the next seven years to fund pension liabilities shortfalls. Moody's adds, "given these increasing liabilities and cash drains, we expect to see an acceleration in lump sum offers," as firms try to derisk. Of course, if the pension funds just followed Japan's lead and went all-in on stocks, there would be no problem, right?
- As we warned in May 2013... Gross Exposes $42 Trillion Bond Market’s Key Flaw in Exit (BBG).... hint: no liquidity
- WTI Crude Slips Below $90 for First Time in 17 Months (BBG)
- Traders Thank Fed for Once-in-Decade Surge in Profit (BBG)
- Islamic State committing 'staggering' crimes in Iraq: U.N. report (Reuters)
- Philippine Islamist militants threaten to behead German on October 17 (Reuters)
- Draghi’s Buying Spree for the ECB Might Start Modestly (BBG)
- Russian Officials Say No Plans for Capital Controls (WSJ)
- Indians Join the Wave of Investors in Condos and Homes in the U.S. (NYT)
- Leader of Mexican drugs cartel captured (FT)
- Dallas Ebola patient vomited outside apartment on way to hospital (Reuters)
Are you ready to have your veins scanned every time you use your bank account? Are you ready to use a "digital tattoo" or a microchip implant to unlock your telephone? Once upon a time we read about such technologies in science fiction novels, but now they are here. The era of widespread biometric identification and microchip implants is upon us, and it is going to change the way that we live. Proponents of these new technologies say that they will make our private information and our bank accounts much more secure. But there are others that warn that these kinds of "Big Brother technologies" will set the stage for even more government intrusion into our lives. In the wrong hands, such technologies could prove to be an absolute nightmare.
Here we go... Icahn's been adding and everyone's excited about a bigger screen (like Samsung), an iWatch (like Motorola and Samsung), payments (like NFC on Samsung phones), Health (like Samsung), or whatever magic Tim Cook and his 'innovators' have in store. Apple's launch of iPhone 6 et al. will take place shortly...
“What the government is good at is collecting taxes, taking away your freedoms and killing people. It’s not good at much else.” —Author Tom Clancy Call it what you will—taxes, penalties, fees, fines, regulations, tariffs, tickets, permits, surcharges, tolls, asset forfeitures, foreclosures, etc.—but the only word that truly describes the constant bilking of the American taxpayer by the government and its corporate partners is theft. What Americans don’t seem to comprehend is that if the government can arbitrarily take away your property, without your having much say about it, you have no true rights. You’re nothing more than a serf or a slave.
- Must be an early winter: Housing Falters as Forecasters See U.S. Sales Dropping (BBG)
- China Property Failures Seen as $33 Billion in Trusts Due (BBG)
- Polish Prime Minister Says Recording Scandal May Trigger Early Election (WSJ)
- Iraqi forces ready push after Obama offers advisers (Reuters)
- Priorities: U.S. cuts aid to Uganda, cancels military exercise over anti-gay law (Reuters)
- Kurds' Takeover of Iraqi City of Kirkuk Strengthens Their Hand (WSJ)
- U.S. says government lab workers possibly exposed to anthrax (Reuters)
- Netflix Up 21% With Tesla: The best U.S. stocks this month are ones that just a few months ago were the biggest losers (BBG)
- Architects of Iraq Invasion Return to Blame Obama (BBG)
- Nato claims Moscow funding anti-fracking groups (FT)
- Lawmakers Skeptical GM Bosses Were Unaware of Defect (WSJ)
- Corinthian Colleges Warns of Possible Shutdown (WSJ)
- Taiwan's Quanta to start mass production of Apple's smartwatch in July (Reuters)
- McDonald’s Workers Arrested at Protest Near Headquarters (BBG)
- U.S. Sends Troops to Chad to Hunt for Abducted Nigeria Girls (BBG)
- BofA Scrapping Market-Making Unit Amid Trading Scrutiny (BBG)
- Biggest attack in years kills 31 in China's troubled Xinjiang (Reuters)
- Intense Fighting Flares in Eastern Ukraine (WSJ)
- Fed Officials Tussle Over Labor Market Slack (Hilsenrath)
- Ikea Economics Lure Central Bankers Seeking New Tools (BBG)
- When Putin ordered up new hospitals, his associates botched the operation (Reuters)
- Norway’s $33 Billion Man Steps Up Search in Asia Real Estate Bet (BBG)