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Tansy_Gold

(17,815 posts)
Wed May 7, 2014, 07:45 PM May 2014

STOCK MARKET WATCH -- Thursday, 8 May 2014

[font size=3]STOCK MARKET WATCH, Thursday, 8 May 2014[font color=black][/font]


SMW for 7 May 2014

AT THE CLOSING BELL ON 7 May 2014
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Dow Jones 16,518.54 +117.52 (0.72%)
S&P 500 1,878.21 +10.49 (0.56%)
[font color=red]Nasdaq 4,067.67 -13.00 (0.00%)



[font color=green]10 Year 2.59% -0.02 (-0.77%)
[font color=black]30 Year 3.40% 0.00 (0.00%)[font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]


33 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH -- Thursday, 8 May 2014 (Original Post) Tansy_Gold May 2014 OP
So nice to see that the fairy unemployment rate is way down Demeter May 2014 #1
Too stressed to bail: America's big banks are failing basic health tests Demeter May 2014 #2
What Target and Co aren't telling you: your credit card data is still out there Demeter May 2014 #3
We are going to hit 80 degrees tomorrow... kickysnana May 2014 #4
Bank of England sticks with low rates even as recovery builds xchrom May 2014 #5
Thai graft agency rules against ex-PM as 'red shirts' head for Bangkok xchrom May 2014 #6
Anti-mafia police arrest former Berlusconi cabinet minister xchrom May 2014 #7
Barclays axes 19,000 jobs, reins in Wall Street ambitions xchrom May 2014 #8
FTSE gains on company updates, Barclays jumps xchrom May 2014 #9
FCA tightens rules on how funds use commissions xchrom May 2014 #10
Congress Is Terrible at Science—and This Should Make Us Worried xchrom May 2014 #11
FANNIE MAE EARNS $5.3B IN 1Q; PAYING $5.7B TO US xchrom May 2014 #12
MARKETS AWAIT DRAGHI AFTER ECB MAINTAINS POLICY xchrom May 2014 #13
CHINA TRADE IMPROVES IN APRIL BUT IMPORTS SUBDUED xchrom May 2014 #14
WHY CHINA IS PUTTING AN OIL RIG OFF VIETNAM COAST xchrom May 2014 #15
Legal Argument #1: Might makes Right Demeter May 2014 #25
PHILIPPINES IGNORES CHINA DEMAND TO FREE FISHERMEN xchrom May 2014 #16
Goldman’s Bullish on Boston Bloods Staying Out of Jail xchrom May 2014 #17
I hate to point out the obvious Demeter May 2014 #26
Jobless Claims in U.S. Dropped More Than Forecast Last Week xchrom May 2014 #18
World Economy Stabilizes in Great Moderation 2.0 xchrom May 2014 #19
Total BS Demeter May 2014 #27
Oil Industry Risks $1.1 Trillion of Investor Cash: Study xchrom May 2014 #20
Greek Benefit Costs Drop Below EU Average, Minister Says xchrom May 2014 #21
Most People in the World Have No Idea How to Manage Their Money xchrom May 2014 #22
#3, I choose C DemReadingDU May 2014 #23
Bingo!!!!! AnneD May 2014 #32
Morning Marketeers.... AnneD May 2014 #24
Don't ever retire! It's a trap!!! Fuddnik May 2014 #28
I should be so trapped Demeter May 2014 #29
My thoughts exactly.... AnneD May 2014 #31
Sounds like a good summer plan! DemReadingDU May 2014 #33
Saw a Goose family today Demeter May 2014 #30
 

Demeter

(85,373 posts)
1. So nice to see that the fairy unemployment rate is way down
Wed May 7, 2014, 07:49 PM
May 2014

After all, if the "correction" is "corrected", then there's no loss, right?

Also, no correction, but we can ignore that until the 12th of Never.....

 

Demeter

(85,373 posts)
2. Too stressed to bail: America's big banks are failing basic health tests
Wed May 7, 2014, 08:53 PM
May 2014
http://www.theguardian.com/money/us-money-blog/2014/may/04/bank-big-fail-stress-fed-america-economy?CMP=ema_565



Bank of America missed a $4bn problem for five years, and the Federal Reserve only recently noticed. It may be time to worry


PAST TIME, IMHO



You think you’re feeling stressed?

Just ask Brian Moynihan, CEO of Bank of America, his views of the topic of “stress”, and stand back. Bank of America flunked the Federal Reserve's test of bank health, called a stress test. Each year the Fed asks the country’s 30 largest financial institutions to determine whether they’re healthy enough to survive a crisis – like a repeat of the 2008 meltdown or worse. Passing the Fed’s stress test is the equivalent of a Good Housekeeping seal of approval by regulators for the banks these days: it says banks are safe enough to use some of their money to pay dividends and buy back shares. Falling short of the mark, however, is more than just humiliating for bank CEOs. It has real-world consequences for investors in these stocks as they see the share price fall. It also adds to the nervousness the rest of us have about banks, even five years after the crisis: do they really know what they're doing? IF YOU HAVE TO ASK, THE ANSWER IS "NO"

The Fed is trying to figure that out, and it's a hard grader. It has provided a reality check to Goldman Sachs, JP Morgan, even Citigroup, which flunked the Fed’s test. Bank of America thought it had it made: the Fed passed the bank. Then came the discovery that for years, the bank had made a $4bn mistake, overstating how much capital it had to fall back on. The mistake dated back all the way to the bank's acquisition of Merrill Lynch. Unsurprisingly, when Bank of America fessed up to the Fed, the regulator changed its tune. It forced BofA to nix the divided increase and share buyback plans that the bank had so triumphantly announced after being told in March it had passed the dreaded annual stress test ritual.

So, if you’re an investor – or simply a bystander, anxious about the health of the financial institution where you keep your checking and savings accounts – should you be more stressed about what is going on at Bank of America or about what is happening at the Federal Reserve, which didn't notice the problem in the first place?

*********************************************

For most of us, however, the biggest lesson may be that we can’t leave it up to the bankers and the Fed. True, we can’t get inside the books the way these experts can, and analyze the risks each big bank is running. On the other hand, Bank of America’s humiliation reminds us not to treat the stress test – or anything else of this ilk – as a panacea.


MORE
 

Demeter

(85,373 posts)
3. What Target and Co aren't telling you: your credit card data is still out there
Wed May 7, 2014, 08:55 PM
May 2014
http://www.theguardian.com/commentisfree/2014/may/06/target-credit-card-data-hackers-retail-industry?CMP=ema_565



Hackers have an open window that no fallen CEO has bothered to close, because the retail industry is looking for security in all the wrong places...Cyber thieves know they have until next October to exploit a lack of credit card security that spans multiple major US retailers, and they're working overtime for more than that....

It's now clear that Target and other major retailers have been spending money in the wrong places – and that they've left a gaping hole in the internet for hackers to keep stealing yours. By the time the industry grasps that a bottomless budget for security software, hardware and services means little if you don't have the empowered geeks to help recognize a breach early on, it may already be too late.

Yes, Target is updating its cash registers to use so-called "chip-and-pin" technology, which makes it far more difficult and costly for crooks to create counterfeit credit cards ... while doing absolutely nothing to prevent the theft of the card data itself. The US is already embarrassingly far behind the rest of the world in its adoption. And as every other country that long ago moved to chip-and-pin can attest, this approach alone shifts more of the fraud to e-commerce transactions, where merely knowing a card number and expiration date is enough to push through gobs of fraudulent shoe purchases.

There is an easy fix: if Target or Wal-mart adopted end-to-end encryption, the incentive for fraudsters to target payment terminals at all would be effectively removed, instantly. The data gets encrypted, and hackers have to go somewhere else – the bank or a processor – for a shot at your information. But there has been far too little discussion in the retail industry about adopting this additional security protection – mostly because it's much more costly to justify the expense in the short run.

MORE

kickysnana

(3,908 posts)
4. We are going to hit 80 degrees tomorrow...
Thu May 8, 2014, 01:15 AM
May 2014

but there might be tornadoes.

Some young fellow in an exurb who disappeared last November showed up in an outside storage area of an RV which was 40 miles on its way to the KY Derby with a bachelor party.

A 15 year feud over feeding deer in neighborhood erupted in a shotgun blast that killed one man and injured his significant other. Their kids used to be best friends. The wife was egging her husband on. This was in retaliation for their 18 year old son being arrested Wednesday for threatening murder and arson of the the victims at a VFW on Saturday evening. Two in custody, egging on wife on the run. Lyme rage was mentioned.

Our eagle cam showed one of 3 chicks struggling stuck on something in the nest. They changed their minds about intervening and the chick was taken to the Raptor Center at the U of MN but it was septic and too far gone to save. Sometimes nature is hard to watch.

A two story Somali indoor bizarre was being expanded two more stories up but the very, very high winds caused a collapse of what was to be the third floor in domino effect that ended with debris on the street and pulled down a power line. One person slightly injured.

xchrom

(108,903 posts)
5. Bank of England sticks with low rates even as recovery builds
Thu May 8, 2014, 07:48 AM
May 2014
http://uk.reuters.com/article/2014/05/08/uk-britain-economy-boe-idUKKBN0DO0RB20140508

(Reuters) - The Bank of England kept interest rates at a record low on Thursday, despite signs that Britain's economic recovery is picking up more speed and that house prices are rising strongly.

The Bank's Monetary Policy Committee left its benchmark interest rate at 0.5 percent where it has sat since the depths of the financial crisis more than five years ago.

It also kept unchanged its 375 billion pound stockpile of government bonds which it amassed in recent years in an attempt to get the economy moving again.

The MPC made no statement on Thursday. It is due to announce a new set of quarterly economic forecasts next Wednesday when BoE Governor Mark Carney will hold a news conference.

xchrom

(108,903 posts)
6. Thai graft agency rules against ex-PM as 'red shirts' head for Bangkok
Thu May 8, 2014, 07:49 AM
May 2014
http://uk.reuters.com/article/2014/05/08/uk-thailand-protests-idUKKBN0DO0SX20140508

(Reuters) - Thailand's anti-graft agency indicted former Prime Minister Yingluck Shinawatra for negligence on Thursday, a ruling that came a day after a court threw her out of office and could kill off any hopes she has of staging an electoral comeback.

Thousands of her loyalists were converging on the capital as the National Anti-Corruption Commission's announced its decision to press ahead with charges related to a financially ruinous state rice-buying scheme.

The blows delivered on successive days by the commission and Thailand's Constitutional Court are the latest twists in a struggle for power between Thailand's royalist establishment and Yingluck's brother, ousted former premier Thaksin Shinawatra.

"The committee has investigated and there is enough evidence to make a case ... We will now forward it to the Senate," the National Anti-Corruption Commission (NACC) president, Panthep Klanarongran, told reporters.

xchrom

(108,903 posts)
7. Anti-mafia police arrest former Berlusconi cabinet minister
Thu May 8, 2014, 07:51 AM
May 2014
http://uk.reuters.com/article/2014/05/08/uk-italy-arrest-idUKKBN0DO0TB20140508

(Reuters) - Italian police have arrested Claudio Scajola, industry minister in the last government of ex-Prime Minister Silvio Berlusconi, on suspicion of helping a former party colleague convicted of association with the mafia to flee justice, authorities said on Thursday.

The case adds one more scandal for Berlusconi's Forza Italia party to deal with following his own conviction for tax evasion But the political fallout, including any impact on the party's vote in the upcoming European election, remains unclear. Scajola was forced to resign in 2010 over allegations of impropriety in connection with the purchase of a luxury flat near the Colosseum in Rome, but was cleared of wrongdoing by a court earlier this year.

The DIA anti-mafia police in the southern city of Reggio Calabria said Scajola had been arrested in Rome over his links with Amedeo Matacena, a Calabrian businessman and former lawmaker from centre-right Forza Italia.

No comment was immediately available from Scajola's lawyer. Scajola himself made no remarks to reporters as he was filmed leaving a police station in the capital on Thursday to be taken into custody.

xchrom

(108,903 posts)
8. Barclays axes 19,000 jobs, reins in Wall Street ambitions
Thu May 8, 2014, 07:52 AM
May 2014
http://uk.reuters.com/article/2014/05/08/uk-barclays-restructuring-idUKKBN0DO09Z20140508

(Reuters) - Barclays reined in its ambitions to be a Wall Street powerhouse on Thursday and signalled a return to its retail banking roots with a plan to hive off much of its investment bank and axe one in four jobs at the division.

Chief Executive Antony Jenkins, in his second strategic review since taking over as CEO in 2012, will cut 19,000 jobs in the next three years, 7,000 of them at the investment bank, and park 400 billion pounds of assets in a new "bad bank".

A slide in trading revenue due to investor uncertainty and tough post-crisis regulation combined with a string of senior staff departures and a row with shareholders over bonuses have forced Jenkins to take a knife to the investment bank, built up under his predecessor Bob Diamond and once the group's profit engine.

Jenkins said the recent halt in the trading boom was not just due to a cyclical ebb but was partly permanent, as regulators have tightened the screws on large banks in the past 12 months, making some trading activities too costly to pursue.

xchrom

(108,903 posts)
9. FTSE gains on company updates, Barclays jumps
Thu May 8, 2014, 07:54 AM
May 2014
http://uk.reuters.com/article/2014/05/08/uk-markets-britain-stocks-idUKKBN0DN1CA20140508

(Reuters) - The top shares rose on Thursday following encouraging company updates, with BT surging after strong results and Barclays bank up on a revival plan, as charts indicated the FTSE 100 could reach late February highs.

Barclays climbed 4.6 percent, the top percentage gainer on the index, after saying it will cut 19,000 jobs in the next three years and set up a "bad bank". It led the UK banking index up 1 percent.

"Barclays' significant restructuring to simplify the group is welcomed by investors as an effort to transform the bank ...even if it means the flagship investment banking division, which has driven things for so long, needs scaling back," Mike van Dulken, head of research at Accendo Markets, said.

BT Group rose 3.2 percent as strong demand for fibre broadband and television helped the telecom company report its first growth in consumer revenues in a decade.

xchrom

(108,903 posts)
10. FCA tightens rules on how funds use commissions
Thu May 8, 2014, 07:58 AM
May 2014
http://uk.reuters.com/article/2014/05/08/uk-britain-funds-regulator-idUKKBN0DO0U120140508

(Reuters) - Investment managers will be barred in Britain from using customer money to arrange interviews with top executives of companies they may invest in, the Financial Conduct Authority said on Thursday.

The FCA said stricter rules on how managers spend the 3 billion pounds a year in commission they pay brokers will come in on June 2.

Managers can continue to use commission, which is passed on to customers, to pay for costs related to executing trades or for research into stock picks.

However, some managers were also using commission to cover payments for "corporate access." That meant it included a fee for the broker to arrange meetings with the chief executives of companies the managers might want to invest in. The practice will now be banned.

xchrom

(108,903 posts)
11. Congress Is Terrible at Science—and This Should Make Us Worried
Thu May 8, 2014, 08:13 AM
May 2014
http://www.slate.com/blogs/weigel/2014/05/07/the_first_bill_is_terrible_for_american_science_and_declining_research_funds.html?wpisrc=hpsponsoredd2

America’s scientists are nervous. At the American Association for Advancement of Science conference last week, there was much hand-wringing about an “innovation deficit” that threatens science in this country.

The anxiety is justified. Federal spending for science as a percentage of the government's budget has shrunk in recent decades (from above 10 percent in 1964 to less than 6 percent today).* The private sector isn’t making up the difference. Though companies invest in new science, they tend to emphasize development, rather than research. Funding for “basic research”—studying fundamental scientific questions—has declined in the United States, while in China, it has grown threefold in the last decade. An alarming-looking chart from the OECD compares stagnant overall R&D investment in the United States against the increase seen in other places:



It’s still too early for outright panic. Though research output outside the United States has quickened, much of the science produced elsewhere is replicative work of things first done in the West. The Higgs Boson was discovered at CERN; the 3-D printer commercialized by Americans. In 2013 more than twice the number of patents was filed in the United States than in China (though the prevalence of patent trolls makes this an admittedly imperfect measure of true innovation).

But the trend lines—especially of late—are worrisome. Overall federal R&D funding has fallen by $24 billion since 2010, partly as a consequence of sequestration. The only field of scientific research to receive increased federal funding from 2010 to 2014 is the National Institute of Standards and Technology, an agency in the Department of Commerce. (NIST’s key duty is to set standards for the measurements of things.) The NIH, NSF, and all other research divisions have seen their budgets slashed:

xchrom

(108,903 posts)
12. FANNIE MAE EARNS $5.3B IN 1Q; PAYING $5.7B TO US
Thu May 8, 2014, 08:21 AM
May 2014
http://hosted.ap.org/dynamic/stories/U/US_EARNS_FANNIE_MAE_?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-08-08-05-22

WASHINGTON (AP) -- Fannie Mae posted net income of $5.3 billion from January through March, its ninth straight profitable quarter, as the housing market continued to heal.

Washington-based Fannie said Thursday it will pay a dividend of $5.7 billion to the U.S. Treasury next month. With its previous payments totaling about $121 billion, Fannie has more than fully repaid the $116 billion it received from taxpayers.

Fannie's first-quarter profit compared with record net income of $58.7 billion in the same period of 2013. The year-ago figure was mainly due to a one-time accounting move that allowed the company to lower its tax liability by applying losses on delinquent mortgages to its 2013 taxes.

The government rescued Fannie and smaller sibling Freddie Mac at the height of the financial crisis in September 2008.

xchrom

(108,903 posts)
13. MARKETS AWAIT DRAGHI AFTER ECB MAINTAINS POLICY
Thu May 8, 2014, 08:26 AM
May 2014
http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-08-08-07-10

LONDON (AP) -- Stock markets around the world continued to advance Thursday following a vow from Federal Reserve Chair Janet Yellen to maintain low interest rates until the U.S. job market is healthy.

The widely anticipated decisions by the European Central Bank and the Bank of England to keep interest rates unchanged had little market impact.

More interest will center on the press briefing by ECB President Mario Draghi. Anything he says about the high value of the euro currency could have a bearing on trading - a hint that an interest rate cut is possible could prompt some euro selling.

Ahead of his briefing, the euro was trading 0.3 percent higher at $1.3954.

"Draghi will likely remain very dovish in his press conference in an effort to ensure the euro doesn't strengthen further," said Benjamin Reitzes, an analyst at BMO Capital Markets.

xchrom

(108,903 posts)
14. CHINA TRADE IMPROVES IN APRIL BUT IMPORTS SUBDUED
Thu May 8, 2014, 08:27 AM
May 2014
http://hosted.ap.org/dynamic/stories/A/AS_CHINA_TRADE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-08-05-18-14

BEIJING (AP) -- China's trade rebounded in April from the previous month's surprise contraction but imports were subdued in another sign of the country's economic slowdown.

Customs data Thursday showed exports rose 0.9 percent, recovering from March's 6.6 percent decline. Imports rose 0.8 percent, up from the previous month's 11.3 percent decline.

China's leaders are trying to nurture growth based on domestic consumption to replace a worn out model reliant on investment and trade, but the country still needs strong exports to support employment. Their plans call for annual trade growth of 7.5 percent. Official data show total exports and imports down by 0.5 percent so far this year.

"We expect export growth to continue to improve in the coming months amidst gradually improving global demand momentum, but we do not expect a steep recovery," said RBS economist Louis Kuijs in a report.

xchrom

(108,903 posts)
15. WHY CHINA IS PUTTING AN OIL RIG OFF VIETNAM COAST
Thu May 8, 2014, 08:30 AM
May 2014
http://hosted.ap.org/dynamic/stories/A/AS_CHINAS_OIL_RIG?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-08-08-05-33

BEIJING (AP) -- China has towed a deep sea drilling rig to a spot off Vietnam's coast in waters claimed by both. The rig has been escorted by a reported 70 Chinese craft that have rammed Vietnamese ships and fended them off with water cannons, raising tensions between the nations to their highest in years.

Why is China doing this? China claims virtually the entire South China Sea and has begun acting on announced plans to drill for what is thought to be a wealth of oil and natural gas beneath those waters. The moves may also be a test of Vietnam's ability and resolve to defend its own claims, along with Washington's insistence on freedom of navigation there.

Where is the rig? China has placed its oil rig about 130 nautical miles off Vietnam's coast in waters already identified by Hanoi for exploration but not yet offered to foreign petroleum companies. Vietnam argues the territory is clearly within its continental shelf. China's argument is based on its historic claim to most of the South China Sea and on the rig's proximity to nearby Paracel Islands, which are also disputed.

What are the legal arguments? China's move appears to go against the spirit of both U.N. conventions and agreements Beijing has with Southeast Asian nations that call for nations not to unilaterally engage in conduct that escalates disputes or jeopardizes a resolution to competing claims of sovereignty. The agreements, however, are hazy and unenforceable and China has ignored past commitments while rejecting calls for international mediation.
 

Demeter

(85,373 posts)
25. Legal Argument #1: Might makes Right
Thu May 8, 2014, 10:10 AM
May 2014

Silly rabbits.




By the way
Isn't this what we lost the Vietnam War over?
Betcha there are factions in DC planning a rematch already....

xchrom

(108,903 posts)
16. PHILIPPINES IGNORES CHINA DEMAND TO FREE FISHERMEN
Thu May 8, 2014, 08:34 AM
May 2014
http://hosted.ap.org/dynamic/stories/A/AS_PHILIPPINES_CHINA_FISHERMEN?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-08-07-15-11

MANILA, Philippines (AP) -- Philippine authorities are investigating whether 11 detained Chinese fishermen entered the country's waters illegally to catch endangered turtles, police said Thursday, despite a Chinese demand for their immediate release.

Police detained the fishermen and their boat, which allegedly contained more than 350 green sea turtles, in a disputed area called Half Moon Shoal, sparking the latest spat between the Asian nations in the increasingly volatile South China Sea.

China pressed the Philippine government to free the fishermen and the boat, warning Manila on Thursday not to take any more "provocative actions so as to avoid further damage to bilateral relations."

Asked if the Philippines would heed China's demand, national police chief Alan Purisima said the fishermen will be investigated by an inter-agency committee to determine if they committed any crimes, including illegal entry and catching an endangered species.

xchrom

(108,903 posts)
17. Goldman’s Bullish on Boston Bloods Staying Out of Jail
Thu May 8, 2014, 08:41 AM
May 2014
http://www.bloomberg.com/news/2014-05-08/goldman-s-bullish-on-boston-bloods-staying-out-of-jail.html

Goldman Sachs Group Inc. (GS), which wagered more than $300 billion last year on things like yen rates and bond spreads, just laid down a bet that guys like Nelson “Johnny” Aguilar can stay out of jail.

Aguilar was at a Dunkin’ Donuts near Boston on a Sunday night in March when a shooting outside left a 21-year-old man with a bullet wound to the gut, police said. They arrested Aguilar, a 19-year-old gang member with a criminal record and a tattoo that says “Life’s a Gamble.”

Such crime-blotter moments are Goldman’s concern thanks to a financial product called a social-impact bond. Goldman is anchoring a $21 million plan to help a Boston-area nonprofit called Roca expand its efforts to steer young men like Aguilar away from dealing drugs, stealing cars or committing assaults and murders.

Under the deal, if men targeted by Roca spend 22 percent fewer days in jails and prisons than their peers, Massachusetts would save enough to repay Goldman’s $9 million loan. An even bigger drop in recidivism would hand Goldman as much as $1 million in profit. If Roca fails and too many men end up behind bars, Goldman will lose almost everything it ventured.
 

Demeter

(85,373 posts)
26. I hate to point out the obvious
Thu May 8, 2014, 10:12 AM
May 2014

but Goldman could make a fortune just by eliminating the problem, Mafia-style. and don't think they haven't thought about it.

Why else start in Boston? The Mob is alive and well, and hungry for work....

xchrom

(108,903 posts)
18. Jobless Claims in U.S. Dropped More Than Forecast Last Week
Thu May 8, 2014, 08:46 AM
May 2014
http://www.bloomberg.com/news/2014-05-08/jobless-claims-in-u-s-decreased-more-than-forecast-last-week.html

Fewer Americans than forecast filed applications for unemployment benefits last week, a sign the labor market continues to gain traction.

Jobless claims fell 26,000 to 319,000 in the week ended May 3 from a revised 345,000 in the prior period, the Labor Department reported today in Washington. The median forecast of 52 economists surveyed by Bloomberg called for a decrease to 325,000.

Fewer layoffs set the stage for bigger gains in employment and wages. While payrolls rebounded in April after a weather-induced soft patch earlier in the year, many companies are proceeding with caution while they wait for a sustained pickup in consumer spending, which accounts for about 70 percent of the economy.

“The labor market continues to see gradual improvement,” Omair Sharif, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut, said before the report. “It’s not gangbusters by any means. It’s steady improvement that we’ve seen each year.”

xchrom

(108,903 posts)
19. World Economy Stabilizes in Great Moderation 2.0
Thu May 8, 2014, 08:50 AM
May 2014
http://www.bloomberg.com/news/2014-05-07/world-economy-stabilizes-in-great-moderation-2-0.html

The global economy is rebooting for “Great Moderation 2.0.”

Barely five years after the worst financial turmoil and recession since the Great Depression, the U.S. and fellow advanced nations are showing a stability in output growth and hiring last witnessed in the two decades prior to the crisis, in an era dubbed the “Great Moderation.” The lull points to a worldwide economic expansion that will endure longer than most.

Volatility in growth among the main industrial countries is the lowest since 2007 and half that of the 20 years starting in 1987, according to Bloomberg calculations based on International Monetary Fund data. Investors also are becalmed, with a risk measure that uses options to forecast fluctuations in equities, currencies, commodities and bonds around the weakest level in almost seven years.

“That’s why I call it the Great Moderation 2.0,” said John Normand, head of foreign-exchange and international-rates strategy at JPMorgan Chase & Co. in London. “It looks, sounds and feels a whole lot like that last time we had reason to use that label.”
 

Demeter

(85,373 posts)
27. Total BS
Thu May 8, 2014, 10:14 AM
May 2014

Just because you stop crushing my windpipe doesn't mean I'm all right now. It just means I'm not in immediate danger of death by suffocation/strangulation.

xchrom

(108,903 posts)
20. Oil Industry Risks $1.1 Trillion of Investor Cash: Study
Thu May 8, 2014, 08:56 AM
May 2014
http://www.bloomberg.com/news/2014-05-07/oil-industry-risks-1-1-trillion-of-investor-cash-study.html

Oil explorers like Exxon Mobil Corp. and OAO Rosneft risk wasting $1.1 trillion of investors’ cash through 2025 on expensive, uneconomic projects from the Arctic and deep seas to tar sands, according to a study.

That’s the sum the industry may spend on developments that need market prices of at least $95 a barrel to break even, the Carbon Tracker Initiative said. The money risks being wasted as the total amount of oil the world can afford to burn without warming the planet to unsafe levels is available from less costly deposits that are economical at $75 a barrel, according to its report.

Petroleo Brasileiro SA’s capital spending on projects needing $95 a barrel or more may reach $83 billion through 2025, with Exxon at $73 billion and Rosneft at $70 billion, Carbon Tracker said. The figures aren’t the companies’ own figures but were estimated by the non-profit group, whose backers include the Rockefeller Brothers Fund, Joseph Rowntree Charitable Trust and European Climate Foundation.

Rosneft said consumption of so-called unconventional oil is forecast to rise as demand for energy increases and other sources are depleted. While recovery is a challenge, the resources represent the foundation for a “stable increase in company value for shareholders,” it said in an e-mailed reply to questions. Exxon and Petrobras weren't immediately able to comment when contacted for reaction to the Carbon Tracker report.

xchrom

(108,903 posts)
21. Greek Benefit Costs Drop Below EU Average, Minister Says
Thu May 8, 2014, 09:10 AM
May 2014
http://www.bloomberg.com/news/2014-05-08/greek-benefit-costs-drop-below-eu-average-minister-says.html

The Greek government will bring social security costs for workers below the European Union average for the first time in July when it cuts contributions to the pension and health-care systems, Labor Minister Ioannis Vroutsis said.

Social security contributions will fall by 3.9 percent bringing the total reduction since 2012 to 5 percent, Vroutsis said in an interview in Athens yesterday. The move is part of a suite of measures designed to boost Greece’s competitiveness and attract foreign investment as the country emerges from a six-year recession, he said.

“The reduction of social contributions alone will create about 30,000 new jobs in the next two years,” Vroutsis said. “We have done almost everything required to reform the Greek labor market.”

As Ireland, Spain and, this week, Portugal emerge from the strictures of their bailout programs, Greek officials are trying to show they can continue the work of repairing their economy as the financial pressure eases. After easing rules on firing, lowering compensation for dismissals and overhauling collective bargaining rules, the government ended its four-year exile from international markets last month, issuing 3 billion euros ($4.2 billion) of bonds at an auction that was almost seven times oversubscribed.

xchrom

(108,903 posts)
22. Most People in the World Have No Idea How to Manage Their Money
Thu May 8, 2014, 09:14 AM
May 2014
http://www.theatlantic.com/international/archive/2014/05/the-danger-of-financial-ignorance-do-you-understand-money/361851/

Do you understand money? Let’s see how well you do with the following questions.

1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After five years, how much do you think you would have in the account if you left the money to grow? A) more than $102; B) exactly $102; C) less than $102; D) do not know; refuse to answer.

2. Imagine that the interest rate on your savings account is 1 percent per year and inflation is 2 percent per year. After one year, would you be able to buy A) more than, B) exactly the same as, or C) less than today with the money in this account?; D) do not know; refuse to answer.

3. Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.” A) true; B) false; C) do not know; refuse to answer.

The correct answers are 1-A; 2-C; and 3-B.

How did you do? Did you respond correctly to all three questions? If you did, then you belong to a surprisingly small global minority.

DemReadingDU

(16,000 posts)
23. #3, I choose C
Thu May 8, 2014, 09:49 AM
May 2014

A mutual fund contains hundreds of various entities. In a mutual fund, there are fees and kickbacks that can take a huge chunk from any gains. Over time, that mutual fund could be a loser whereas a single company stock could be a winner.

AnneD

(15,774 posts)
32. Bingo!!!!!
Thu May 8, 2014, 02:46 PM
May 2014

Got all three correct but I too was tempted to go for 3-c. I can work a calculator. Now if you took that same $100 and stocked you pantry, the cash replacement value of your canned goods would well exceed your initial investment. I don't have the exact figures but I know that 1) either the price has remained the same but you get several ounces less of product, 2) the price has gone up with inflation.

I use to keep a book of price per ounce of commonly used household brand items. It was the best savings tool I ever made. That is why I always say that a well stocked pantry is like money in the bank. It even gives a better interest rate.

AnneD

(15,774 posts)
24. Morning Marketeers....
Thu May 8, 2014, 10:01 AM
May 2014
and lurkers. According to the countdown worm outside my clinic door, I have 15 more days until the end of school. This is my last year. I decided I will retire and return to hospital nursing. I hope to do that for 5 more years to build up a retirement fund on top of my pension. It should be a nice sweet spot. However, one thing I have learned of this thread is that there are vultures and thieves at every turn. But I figure God gives you common sense, you just need to learn to use it and choose wisely.

Anyway, things are winding down. Got one more union duty to perform, protesting the school board trying to change the salary scale (they want to base it on kids test scores not your degrees or experience). I am retiring and not a minute too soon. Many of my friends have already retired or are retiring this year too. As the Chinese would say, next year should be an interesting time.

Happy hunting and watch out for the bears.

Anne

Fuddnik

(8,846 posts)
28. Don't ever retire! It's a trap!!!
Thu May 8, 2014, 12:51 PM
May 2014

You'll fall into a rut. Just look at my day.

Arise, 7:00am Have coffee, check nooz.
9:00 am, play golf
Noon, take dip in pool.
12:40pm, have toes cleaned by dog.
Next, take nap
Later, get on motorcycle and head to bar for draft party.
Come home and watch DVR'ed Daily Show and Colbert report. Vodka optional

Next day, rinse, repeat. If too hot, substitute lunch for golf.

Don't do it!!!!!!

AnneD

(15,774 posts)
31. My thoughts exactly....
Thu May 8, 2014, 02:06 PM
May 2014

I will do what I do during my summers of for a while....

Wake up when I wake up.
Nap when I feel like it.
Eat when I get hungry, fixing my own meals.
Work on improving my health and physical fitness.
Surf the web.
Watch movies I have yet to see.
Visit friends and family across the US.
Knit to my hearts content.

After I feel sufficiently recovered I will return to Nursing. Hopefully in a less stressful more lucrative capacity. I just need an extreme rest as this year has taken a terrible toll on me.

 

Demeter

(85,373 posts)
30. Saw a Goose family today
Thu May 8, 2014, 02:02 PM
May 2014

with their brood of newly-hatched goslings, headed for the water. The swans will probably kill them all. Swans don't like competition, even though there are 3 ponds.

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