INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

**Carol** Fri Feb 05, 2016 2:19 pm

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Post n°176

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Fri Feb 05, 2016 2:19 pm

Citi: World economy seems trapped in 'death spiral'

The global economy seems trapped in a "death spiral" that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.

Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S.

"The world appears to be trapped in a circular reference death spiral," Citi strategists led by Jonathan Stubbs said in a report on Thursday.

"Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)... and repeat. Ad infinitum, this would lead to Oilmageddon, a 'significant and synchronized' global recession and a proper modern-day equity bear market."

Video at link: http://www.cnbc.com/2016/02/05/citi-world-economy-trapped-in-death-spiral.html

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Fri Feb 05, 2016 5:28 pm

Carol

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Post n°177

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Fri Feb 05, 2016 5:28 pm

Tech-stock wreck destroys $529B this year
Matt Krantz, USA TODAY 4:28 p.m. EST February 5, 2016
AP APTOPIX FINANCIAL MARKETS WALL STREET F A USA NY

The bad year for stocks is getting worse by the minute - and tech investors are feeling the brunt of the pain.

The 462 information technology stocks in the broad Russell 3000 index have shredded a total of $529 billion this year thanks to their average decline of 14%, according to a USA TODAY analysis of data from S&P Capital IQ.

Crashing stocks have served up a brutal reminder why betting on speculative stocks in the technology sector is dangerous business when investors get nervous about growth. The tech-heavy Nasdaq composite index is the worst hit major index of the major ones investors watch - sliding 13% this year while the broader Standard & Poor's 500 is off just 8%.

The Nasdaq's losses from the high are starting to get nervously close to the unofficial definition of a bear market: A decline of 20% or more. The Nasdaq is down more than 16% from its highest point over the past 12 months. The S&P 500, on the other hand, is down just 11.8%.

Massive drops in technology stocks are a big reason for the Nasdaq's pain. The latest stunning example is online social networking company for professionals, LinkedIn (LNKD). After telling investors that profit would grow this year - just not as much as previously thought, shares Friday closed down $83.90, or 44%, to $108.38. That devastating drop erases $15.3 billion in market value this year.

What's even more startling, though, is that LinkedIn's massive wealth destruction this year ranks just seventh among the tech stocks in the Russell 3000. Gadget maker Apple (AAPL) is the biggest destroyed of wealth this year - chewing through $62.3 billion this year as investors brace for the company this year to morph from a growth engine to a shrinking giant. Shares of Apple Friday closed down $2.58, or 2.7%, to $94.02.

Even Alphabet (GOOGL), the online advertising giant that briefly became the most valuable company in the world this week, has been sinking. Shares are down more than 10% since the company reported blow-out quarterly profit this week. Now, the stock has wiped out $51 billion in market value this year. Shares closed down $26.27, or 3.6%, to $703.76 Friday.

LinkedIn isn't the only former tech darling that's crashing. Salesforce.com (CRM), a cloud-based provider of worker tracking systems, is cratering and wiping out $13.2 billion in shareholder value this year. The stock closed down 13%, or $8.69, to $58.51 Friday.

Tech stocks can be huge wealth creators when the economy is looking good. But if there are any questions - or even a hint of slowing growth - watch out!

BIGGEST SHAREHOLDER WEALTH DESTROYERS IN TECH

More at http://www.usatoday.com/story/money/markets/2016/02/05/tech-wreck-destroys-514b-year/79875316/

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Fri Feb 05, 2016 7:38 pm

Carol

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Post n°178

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Fri Feb 05, 2016 7:38 pm

LinkedIn stock plunges 43% wiping $11 BILLION off firm's value following disastrous results
The logo for LinkedIn Corporation, a social networking networking website for people in professional occupations, is shown in Mountain View, California in this February 6, 2013 file photo. LinkedIn Corp will need to improve its profile to reconnect with investors after the social network for professionals shocked the market will a full-year revenue forecast that fell far short of expectations.

REUTERS/RobertGalbraith/Files
LinkedIn shares plunged as much as 43 percent on Friday, wiping out nearly $11 billion of market value, after the social network for professionals shocked Wall Street with a poor revenue forecast.

More: http://www.dailymail.co.uk/sciencetech/article-3433991/LinkedIn-stock-plunges-43-wiping-11-BILLION-firm-s-value-following-disastrous-results.html

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Fri Feb 05, 2016 7:41 pm

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Post n°179

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Fri Feb 05, 2016 7:41 pm

Six members Resign From London Metal Exchange

Six companies, including the world's second-biggest iron ore exporter, have all given up their membership of the London Metal Exchange, the metals bourse said Friday.

Anglo-Australian mining powerhouse Rio Tinto Ltd. resigned as a category five member of the LME effective immediately.

In an LME notice to members, no reason was given for the decision. A spokeswoman declined to comment.

Category five membership is one of the lowest levels, ahead of individual and honorary membership. Members have no trading rights, except as clients, according to an online LME guide on membership.

Europe's biggest metals exchange, which is owned by Hong Kong Exchanges & Clearing Ltd., also approved the resignations of Cargill International S.A., Nyrstar Budel BV, Enmetco LLC, Lonconex Limited and MetAlliance LLP.

More: http://m.nasdaq.com/article/six-members-resign-from-london-metal-exchange-20160205-00607

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sat Feb 06, 2016 12:29 pm

Carol

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Post n°180

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sat Feb 06, 2016 12:29 pm

This is where FINANCIAL WWIII will begin…
In a startling interview, the CIA Warfare Advisor reveals that all 16 U.S. intelligence agencies have begun to prepare for World War III. Making matters worse, his team believes it could begin within the next six months. And the ground zero location for this global conflict could be right here in America. Continue reading here.

EXCELLENT INTERVIEW: http://pro.moneymappress.com/MMRBSSH39PPM3/MMMRS212/?a=19&o=7254&s=7936&u=310794&l=93368&r=MC2&vid=KVdVim&g=0&h=true

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sat Feb 06, 2016 4:20 pm

Carol

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Post n°181

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sat Feb 06, 2016 4:20 pm

Debt, defaults, and devaluations: why this market crash is like nothing we've seen before

A pernicious cycle of collapsing commodities, corporate defaults, and currency wars loom over the global economy. Can anything stop it from unravelling?

A global recession is on the way. This truism of economics holds at any point in which the world is not in the grips of a contraction.
The real question is always when and how deep the upcoming downturn will be.

“The crash will come, but it would be nice if it came two years from now”, Thomas Thygesen, head of economics at SEB told over 200 commodity investors and analysts in London last month.

His audience was rapt with unusual attention. They could be forgiven for thinking the slump had not already arrived.
Commodity prices have crashed by two thirds since their peaks in 2014. Oil has borne the brunt of the sell-off, suffering the worst price collapse in modern history. Brent crude has fallen from $115 a barrel in the summer of 2014, to just $27.70 in mid-January.

http://www.telegraph.co.uk/finance/economics/12138466/when-is-the-next-financial-crash-coming-oil-prices-markets-recession.html

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:32 am

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Post n°182

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:32 am

https://www.youtube.com/watch?v=co73TDl_F7E

Robert Welch Explains Purpose of Vietnam War and all wars since by the US. His astuteness years ago is uncanny. 3 min worth listening to.

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:39 am

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Post n°183

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:39 am

https://www.youtube.com/watch?v=PL_7CuM-q3g
Central Banks Announce Introduction of E Dollar

Last edited by Carol on Sun Feb 07, 2016 8:41 am; edited 1 time in total

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:41 am

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Post n°184

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:41 am

https://www.youtube.com/watch?v=xuJFUDpcxw8
Leuren Moret: 2016 – Putin, Russia & a Silk Road Economy: cooperative, peaceful, beneficial trading

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:45 am

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Post n°185

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:45 am

THRIVE is an unconventional documentary that lifts the veil on what's REALLY going on in our world by following the money upstream -- uncovering the global consolidation of power in nearly every aspect of our lives. Weaving together breakthroughs in science, consciousness and activism, THRIVE offers real solutions, empowering us with unprecedented and bold strategies for reclaiming our lives and our future.

http://www.thrivemovement.com/the_movie

INTERVIEWS in THRIVE

Duane Elgin, Nassim Haramein, Steven Greer, Jack Kasher, Daniel Sheehan, Adam Trombly, Brian O'Leary, Vandana Shiva, John Gatto, Deepak Chopra, David Icke, Catherine Austin Fitts, G. Edward Griffin, Bill Still, John Perkins, Aqeela Sherrills, Evon Peter, Angel Kyodo Williams, Elisabet Sahtouris, Amy Goodman, and Barbara Marx Hubbard.

REVIEWS
"STOP WHAT YOU ARE DOING, sit down, and watch this film! No REALLY, I mean it. This is one of the most IMPORTANT films I’ve seen…Thrive brings together the New Energy and Occupy movements in a coherent, well constructed synergy that EVERYONE should see NOW!"

-Mark Heley, Blogger
"THRIVE is more than a documentary relevant to the times. It is more than a well-researched and alarming insight into who really controls how the world works. It is a recipe and blueprint for how we can, each and every one of us, thrive in the way that the rest of nature does – easily, naturally and with expansive grace. For this last point alone, it is more than worth the time to see."

-Odyssey Magazine
AVAILABLE in 27 LANGUAGES

In order to make THRIVE accessible to a worldwide audience, the movie has been dubbed and subtitled in many additional languages:

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:48 am

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Post n°186

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:48 am

https://www.youtube.com/watch?v=iwwrGxjLiGU
Morocco Has Just Switched On The First Worlds Largest Solar Plant worldsourcemedia.com

Last edited by Carol on Sun Feb 07, 2016 8:49 am; edited 1 time in total

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:48 am

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Post n°187

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:48 am

NEW DELHI: Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month´s sanctions relief.
http://www.thenews.com.pk/print/96283-Iran-wants-euro-payment

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:52 am

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Post n°188

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:52 am

Zimbabwe, China Central Banks Have Yet to Agree On Yuan Settlement
http://allafrica.com/stories/201602070069.html

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:56 am

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Post n°189

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:56 am

New breed investors embrace China's white-knuckle ride

A student looks at stock indexes on his desktop during summer holiday at home in Shanghai, China, in this August 27, 2015 file picture.

A new breed of small investor is riding China's rollercoaster stock markets, looking for a quick buck and thriving on the volatility that has sent others scurrying to the exit clutching their stomachs.

Last summer's 40 percent crash and a 20 percent drop so far in 2016 have sent trading volumes tumbling on the Shanghai and Shenzhen bourses, where retail investors account for 85 percent of the business, unlike more developed markets, where institutions dominate.

Many investors have not just been put off by the falls, but by the wild intraday swings, with sharp morning gains frequently swallowed by sharper afternoon losses.

Not Zhao De. The 26-year-old Beijinger only has around 55,000 yuan ($8,400) to play with, and he wants to make it work hard and fast.

He's currently out of the stock market, not because it's too volatile, but because it stops him making the most of that volatility. He wants to take bigger positions for shorter periods, but the stock market makes him wait a day for trades to be settled, which prevents intraday trading.

He's in commodity futures for now.

"If I buy futures, I can directly short sell," he said.

More: http://www.reuters.com/article/us-china-markets-psychology-idUSKCN0VG00X

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 8:58 am

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Post n°190

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 8:58 am

Fri Feb 5, 2016 5:15pm EST
Exclusive: Iran wants euro payment for new and outstanding oil sales - source
NEW DELHI | BY NIDHI VERMA
A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. REUTERS/Raheb Homavandi/TIMA

Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief.

A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil.

"In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery," the NIOC source said.

Lukoil and Total declined to comment, while Cepsa did not respond to a request for comment.

Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than U.S. dollars, said the person, who has direct knowledge of the matter.

More: http://www.reuters.com/article/us-oil-iran-exclusive-idUSKCN0VE21S

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:00 am

Carol

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Post n°191

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:00 am

Oil falls in volatile trade ahead of key oil producer meeting
NEW YORK | BY DEVIKA KRISHNA KUMAR
A gasoline pump is seen hanging at a petrol station in central Seoul in this April 6, 2011 file photo. REUTERS/Lee Jae-Won/Files

Oil prices ended the week lower in choppy trading on Friday, snapping two weeks of gains, as a frenzy of speculation about a possible deal between top oil producers clashed with concerns about a growing supply glut.

After a volatile week's trading, much is riding on Sunday's meeting between Venezuelan Oil Minister Eulogio Del Pino and his Saudi counterpart Ali al-Naimi in Riyadh, after Del Pino's discussions with the Qatari and Omani ministers this week.

As cash-strapped Venezuela tries to rally support for concerted action between members of the Organization of the Petroleum Exporting Countries to boost prices, Sunday's meeting is seen "make or break" for a possible deal, said Tim Evans, energy futures specialist at Citi Futures.

Adding to this week's rollercoaster ride in prices was the sudden liquidation of a $600 million leveraged fund bet on falling prices.

Investors were also weighing a string of conflicting indicators on Friday as the dollar .DXY recovered some of the ground lost over the past two days while investors continued to fret about growing oversupply, with U.S. inventories hitting record highs last week amid concerns about a slowing global economy.

The pickup in the market earlier this week was not really warranted, Gene McGillian, senior analyst at Tradition Energy said, referring to the market seemingly brushing aside extremely bearish inventory data earlier this week. [EIA/S]

"Today when the dollar tried to push up, which I attribute mostly to a little weekend covering, you started to see some sellers come back in the oil markets," he said.

Global benchmark Brent crude futures LCOc1 settled down 40 cents, or 1.2 percent at $34.06 a barrel, after trading between $35.14 and $33.81.

U.S. crude futures CLc1 closed 83 cents, or 2.6 percent lower, at $30.89 a barrel, after touching a high of $32.45. The contract fell slightly lower to $30.63 in post-settlement trading.

More: http://www.reuters.com/article/global-oil-idUSKCN0VE02L

Last edited by Carol on Sun Feb 07, 2016 12:27 pm; edited 1 time in total

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:03 am

Carol

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Post n°192

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:03 am

A whiff of panic in the Kremlin as Russia’s economy sinks further
By William E. Pomeranz February 4, 2016

Only one month in and 2016 has already delivered a series of devastating economic blows to Russia. As the price of oil and the value of the ruble plummet, so, too, does the standard of living of the average Russian citizen. Russia’s central bank has been widely praised for not spending the country’s hard-currency reserves to support the ruble — an admittedly losing proposition — yet it has done so on the backs of the Russian people.

The public has responded stoically and largely without panic, even as they see their middle-class aspirations crash. But a whiff of desperation can now be sensed, and it is the Kremlin that appears the most perplexed about what the next steps it should take.

President Vladimir Putin has gone so far as to blame Soviet Union founder Vladimir Lenin for Russia’s current difficulties. Historical scapegoats, however, do not relieve Putin and his government of responsibility for Russia’s financial mess. As the economic temperature rises, Moscow will likely find itself under increased pressure to re-examine both its domestic policies and its foreign adventures.

Signs of panic and dysfunction are everywhere. Finance Minister Anton Siluanov has demanded yet another round of 10 percent budget cuts. (A similar reduction occurred in 2015). Otherwise, Siluanov warns, Russia faces a repeat of the 1998-99 financial crash and possible default — not exactly reassuring words from the man in charge of Russia’s economic policy.

The 2016 budget, meanwhile, already included catastrophic reductions in education, health care and social spending. How will the Russian public react to additional cuts? No one knows. To raise revenues, the Kremlin is considering selling off shares in large state companies, including Rosneft, Sberbank and Aeroflot, while still maintaining majority control. Moscow has long vowed never to sell these shares in a depressed market, but that is exactly what would happen under current economic conditions.

The relevant government ministries, however, do not appear to have cleared these privatizations with Putin. He just demanded that the purchasers of these assets must be subject to Russian law — not offshore entities. This sharply reduces an already limited pool of potential buyers.

More: http://blogs.reuters.com/great-debate/2016/02/04/a-whiff-of-panic-in-the-kremlin-as-economy-sinks-further/

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:05 am

Carol

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Post n°193

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:05 am

Armed with new U.S. money, NATO to strengthen Russia deterrence
BRUSSELS | BY ROBIN EMMOTT

Backed by an increase in U.S. military spending, NATO is planning its biggest build-up in eastern Europe since the Cold War to deter Russia but will reject Polish demands for permanent bases.

Worried since Russia's seizure of Crimea that Moscow could rapidly invade Poland or the Baltic states, the Western military alliance wants to bolster defenses on its eastern flank without provoking the Kremlin by stationing large forces permanently.

NATO defense ministers will next week begin outlining plans for a complex web of small eastern outposts, forces on rotation, regular war games and warehoused equipment ready for a rapid response force. That force includes air, maritime and special operations units of up to 40,000 personnel.

The allies are also expected to offer Moscow a renewed dialogue in the NATO-Russia Council, which has not met since 2014, about improved military transparency to avoid surprise events and misunderstandings, a senior NATO diplomat said.

U.S. plans for a four-fold increase in military spending in Europe to $3.4 billion in 2017 are central to the strategy, which has been shaped in response to Russia's annexation of Crimea from Ukraine in 2014.

More: http://www.reuters.com/article/us-nato-russia-idUSKCN0VE1QA

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:10 am

Carol

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Post n°194

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:10 am

The Great Debate
Is it time for the United States to dump Saudi Arabia?
By Josh Cohen February 3, 2016

After the recent execution of Shi’ite cleric Nimr al-Nimr by Saudi Arabia, the Middle East once again risks devolving into sectarian chaos. A mob torched the Saudi Embassy in Tehran, prompting Saudi Arabia and a number of its Sunni allies to break diplomatic relations with Iran.

In response to the unfolding chaos, the Wall Street Journal responded by asking “Who Lost the Saudis?” — fretting that the lack of support from the United States could lead to the overthrow of the Saudi regime. This is a provocative query, reminiscent of the “Who Lost China?” attacks against President Harry Truman after the Communist takeover of mainland China in 1949. But it’s the wrong question. Rather than wondering if Washington’s support for Riyadh is sufficient, American policymakers should instead ask themselves the following question: Is it time for the United States to dump Saudi Arabia?

The moral case for the United States to question its close relationship with Saudi Arabia is clear. Saudi Arabia is governed by the House of Saud, an authoritarian monarchy that does not tolerate dissent, and the country consistently ranks among the “worst of the worst” countries in democracy watchdog Freedom House’s annual survey of political and civil rights.

Saudi Arabia follows the ultra-conservative Wahhabi strain of Sunni Islam, and the public practice of any religion other than Islam is prohibited. Its legal system is governed by Sharia law, and a 2015 study from Middle East Eye noted that Saudi Arabia and Islamic State prescribed near-identical punishments, such as amputation and stoning for similar crimes. The government is also renowned for carrying out public executions after trials that Amnesty International condemns as “grossly unfair”; Amnesty describes the Saudi “justice system” as “riddled with holes. ”

Given the two countries’ divergent values, the U.S.-Saudi alliance relies almost entirely on overlapping economic and national security interests. The United States long relied on Saudi Arabia as an oil supplier, a steadfast beacon of opposition to communism and a huge buyer of American arms. The Saudis, meanwhile, depend on the United States to protect their security.

Despite these long-standing ties, Saudi Arabia now harms American national interests as much as it helps them.

First, the Saudis and the United States diverge over American policy toward Iran. Saudi Arabia sees itself locked in a sectarian and geopolitical struggle with Iran for Middle East supremacy. Riyadh is concerned the deal that lifted sanctions against Iran in exchange for Tehran dismantling it’s nuclear infrastructure will empower Iran to pursue a more aggressive foreign policy in the region. Riyadh also fears abandonment by Washington, and worries the nuclear deal is only the first step in a process that could lead to its replacement by Iran as the United States’ primary Persian Gulf ally.

President Barack Obama, by contrast, describes the nuclear agreement with Iran as “a very good deal” that “achieves one of our most critical security objectives.” While no indication exists that the United States seeks to replace Saudi Arabia with Iran, it makes sense for Washington to explore other areas where American and Iranian interests may overlap. As the United States and Iran continue to feel each other out, we can expect tensions between Washington and Riyadh to grow.

Second, Saudi Arabia executed al-Nimr despite concerns expressed by the United States that doing so could damage hopes for peace in Syria. Ending the Syrian war remains a priority for the United States, since Washington hopes a Syrian settlement will lead all parties to unite against Islamic State.

Saudi Arabia and Iran support opposing sides in Syria’s civil war, and the prospects for peace depend significantly on cooperation from both countries. With the two countries now at each others’ throats due to the Saudis’ execution of al-Nimr, the Obama administration believes Saudi-Iranian tensions could “blow up” Washington’s objectives in Syria.

Third, thanks to the shale oil boom in the United States, American dependence on Saudi oil has dropped dramatically. According to a Citibank report, by 2020 the United States may produce so much domestic oil that it would become a net exporter, completely freeing itself from any reliance on Persian Gulf imports. Moreover, the Saudis also rely on the American market. They and many other OPEC members produce what’s called “heavy sour” crude, and the U.S. refinery system is the most attractive market for this type of petroleum. As the United States reduces imports, the Saudis must scramble to find other markets such as China. Unfortunately for Riyadh — as the Russians can attest — the Chinese give no quarter when holding the upper hand in negotiations.

The Saudis understand the consequences of the United States’ reduced reliance on imported oil. To retain market share, the Saudis launched an assault on American shale oil producers, hoping to drive them out of business by flooding the market with Saudi oil. The Saudis hope this leads oil prices to recover, but in the meantime much of the American shale oil industry could face bankruptcy. While cheap oil is good for American consumers, at a certain point the downside for the United States’ economy may outweigh the upsides. Of course, if the United States regains a greater dependence on foreign oil, the Saudis will be the ones to benefit.

Finally — and most importantly — the United States must accept the fact that Saudi Arabia is a major contributor to worldwide Islamic extremism. Washington policymakers clearly understand this. In a leaked Wikileaks cable, former Secretary of State — and now presidential aspirant — Hillary Clinton stated “donors in Saudi Arabia constitute the most significant source of funding to Sunni terrorist groups worldwide.”

More: http://blogs.reuters.com/great-debate/2016/02/03/is-it-time-for-the-united-states-to-dump-saudi-arabia/

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:16 am

Carol

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Post n°195

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:16 am

More Wall Street Strategists Are Cutting Their S&P 500 Estimates
February 6, 2016 — 7:00 PM HST

China's Foreign-Exchange Reserves Decline to $3.23 Trillion
People watch a television screen showing a news broadcast on North Korea's missile launch at Seoul Station in Seoul, South Korea, on
Amid the normal consensus of bullish calls for stocks in 2016, evidence is mounting that Wall Street strategists are losing their resolve as everything from China to oil and interest rates roil markets.

Just five weeks into 2016, seven of the 21 strategists tracked by Bloomberg have lowered their projections for the Standard & Poor’s 500 Index amid a rout that wiped more than $2 trillion from prices. The cuts have reduced the average annual estimate, the first time that’s happened this early in a year since the Iraq war in 2003.

Trepidation among forecasters renowned for their unabashed bullishness adds to worries at a time when surprises are piling up, from the worst January in seven years to repeated bank stock selloffs and wild swings in the price of oil. The gap between the highest and lowest strategist estimate has swelled to 325 points, the biggest spread at this point since 2012.

“The reason there’s more divergence among forecasters is that equity strategists have a huge problem with predicting two wild cards right now: China and oil,” said Michael Purves, chief global strategist at Weeden & Co. in Greenwich, Connecticut. “We obviously need earnings growth, but that’s oil-dependent, and China is a huge sentiment factor and a global growth contributor. Central banks can take the edge off a little bit but they can’t directly address the two.”

The S&P 500 is down 8 percent in 2016, the worst start to a year since 2008. Investors have been troubled by a decline in crude, which has slipped 50 percent since June, and are concerned about China’s economic slowdown spilling into the rest of the world. Losses in the index have been deepest in 2016 for companies with low credit quality.

More: http://www.bloomberg.com/news/articles/2016-02-07/bull-fortress-cracking-on-s-p-500-as-strategist-cuts-multiply

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:19 am

Carol

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Post n°196

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:19 am

China's Foreign-Exchange Reserves Decline to $3.23 Trillion
China’s foreign-exchange reserves shrank to the smallest since 2012, indicating that the central bank sold dollars as the yuan’s retreat to a five-year low exacerbated depreciation pressure.

The world’s largest currency hoard decreased by $99.5 billion in January to $3.23 trillion, according to a People’s Bank of China statement released on Sunday. The contraction was less than a Bloomberg survey’s median estimate of a $120 billion drop. The stockpile slumped by more than half a trillion dollars in 2015, the first-ever annual decline.

Policy makers fighting to hold up the weakening yuan amid slower economic growth, plunging stocks and increasing outflows have been burning through the reserves. The draw-down has continued since the central bank’s surprise devaluation of the currency in August, when the stockpile tumbled $94 billion, a monthly record before December’s unprecedented $108 billion decline.

“While the remaining reserves represent a substantial war chest, the rapid pace of depletion in recent months is simply unsustainable,” said Rajiv Biswas, Asia-Pacific chief economist at IHS Global Insight in Singapore. “Domestic private investors and global currency traders see a one-way bet against the currency. This has resulted in large-scale private capital outflows since early 2015 as expectations mount that the PBOC will eventually be forced to capitulate once its reserves are sufficiently depleted.”

Outflows Rise
Capital outflows increased to $158.7 billion in December, the most since September and were $1 trillion last year, according to estimates from Bloomberg Intelligence. That’s more than seven times the amount of cash that left in 2014.

The PBOC has stepped up efforts to stem the exodus, warning speculators that they will be punished. It intervened in the Hong Kong market last month after the yuan’s offshore exchange rate sank to a record 2.9 percent discount to the onshore rate. Apart from selling dollars, the monetary authority also gave guidance to some Chinese lenders in the city to suspend yuan lending to curb short selling, a move that contributed to the overnight interbank lending rate surging to an all-time high of 66.8 percent on Jan. 12.

Yuan Outlook
The median estimate in a Bloomberg survey is for the yuan to drop to 6.76 a dollar by the end of this year, with Rabobank Group the most pessimistic with a 7.53 prediction. The currency has declined 1.24 percent so far this year, closing at 6.5755 in Shanghai on Friday. Chinese financial markets are shut for the Lunar New Year holiday.

More: http://www.bloomberg.com/news/articles/2016-02-07/china-s-foreign-exchange-reserves-decline-to-3-23-trillion

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:23 am

Carol

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Post n°197

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:23 am

Egypt Needs 22 Billion Pounds for Water Treatment Plants
by Deena Kamel
February 6, 2016 — 12:17 AM HST

Egypt needs about 22 billion pounds ($2.8 billion) to finance the construction of water treatment plants, the Middle East News Agency reported, citing President Abdel-Fattah El- Sisi.

The facilities need to be able to process at least 3 billion cubic meters of water per year and perform tertiary water treatment, which goes beyond basic measures, MENA reported, citing El Sisi.

More: http://www.bloomberg.com/news/articles/2016-02-06/egypt-needs-22-billion-pounds-for-water-treatment-plants

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:27 am

Carol

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Post n°198

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:27 am

Brazil’s Recession Is Crashing Its Biggest Party
JonathanJLevin
February 4, 2016 — 4:00 PM HST Updated on February 5, 2016 — 7:07 AM HST

Brazil’s Highs and Lows
Brazil’s Carnival, a four-day bacchanal revered as the world’s hottest annual party, is suffering a distinct downgrade this year as the country faces what may be its deepest recession in a century. Fewer than half of Rio de Janeiro’s samba schools that plan the parades got the corporate cash that accounts for up to half of their budgets, according to Liesa, the Carnival association. Petroleo Brasileiro SA, the state oil giant known as Petrobras, says it has cut its Carnival budget by 80 percent.
More: http://www.bloomberg.com/news/articles/2016-02-05/brazil-s-carnival-party-gets-downgraded-to-cheap-old-and-reused

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:45 am

Carol

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Post n°199

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:45 am

Bitcoin Startup Blockstream Raises $55 Million in Funding Round
February 03, 2016, 12:12:00 PM EDT By Dow Jones Business News Comment

Blockstream, a bitcoin-focused startup founded by some of the industry's most high-profile developers, raised $55 million in one of the largest funding rounds in the history of the virtual currency.

Investors including Horizons Ventures, Hong Kong magnate Li Ka-shing's venture-capital firm, Tokyo-based Digital Garage and the investment arm of insurance giant AXA Group contributed to the funding. Horizons Ventures also took a seat on Blockstream's board.

Last month, Digital Asset Holdings, a startup led by former J.P. Morgan Chase & Co. executive Blythe Masters, raised $52 million. On Tuesday, the firm said it had added Goldman Sachs Group Inc. and International Business Machines Inc. as investors, bringing that funding round's total to $60 million.

Launched in 2009, bitcoin is a digital currency that operates on a decentralized computer network without a monetary authority. In the last year, the technology underlying the currency, called blockchain, has garnered increasing attention from Wall Street firms. Banks are tinkering with the technology, joining development consortia and taking stakes in companies.

Blockstream's business is focused around an idea called " sidechains." These are bitcoin-like ledgers that operate independently of, but are pegged to, bitcoin. This allows users to build a separate platform for a specific use but still have access to the bitcoin blockchain.

Read more: http://www.nasdaq.com/article/bitcoin-startup-blockstream-raises-55-million-in-funding-round-20160203-00890#ixzz3zUu4NCun

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

**Carol** Sun Feb 07, 2016 9:48 am

Carol

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Post n°200

Re: INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

Carol Sun Feb 07, 2016 9:48 am

European Equities Close Mixed after Eurozone Retail Sales Fall, UK Lowers Economic Growth Forecast
European main equities closed mixed on Thursday after retail sales in the euro area fell in January and the Bank of England lowered its growth forecast for the UK.

The Markit Eurozone Retail Purchasing Managers' Index, which tracks month-on-month changes in like-for-like retail sales in the bloc's biggest three economies, remained below the neutral 50 level in January, registering a reading of 48.9.

This indicated a modest rate of decline that was little changed from that recorded in December, when the index registered a reading of 49.0. It also represented the third consecutive monthly decline. Each of the three largest Eurozone economies saw downturns in sales, with ltaly recording the worst performance overall.

Phil Smith, an economist at Markit, said: "Sales were higher in January than the situation one year ago, although on a monthly basis they have slipped steadily since November."

In other macro-economic news, the Bank of England lowered its economic growth forecast. The central bank cut its prediction for gross domestic product growth in 2016 to 2.2% from 2.5% in November. The bank also maintained its interest rate at 0.5%.

Read more: http://www.nasdaq.com/article/european-equities-close-mixed-after-eurozone-retail-sales-fall-uk-lowers-economic-growth-forecast-cm575001#ixzz3zUubmjY0

_________________
What is life?
It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.
With deepest respect ~ Aloha & Mahalo, Carol

tMoA

INTERNATIONAL FINANCIAL PROGRESS REPORT - part 1

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