The Obama administration asked the Supreme Court to review last year's insider-trading decision by a federal appeals court that overturned two convictions and set a higher standard for proving the financial crime.
PARIS (Reuters) - Airbus Group has told buyer nations of the A400M transporter aircraft that it cannot deliver all of its high-tech defenses according to plan, casting a shadow over some of its military uses as Europe battles growing instability on its borders.
Back on December 29 of last year, we explained how under the burden of its soaring current account deficit, and its its first primary fiscal deficit since 1998, not to mention numerous corruption scandals and a dysfunctional monetary policy, the Brazilian economy "just imploded." We also noted the main reason for the Latin American collapse: Brazil had for the past decade become China's favorite source of commodities, and now that China suddenly no longer needed commodities, the Brazilian economy went into freefall.
We followed this up a month later with "Brazil's Economy Is On The Verge Of Total Collapse" which repeated more of the same, only this time the situation was even worse.
It took the rating agencies 7 months to figure out what our readers had known since 2014, when two days ago S&P downgraded Brazil's credit rating from Stable to Negative citing, what else, the "sharp deterioration of the growth and fiscal consolidation outlook and heightened political/institutional friction" adding that "the negative outlook reflects the agency's view of a "greater than oneâ€"inâ€"three likelihood that the policy correction will face further slippage given fluid political dynamics and that the return to a firmer growth trajectory will take longer than expected."
In other words, Brazil is about to become the next BRIC to follow Russia into junk territory:
The $9 billion investment firm run by Steven A. Cohen continued its push into the world of big data, hiring former Bridgewater Associates co-head of research Matthew Granade as chief market intelligence officer.
(Reuters) - Facebook Inc's shares fell as much as 5 percent on Thursday, after the company's weak advertising sales growth outlook dampened investor expectations boosted by Google Inc's strong report earlier this month.
BOSTON (Reuters) - Venezuela's currency woes cut nearly $3 billion in profit at U.S. blue-chip companies during the second quarter and prompted Procter & Gamble Co to remove its operations in the South American country from its consolidated financial reports.
Anyone trading Chinese shares shouldn't take a long lunch. That is the lesson from the Shanghai market's behavior in recent days, as margin calls and moves linked to government buying shake up trading.
How many more blind eyes can the press (or "we, the people") turn?
* * *
As Liberty Blitzkrieg's Mike Krieger explains...
A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts.
If the case proceeded, Switzerland's largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.
Within months, Mrs. Clinton announced a tentative legal settlement—an unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.
From that point on, UBS's engagement with the Clinton family's charitable organization increased. Total donations by UBS to the Clinton Foundation gre ...
NEW YORK (Reuters) - In a setback for Google Inc , a U.S. appeals court ruled on Thursday that the low licensing rate Microsoft Corp pays to use some of Google's Motorola Mobility patents had been properly set.
A quick Google search for the phrase "Turkey joins ISIS fight" reveals that generally speaking, the media is doing its best to pitch Ankara's newfound willingness to engage Islamic State militarily as a kind of come-to-Jesus moment for the Erdogan regime.
Here's the official line, excerpted from the NY Times:
Turkey plunged into the fight against the Islamic State on Thursday, rushing forces into the first direct combat with its militants on the Syrian border and granting permission for American warplanes to use two Turkish air bases for bombarding the group in Syria.
The developments ended a longstanding reluctance by Turkey, a NATO member and an ally of the United States, to play a more aggressive part in halting the Islamic State's expanding reach in the Middle East. American officials said it carried the potential to strike Islamic State targets with far greater effect because of Turkey's proximity, which will allow more numerous and frequent bombings and surveillance missions.
Turkey, a vital conduit for the Islamic State's power base in Syria, had come under increased criticism for its inability â€" or unwillingness â€" to halt the flow of foreign fighters and supplies across its 500-mile border.
Up to now, Turkey has placed a priority on dealing with its own restive Kurdish population, which straddles the Syrian border in the southeast, and in the toppling of Syria's president, Bashar al-Assad, whom the Turks blame for creating the conditions in his war-ravaged country for the rise of Islamic extremism.
But now that extremism has increasingly menaced ...
WASHINGTON (Reuters) - General Electric Co is taking steps to shift some U.S. manufacturing work overseas now that the U.S. Export-Import Bank will be shuttered at least until September, the industrial giant's global operations boss told Reuters on Thursday.
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
Can markets be saved an eighth time, a ninth time, a tenth time this year? How about next year?
What do we make of a stock market that's been "saved" seven times in a mere seven months? Saved from what, you ask? Saved from rolling over, of course; after six years of upside, the current uptrend is getting long in tooth, and evidence of global recession is mounting.
What's "saved" the market seven times in seven months? The usual burps of hot air: the Federal Reserve issued more mewlings (zero rates forever), Greece was "saved" again, China's crumbling stock bubble was "saved" again, and so on.
The problem for bulls is they keep hitting their head on the ceiling after every "save": instead of running to new highs in an extension of the six-year uptrend, the S&P 500 reverses once it reaches the narrow band of recent highs.
As soon as the SPX hits this range, somebody starts selling. It's called distribution: the smart money sells to whomever is buying--bot, trader, hedge fund, it doesn't matter, as long as someone takes the shares off their hands.
This raises the question: how many more "saves" can there be? How many more times can Greece be "saved" so global markets rally? How many more times can China's imploding stock market be "saved," bailing out global markets again? How many more times can the Fed talk up zero interest rates and put off an eventual click up in rates?
WASHINGTON (Reuters) - The International Monetary Fund can only approve new loans for Greece after Athens reaches an agreement with European governments that would ensure it can pay its debts, an IMF official said on Thursday.
While everyone knows "you don't mess with Texas," it appears technologists worldwide just learned another truism, "you don't disrupt in Mexico." As the following disturbing clip shows, as WFLA reports, an angry crowd attacked Uber drivers and their vehicles with clubs and stones Tuesday outside the Mexico City airport.
Amateur video captured the incident, showing people smashing car windows and throwing eggs and flour at vehicles. One man destroyed a moving car's rear window with a large rock.
Uber said between 10 and 12 cars were damaged in the attack. There were no reports of serious injuries. Mexico City became the first city in Latin America to make official regulations for smartphone-based taxi services earlier this month. The Organized Taxi Drivers of Mexico, a union campaigning against Uber, denied any involvement in Tuesday's attack.
(Reuters) - The S&P 500 was on track for its flattest session in two weeks on Thursday as investors digested ho-hum corporate earnings and new data showed that the economy grew more quickly in the second quarter.
Submitted by Erico Matias Tavares via Sinclair & Co.,
Mark Andrew Ritchie grew up in the Deep South, in an Oregon coast logging town and in Afghanistan, where he traded in the bazaar for kites, glass string and homing pigeons. He eventually became a pit trader at the Chicago Board of Trade, a founding partner of CRT (once the largest options trading firm in the world), a participant in Jack Schwager's bestselling book "The New Market Wizards" (1994) and creator of the Ritchie Rule trading app.
After raising five kids with his dream woman, she engaged him to follow her dream working with orphans in Asia where he became a barefoot banker. He is Chairman of RTM2, a trading group, and lives near Chicago. He has authored many widely acclaimed books, including "God in the Pits" (1989) and "Spirit of the Rainforest" (2000). His latest book on trading, "My Trading Bible", scheduled for release in September, is now available on Amazon.
Erico Tavares: Mark, it is a great pleasure to be speaking with you today. Your life has been an inspiration t ...
(Reuters) - Virgin America Inc , a low-cost airline partly owned by billionaire Richard Branson, said it expects business to improve in Dallas, a major airline hub where competition has led to increased discounting.
Investors, traders and executives who rely on federal data from the Energy Information Administration are tripping over conflicting images of U.S. production that have emerged from separate EIA reports in recent months.
HOUSTON (Reuters) - The stark reality of a much-feared second dip in crude prices is prompting global oil majors and nimble U.S. shale companies alike to ax spending once again a year after the first price crash started.
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