FRANKFURT (Reuters) - German pilots union Vereinigung Cockpit is confident it can come to a deal that will allow it to take part in a round table organized by Lufthansa management in a bid to defuse tensions with unions over job and growth prospects.
TOKYO (Reuters) - Toyota Motor Corp outsold Volkswagen AG for the fourth straight month in October to remain the world's top-selling automaker so far this year, after sales at the German carmaker suffered following the diesel emissions scandal.
LONDON (Reuters) - Chinese shares slumped 5 percent on Friday, hit by regulatory and industrial sector worries, though it wasn't enough to derail the first weekly rise for metals like copper and zinc since early October.
MUMBAI (Reuters) - HSBC Holdings Plc is shutting its private banking unit in India, marking the exit of another foreign bank from the cut-throat wealth management business in Asia's third-largest economy.
PITTSBURGH/CHICAGO (Reuters) - Retailers across the United States offered early Black Friday discounts to lure bargain-hunters on Thanksgiving eve, but initial checks showed crowds in brick-and-mortar stores were subdued even as online sales jumped.
SAO PAULO (Reuters) - Clients stepped up withdrawals from Grupo BTG Pactual SA's money management unit on Thursday, according to a source with knowledge of the bank's strategy, as Latin America's largest independent investment bank tries to contain fallout from the arrest of its top executive.
LONDON/NEW YORK (Reuters) - Alan Schwartz knows how to play a long game. The executive chairman of boutique investment bank Guggenheim Partners spent almost 20 years cultivating Pfizer boss Ian Read as a client. His strategy paid off handsomely when Guggenheim was named lead adviser for one of the biggest deals in history - Viagra-maker Pfizer's $160 billion acquisition of Botox-maker Allergan .
HONG KONG/SHANGHAI (Reuters) - Chinese insurers are on a hiring binge, recruiting an army of agents to sell their products to a burgeoning middle class, but the risk of mis-selling by inexperienced agents on commission could prove costly to the industry and its customers.
After several months of artificial, centrally-planned calm in Chinese markets, where "malicious sellers" found out the hard way the Politburo means business, overnight the relative quiet in Chinese stocks since August broke with a bang when the Shanghai Composite tumbled as much 6.1% before closing down 5.5%, the biggest drop in three months and the largest weekly loss since the depth of the Chinese rout in mid-August while a gauge of Chinese volatility surged from the lowest level since March.
China's market weakness pushed markets around the globe lower, and as a result all the levitation gains in yesterday's holiday market have been wiped out:
S&P 500 futures down up 0.1% to 2089
Stoxx 600 down 0.2% to 384
FTSE 100 down 0.3% to 6375
DAX down less than 0.1% to 11320
German 10Yr yield down less than 1bp to 0.46%
Italian 10Yr yield down 3bps to 1.4%
MSCI Asia Pacific down 0.9% to 133
US 10-yr yield down 2bps to 2.21%
Dollar Index up 0.11% to 99.91
WTI Crude futures down 2% to $42.20
Brent Futures down 1.1% to $44.98
Gold spot down 0.4% to $1,068
Silver spot down 1.1% to $14.12
The Chinese selloff was driven by a trifecta of catalysts: some of China's largest brokerages (Citic, Guosen) disclosed regulatory probes and quickly plunged limit down while Guotai Junan and Haitong said they are facing anti-graft checks; additionally two companies announced bond payment difficulties and finally, overnight China reported that industrial profits fell 4.6% y/y in October, far worse than the -0.1% decline the month before.
"For they have sown the wind, and they shall reap the whirlwind"?—?Hosea 8:7
It may be surprising to hear, but it is a plain historical fact that modern international jihad originated as an instrument of US foreign policy. The "great menace of our era" was built up by the CIA to wage a proxy war against the Soviets.
A 1973 coup in Afghanistan installed a new secular government that, while not fully communist, was Soviet-leaning. That was a capital offense from the perspective of America's Cold War national security state, at the time headed by Henry Kissinger.
Conveniently for Kissinger, the dirt poor country was sandwiched between two US client states: Pakistan to the east and Iran (then still ruled by the CIA-installed Shah) to the west. Immediately after the coup, the CIA and the clandestine security agencies of Pakistan (ISI) and Iran (SAVAK) began regime change operations in Afghanistan, orchestrating and sponsoring Islamic fundamentalist insurrections and coup attempts.
This is likely to be a little tough to swallow for some Americans but The Statue of Liberty - symbolically welcoming the world's tired, poor, and huddled masses - was originally conceived as a Muslim peasant woman.
As The Hill reports, The Statue of Liberty was originally designed to be a Muslim woman, the Smithsonian Institution's magazine says.
An article on the government-administered museum's blog, Smart News, claims one of the designers of Lady Liberty drew inspiration from monuments in Egypt and originally intended to construct a veiled female peasant on the Suez Canal.
The Statue of Liberty was originally conceived as a Muslim peasant woman and was to have stood at the approach to the Suez Canal, a lantern in her upraised hand serving as both lighthouse and a symbol of progress.
But the sculptor, Frederic Auguste Bartholdi of France, proved unable to sell the idea to the khedive of Egypt, Ishma'il Pasha. Bartholdi remained determined to erect a colossus on the scale of the one in ancient Rhodes. He sailed to America with drawings of the Muslim woman transformed to the personification of Liberty.
China shares fell 5.5% Friday, the biggest daily slide since August, as authorities intensify their crackdown on the securities industry. The market's swift fall signals officials' efforts to snuff out trading practices they deem suspicious or volatile is backfiring.
As many Stratfor Security Weekly readers know, for the past several years I have focused pretty heavily on the threat grassroots jihadists practicing the leaderless resistance model of terrorism pose to the West. One of the things that I've attempted to do in my writing is to place the threat into the proper perspective: It is the most likely type of terrorism that will occur, but grassroots operatives are often quite limited in their terrorist tradecraft, and it is a rare individual who is capable of pulling off a spectacular terrorist attack alone.
The federal government provides financial support for the development, production, and use of fuels and energy technologies both through tax preferences and through spending programs administered by the Department of Energy (DOE). Policymakers have provided that support with several goals in mind, including increasing domestic energy production, reducing greenhouse gas emissions, and encouraging research that might benefit society but that would not be profitable for private firms to undertake without government funding.
A host of big economic events is coming our way next week, so get your rest. And if you're bummed that parts of Wall Street are calling for a dull year for U.S. stocks next year, then look to this part of the world for gains.
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, using Livefyre just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com