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    Daily Digest 2/1 – Tax-free Living Ending Soon For Saudis, Tough Road To Japanese Fiscal Reform

    by saxplayer00o1

    Wednesday, February 1, 2017, 3:32 PM


Retailers are expected to suffer big spike in bond default rate in 2017

Default rate for retail sector is expected to spike to 9% in 2017 from 1% over the last 12 months, says Fitch

Tax-free living will soon be ending for Saudis

Residents of the energy-rich region had long enjoyed a tax-free and heavily subsidised existence but the collapse in crude prices since 2014 sparked cutbacks and a search for new revenue.

Excerpts from recent editorials in newspapers in Illinois

About that still-evolving budget agreement, which includes an income tax increase, let us say this: We can do the math. As painful a concession as it is an obvious one, there is no question that Illinois needs more revenue, so blot-out-the-sun large are its shortfalls due to previous governing incompetence – a projected $5.3 billion budget deficit by fiscal year’s end, $11 billion in unpaid bills, $130 billion in pension liability. Cuts in that amount would be staggering, crippling not only essential investments in the state’s future – in schools, infrastructure – but falling disproportionately and almost unforgivably on the state’s most vulnerable.

Kuwait cabinet approves budget with huge deficit

The Kuwaiti government on Monday approved the 2017/2018 budget with a projected huge deficit for the third year running due to the sharp fall in oil prices. Finance Minister Anas Al Saleh said the fiscal year’s budget which begins on April 1 is projecting a shortfall of 6.6 billion dinars (Dh79.34 billion; $21.6 billion).

New euro zone loans to Greece hinge on IMF participation in bailout – ESM

Greece needs a new tranche of financial aid under its 86 billion euro bailout by the third quarter of the year or it faces the risk of defaulting on its debts.

Locals Wary of Modi Math as Foreigners Sell $6 Billion Debt (India)

Primary dealers have rescued two of the last four sovereign-debt auctions, as Prime Minister Narendra Modi’s administration is expected to announce an unprecedented 6.25 trillion rupees ($92 billion) in gross market borrowings to fund the fiscal deficit, a survey conducted by Bloomberg shows.

Tough road to fiscal reform for debt-ridden Japan before FY2020

Japan’s primary deficit in fiscal 2020 is now expected to total 8.3 trillion yen ($72.2 billion), up from 5.5 trillion yen projected in July. And its ratio to nominal gross domestic product is projected at 1.4 percent, up from 1.0 percent, according to the Cabinet Office.

BOK vows to maintain monetary easing policy

The Bank of Korea (BOK) has left its key rate unchanged at an all-time low of 1.25 percent since June when it made a surprise rate cut to bolster Asia’s fourth-biggest economy. “We plan to maintain the monetary easing policy to support the recovery of economic growth,” the BOK said in a report submitted to the National Assembly earlier in the day.

France’s FN sets out unorthodox economic plans to support a euro exit

France’s National Front will combine the euro exit at the heart of its economic platform with a cocktail of unorthodox policies including money printing, currency intervention and import taxes, a top party official told Reuters.

Korea’s national debt tops W900tr

Outstanding general debt rose from 274 trillion won in 2007 to 413 trillion in 2012 under the Lee administration.
The amount increased by 168 trillion won over the past four years to 581 trillion won at the end of 2016.

Watchdog urges creation of EU toxic loans bank

Andrea Enria, chairman of the European Banking Authority, said in a speech on Monday that the scale of the region’s bad debt problem had become “urgent and actionable”, with lenders burdened by more than €1tn of toxic loans.

Italian banks make little headway in clearing out bad loans: ECB

Italy’s 14 biggest banks held 284.4 billion euros worth of so called non-performing exposures at the end of September, just 1.6 billion euros less than three months earlier, even as provisions on those loans rose, figures from the European Central Bank showed.

Bank of Italy and ECB say euro exit would be disaster for Italy

In a Eurobarometer survey published in December, 47 percent of Italians considered the euro a ‘bad thing’ for their country, against 41 percent in favour.

However, other recent surveys in Italian newspapers have shown a majority of Italians wanting to keep the single currency.

Brazil’s central bank forecasts higher debt-to-GDP in January

Net debt probably reached 46.4 percent of gross domestic product in January, up from 45.9 percent in December. Gross debt is forecast to have risen to 70.2 percent of GDP, up from 69.5 percent at the end of 2016, Rocha said.

Gold & Silver

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  • Wed, Feb 01, 2017 - 8:17am



    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2922

    European Bonds Post Worst January on Record Amid Political Angst

    European Bonds Post Worst January on Record Amid Political Angst

    Bloomberg – ‎3 hours ago‎
    Euro-region bonds handed investors the worst start to a year on record as heightened political risk across the currency bloc added to speculation the European Central Bank may bring its asset-purchase program to an abrupt halt in 2018. With general …

    IMF issues damning report on eurozone fiscal policy

    RT-26 minutes ago
    It reveals the public-debt-to-GDP ratio of the euro area as a whole increased … to maintain confidence in it since the start of the sovereign debt crisis of 2009.
    It reveals the public-debt-to-GDP ratio of the euro area as a whole increased from an average of less than 60 percent of GDP in the early 1990s to more than 90 percent in 2015.

    Germany’s credit to ECB sets new record in December

    Reuters – ‎4 hours ago‎
    Italy, where euroskeptic voices are growing louder, has the largest debt with the ECB at 356.6 billion euros, despite a small decline in December after eight straight months of outflows. The threat of defaults on cross-border debts has often been

    Share of euro zone sovereign debt with negative yields falls to 40 …

    Reuters-11 minutes ago
    Share of euro zone sovereign debt with negative yields falls to 40 pct – Tradeweb. LONDON Feb 1 The share of euro zone government debt with negative yields …

    RPT-UK corporate pensions headache could worsen in 2017

    Reuters-9 hours ago
    But years of low UK interest rates and a flight to safe-haven investments after … which consultants said could have a negative impact on the pension deficit.

    Brazil’s Public Accounts Register Record Deficit of R$155.8 Billion

    The Rio Times-1 hour ago
    Brazil’s Central Bank report shows largest public deficit in fifteen years for 2016, … Rocha of the Central Bank’s Economic Department, to local news outlet G1.

    $24 Billion in Debt And You May Be Footing The Bill – ‎15 hours ago‎
    Columbia, SC (WLTX) – The South Carolina pension system sits $24 billion in the hole according to state Treasurer Curtis Loftis. “The largest swindle in the history of South Carolina and the biggest debt we’ve ever had and not one person has paid a price.

    Greece’s Deadlocked Debt Talks Unnerve Investors

    Wall Street Journal – ‎1 hour ago‎
    Investors are dumping Greek bonds, fearing that Athens will be unable to pay debt that comes due this summer. The selloff comes as the Greek government is again at a standstill in negotiations with its creditors in the eurozone and at the International …

    Treasurer: Oregon could borrow $5.4B over next 8 years hours ago
    SALEM, Ore. — The Oregon Legislature could issue up to $1.14 billion in new general-fund backed debt and up to $209 million in Lottery-backed debt over each …


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  • Wed, Feb 01, 2017 - 9:12am


    Montana Native

    Status Member (Offline)

    Joined: Mar 17 2009

    Posts: 41

    #1 Billboard song the last 2 weeks

    I was talking to a friend the other day about his kids and the music they listen too. He was complaining, as most aging parents do, that the music kids listen to is atrocious. Out of curiosity, I went to the Billboard Hot 100 song list and found that the link here was topping the charts the last two weeks. #1 song in America… I feel as though the messages portrayed in the video and the popularity of the song speak to the gaping divide in our Country. This is not BB King, The Beach Boys, KISS, or Tracy Chapman, this is scary

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  • Wed, Feb 01, 2017 - 11:45am



    Status Platinum Member (Offline)

    Joined: Oct 01 2008

    Posts: 1353

    LFDH and KT Tunstall

    One of my favorite from a great series:

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  • Fri, Feb 03, 2017 - 1:07am

    Reply to #2


    Status Bronze Member (Offline)

    Joined: Feb 16 2014

    Posts: 49

    Music?? reply to # 2

    This assaults my senses (visual and auditory).
    ‘Music’ is one reason I do not enjoy the shopping centre experience – what they play here in the shops (temples of consumerism) is awful.
    Along with the ugly advertising plastered everywhere I just want to get in and out for what I need ASAP.
    BTW – most large shopping centres do not stock the kind of items I wish to purchase anyway.
    I find op-shops, garage sales and sunday markets better.

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