The Purchase, New York-based company does, of course, still face the problem of getting profits out of a country that tightly controls its dwindling supply of dollars through a maze of foreign-exchange restrictions. Those controls have driven out other multinationals: Air Canada has stopped flying to the South American nation; consumer-products giant Clorox Co. pulled out too; and Ford Motor Co. wrote down the value of its local business to zero.
At the height of the British Empire, it is not clear that even the dowager Queen Victoria held that sort of whimsical power. This sort of individual discretion is more reminiscent of the barbarity of former ages, of pharaonic Egypt, of the Mongol hordes, or of the cults of the dark gods that fed on beating hearts torn from human sacrifices.
Such is the power of the modern religion of the markets, and with those who would displace any power greater than themselves to make way for the overheated imaginings of their restless wills and fancies.
While the leftist-led government hopes to be in a position to meet debt repayments and pay government workers and pensioners in June, it will opt for the latter if it faces a dilemma, its finance minister said.
Athens wants a deal to include a debt restructuring, a lower target for the primary surplus to take in more than it spends apart from debt interest payments, and a pledge to make no further cuts to pensions or wages.
An Insane Financial World (GE Christenson)
What if bail-ins occur, and the banks take your deposited funds to pay off creditors, such as other banks who bought or sold derivative contracts? (If the bail-in is announced late on a Friday and the banks are closed the next week for “restructuring” you will have no opportunity to remove your currency from the bank. In Cyprus the insiders and politically connected escaped with their funds while many other individuals and businesses discovered their accounts had been “bailed-in.”)
Global banks admit guilt in forex probe, fined nearly $6 billion (Dana T., Jason B.)
"The penalty all these banks will now pay is fitting, considering the long-running and egregious nature of their anticompetitive conduct," said U.S. Attorney General Loretta Lynch at a news conference in Washington.
The vote was the latest show of organized labor’s clout at City Hall. During nearly a year of often emotional debate, labor leaders never gave ground on their central demand that the minimum wage rise to at least $15. The City Council ultimately favored that approach over Garcetti’s proposal to raise the minimum wage to $13.25 by 2017.
A combination of soiled beaches and pungent stench of petroleum caused state parks officials to close Refugio State Beach and El Capitan State Beach, both popular campgrounds west of Santa Barbara, for the Memorial Day weekend.
I will be first to admit that I thought oil prices short term would peak in $60s and $70s, but I never thought they would retest the lows. Why should they, if all the trends point to markets slowly rebalancing? In fact, there is growing evidence that not only are we slowly rebalancing but the world may actually be running short of oil. According to Reuters, Saudi Arabia has turned down requests from China for more oil, as they are using it for their own domestic refining needs. It goes on to quote: “[a]nother source with a Chinese refinery that takes Saudi oil said Saudi heavy crude was ‘a bit tight’ in May and June.” China was forced to turn to Russia, Oman, and other non-OPEC nations for their needed supply. Why would Saudi Arabia refuse to supply China unless oil was, in fact, tight?
Vortex Bladeless aims for lower-cost wind energy approach (Arthur Robey)
The structure, said Yanez, was caught up in aeroelastic coupling. Yanez and team worked on recreating similar conditions to lead to their development of a bladeless wind turbine. Instead of turning, the turbine oscillates, producing movement and displacement, said Yanez. "The system is based on the same principles as an alternator—electromagnetic induction." They multiply that movement and speed magnetically—without any gear assemblies or ball bearings. They turn the mechanical energy of the structure into electricity.
Scientists say bees — crucial to pollinate many crops — have been hurt by a combination of declining nutrition, mites, disease, and pesticides. The federal plan is an "all hands on deck" strategy that calls on everyone from federal bureaucrats to citizens to do what they can to save bees, which provide more than $15 billion in value to the U.S. economy, according to White House science adviser John Holdren.
Gold & Silver
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