Daily Digest

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Daily Digest 1/11 - Venezuela Imports Down More Than Half, Companies Struggle With Pension Plans

Wednesday, January 11, 2017, 8:13 AM

Economy


Venezuela 2016 imports down more than half to $18 bln -president

Recession-hit Venezuela's imports plunged by more than half to nearly $18 billion in 2016, President Nicolas Maduro said on Monday, as the country prioritized foreign debt payments despite chronic product shortages.

Five graphs that show where Houston stood in 2016

Remarkably, in a span of just 15 years, Houston’s unfunded pension liability went from $0 to $4 billion. In one of the most high-profile reports it produced in 2016, the Kinder Institute explored how this liability grew so large, so fast.

Va. delegate urges Metro compact changes

Among the specific issues referenced in the resolution are: the size of the Metro Board and the qualifications of its members; whether binding arbitration used for labor discussions in order to prevent strikes should be removed; financial changes to address the costs of operations and a $2.5 billion unfunded pension and other post-employment benefits liability.

Illinois governor pans state legislature's Chicago pension fix

The systems are projected to run out of money in the coming decade and were depending on legislative sign-off of the city’s enactment of a water and sewer usage tax and telephone surcharge designed to help get them 90 percent funded in 40 years.

Companies Struggle to Maintain Pension Plans (UK)

Lower-than-expected bond yields following the Brexit vote last June have added to U.K. pension deficits, which swelled to £560 billion, £90 billion higher than the previous year, according to a report released Monday by PricewaterhouseCoopers LLP. The funding gap is at its highest level since PwC began its tracking in 2012.

More Illinois residents hit the highway, declining Madigan’s ‘my way’

“They spent us into a $130 billion pension deficit, they allowed $11.2 billion in bills to pile up, they have failed to pass budgets … and they refuse to change the business climate or compensation that pays state union workers double what the average Illinoisan makes.”

Public pensions out of control in Texas’ biggest cities

Austin, Dallas, Houston and San Antonio carry a whopping $22.6 billion in unfunded pension liability, according to Moody’s, the financial analysis firm. “Rapid growth in unfunded pension liabilities over the past 10 years has transformed local governments’ balance sheet burdens to historically high levels,” the Moody’s report stated.

NJ Seeks Help from Bankers to Bring Down Public-Worker Pension Costs

Annual debt payments tied to a bond issue that was called the “Pension Security Plan” in 1997 are continuing to ramp up and will reach $500 million in the next few years. The state’s annual pension contribution is also set to increase by nearly $600 million when Gov. Chris Christie introduces a new state budget next month.

Nigeria Traders to Start Exchange Rate in Black Market Fight

With foreign-exchange shortages mounting, Nigerian businesses have been forced to the black market, where each dollar trades for about 490 naira, compared with the official rate of 315. The BDCs will initially quote a rate of 399, Gwadabe said.

High Inflation, Low Rates Are a Threat to Merkel

In December, inflation in Germany jumped to 1.7 percent year-on-year, compared with 1.1 percent for the whole euro area. The Bloomberg consensus forecast for 2017 German inflation is 1.6 percent, up from 0.4 percent in 2016; that means a negative real interest rate for savers.

Gold & Silver

Click to read the PM Daily Market Commentary: 1/10/17

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3818
Chinese Regulators Target Bitcoin in Effort to Limit Capital Lea

Illinois Senate budget plan includes $5 billion in tax hikes, $7 billion ...

Illinois Policy-18 hours ago
Illinois Senate budget plan includes $5 billion in tax hikes, $7 billion in ... local governments will continue to accrue more debt and bigger pension liabilities.

'Enough is Enough' Message Sent to Lawmakers

Public News Service-8 hours ago
Illinois is projected to spend $13 billion more than it will collect in taxes this year, and ... a future of having to pay for this massive amount of debt," he continued.

China's S$5.5 trillion wealth products reel as bond binge unwinds

The Straits Times-13 hours ago
The risk of a vicious cycle of bond losses, cash shortages, payment failures and further debt-market declines has prompted China's policy makers to step in.

Strapped-for-Cash Chinese Companies Find New Ways to Borrow

Bloomberg-13 hours ago
Structured note sales backed by assets such as receivables jumped 130 percent to 455.2 billion yuan ($65.7 billion) last year, based on official data released ...

Chinese Regulators Target Bitcoin in Effort to Limit Capital Leaving ...

Wall Street Journal-3 hours ago
BEIJING—China's central bank stepped up supervision of bitcoin trading as it escalates a battle to curb capital outflows and stabilize the yuan. The move sent ...

Energy's Drunken-Sailor Legacy Hangs Over Debt Rescue Plans

Bloomberg-5 hours ago
Crude prices topping $50 a barrel helped to ease pressure on distressed energy companies, allowing at least 27 issuers to sell $16 billion of junk-rated bonds in ...

California's budget deficit is back, Gov. Jerry Brown says

Los Angeles Times - ‎17 hours ago‎
Jerry Brown on Tuesday said the state is projected to run a $1.6-billion deficit by next summer — a noticeable shift in the state's fiscal stability that could worsen under federal spending cuts championed by President-elect Donald Trump. “The ...

Ontario health costs rise, care declines

Toronto Sun-13 hours ago
Even when paying off annual interest on the province's $300 billion debt is added in, health care still accounts for 38.7% of all spending. Frontline health care ...

Venezeula's Awful Economy Got Even Worse in 2016

Bloomberg-5 hours ago
... It's trying to preserve them for debt payments instead of spending them on foreign goods. Maduro said last week that imports plunged to $17.8 billion last year.

Peso sinks to fresh low as Mexico woes mount

Financial Times-22 hours ago
... emerging market currencies with a 17 per cent drop, the Mexican currency has already ... The bank's intervention to prop up the peso last week failed to rein in ...

Hawaii public worker pension shortfall grows to $12 billion

Thehour.com-3 hours ago
... Hawaii's public employees' pension fund has grown to more than $12 billion, ... shows the Employees' Retirement System pension fund deficit was up about ...

Spiking Pension Costs Squeeze San Diego Budget

KPBS-15 hours ago
Spiking Pension Costs Squeeze San Diego Budget ... The looming deficit could force spending cuts or delays in implementing new projects and initiatives.

Miami taxpayers carry outsized debt burden, report says

Miami Herald-6 hours ago
Repeated decisions by Miami city officials to kick long-term pension and healthcare ... to as OPEB, accounting for just about the entirety of the unfunded debt.

Medicaid underfunded to start year, director tells lawmakers

Mississippi Business Journal-15 hours ago
Mississippi's Medicaid director says there are straightforward reasons the program is requesting an additional $75 million to get through the final six months of ...

Brownback's budget raises taxes, alters pension and Medicaid funding

Topeka Capital Journal - ‎1 hour ago‎
Gov. Sam Brownback's proposals to eliminate a $350 million revenue shortfall and balance the state budget over the next two years calls for a series of tax increases, sale of future tobacco company payments to the state, liquidation of a $300 million ...

Oklahoma Medicaid agency seeks $200M funding boost

CapitalGazette.com-17 hours ago
The agency that oversees Medicaid in Oklahoma is requesting an additional $200 million, mostly to maintain its current level of health care services for ...
derelict's picture
derelict
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Joined: Aug 13 2008
Posts: 9
Houston article direct link

The Houston piece was behind a paywall when I tried it. Direct link is here:

https://urbanedge.blogs.rice.edu/2017/01/05/5-charts-that-helped-explain...

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