Daily Digest

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Daily Digest 4/3 - The End Of OPEC Is Near, Greening Arctic Ice Explained

Monday, April 3, 2017, 9:45 AM


First Post-Brexit Tremors: Theresa May "Would Go To War" To Protect Gibraltar (jdargis)

As The Telegraph adds, Howard said the British Government will stand by Gibraltar during Brexit talks amid claims of an EU “land grab” for the territory by Spain. It came as Spain confirmed that it would not initially block an independent Scotland's attempts to join the European Union (EU). Alfonso Dastis, Madrid's foreign minister, reportedly said Spain would not veto an independent Scotland's EU hopes - while stressing he does not want to see the country leave the United Kingdom.

Student Debt Giant Navient to Borrowers: You’re on Your Own (jdargis)

Borrowers can’t reasonably rely on America’s largest student loan servicer to counsel them about their many options, Navient said on March 24 in a motion to dismiss the case, because its primary role is, after all, to collect their payments.

“There is no expectation that the servicer will act in the interest of the consumer,” Navient said in response to the litigation filed Jan. 18 by the U.S. Consumer Financial Protection Bureau.

Create Your Escape Plan Now (Tiffany D.)

As I mentioned last week, Americans aren’t exactly skipping with merriment down gold-paved streets. In fact, the country has been rapidly declining in international happiness rankings for about a decade. According to the World Happiness Report: “While the U.S. ranked third among the 23 OECD countries surveyed in 2007, it had fallen to 19th of the 34 OECD countries surveyed in 2016.”

Trump Aides’ Disclosures Reveal Surge in Lucrative Political Work (jdargis)

Those disclosures, contained in 92 personal financial statements of Trump administration staff members released starting Friday night, offer a hint of how an explosion in spending has expanded the lucrative array of private political work in Washington, enriching even the anti-establishment activists and operatives who sided with Mr. Trump.

The customer is always wrong: Tesla lets out self-driving car data – when it suits (jdargis)

Data that shows up in the press often comes from the onboard computers of the cars themselves and can tell the public – and law enforcement officials – whether a customer’s hands were on the wheel, when a door was opened, which of its self-driving processes were active at the moment and whether or not they had malfunctioned.

How Many Robots Does It Take to Replace a Human Job? (jdargis)

Those numbers prove that changes are already happening, and those changes can be instructive for the future. The study’s authors find that the addition of one robot per 1,000 workers reduces the employment-to-population ratio (the number of people actually employed in an area divided by the number of people of working age) by 0.18 to 0.34 percentage points, and reduces wages by between 0.25 and 0.5 percent. On the low end, this amounts to one new robot replacing around three workers. The impact is unsurprisingly most pronounced in manufacturing (particularly in the production side of the auto industry), electronics, chemicals, and pharmaceuticals, among others. Perhaps most importantly, there were negative effects for virtually all workers except managers.

The End Of OPEC Is Near (Michael K.)

A cartel is a group of like-minded producers, who act in concert—or collusion—to achieve a shared goal of increasing their profits by means of restricting supply, fixing prices, or destroying their competition by illegal means. The average life of the 20th Century cartels has been 3.7 to 7.5 years, according to various studies by Margaret Levenstein and Valerie Suslow. In the past two centuries, cartels have been able to influence prices by an average of 25 percent.

Greening Of Arctic Ice Explained: Thinning Sea Ice Causing Massive Growth Of Dangerous Phytoplankton (jdargis)

"Our big question was, how much sunlight gets transmitted through the sea ice, both as a function of thickness, which has been decreasing, and the melt pond percentage, which has been increasing," noted Chris Horvat, the first author of the study. Horvat is attached to the Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS).

Gold & Silver

Click to read the PM Daily Market Commentary: 3/31/17

Provided daily by the Peak Prosperity Gold & Silver Group

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A Le Pen-Led France May Be the Crisis That Draghi Can't Fix

A Le Pen-Led France May Be the Crisis That Draghi Can't Fix

Bloomberg-7 hours ago
France has about 1.6 trillion euros ($1.7 trillion) in outstanding government debt, meaning a central bank effort to calm bond-market turmoil could potentially ...

Fears of bubble as Australian house prices surge

Financial Times-10 hours ago

Fears of bubble as Australian house prices surge ... “We have a rapid and worrying rate of increase in house prices and debt but there is no law of gravity that ..

Student Loans at $1.3 Trillion Shove Family Debt Toward Pre-Crisis ...

TheStreet.com-16 minutes ago
It was an object lesson in the risks of household debt, which topped out at ... down 7.4 points from 2008, when the collapse of a housing bubble prompted a ...

Japan's BTMU bank mulls fee hike for big clients amid negative ...

euronews-Apr 2, 2017
T>, is in talks with its big corporate customers on potential fee hikes, in a bid to pass on some of the costs of negative interest rates. Japanese banks, particularly ...

Japan's balance of stashed cash surging

Nikkei Asian Review-6 hours ago
TOKYO -- More Japanese are socking away their money in the form of cash, due to falling deposit interest rates resulting from the Bank of Japan's negative ...

South Africa rand sinks further amid concern about credit downgrade

BBC News-3 hours ago
... and Fitch, amid fears that the political upheaval made a downgrade of South Africa's sovereign debt to non-investment - or "junk" - grade almost inevitable.

Almost a Decade Later, U.S. Money Markets Are Yet to Recover

Bloomberg-14 hours ago
Regulators' effort to stamp out risk in the $2.6 trillion U.S. money-fund ... can only buy the safest U.S. debt has created the potential for a bottleneck if Congress is ...

Debt Market Lures Billions as Verizon, GM Pursue Pension Trade

Bloomberg-4 hours ago
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Chinese Bond Defaults Creep Up Despite Better Economic Tone

Nasdaq - ‎10 hours ago‎
Now Bloomberg reports that Chinese companies have posted their worst ever quarter for debt defaults. Its report came just as ... It also said that total issuance from firms rated AA was CNY33 billion ($4.8 billion) in the first quarter. Not only is ...

China just had its worst ever start to a year for defaults

The Australian Financial Review - ‎10 hours ago‎
The campaign has also hit issuance: firms rated AA, generally considered junk in China, sold 33 billion yuan ($US4.8 billion) of bonds in the first quarter, the least since 2011, Bloomberg data show. Chinese companies have scrapped 129 billion yuan of ...

RPT-China c.bank injects $89.9 bln of liquidity in March, up sharply ...

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Outstanding SLF loans were at 70 billion yuan at end-March, compared with ... a rapid build-up in debt, China's banks extended a record 12.65 trillion yuan of ...

Latin American Markets Feel the Pressure From Political Turmoil

Bloomberg-22 hours ago
Holdings of Brazilian debt among Japanese mutual funds stood at 455.6 billion yen ($4 billion) in February, up about a fifth from the most recent low point in ...

Jersey lawmakers look to dig the $135B pension hole even deeper

New York Post - ‎15 hours ago‎
Moody's cited New Jersey's gargantuan, and growing, unfunded pension liabilities as key to its decision to lower the state's rating from A2 to A3 — the second downgrade in four months. The move reflects the “negative impact of significant pension ...

Mayor Rawlings rejects bill to rescue pension fund calling it a ...(Dallas)

WFAA-12 hours ago

The pension fund has unfunded liabilities of $3.7 billion. ... We cannot find another pension fund in American where someone pays into a fund based on future ..


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