Daily Digest

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Daily Digest 6/26 - What Went Wrong In UK Election, Is An Oil Comeback On The Cards?

Monday, June 26, 2017, 6:40 AM

Economy

British General Election: What Went Wrong? (James W.)

The writer John Greer, whose book I have reviewed before, wrote an article (which is no longer online), when Jeremy Corbyn (“Corbyn”) got elected Labour leader in 2015, predicting the Corbyn surge. He argued, presciently, that Corbyn’s Bennite brand of old-school socialism offered an alternative to a set of economic and political policies that had failed the majority of the population. The stagnating wages, the growing income inequality between rich and poor and the nearly decade of austerity by the ruling Conservative Party would inevitably lead to an electoral backlash.

Does US have right to data on overseas servers? We’re about to find out (jdargis)

The outcome has huge privacy ramifications for consumers and for the tech sector, which is caught between a rock and a hard place. The sector is being asked by the US government to comply with court orders that sometimes conflict with the laws of where the data is stored.

Trump wants 'heart' as Republicans seek to deliver Senate healthcare bill (jdargis)

As no Democrat will side with the bill, Republicans will be able to accommodate the opposition of just two of their 52 senators. Senate majority leader Mitch McConnell is facing a daunting task. The challenge is all the more onerous as conservative qualms about the bill are themselves cleft into two hostile camps.

Arab Neighbors Demand Qatar Shutter Al-Jazeera and Cut Ties With Iran to End Diplomatic Row (jdargis)

Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties to Qatar this month over allegations the Persian Gulf country funds terrorism — an accusation that President Donald Trump has echoed. Those countries have now given Qatar 10 days to comply with all of the demands, which include paying an unspecified sum in compensation.

Regulators move to pull the plug on Mississippi coal plant (jdargis)

The plant, originally supposed to cost $2.9 billion, is designed to take soft lignite coal and turn it into a synthetic gas that can be burned to generate electricity, capturing climate-warming carbon dioxide and other pollutants. But the Kemper County plant’s cost has ballooned and it’s running more than three years behind schedule. Its gasifiers have run intermittently in recent months, but Mississippi Power has yet to achieve reliable commercial operation.

Expert Commentary: Is An Oil Comeback On The Cards? (Michael K.)

In geopolitics we also aren’t counting OPEC out in its ability to manage downside risk for two reasons. Firstly, the cartel’s 1Q’17 revenues increased y/y despite production cuts providing an important lesson in cooperation. Secondly, the ARAMCO IPO persists as compelling motivation for Saudi-lead market management. On a longer time frame the cartel is obviously losing price influence to shale, but that doesn’t mean they can’t create headline risk in the near term (as they did this week) by floating discussions of more aggressive cuts.

Europe Doesn’t Need American Climate Scientists. It Needs American Climate Data (jdargis)

“We live in a global marketplace and want to recruit the best minds—and many of the very best are in U.S. labs,” said Professor Piers Forster, director of the Priestley International Centre for Climate at the University of Leeds. Professor Forster is now “actively recruiting” Americans. “We have had a trickle of approaches from U.S. colleagues,” he said. Other U.K. institutes “are having similar conversations,” he added.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/23/17

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
A budget by June 30, or Illinois faces unprecedented 'junk' stat

Italy Commits $19 Billion for Veneto Banks in Biggest Rescue

Bloomberg-21 hours ago
Italy will commit as much as 17 billion euros ($19 billion) to clean up two failed ... Shareholders of the two banks as well as holders of subordinated debt “fully ...

A budget by June 30, or Illinois faces unprecedented 'junk' status

Chicago Sun-Times - ‎Jun 23, 2017‎
When the state pays higher interest rates, that's less money it can use to pay for government services — or to reduce the growing $15 billion backlog of unpaid bills. There's also a risk of what Standard & Poor's has characterized as Illinois ...

High police and fire pension rates send lawmakers scrambling

Arizona Daily Sun-15 hours ago
The City Council voted Wednesday to ask the state pension plan to allow it to pay off its outstanding debt of $2.4 billion over 30 years instead of 20, a change ...

Pennsylvania budget deadline looms with no clear way to bridge $3 billion deficit

Allentown Morning Call - ‎4 hours ago‎
Expect the Capitol to be mobbed this week with protesters and lobbyists as reporters haunt closed-door meetings where negotiations will focus on spending cuts, taxes, gambling and liquor expansion in the face of the state's ever-present $3 billion deficit.

Report: Colorado pension fund liabilities up 20 percent

The Denver Channel-15 hours ago
DENVER (AP) — Colorado's public employee pension fund netted a 7.3 percent ... Employees' Retirement Association earned $3 billion in 2016, its unfunded ...

Most school districts raising taxes, reducing staff to meet rising costs

Observer-Reporter - ‎10 hours ago‎
Washington School District is raising taxes by the district's allowed index of 3.5 percent and reducing two teaching positions through attrition, said Business Manager Rick Mancini. He said pension costs will increase in the budget for the upcoming ...
cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5570
A bubble in articles explaining why they aren't bubbles

Well, certain sentiment indicators are pretty reliable and one of them has to be when defenders of the bubbles come out of the woodwork to explain why this time is different.

Look Ma!  No bubbles!

 

Pay no attention to the valuations of these bubbly markets, this time there are good reasons for the super-high prices!

I've run across dozens of these articles in the past couple of weeks.  They are becoming rather, shall we say, strident.

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2768
Confirmation

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1763
WH: Impending Sarin Gas Attack in Syria

First this morning Project Veritas releases the CNN management as recorded on hidden camera as saying the Russia narrative was "bull***t" but it increased sales.  He admits that there is no evidence, but the narrative is good for business and has improved ratings.

I interpret this as the MSM being in the late stages of its suicide process

-------------------

Then, the White House has issued statement of "impending sarin gas attack by the Assad government on civilians" and vows that it will deal harshly with "those who kill innocent children."  here, here and here

And the new UN Ambassador, Nikki Haley, vows that future gas attacks on Syrian citizens will not just be blamed on Syria, but also on Russia and Iran.

The pace of craziness is high this morning.

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2768
Moar Craziness

"Massive Cyberattack" Spreads Across Europe, Hits Ukraine, Russia, UK, Denmark (Zerohedge)

Quote:

Update: in addition to the below listed companies, all of which appear to have been targeted in the global cyberattack including Russia's Rosneft and metals giant Evraz, Danish shipper Maersk, UK ad company WPP, the Ukraine central bank, government and airport, more targets are emerging including Norway's national security authority which has said that a Ransomeware attack is ongoing in Norway "similar to the attack on Maersk", while Russia's Home Credit Bank said all domestic branches are closed because of the cyber attack.

Quote:

Russia's Rosneft, a government-owned oil firm, also said it was targeted by a “massive hacker attack” on its servers, as was steel maker Evraz. "The cyber attack could lead to serious consequences, however, due to the fact that the Company has switched to a reserve control system, neither oil production nor preparation processes were stopped,” a statement from Rosneft said.

British advertising company WPP also said several units were affected by a suspected cyber attack.

Or, as Reuters summarizes:

  • SWISS GOV'T AGENCY SAYS UKRAINE, RUSSIA, ENGLAND AND INDIA ARE MOST AFFECTED BY VIRUS, NO INDICATION THAT SWISS COMPANIES AFFECTED
  • SWISS GOV'T AGENCY SAYS THERE ARE INDICATIONS THAT PETYA RANSOMWARE VIRUS IS CIRCULATING AGAIN

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