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Daily Digest 7/24 - Toxic Fires, Deutsche Bank To Shift $350B From London To Frankfurt

Monday, July 24, 2017, 12:37 PM

Economy

"Worse Than People Can Imagine" - Deutsche Bank To Shift $350 Billion Of Assets From London To Frankfurt (jdargis)

Deutsche Bank's plan notes that trade and balance sheet migration will begin in September 2018, with six months required for the move of the balance sheet, the person said. The bank plans to start informing clients from September 2017 that their contracts will be switched to Frankfurt. It wants to have built front-to-back technology and processes by June 2018, according to the person.

This report comes just days after Cryanb warned his staff that the bank "will assume a reasonable worst outcome" from the UK's talks with the European Union, according to a Bloomberg News report.

European Real Estate Is Entering Bubble Territory, Fidelity Says (jdargis)

Many French retail investors are not “familiar with how this asset class works and believe it can be exited flexibly when required,” said Adrian Benedict, the real estate investment director at Fidelity International. “Their demands for liquidity could easily collide with a reality of forced sales and collapsing returns, or even investor lock-ins when the market turns.”

Break up the cable monopolies? Democrats propose new competition laws (jdargis)

Consolidation in the telecommunications is not just between cable or phone providers; increasingly, large firms are trying to buy up content providers. Currently, AT&T is trying to buy Time Warner. If AT&T succeeds in this deal, it will have more power to restrict the content access of its 135 million wireless and 25.5 million pay-TV subscribers. This will only enable the resulting behemoths to promote their own programming, unfairly discriminate against other distributors and their ability to offer highly desired content, and further restrict small businesses from successfully competing in the market.

OPEC Meets Next Week To ‘Fix’ Compliance Problem (Michael K.)

The participants in the deal agreed to extend the cuts until March 2018 three months ago but this, too, failed to do much to lift prices, which is why some analysts called on OPEC and Russia to cut deeper. Ecuador, meanwhile, earlier this week announced it will stop cutting its oil output, setting what could be a dangerous precedent for OPEC, as many of its members are having a hard time sticking to their reduced quotas even at non-full compliance rates.

Toxic Fires (jdargis)

Most active sites, which currently burn or detonate waste into open air, are run by the military and its contractors, according to the EPA and the Pentagon. The Radford Army Ammunition Plant in Virginia, for example, supplies explosives for almost every American bullet fired overseas and is allowed to burn up to 2.9 million pounds of waste every year. The EPA has found Radford in violation of its hazardous waste permits at least 50 times in the past 37 years, for reasons such as mishandling or mischaracterizing its explosive waste, violating standards for its incinerators and improperly monitoring groundwater.

A timeline map of the massive increase in human-caused earthquakes in Oklahoma (jdargis)

In contrast, in Oklahoma spent hydraulic fracturing fluid represents 10% or less of the fluids disposed of in salt-water disposal wells in Oklahoma (Murray, 2013). The vast majority of the fluid that is disposed of in disposal wells in Oklahoma is produced water. Produced water is the salty brine from ancient oceans that was entrapped in the rocks when the sediments were deposited. This water is trapped in the same pore space as oil and gas, and as oil and gas is extracted, the produced water is extracted with it. Produced water often must be disposed in injection wells because it is frequently laden with dissolved salts, minerals, and occasionally other materials that make it unsuitable for other uses.

Has the Moment for Environmental Justice Been Lost? (jdargis)

In the Arkwright and Forest Park communities in Spartanburg, South Carolina, residents were living near contaminated industrial sites and a landfill — and dying of respiratory illnesses and cancer at extraordinary rates. They used a $20,000 environmental justice grant from the EPA as seed money to form partnerships with local businesses and government agencies. Those alliances, in turn, helped bring more than $250 million in infrastructure, community health centers, affordable housing, environmental cleanups and job training to the area.

Why a total solar eclipse is such a big deal (jdargis)

The next total solar eclipse to visit the US will be in 2024. If an eclipse happens to come to your town, you’re lucky. Any given location will see a total solar eclipse only once in more than 300 years, on average. The vast majority of us will have to travel to an eclipse path if we want to see a total eclipse in our lifetimes.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/21/17

Provided daily by the Peak Prosperity Gold & Silver Group

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2 Comments

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2765
2 cents

Being awake and aware in "modern society" in combination with having any sense of morality is a fucking curse.

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2765
The universe keeps a tally

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