Daily Digest

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Daily Digest 4/11 - KY Gov Vetoes Pension Bill, U.S. Sanctions Inflict Pain on Putin

Wednesday, April 11, 2018, 7:11 AM

Economy

Kentucky governor vetoes pension bill allowing agencies to withdraw from state plan

The state's pension system has $60 billion in liabilities. According to Mr. Bevin, the new bill only raises $300 million over the next 20 years, which isn't nearly enough.

Pension Funding an Issue in 3 Midterm Gubernatorial Races

Pension funding levels for the three states are among the lowest in the nation. Each of the states’ combined pension plans are funded at 60 percent or less, according to Bloomberg Law analysis of information collected by pension research group Public Plans Data. With hundreds of employees’ retirements in jeopardy, the insolvency is likely to become a hot-button issue in the states’ already contested gubernatorial elections—especially in Illinois,

U.S. Sanctions Inflict Pain on Putin as Russia Pulls Bond Sale

The ruble depreciated 3.5 percent to 62.75 versus the dollar, taking its decline this week to 7.2 percent.

Global Debt Jumped to Record $237 Trillion Last Year

Global debt rose to a record $237 trillion in the fourth quarter of 2017, more than $70 trillion higher from a decade earlier, according to an analysis by the Institute of International Finance.

U.S. Deficit to Surpass $1 Trillion Two Years Ahead of Estimates, CBO Says

Spending will exceed revenue by $804 billion in the fiscal year through September, jumping from a projected $563 billion shortfall forecast in June, the non-partisan arm of Congress said in a report Monday. In fiscal 2019, the deficit will reach $981 billion, compared with an earlier projection of $689 billion.

Venezuela stopped bond payments in September

The central bank data, which cover payments of sovereign debt only and exclude obligations by PDVSA and other state entities, show that just $83m was paid in October, compared with sovereign obligations amounting to $465m, according to data from Caracas Capital.

The U.S. Should Be Reaching out to Russia — Not Risking War (thc0655)

Russia is even more important geopolitically than these favorable metrics suggest. Russia and the U.S. are likely to improve relations and move closer together despite the current animosity over election meddling and the attempted murders of ex-Russian spies.

The reason for this coming thaw has to do with the dynamics of global geopolitics. There are only three countries in the world that are rightly regarded as primary powers — the U.S., Russia and China. These three are the only superpowers.

Oil Prices Likely To Soar On Geopolitical Risk (Michael S.)

As such, fears of a trade war have once again declined, although given the impulsive decision-making by the White House, that could obviously change at any moment. “It's not so much 'risk on/risk off', as it is 'trade war on/trade war off' and, at the moment, we're 'trade-war off',” Jasper Lawler of London Capital Group, told Reuters.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/10/18

Provided daily by the Peak Prosperity Gold & Silver Group

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2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4097
Retail defaults soar to record high in 2018

Rising Home Prices Push Borrowers Deeper Into Debt

Wall Street Journal-Apr 10, 2018
Economists warn that lenders must tread carefully in making credit more available, given the role easy mortgages played in creating the last housing bubble. The share of new buyers with debt-to-income levels in the 46% to 50% range remains well below the peak of just under 37% registered in 2007, but is nearing the ...

Why trillion-dollar budget deficits may be on a fast track to $2 trillion

CNNMoney-16 hours ago
For comparison's sake, this year the country's debt is expected to hit 78%. Then again, there is a chance lawmakers might act to moderate deficits before they cross the $2 trillion mark. Maya MacGuineas, who runs the Committee for a Responsible Federal Budget, can see Congress extending some but not all of the expiring ...

Puerto Rico's warring creditors duel over sales tax revenue

Reuters-17 hours ago
The dispute is central to sorting out Puerto Rico's $71.5 billion in debt, about half of which is owed to GO and COFINA bondholders. Each side is owed about $18 billion and claims an ironclad right to the sales tax revenue. The outcome will determine which group recovers more of its investment, and which side will have a ...

Amid Venezuela default, Goldman receives 'hunger bond' payment ...

Reuters-17 hours ago
CARACAS (Reuters) - Despite being in default on most of its debt, Venezuelan state oil company PDVSA has made a $90 million interest payment on a bond largely purchased by Goldman Sachs Group Inc (GS.N) last year in an operation that generated backlash in the crisis-stricken nation, finance industry sources said on ...

Retail defaults soar to record high in 2018

KYMA-20 hours ago
Moody's said in a report on Tuesday that retail sector defaults hit a record high during the first three months of 2018 as the rise of e-commerce and decline of malls continues to eat away at profits. Struggling Sears and bankrupt Claire's are among the nine retailers that defaulted on their debt during the first quarter despite ...

California bill would create health care price controls

Santa Rosa Press Democrat-22 hours ago
SACRAMENTO — California's government would set prices for hospital stays, doctor visits and other health care services under legislation introduced Monday, vastly remaking the industry in a bid to lower health care costs. The proposal, which drew swift opposition from the health care industry, comes amid a fierce debate ...

 

newsbuoy's picture
newsbuoy
Status: Silver Member (Offline)
Joined: Dec 10 2013
Posts: 242
We can no longer sit back and let Putin get away with it!

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