Daily Digest

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Daily Digest 6/30 - An Unstoppable Climb in C.E.O. Pay, Egypt Braces For Spark

Sunday, June 30, 2013, 10:50 AM

Economy

An Unstoppable Climb in C.E.O. Pay (jdargis)

Lawrence J. Ellison, founder and C.E.O. of Oracle, the software company, is a familiar face on the pay charts, and is ranked No. 1 this year. And had his two top lieutenants been included, they, too, would have landed among the top five on the list. Safra A. Catz, Oracle’s chief financial officer and co-president, and Mark V. Hurd, also a co-president, each received packages worth $52 million in 2012. (Mr. Hurd, you might remember, received severance of more than $12.2 million when he left Hewlett-Packard in 2010.)

Golden Parachutes Are Still Very Much in Style (jdargis)

In some cases, retiring chief executives will continue to receive millions years after their retirement. In addition to his exit package of $46 million in 2012, Edward D. Breen, formerly the chief of the conglomerate Tyco International, received deferred shares, valued at $55.8 million, in 2013. Mr. Breen, who remains chairman, will also receive $30 million more as a lump-sum pension payment in 2016 as part of his employment agreement, Equilar said.

Financial crisis cripples Spain's top med research (Alan W.)

"It is a mistake that will cost us very dear," said Josep Maria Gatell of IDIBAPS, a leading biomedical research centre in Barcelona, who has spent the past five years developing a vaccine against AIDS.

"In the past 10 or 15 years Spain has made a major effort, which has borne fruit. We had a very good position internationally in research. And with these budget cuts we risk losing gains that took 20 years to achieve. It could take another 20 years for us to catch up again."

Ghana’s Crackdown on Chinese Gold Miners Hits One Rural Area Hard (jdargis)

The Chinese found their gold, though trouble soon found them, in the form of crooked police officers and armed bandits who prowled the mining camps. Then, this month, the Ghanaian authorities declared the mines illegal and arrested more than 200 Chinese miners, accusing them of polluting the land and abusing local workers. Countless others fled as local residents armed with guns and machetes attacked the camps, robbing miners of their possessions and killing some who fought back.

Gold Buying Panic In China: 10,000 People Wait In Line For Their Chance to Own Precious Metals (Nervous Nelly)

The following pictures, taken in Jinan in the last 48 hours, depict some 10,000 Chinese citizens lining up to buy physical gold, providing all the evidence you need for the argument that gold is, in fact, money.

A New Period of Uncertainty and Volatility Has Begun (jdargis)

This massive wave of liquidity searching for yield fueled temporary asset-price reflation around the world. But there were two risks to liquidity-driven asset reflation. First, if growth did not recover and surprise on the upside (in which case high asset prices would be justified), eventually slow growth would dominate the levitational effects of liquidity and force asset prices lower, in line with weaker economic fundamentals. Second, it was possible that some central banks—namely the Fed—could pull the plug (or hose) by exiting from QE and zero policy rates.

Egypt, Its Streets a Tinderbox, Braces for a Spark (jdargis)

Mismanagement or sabotage by the institutions of the old government has stunted the transition to democracy. Egypt’s new Islamist leaders all but gave up on building support beyond their faction. And now long-suppressed conflicts over questions of national identity or entrenched interests are threatening to tear apart the national cohesion that was a hallmark of the 18-day uprising in 2011 against President Hosni Mubarak. The strife is beginning to challenge the historic sense of nationhood that long distinguished Egypt from volatile neighbors whose borders were carved out by colonial powers.

Pawnbrokers Thriving as Poorest Aussies Bear Brunt of Slowdown (jdargis)

Cash Converters -- which offers pawnbroking, payday loans, goods sales and installment loans -- recorded the fastest growth of any Australian retailer with more than $100 million in sales last year that didn’t see revenue boosted by a major purchase, data compiled by Bloomberg show. Revenue jumped 26 percent in 2012. In contrast, sales at the country’s largest electrical-goods retailer, Harvey Norman Holdings Ltd. (HVN), fell 7.6 percent.

Gold & Silver

Click to read the Gold & Silver Digest: 6/28/13

Provided daily by the Peak Prosperity Gold & Silver Group

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