Daily Digest

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Daily Digest 9/24 - We Are Double Plus Unfree, Is Wall Street Playing Dirty?

Thursday, September 24, 2015, 9:13 AM


Margaret Atwood: we are double-plus unfree (Adam L.)

It’s the sudden, violent, unpredictable event we truly fear: the equivalent of an attack by a hungry tiger. Yesterday’s frightful tigerish threat was communists: in the 1950s, one lurked in every shrub, ran the message. Today, it’s terrorists. To protect us from these, all sorts of precautions must, we are told, be taken. Nor is this view without merit: such threats are real, up to a point. Nonetheless we find ourselves asking whether the extreme remedies outweigh the disease. How much of our own freedom must we sacrifice in order to defend ourselves against the desire of others to limit that freedom by subjugating or killing us, one by one?

US Equity Futures, Yuan Plunge After China Manufacturing PMI Collapses To March 2009 Lows (richcabot)

Following Xi's earlier speech reassuring Yellen that the "Chinese economy is stable," and the Yuan tumbled 0.25% against the USD ahead of the data. China's Flash Manufacturing PMI printed a disastrous 47.0 (against expectations of a slight rise to 47.5 from August's 47.3). This is the lowest print since March 2009.

The New Shackle of Serfdom: Clinging to Healthcare Insurance (richcabot)

Retired Americans only have to scrape up the few hundred bucks for Medicare Parts A, B, C, D, and of course E through Z (shall we talk about insane levels of complexity in the system? Perhaps another time...).

Modern capitalism has one necessary dynamic: the mobility of labor and capital. Financial capital is entirely mobile now; a click of a mouse button is all that's needed to send capital almost anywhere.

Do you want Australia's megarich to be kidnapped? Do you? Then let them hide their tax (Arthur Robey)

Unless Australia’s top 700 companies are allowed to keep their tax information secret, they will be at risk of kidnapping – or worse

Global Economy Imploding Now: Warren Pollock (reflector)

On China, Pollock contends, “China will eventually overtake South Korea one way or the other using soft power or hard power. South Korea is the key to all the ship building of the world and the world’s naval capacity. . . . China is a land power, and the way for China to become a sea power is through Korea and southern Japan. . . . With China, it is a question of whether or not they can stay stable internally. That will be the trigger for war. As these economies unravel, the most dangerous economy to unravel is China.”

Robot revolution sweeps China's factory floors (Arthur Robey)

With costs rising and profits shrinking, Chinese manufacturers "will all need to face the fact that only by successfully transitioning from the current labor-oriented mode to more automated manufacturing will they be able to survive in the next few years," said Jan Zhang, an automation expert at IHS Technology in Shanghai.

Shenzhen Rapoo Technology Co. is among the companies at ground zero of this transformation. At its factory in the southern Chinese industrial boomtown of Shenzhen, orange robot arms work alongside human operators assembling computer mice and keyboards.

Is Wall Street Playing Dirty? (Tiffany B.)

oday, though, most stock buybacks are a joke. Every shareholder’s “piece of the pie” is a little larger, after a company buys back millions of its own shares. But each slice has less pepperoni, less cheese and less sauce.

Why? Because at the core of the issue is the fact that the company’s earnings have declined and that’s never a good sign. Companies are using stock buybacks to make weak sales and profits look better than they really are.

Probable Cause with Sibel Edmonds (richcabot)

The FBI’s illegal surveillance of government officials and misuse of FISA, how the information was used by the US government, the cases of three FBI insiders who spoke up and reported these operations, how and why those cases were classified and gagged by the US government and censored by the US media, and finally, how all this will come into play in the coming trial of Dennis Hastert.

Weak factories data weigh on shares; euro rises (richcabot)

The Dow Jones industrial average .DJI fell 68.72 points, or 0.42 percent, to 16,261.75 in choppy Wall Street trading, the S&P 500 .SPX declined 3.9 points, or 0.2 percent, to 1,938.84 and the Nasdaq Composite .IXIC added 1.10 points, or 0.02 percent, to 4,757.82.

Europe's FTSEuroFirst index of leading 300 European shares .FTEU3 had rallied on regional manufacturing reports but ended flat with a rise of 0.07 percent.

Capitalism and Economic Growth (Wilson S.)

Indeed, all countries are socialist to some degree where the state expropriates capital from its citizens directly or indirectly through taxation and other means to use according to its priorities. The main uses of state capital are public administration, law enforcement, public infrastructure, welfare and warfare. Capitalism requires at least one function of the state which is to enforce laws protecting individual property rights. Hence capitalism cannot be entirely free of the state or some other protective agency.

Governments’ Hands Are Chained; They Cannot Prevent Their Demise (Aaron M.)

Japan used the Postal Savings Fund, which at its peak in 1989 of $1.3 trillion dollars was the largest fund in the world. I was called in to develop a hedging model six months before our model warned that the high would be in place for 1989.95. We prepared the plan and the government prevented them and another client with over $1 trillion from hedging. They said if we hedged those positions, the Nikkei would collapse. The government then usurped the Postal Savings Fund and tried to prevent the demise. Countless Japanese lost everything because they too assumed the government was all-powerful and held on to losing positions. We had to work out bailouts for over 200 companies in Japan. By 1999, the Postal Savings Funds required bailouts.

Democracy Has Departed The West: Paul Craig Roberts (richcabot)

Here we have the incongruity of Washington and London bringing democracy to others through what Vladimir Putin calls “airstrike democracy,” while tolerating a democracy deficit themselves. The safest conclusion is that democracy is a cloak for an aggressive agenda, not a value in itself to the US and UK elites, who rule and who intend to continue to rule these countries for their personal benefit.

‘I’m beginning to struggle with why we even do plans’: New towers will block $400K solar panels in Edmonton (westcoastjan)

He said council spent a lot of money on a 35-year market forecast before it set maximum heights for each zone. Planners wanted to make sure they didn’t concentrate all the development on just a couple of lots and get stuck with vacant properties elsewhere. On Monday, council supported a rezoning that dramatically changes those numbers without any updated market estimates.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/23/15

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."


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Third-quarter GDP tracking below 2%, complicating Fed decision

MarketWatch-22 hours ago
The central bank has kept its key fed funds short-term interest rate near zero since 2008. The Fed is right to pay heed to global shifts. The dollar has become ...

Norway's Central Bank Cuts Interest Rate

New York Times-5 hours ago
OSLO — Norway's central bank reduced its main interest rate on Thursday for the second time in four months, sending its currency tumbling, and said it might ...

India's Central Bank Expected to Cut Rates

Wall Street Journal-10 hours ago
MUMBAI—Reserve Bank of India Governor Raghuram Rajan will cut lending rates at Tuesday's policy meeting, economists say, as he takes stock of slowing ...

UPDATE 1-Brazil 5-yr CDS jump to 7-yr high, dollar bonds tumble 2 ...

Reuters-2 minutes ago
... their highest in almost seven years on Thursday and sovereign dollar bonds fell ... debt and offered creditors a 50 percent write-down on another debt tranche.

Fitch Downgrades the State of Rio de Janeiro's IDR to 'BB+'; Outlook ...

Reuters-17 hours ago
Moreover, the state has committed to relevant debt increases until 2017, ... Any further negative action affecting the Brazilian sovereign ratings could have a ...

Brazil Consumer Confidence Falls in September

Nasdaq-3 hours ago
Inflation in Brazil is well above the top end of the central bank's 2.5%-to-6.5% target range--annual consumer inflation is at 9.57%--while the Selic base interest ...

Brazil's Central Bank Moves to Prop Up Real Amid Volatility

Wall Street Journal - ‎22 hours ago‎
SÃO PAULO—Brazil's central bank intervened to try to calm the country's volatile foreign-exchange market and prop up the Brazilian currency, the real, which has been sliding against the dollar. The bank announced in the early afternoon auctions of ...

Brazil Real Tumbles to New Record Low as Investors Rush to Sell

Bloomberg - ‎17 hours ago‎

Brazil's real fell for a fifth consecutive day and reached a new record low, with the rout in the currency gaining momentum as investors sell amid concern the country's finances are deteriorating. Even as the central bank


Central-bank interventions fail to halt Brazilian real's decline

MarketWatch - ‎1 hour ago‎
The Brazilian real pushed further into record-low territory Thursday despite two interventions by the country's central bank meant to prop up the beleaguered currency. The Central Bank of Brazil auctioned off currency-swap contracts and dollar ...

Brazil central bank to guarantee efficient FX market -Tombini

Reuters-4 minutes ago
When asked if the bank could use its foreign reserves to quell forex volatility, Tombini ... He also reaffirmed the central bank's strategy of keeping interest rates at ...

MarketsBrazil, Mexico forced to act to stop FX rout

Financial Times-20 hours ago
Another day of steep losses for the real has finally forced Brazil's central bank to step in to stop the rot. The BCB said on Wednesday that it will auction $2bn ...

Brazil central bank: less growth, more inflation

MarketWatch - ‎2 hours ago‎
Brazil will end this year with a 12-month inflation rate of 9.5%, the central bank said. In its June report, the bank had forecast inflation of 9% for 2015. The bank lifted its forecast for inflation in 2016 to 5.3% from 4.8%. The central-bank forecast ...

UPDATE 1-Brazil central bank ups 2016 inflation view as currency dives

Reuters - ‎2 hours ago‎
The upward revision comes after the real slid to its weakest ever as investors fret over a deepening political and economic crisis in Latin America's largest economy. The central bank targets an inflation rate of 4.5 percent, the midpoint of its ...

Central Banks Below Zero

Wall Street Journal-16 hours ago
The central bank's chief economist and a member of its policy board, Andrew Haldane, warned Friday that instead of thinking about its first rate increase in years, ...

Taiwan Central Bank Cuts Rate for First Time Since 2009 -- Update

Nasdaq-2 hours ago
Taiwan's central bank cut its benchmark interest rate for the first time in more than six-and-a-half years Thursday, saying a 0.125-percentage-point reduction in ...


Mexico central bank sells $200 mln after peso hits 1-month low

Reuters - ‎21 hours ago‎
MEXICO CITY, Sept 23 Mexico's central bank sold $200 million in an auction on Wednesday to support the peso after the currency fell sharply to a nearly one-month low. The weighted average price was 17.0900 per dollar. An auction is triggerd when the ...

Bank of Russia: Economic Downturn May Continue for Several More Quarters

Nasdaq - ‎4 hours ago‎
MOSCOW--Russia's economy is set to contract further for a few more quarters, the central bank's first deputy chairwoman said Thursday. Ksenia Yudaeva said the central bank's target of reaching an annual inflation rate of around 4% in the next two and a ...

ANZ predicts the Reserve Bank of Australia will drop interest rates

NEWS.com.au - ‎8 hours ago‎
ANZ's economists had previously been in agreement with those at Commonwealth Bank and Westpac in expecting rates to stay on hold, albeit with some downside risk, as economic growth gradually accelerates. But they now expect growth to be too slow ...

EU banks' bad loans worth about 1 trillion euros end-2014: IMF paper

The Fiscal Times-1 hour ago
Non-performing loans were particularly high in the southern part of the euro area, where corporate debt had reached "acute" levels, and in eastern and ...

IMF Urges Urgent Action on Europe's Bad Loans

Wall Street Journal-1 hour ago
But the IMF said the problem of nonperforming loans, as those debts are ... said that sales of distressed debt in Europe had totaled just €64 billion by the end of ...

Petrobras Debt Yielding 11% Will Rattle Markets After Downgrade

TheStreet.com-20 hours ago
The shift could rattle high-yield debt markets, because there will probably be few ... While there are about $1.48 trillion of high-yield corporate bonds, most ...

Korea's Corporate Debt-to-GDP Ratio Reached 129.2% Last Year

BusinessKorea-12 hours ago
23 that Korea's corporate debt-to-GDP ratio increased from 125.8 percent to ... five trillion won and subject to the ban on inter-subsidiary cross-shareholding ...

RPT-VW could pose bigger threat to German economy than Greek crisis

Reuters - ‎6 hours ago‎
"All of a sudden, Volkswagen has become a bigger downside risk for the German economy than the Greek debt crisis," ING chief economist Carsten Brzeski told Reuters. "If Volkswagen's sales were to plunge in North America in the coming months, this would ...

'European Detroit' fear grips VW company town

Salt Lake Tribune - ‎23 hours ago‎
... sprawling complex, where hundreds of gleaming cars sit in parking lots and on the back of freight trains. "Without VW, this city and the entire region would die. We'd become a European Detroit," which declared the biggest U.S. municipal bankruptcy ...

Chicago mayor says massive property tax hike is a 'last resort'

The Boston Globe - ‎Sep 23, 2015‎
He said spending levels for the $7.8 billion 2016 budget were the lowest since 2008. He vowed to eliminate structural debt by 2019 — the year of the next mayoral election — and install air conditioning in all city schools. He also proposed ...

New Jersey Pension Fund returns 4.16%, surpasses benchmark by 123 basis points

Pensions & Investments - ‎21 hours ago‎
The return on investment was below the $79 billion pension fund's assumed rate of return of 7.9%. The results, which are unaudited, were presented Wednesday at a meeting of the State Investment Council by the ... categories that exceeded the 4.16 ...

Illinois Department of Veterans' Affairs says some food vendors are ...

Peoria Journal Star-14 hours ago
... debt service, and an education budget bill signed into law mean the state is spending at a pace of about $38 billion for the year, according to some estimates.

Illinois Issues: Taxpayers Should Brace Themselves For Increases

WUIS 91.9-5 hours ago
... spending cuts and revenue increases including reinstating higher income tax rates” as a way to offset a roughly $5 billion deficit projected for the current fiscal ...

Hong Kong Aug Exports Fall More Than Expected

RTT News-5 hours ago
In the January to August period, total trade deficit came in at HK$295.8 billion versus HK$336.03 billion a year ago. Both exports and imports fell by 1.0 percent ...

Federal Money to Michigan Schools is Dropping

Michigan Capitol Confidential-5 hours ago
The state of Michigan received $1.82 billion from the feds in 2013-14. ... in a $162.8 general fund budget and the deficit more than doubled to $5.1 million.

Caterpillar Cuts Jobs and Forecasts as Commodity Slump Bites

Bloomberg-35 minutes ago
The company lowered its 2015 revenue projection by $1 billion to $48 billion and said ... Since then, a slowdown in China has sent coal and metals prices into a ...

Peabody Lenders Said to Hire Davis Polk for Debt Discussions

Bloomberg-19 hours ago
The lenders hired the firm after Peabody rival Arch Coal Inc. attempted a debt-exchange deal that would have helped cut its $5.1 billion of obligations while also ...


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Emerging Markets Are Facing a Big Foreign FX Debt Bill

Emerging Markets Are Facing a Big Foreign FX Debt Bill

Bloomberg-1 hour ago
The extent of emerging markets' foreign-currency borrowing binge is laid bare in new number-crunching from CreditSights. With EM currencies down a collective ...

Emerging-market currencies fall to record lows as stocks sell off

MarketWatch-37 minutes ago
Several emerging-market currencies were at or near record lows against the dollar Thursday as risk-averse sentiment gripped global financial markets.

Disabled face steep benefit cuts as federal program runs out of cash

World Magazine-21 minutes ago
The Social Security Disability Insurance (SSDI) program will run dry in 2016 and ... billion in tax revenue and force it into even earlier insolvency than expected, ...

2016 premiums for `Obamacare' marketplace polices going up -- bu

KPAX-TV - ‎22 hours ago‎
The level of increase depends on the type of policy one purchases. The online marketplace is a creation of the 2010 federal health-reform law, the Affordable Care Act, also known as “Obamacare.” More than 30,000 Montanans have bought policies from the ...

Greek Banks Said to Face Recapitalization at High End of Target

Bloomberg-4 hours ago
The latest Greek bailout package allocates as much as 25 billion euros for National Bank of Greece SA, Piraeus Bank SA, Eurobank Ergasias SA and Alpha ...

UK Employer pension contributions collapse by 48% in a year

The Guardian-1 hour ago
In 2010 Iain Duncan Smith said he hoped auto-enrolment would 'act as a stepping stone for employers to go further and faster in providing quality pensions'.

Millions of UK public sector pensions 'exposed to risky fossil fuel ...

The Guardian-10 hours ago
“Local residents and pension-holders won't be happy that their money is funding climate change. Today we're calling on Greater Manchester to stand on the ...

Liabilities Squeeze US State Pensions, but Reform Is Slow

Institutional Investor-11 hours ago
The unfunded liabilities of the U.S. state public pension system hover around $1 trillion, according to the latest comprehensive data from the Philadelphia-based ...

INSIGHT-China consumers tighten belts, a red flag for the global economy

Reuters - ‎19 hours ago‎
But the equity market turmoil, coupled with signs the economy is slowing means Xu, and millions of other middle class Chinese consumers like him, is scaling back his spending in an ominous sign for China's policymakers and the global economy. "This ...
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Europe’s Oscillating Failure

Nice commentary article, from 2010:

Europe’s Oscillating Failure

WSJ/Source wrote:

"Investors are beginning to realize there is plenty of default risk in Portugal and Spain as well.

With each rescue, the number of rescuers shrinks and their obligations rise. The buck stops with the richest euro-zone Europeans, the Dutch, Germans and Finns. And they don’t like it. Because all of the guarantees being made now ultimately fall on their shoulders. Default means they’ll end up paying the bill. And they won’t want to.

Ultimately, the reaction will run out of control and, like some financial nuclear accident, the euro zone will melt down. Maybe Chinese teams will bring their surplus of concrete and iron reinforcing bars and build a nice sarcophagus to contain the toxic waste."

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More Than 700 People Killed in Mecca Stampede

More Than 700 People Killed in Mecca Stampede - WSJ: —A stampede during the annual Hajj pilgrimage to Islam’s holiest city on Thursday left at least 717 people dead and another 863 injured, Saudi officials said. Saudi officials described the midmorning stampede at an intersection in Mina, about 3 miles from Mecca, as a “tragic accident.” Health Minister Khaled al-Faleh told state television that “crowding” and the failure by the host of pilgrims to follow instructions to walk at a measured pace had been the cause. Among the dead were 43 pilgrims from mainly Shiite Muslim Iran, according to Iran’s state news agency. Iranian officials castigated the Riyadh government for the disaster, which occurred on the first day of the Muslim holiday of Eid al-Adha. “The failure of the Saudi rulers to provide security for the pilgrims is inexcusable,” said Deputy Foreign Minister Hossein Amir-Abdollahian, in what is expected to grow into a barrage of criticism by Tehran, which is engaged in a fierce battle for influence with predominantly Sunni Saudi Arabia in the region and across the Muslim world.An estimated two million Muslims from around the world have thronged the holy city to participate in this year’s Hajj, which began Tuesday. Each year, the Hajj poses a major logistical challenge to Saudi authorities. Every financially and physically able adult Muslim is obliged during their lifetime to perform the Hajj, imposing heavy demands each year on the kingdom’s infrastructure. The pressure is compounded by the multitude of nationalities and languages of those performing the Hajj and its rituals, which occur at specific locations in and around Mecca over a short period.

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It's All `Perverted' Now as U.S. Swap Spreads Tumble Below Zero

It's All `Perverted' Now as U.S. Swap Spreads Tumble Below Zero

Bloomberg-6 hours ago
That rate falling below Treasury yields -- the spread between the two being ... As speculation has swirled that China is selling shorter-maturity Treasuries while ...

Thailand''s Central Bank Darkens Outlook for 2015 Economy

Nasdaq-6 hours ago
BANGKOK--Thailand's central bank decided to again revise downward its economic growth projection for 2015 as the sluggish recovery continues. The Bank of ...

Nigerian firms in trouble as central bank measures backfire

Reuters-9 hours ago
Selected luxury items such as make-up or brown bread imported from Europe have become scarce in some shops as the central bank denies importers dollars, ...

Brazil Could Use Reserves to Damp Currency Volatility, Levy Says

Bloomberg-3 hours ago
Brazil could use part of its $370 billion in international reserves to contain market volatility, ... Brazil's central bank resumed new sales of swap contracts on Sept.

Goldman Warns Central Bankers Face Limits on Unorthodox Policies

Bloomberg-7 hours ago
The unconventional monetary policies of central banks often face limits because they could end up hurting as well as helping economies. That's the warning of ...

China central bank steps up cash injections before holiday as rates increase

Malay Mail Online - ‎Sep 24, 2015‎
China has lowered interest rates five times since November in an attempt to revive an economy that's expanding at the slowest pace since 1990. — Reuters picSHANGHAI, Sept 24 — China's central bank stepped up cash injections as a benchmark ...

China Money Rate Declines Most in a Month as More Easing Seen

Bloomberg-11 hours ago
China's benchmark money-market rate fell the most in a month after the central bank added funds to the financial system amid forecasts it will take further ...

China's Stocks Fall as Capital Outflows Hit Record in August

Bloomberg-11 hours ago
The offshore yuan rose the most in a week on Friday amid speculation the central bank is propping up the currency as Xi and President Barack Obama prepare ...

Shameless ECB's High Banknotes Finance Drug Deals, Goodhart ...

Bloomberg-3 hours ago
The central banks of the euro area and Switzerland are being shameless by issuing high-denomination banknotes that facilitate drug deals, Charles Goodhart ...

Interest rates to stay down as Bank of England's 'swing voter' rejects hike

The Independent - ‎15 hours ago‎
Pimco predicted inflation would crawl from nearly zero to 1.25 per cent over the next year– well below the European Central Bank's “close to 2 per cent” target. The fund predicted in its latest forecast that the ECB would be forced to increase bond ...

Less Than Zero: Japan's CPI Falls as Oil Rout Trumps Kuroda

Bloomberg - ‎14 hours ago‎
No economist in the Bloomberg survey expects price gains to reach the target in the central bank's stated time frame. Some BOJ officials see a growing likelihood the central bank will lower its inflation outlook and push back the schedule for reaching ...

Japan falls back into deflation for the first time since 2013

Financial Times - ‎14 hours ago‎
Japan has fallen back into deflation for the first time since April 2013 in a symbolic blow to prime minister Shinzo Abe's economic stimulus. Headline prices, excluding fresh food, were down by 0.1 per cent compared with a year ago in August, as ...

Japan's Shinzo Abe signals readiness to offer fiscal stimulus

Economic Times - ‎5 hours ago‎
TOKYO: Japanese Prime Minister Shinzo Abe said on Friday he was ready to respond flexibly to any downturns in the economy with additional policy measures, including further fiscal stimulus. He also stressed that achieving strong economic growth would ...

Japan govt downgrades outlook, highlights risks from China, US Fed

Reuters-15 hours ago
The dour assessment of the outlook comes at a sensitive time for the Bank of Japan. Some economists speculate the central bank could ease policy as soon as ...

French Negative Yields Show ECB Asserting Supremacy Over Ratings

Bloomberg-8 hours ago
With countries from Austria to Portugal facing updates on their credit ratings Friday, France has demonstrated this week that, for investors, central banks matter a ...

Fed Brings Relief to Emerging Markets as Stocks Pare Weekly Loss

Bloomberg - ‎3 hours ago‎
Emerging-market stocks rose for the first time this week as the Federal Reserve's readiness to raise interest rates in 2015 brought clarity to U.S. monetary policy and boosted confidence in the outlook for global growth. The rebound helped equities ...

Ringgit Losses Throw Back to 1998 as 1MDB Probes Spread to U.S.

Bloomberg-12 hours ago
The currency weakened beyond 4.39 against the greenback on Friday for the first time since the Asian financial crisis prompted Malaysia's central bank to ...

S. Korea to Cut Inflation Target by Around 0.5%, Economists Say

Bloomberg-16 hours ago
Having missed its inflation target for almost three years, the Bank of Korea will accept ... The target is a long way from what the central bank actually expects to ...

Italy's Renzi May Find Reality Bites in Debt Reduction Struggle

Bloomberg-9 hours ago
... recession since World War II might reignite concerns among investors, despite the shield provided by the European Central Bank's bond-buying program.

Indonesia Central Bank to Announce Policy Package to Support Rupiah

Jakarta Globe - ‎6 hours ago‎
Indonesia's central bank will announce new policies aimed at increasing onshore supply of dollars, as part of the second installment of a stimulus package to support the shaky rupiah. Earlier this month, Indonesia's government unveiled the first ...

EM inflows lowest since late 1990s, hitting world growth -Citi

Reuters-Sep 24, 2015
The stimulus provided by central banks in developed economies is being offset by tightening liquidity in emerging markets. Total central bank asset purchases ...

Chicago okays $2.7 billion in bond sales amid credit rating warnings

Reuters-20 hours ago
CHICAGO Chicago is poised to issue more than $2.7 billion of debt amid warnings that its core credit ratings could be downgraded depending on the outcome of ...

Thai Banks Face Biggest Default Since '97 as Steel Venture Fails

Bloomberg-13 hours ago
Siam Commercial Bank will make an extra 10 billion baht to 11 billion baht of provisions to account for the bad Sahaviriya Steel debt, and aims to minimize that ...

Puerto Rico's Bonds Overshadow Pension Fund Poised to Go Broke

Bloomberg-7 hours ago
Puerto Rico's $72 billion debt burden overshadows another financial threat to the Caribbean island: a government workers pension fund that's set to go broke in ...

Oil drillers face shrinking credit lines as banks revalue assets

Tulsa World-10 hours ago
Producers that defaulted on their debt from 1995 to 2012 still repaid every cent of their $1.27 billion in reserves- backed loans, according to a 2013 report from ...

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