Spanish
skyscraper run by "Bad Bank" missing elevators in monster goof - (www.nydailynews.com) What
goes up must walk down. In what will surely go down in history as one the
greatest architectural blunders, the town of Benidorm in Alicante, Spain, had
almost completed its 47-story skyscraper when it realized it excluded plans for
elevator shafts.... The bizarre nature of the practices put in place in the
construction of InTempo doesn't stop at bad banks and missing elevator shafts.
The initial backer of the project, Caixa Galicia, stopped paying workers for
four months around the time it realized -- after about 23 floors had been
completed -- that a service elevator hadn't been installed for the 41 workers
who had been hauling materials up 23 flights of stairs.
China Banks’ Bad Loans Rise for Seventh Quarter
as Economy Slows - (www.bloomberg.com) Chinese
banks’ bad loans rose for a seventh straight quarter, extending the longest
streak in at least nine years as the world’s second-largest economy continued
slowing. Non-performing loans climbed by 13 billion yuan ($2.1 billion) in the
second quarter from the end of March, reaching 539.5 billion yuan, the China
Banking Regulatory Commission said in a statement on its website today. Soured debt
increased across all lender categories, including state-owned and regional
banks. China’s economy slowed for a second straight quarter during the period,
as growth in factory output and fixed-asset investment weakened. A June
crackdown on off-balance-sheet lending and other credit outside the banking
system caused a cash squeeze, driving money-market rates to a record.
The Hindenburg Omen is Back! Will it Stick This
Time? - (www.ispyetf.com) The
Hindenburg Omen had its glory days (2007), but more recently it’s become famous
for notorious misfires. Despite many hyped up Omen sightings in recent years,
the Dow Jones (DJI: ^DJI) and S&P 500 (SNP: ^GSPC) are trading near
all-time highs while the VIX (Chicago Options: ^VIX) is hovering near historic
lows. But (and this could turn out to be a big but), I stumbled upon a
statistical nuance that may restore the bruised indicator’s image. Hindenburg Omen is Back: The latest
rally leg has brought a whole cluster of Omens in its wake. Omen clusters (not
just scattered signals) appear to be the key to the signal’s reliability (or
lack thereof). An Omen here or there may get the media’s attention, but it
doesn’t consistently phase stocks. However – this observation may restore the
Omen’s credibility - a cluster of a dozen or so Omens in a 50-day period, tends
to be bearish for stocks. We are seeing such an Omen cluster right now.
The chart below plots the S&P 500 (NYSEArca: SPY) against the most recent
‘Dozen-Omen-Cluster’ sightings. They occurred in January/February 2000,
March/April 2006 and July/August 2013.
India
Restricts Foreign-Exchange Outflows - (www.bloomberg.com) India increased efforts to stem the rupee’s
plunge and stop capital outflows that are pushing the economy towards its
biggest crisis in more than two decades. The Reserve Bank of India, whose Governor Duvvuri Subbarao steps down
next month, cut the amount local companies can invest overseas without seeking
approval to 100 percent of their net worth, from 400 percent, according to a
statement late yesterday. Residents can remit $75,000 a year versus the
previous $200,000 limit. Rupee forwards rose for the first time in three days. Policy
makers’ moves since July to tighten cash supply, restrict currency derivatives
and curb gold imports have failed to arrest the rupee’s slump to record lows as
they struggle to attract capital to fund a record current account deficit. The
rupee has weakened 28 percent in the past two years, the biggest tumble since
the government pledged gold reserves in exchange for loans from the International Monetary Fund in 1991.
Your
mortgage documents are fake - (www.salon.com) Prepare
to be outraged. Newly obtained filings from this Florida woman's lawsuit
uncover horrifying scheme. If you know about foreclosure fraud, the mass
fabrication of mortgage documents in state courts by banks attempting to
foreclose on homeowners, you may have one nagging question: Why did banks have
to resort to this illegal scheme? Was it just cheaper to mock up the documents
than to provide the real ones? Did banks figure they simply had enough power
over regulators, politicians and the courts to get away with it? (They were
probably right about that one.) A newly unsealed lawsuit, which banks settled
in 2012 for $95 million, actually offers a different reason, providing a key
answer to one of the persistent riddles of the financial crisis and its
aftermath. The lawsuit states that banks resorted to fake documents because
they could not legally establish true ownership of the loans when trying to
foreclose. This reality, which banks did not contest but instead settled out of
court, means that tens of millions of mortgages in America still lack
a legitimate chain of ownership, with implications far into the future. And if
Congress, supported by the Obama administration, goes back to the same housing
finance system, with the same corrupt private entities who broke the nation’s
private property system back in business packaging mortgages, then shame on all
of us.
India
central bank deputy says financial imbalances need to be tackled - (www.reuters.com)
Bank of England divided on forward guidance, outlook for asset purchases - (www.reuters.com)
Bank of England divided on forward guidance, outlook for asset purchases - (www.reuters.com)
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