US
Threatens UK over Brexit Vote – (www.wolfstreet.com)
The chosen messenger was U.S. Trade Rep Michael
Froman. The message he delivered was unequivocal: the US is “not in the market”
to negotiate a bilateral trade deal with “individual nations” like Britain.
Once out of the EU, the UK would be a nobody nation, a friendless state shunned
by its erstwhile allies. No more special relationships, no more five-eye
meetings, no more invites to White House black-tie dinners. In a 2009 article for
Rolling Stone, Matt Taibbi described Froman as one of the most egregious
examples of the way the revolving door works between business and government.
Like Larry Summers, Froman is a Bob Rubin protégé. Along with them, he helped
lay the foundations for President Clinton’s deregulation of the U.S. financial
system. And like them, he is just as comfortable in Wall Street C-suites as in
Washington’s corridors of power. In his current role as U.S. Trade
Representative, Froman is negotiating on behalf of the U.S. government (and
corporate and banking sectors) some of the most far-reaching trade agreements
(TPP, TTIP and TiSA) of modern history. And according to Froman, if the people
of Britain aren’t careful, they will be excluded from them (an outcome that some
might actually view quite favorably).
Ackman's fund lost 7.3 percent in October, off
19 percent for year - (www.reuters.com) Billionaire
investor William Ackman's Pershing Square Holdings portfolio has lost 19
percent this year after his bet on Valeant Pharmaceuticals International
soured, turning one of last year's biggest winners into one of this year's most
prominent losers. Pershing Square Holdings lost 7.3 percent in October, the
firm, which invests roughly $16 billion for state pension funds, endowments and
wealthy investors said on a Web site. The trouble was largely related to a 47
percent tumble in the stock of Valeant, a drug company Ackman added to his
concentrated portfolio earlier this year. But another one of Ackman's big bets
on Platform Specialty Products also soured when it lost roughly 20 percent in
the last month.
How
Wall-Street Financial Engineering Vaporized Valeant - (www.wolfstreet.com) If you need evidence that Wall Street is a
financial time bomb waiting for ignition, look no further than the recent
meltdown of Valeant Pharmaceuticals (VRX). In round terms, its market cap
of $90 billion on August 5th has suddenly become the embodiment of that
proverbial sucking sound to the south, having plunged by
nearly two-thirds to only $34 billion by Friday’s close. No, Valeant
was not caught selling poison or torturing cats during the last 90 days.
What is was doing for the past six years is aggressively pursuing
every one of the financial engineering strategies that are worshipped and
rewarded in the Wall Street casino.
Merkel's coalition woes deepen with row over
refugee transit zones - (www.reuters.com) Vice
Chancellor Sigmar Gabriel on Monday dismissed the idea of setting up transit
zones on German borders to filter out migrants who have little chance of
gaining asylum, deepening a rift within Chancellor Angela Merkel's ruling
coalition. Germany has become a magnet for economic migrants and refugees from
the Middle East, Asia and Africa. Berlin now expects between 800,000 and one
million asylum seekers this year, twice as many as in any previous year. The
unprecedented influx has opened up divisions within the ruling coalition, with
the Bavarian sister party of Merkel's conservatives demanding tougher measures
to reduce the number of new arrivals.
In This High-Yield Debt Revival, Only the Best
Junk Need Apply - (www.bloomberg.com) Speculative-grade
companies have finally found their window to return to the debt market. Just as
long as they’re not too junky. After a tumultuous span that left the market
largely shut during October, bankers have brought more high-yield debt the past
three trading days than at any time during the previous month. T-Mobile US Inc.
doubled a note and loan sale to $4 billion on Monday and Goodyear Tire &
Rubber Co. raised $1 billion on the same day, according to data compiled by
Bloomberg. Avago Technologies Ltd. will start marketing a $7.5 billion loan
this week in what would be the second largest to be offered to investors in the
past five years, the data show.
Six Ways to Gauge How Fast China's Economy Is Actually Growing
- (www.bloomberg.com)
Erdogan says world must respect Turkish election result - (www.reuters.com)
US overtakes Caymans and Singapore as haven for assets of super-rich - (www.theguardian.com)
U.S. Navy plans two or more patrols in South China Sea per quarter - (www.reuters.com)
Erdogan says world must respect Turkish election result - (www.reuters.com)
US overtakes Caymans and Singapore as haven for assets of super-rich - (www.theguardian.com)
U.S. Navy plans two or more patrols in South China Sea per quarter - (www.reuters.com)
Fed's Big Three Expected to Reinforce December as Liftoff
Option - (www.bloomberg.com)
China's Money Exodus - (www.bloomberg.com)
China's Money Exodus - (www.bloomberg.com)
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