Day
After 'Clinton Cash' Film's Ericsson Revelations Go Worldwide, CEO Steps Down - (www.breitbart.com) Just
one day after the global premiere of Clinton Cash, Hans Westberg, the embattled CEO
and president of telecoms company Ericsson, stepped down as the head of the Swedish wireless
equipment maker. Though the telecom giant’s announcement to remove Westberg is
not confirmed as a direct result of the film’s online popularity, the company’s timing is an odd coincidence. The New
York Times best-selling book Clinton Cash, authored by Government
Accountability Institute President and Breitbart Senior Editor-at-Large Peter Schweizer,
highlighted that Ericsson — on Westberg’s watch — had come under heavy
fire for selling telecom equipment to countries that were considered state
sponsors of terrorism by Hillary’s State Department.
Crude
Oil Markets Smell a Rat - (www.wolfstreet.com) Oil
dropped again today, with WTI skidding 2.4%, settling at $43.13 a barrel on the
Nymex, the lowest close since April. It is now down 16% from its oil-bust
recovery peak of $51.23 on June 8. In the US, the bloodletting continues.
Today, Standard & Poor’s reported that another four US companies that it
rates defaulted on their debt payments last week – including two oil and gas
companies, Atlas Resource Partners and Forbes Energy services. It brought the
total defaults on debt rated by S&P to 71 so far this year, over twice the
34 defaults at the same time last year. The default rate in the oil & gas
sector has spiked to higher levels than even during the Financial Crisis, while
it has been ticking up at a more leisurely pace in other sectors.
ECB
Mulls Legal Steps as Slovenia Raids Bank in Bailout Case - (www.bloomberg.com) European
Central Bank President Mario Draghi warned of potential legal steps after
Slovenian police raided the country’s central bank in connection with a probe
into a 2013 bank bailout. Wednesday’s search of the bank’s premises and the
seizure of ECB information stored on the Bank of Slovenia’s internal network
and hardware used by its staff “infringes the Protocol on the Privileges and
Immunities of the European Union,” Draghi wrote in letters to Slovenia’s
prosecutor general and European Commission President Jean-Claude Juncker. “I
formally protest against such unlawful seizure of ECB information and call upon
the Slovenian authorities to remedy this infringement,” Draghi wrote. “In
addition, the ECB will also explore possible appropriate legal remedies under
Slovenian law.”
Turkey detains 42 journalists in crackdown as
Europe sounds alarm - (www.reuters.com) Turkey
ordered the detention of 42 journalists on Monday, broadcaster NTV reported,
under a crackdown following a failed coup that has targeted more than 60,000
people and drawn fire from the European Union. The arrests or suspensions of
soldiers, police, judges and civil servants in response to the July 15-16
putsch have raised concerns among rights groups and Western countries, who fear
President Tayyip Erdogan is capitalizing on it to tighten his grip on power. EU
Commission President Jean-Claude Juncker questioned Ankara's long-standing
aspiration to join the EU. "I believe that Turkey, in its current state,
is not in a position to become a member any time soon and not even over a
longer period," Juncker said on French television France 2.
Vancouver
Finally Cracks Down On Chinese Home Buyers With 15% Real Estate Tax - (www.zerohedge.com) The
British Columbia government finally took our advice to
stem hot money inflows into real estate by announcing a 15% transfer tax
on foreign nationals who buy real estate in Metro Vancouver. Finance
Minister Mike de Jong unveiled the tax, which will take effect on August 2nd,
after recent housing data revealed that foreign nationals spent more than
$1 billion on British Columbia property between June 10 and July 14, or a mere $28.6mm
per day.
Saudi Stocks Lead Gulf Equity Drop as Trading Volumes Plummet
- (www.bloomberg.com)
With Globalization Under Threat, G-20 Double Down on a Defense - (www.bloomberg.com)
China's growth sucks in more debt bucks for less bang - (www.reuters.com)
China Working Hard to Stabilize Yuan Against Basket, PBOC Says - (www.bloomberg.com)
As China Juggles Its Yuan Moves, the World Is Taking Note - (www.wsj.com)
These safe havens are becoming danger zones: JPM - (www.cnbc.com)
Visco Says ECB Will Find Solutions If Bond Shortages Emerge - (www.bloomberg.com)
ASEAN deadlocked on South China Sea after Cambodia blocks statement - (www.reuters.com)
With Globalization Under Threat, G-20 Double Down on a Defense - (www.bloomberg.com)
China's growth sucks in more debt bucks for less bang - (www.reuters.com)
China Working Hard to Stabilize Yuan Against Basket, PBOC Says - (www.bloomberg.com)
As China Juggles Its Yuan Moves, the World Is Taking Note - (www.wsj.com)
These safe havens are becoming danger zones: JPM - (www.cnbc.com)
Visco Says ECB Will Find Solutions If Bond Shortages Emerge - (www.bloomberg.com)
ASEAN deadlocked on South China Sea after Cambodia blocks statement - (www.reuters.com)
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