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“Bad Bank” to IPO in Spain, after 2 Prior IPOs Imploded - (www.wolfstreet.com) “There
will be no Bad Bank in Spain, and we will establish procedures that will not be
burdensome for taxpayers.” Those were the infamous words of Spanish PM Mariano Rajoy during the
first few months of 2012. Months later Spain’s bad bank, Sareb, was born, and
Spanish taxpayers were left holding the tab for the biggest bank bailout in
Spanish history. When Sareb was created, its creators assured Spain’s taxpayers
that their money would be returned; some even claimed that the State would make
a tidy profit from the operation. Since then, the losses have kept piling up.
It is estimated that over €2.1 billion of public funds have been poured into
the bank so far and a further €2 billion was provisioned for this year’s
accounts alone.
Twitter
to slash 9% of its workforce and kill Vine as it tries to eke out a profit - (www.latimes.com) Twitter
Inc. plans to lay off a few hundred employees, mostly in sales and marketing,
and shut down its Vine video app as the social media service strives to
produce an annual profit for the first time next year. Initiatives such as
streaming live video of NFL games are helping boost ad sales at Twitter, but
not quickly enough to justify what investors and analysts have complained is a
bloated workforce out of sync with the company's prospects. Several other
firms, including Salesforce.com Inc. and Walt Disney Co., have considered and
then rejected the opportunity to acquire Twitter in recent weeks.
"World's
Most Bearish Hedge Fund" Shuts Emerging Markets Unit After 17% Loss - (www.zerohedge.com) We
had previously dubbed Horseman Capital the world's most bearish hedge fund for
one reason: as recently as a few months ago the firm's
Global Fund had taken its net equity short position to an unprecedented -100%.
Horseman is now in the news once again as it is liquidating an emerging
markets focused hedge fund following losses totaling 17% this year and difficulties
raising capital, according to a letter sent to investors.
Half
of Obamacare customers cut back on care to manage costs - (www.cnbc.com) Obamacare
customers are acting more cost-conscious than other people with insurance — and
it could be affecting their health. A new survey finds that 50 percent of
people who buy health plans through government-run Obamacare marketplaces say
they cut back on getting health care services as they try to manage costs. That
can include not going to the doctor as often when they're sick, skipping
preventative care visits and lab tests, and delaying elective surgeries. In
contrast, just 33 percent of all people with any form of insurance report
cutting back on health care to manage costs, according to the survey by GfK, a
marketing and customer research firm. The same survey found that Obamacare
marketplace customers with lower incomes, less than $25,000 annually, are much
more likely to use what are often lower-cost urgent care facilities and
"minute clinics" to get health services than Obamacare customers with
higher earnings.
Deutsche Bank warns of tough times ahead as
braces for U.S. fine - (www.reuters.com) Deutsche
Bank chief John Cryan pledged to redouble restructuring efforts on Thursday,
warning that the bank faces tough times ahead as it finalizes talks with U.S.
justice authorities over a multi-billion dollar fine. Germany's biggest lender
earlier posted an unexpected quarterly profit, benefiting from a modest rebound
in bond trading, but failed to dispel the cloud of uncertainty that drove
clients to withdraw billions of euros. Cryan said on a conference call that the
quarter had been overshadowed by talks over the U.S. Department of Justice’s
settlement proposal relating to sales of RMBS (residential mortgage-backed
securities) which had caused uncertainty.
Bonds Sink on Policy Outlook Amid Debt-Sale Deluge; Stocks Fall
- (www.bloomberg.com)
Asia shares slip after Apple results hit Wall Street, dollar off highs - (www.reuters.com)
China Steps Up Yuan Rhetoric as Currency Falls to Six-Year Low - (www.bloomberg.com)
Orders for U.S. Capital Goods Decline by Most Since February - (www.bloomberg.com)
ECB's Nowotny says December meet will decide on QE, what assets
to buy if prolongedAsia shares slip after Apple results hit Wall Street, dollar off highs - (www.reuters.com)
China Steps Up Yuan Rhetoric as Currency Falls to Six-Year Low - (www.bloomberg.com)
Orders for U.S. Capital Goods Decline by Most Since February - (www.bloomberg.com)
China September industrial profit growth slows, signals fragile recovery - (www.reuters.com)
BOJ won't try to push down super-long yields: Kuroda - (www.reuters.com)
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