It
Gets Ugly in Brazil - (www.wolfstreet.com) In
a stunning deterioration, the unemployment rate in Brazil spiked to 12.6% in
the rolling three-month period through January, a record in the new data series
going back to 2012, according to Brazil’s statistical agency IBGE.
Up from 11.8% in the three-month period through October. Up from an already
terribly high 9.5% a year ago. And more than double the 6.2% in December 2013. Economists
had expected the unemployment rate to rise to 12.4%. After three years of
underestimating the political, fiscal, and economic fiasco in Brazil, they’re
still underestimating it.
Barclays
Server Crash Leaves Customers Unble To Withdraw Cash, Use Debit Cards - (www.zerohedge.com) Having
managed to stem its recent earnings rout, reporting a Q4 rebound in income from
continuing operations which rose to £380 million after reporting a loss of
£2.24 billion a year ago, UK's Barclays is facing a more traditional problem:
on Saturday Barclays customers have reported problems using their cards in
shops and withdrawing money from some cash machines according to the BBC. Barclays customers tweeted about problems
using their cards when out shopping or trying to access online banking on
Saturday afternoon. "Wondered why my card was declined when paying for
lunch. Barclays servers have crashed. Brilliant," said one customer,
James. Other echoed his sentiments.
Germany
and Italy back Brussels on Brexit - (www.ft.com) Berlin
and Rome are backing the European Commission’s plan to rule out starting trade
talks with Britain until the UK gives assurances on a multibillion-euro Brexit bill and citizens’ rights. German and
Italian officials say they support Michel Barnier, the chief EU negotiator, in
seeking progress on divorce terms as an opening step. France is uncompromising
on the estimated €60bn bill, while Spain is more wary of attempts to “punish”
Britain. Such stances are preliminary, since EU member states have still to
take a formal position.
J.C.
Penney to Shut as Many as 140 Stores as Industry Slumps - (www.bloomberg.com) J.C. Penney Co. plans to shutter as many as 140 stores
and trim thousands of jobs, becoming the latest department-store chain to make
big moves in a world of lower mall traffic and fierce online competition. The
closings represent as much as 14 percent of the company’s store base and less
than 5 percent of total sales, J.C. Penney said Friday. The moves, which also include
shutting two distribution centers, will save about $200 million a year.
Bundesbank
braces for QE losses after lowest profit in decade - (www.reuters.com) Germany's
central bank posted its smallest profit in more than a decade in 2016 as it set
aside more money against potential losses on the bonds it is buying as part of
the European Central Bank's stimulus programme, data showed on Thursday. The
Bundesbank recorded a net profit of 399 million euros, the lowest since 2004
and a sharp drop from the 3.2 billion euros bagged in 2015, largely due to
higher provisions and writedowns.
China steams past U.S., France to be Germany's biggest trading partner - (www.reuters.com)
Canadian Inflation Surges to 2.1% in January on High Gas Prices - (www.bloomberg.com)
The Big Question for the U.S. Economy: How Much Room Is There to Grow? - (www.nytimes.com)
China Names Guo Shuqing, a Rapid-Fire Regulator, to Oversee Troubled Banks - (www.nytimes.com)
Fed Isn’t Ready to Cut Balance Sheet Yet - (www.wsj.com)
Trump Team Broadens Search for Fed Regulatory Post - (www.wsj.com)
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