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How Argentina’s Default May Trigger $29 Billion in Claims - (www.bloomberg.com) By defaulting tomorrow,Argentina may trigger bondholder claims of as much as $29 billion -- equal to all its foreign-currency reserves. If the overdue interest on Argentina’s dollar-denominated securities due 2033 isn’t paid by July 30, provisions in bond indentures known as cross-default clauses would allow the nation’s other debt holders to also demand their money back immediately. The amount corresponds to Argentina’s debt issued in foreign currencies and governed by international laws.
Tech Companies Reel as NSA's Spying Tarnishes Reputations - (www.bloomberg.com) U.S. technology companies are in danger of losing more business to foreign competitors if the National Security Agency’s power to spy on customers isn’t curbed, researchers with the New America Foundation said in a report today. The report, by the foundation’s Open Technology Institute, called for prohibiting the NSA from collecting data in bulk, while letting companies report more details about what information they give the government. Senate legislation introduced today would fulfill some recommendations by the institute, a Washington-based advocacy group that has been critical of NSA programs. Citing concerns from top executives of Microsoft Corp. (MSFT), Cisco Systems Inc. (CSCO)and other companies, the report made a case that NSA spying could damage the $150 billion industry for cloud computing services. Those services are expanding rapidly as businesses move software and data to remote servers.
Secret Irish Derivatives Stay Hidden After Bank Crisis - (www.bloomberg.com) Six years ago, an obscure financial instrument hastened the demise of Anglo Irish Bank Corp., the lender which helped drive Ireland into an international bailout. Today, those instruments remain in the shadows. Two of the bank’s former directors this week face sentencing after being convicted of a loans-for-shares scheme aimed at stopping a secret stake in the lender flooding on to the market in 2008. The family of Ireland’s then richest man had clandestinely built the 28 percent stake, using derivatives known as contracts for difference, or CFDs.
Deadbeat Nation: A Shocking 77 Million Americans Face Debt Collectors - (www.zerohedge.com) We have been warning for years that as a result of the Fed's disastrous policies, America's middle class is being disintegrated and US adults are surviving only thanks to insurmountable debtloads. But not even we had an appreciation of how serious the problem truly was. We now know, and it is a shocker: according to new research by the Urban Institute, about 77 million Americans have a debt in collections.
Microsoft Probed by Regulators in China Amid U.S. Tension - (www.bloomberg.com) China regulators opened an anti-monopoly investigation into Microsoft Corp. (MSFT), seizing computers and documents from offices in four cities amid escalating tensions with U.S. technology companies. The government also is investigating Microsoft executives in China, including a vice president, according to a statement posted today on the State Administration for Industry & Commerce website. The regulator urged the company to cooperate after almost 100 SAIC staff inspected the offices yesterday, copying contracts and financial statements.
China regulator says food supplier forged production dates: Xinhua - (www.reuters.com)
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