Argentina’s
Peso Weakening at Fastest Pace Since January - (www.bloomberg.com) First
came the default, then a proposed debt swap aimed at circumventing a U.S. court
ruling that could normalize Argentina’s relations with foreign investors. Now
traders foresee a devaluation for the second time this year. Argentina’s peso
sank 1.6 percent this week to 8.4153 per dollar, the biggest drop since the
government devalued the currency 15 percent in the week ended Jan. 24. In the
black market, where Argentines go to avoid government limits on purchases of
U.S. currency, the peso weakened to a record 13.95 per dollar. Argentines are
demanding more hard currency after the government proposed exchanging overseas
debt into notes governed by local law. The plan means it’s less likely
President Cristina Fernandez de Kirchner will negotiate a deal with holdout
creditors that would lift the court order that has prevented the country from
servicing its obligations, according to Bank of America Corp. Prolonging the
default would then restrict Argentine borrowers’ access to international markets,
putting pressure on policy makers to allow the peso to weaken as dollars become
scarce.
Too
Much Corn With Nowhere to Go as U.S. Sees Record Crop - (www.bloomberg.com) The
ripening corn and soybean fields stretch for miles in every direction from
Dennis Wentworth’s farm in Downs, Illinois. As he marveled at his best-yielding crops
ever, he wondered aloud where the heck he’ll put it all. “Logistics are going
to be a huge problem for everyone,” the 62-year-old grower said, adding that he
has invested in boosting output rather than grain bins. When harvesting starts
in a few weeks, Wentworth expects his 150-year-old family farm to produce 10
percent more than last year’s record. “There are going to be some big piles of
grain on the ground this fall.” Prospects of bumper harvests sent Chicago futures tumbling into bear markets last
month, two years after a drought eroded output and sparked the highest prices
ever. Cheaper grain is bolstering profit for buyers including Tyson Foods Inc.
and Archer-Daniels-Midland Co.
(ADM),
encouraging some cattle producers in the Great Plains to expand herds, and
eroding income for farmers who say increased output will make up for some of
the slump.
Buffett’s
Lapses Highlight Growing Pains With Compliance - (www.bloomberg.com) The
world’s greatest investor could use some help with record keeping. In the past
two weeks, Warren Buffett’s Berkshire Hathaway Inc. said it missed filing deadlines for
investments in Dow Chemical Co. and wallboard maker USG Corp. The latter
resulted in an $896,000 penalty. Buffett, 83, has boasted for years about
running Berkshire with a shoestring staff and delegating responsibilities to
the heads of operating units like Geico and railroad BNSF.
Yet the mistakes raise questions about whether his management approach is
suited to an era of increased reporting requirements. “These are some of the
growing pains that come from having a trust-based culture in a world that
requires compliance procedures,” Brian Tayan, a researcher at Stanford Graduate
School of Business who has studied Berkshire’s governance, wrote in an e-mail.
“Shareholdershave to make the assessment of whether these
filing violations matter to them.”
Is
Portugal Next In Line For Wealth Confiscation? - (www.zerohedge.com) The
pattern should be seared in your memory by now. If you fail to recognize
it, you could be struck with a huge financial blow. It’s a pattern that has
played out over and over throughout history: a government gets into
financial trouble, then denies there’s a problem, which is followed by a
surprise wealth grab. That’s exactly what happened when bank deposits in Spain
and Cyprus were raided. We’ve also seen retirement savings confiscated in some
form in Poland, Portugal, and Hungary. Capital controls have been imposed in
Cyprus and Iceland. Of course these aren’t the only examples of blatant
government thievery. These examples are just within Europe and just within
recent years. They can and will happen anywhere.
2nd
co-owner of slaughterhouse facing charges over bad meat - (www.q13fox.com) A
second former co-owner of the California slaughterhouse involved in a recall of
nearly nine million pounds of meat was charged with knowingly processing and
distributing meat from cancerous cows, court documents released this week say. Robert
Singleton, co-owner of the Rancho Feeding Corporation in Petaluma, was
primarily responsible for purchasing cattle and loading shipments for
distribution, prosecutors say. He is charged with distributing
"adulterated, misbranded, and uninspected" meat, according to the
documents. Singleton jointly owned the meat plant with Jesse J. Amaral Jr., the
former president and general manager who is also known as also known as
"Babe Amaral."
Europe Fears Banks Lack Cash Cushion to Cover
Bad Loans - (www.nytimes.com)
U.S. Bond Issuance Nears $1 Trillion - (online.wsj.com)
U.S. judge says Argentina’s debt swap proposal is illegal - (www.marketwatch.com)
US investors look to Jackson Hole, Yellen's speech - (www.cnbc.com)
U.S. Bond Issuance Nears $1 Trillion - (online.wsj.com)
U.S. judge says Argentina’s debt swap proposal is illegal - (www.marketwatch.com)
US investors look to Jackson Hole, Yellen's speech - (www.cnbc.com)
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