Tuesday November 18 Housing and Economic stories

TOP STORIES:

Shale Drillers Pulling Back as Rigs Are Idled Across U.S. - (www.bloomberg.com) The shale-oil drilling boom in the U.S. is showing early signs of cracking. Rigs targeting oil sank by 14 to 1,568 this week, the lowest since Aug. 22, Baker Hughes Inc. (BHI) said yesterday. The Eagle Ford shale formation in south Texaslost the most, dropping nine to 197. The nation’s oil rig count is down from a peak of 1,609 on Oct. 10. Drillers are slowing down as crude prices tumbled 24 percent in the past four months. Transocean Ltd. (RIG) said yesterday that its earnings would take a hit by a drop in fees and demand for its rigs.  The slide threatens to curb a production boom in U.S. shale formations that has helped bring prices at the pump below $3 a gallon for the first time since 2010 and shrink the nation’s dependence on foreign oil import. “We are officially seeing the slowdown in oil drilling,” James Williams, president of energy consulting company WTRG Economics, said by telephone from London, Arkansas, yesterday. “There’s no doubt about it now. We’re already down 49 rigs since the peak in October. It’ll have fallen by more than 100 rigs by the end of year.”

China's Latest Ghost Town: A $50 Billion Fake Replica Of Manhattan - (www.zerohedge.com) "They are building stuff that nobody really wants or needs... and there will be a day of reckoning" sums up yet another mega ghost city project under development in China. As NBC News reports, China's $50-billion knock-off of the Big Apple - near the port city of Tianjin, some 120 miles from Beijing - complete with its own Rockefeller Center and Twin Towers has been billed as the world's largest financial center in the making. But this Manhattan still has a long way to go...Ian Williams explains nothing has improved in China since we last highlighted the ghost city phenomenon...

Hard Ukraine bargaining leaves sour taste for some in EU  - (www.reuters.com) Seeing its gold-spangled blue flag flown on the barricades of Kiev thrilled the European Union, reviving its self-image as a beacon of democracy at a time of growing doubt and economic gloom. But nearly a year on from the first "EuroMaidan" protests that would topple the pro-Moscow president who had spurned an EU trade deal, some in Brussels are disillusioned by the experience of helping Ukraine. EU generosity in waiving import duties and funding gas supplies from Russia may be being abused, they say. Some in Ukraine's elite may be colluding with Russia, even as fighting in the east has begun to escalate again.

Banks Said Poised to Settle With CFTC in FX-Rigging Cases - (www.bloomberg.com) Banks suspected of rigging the $5.3 trillion-a-day currency market are preparing to reach settlements as early as this week with the main U.S. derivatives regulator, according to a person with knowledge of the cases. The Commodity Futures Trading Commission may levy fines of about $300 million against each firm, depending on the level of their involvement, said the person, who spoke on condition of anonymity because deals haven’t been announced. It’s unclear how many firms may settle with the CFTC as U.K. and U.S. bank regulators prepare to levy related penalties this week, the person said. There was no immediate response to an e-mailed request for comment from the CFTC after normal business hours. The New York Times reported late yesterday on the talks with the agency.

Obamacare Architect Apologizes For Calling Americans "Stupid" – (www.zerohedge.com) Having exposed the arrogance and self-admitted deception that was used to get the healthcare law past the"stupidity of American voters," it seems ObamaCare architect Jonathan Gruber regrets his comments... As The Daily Caller reports, during an interview with MSNBC, Gruber explained he "was speaking off the cuff and basically spoke inappropriately," adding, "I regret having made those comments." We suspect what he means is "I regret being caught saying those comments."

OTHER STORIES:

Hard Ukraine bargaining leaves sour taste for some in EU  - (www.reuters.com)
Fukushima Radiation Found in Pacific Off California’s Coast - (www.bloomberg.com)

Putin's War Games Are Setting Off Alarms Worldwide - (www.bloomberg.com)

U.S. says will take tough line with China if norms violated  - (www.reuters.com)

Japan's Abe to postpone tax hike, call December election: media - (www.reuters.com)
Ukraine says rebels get reinforcements, shelling batters truce - (www.reuters.com)
Catalonia calls for 'permanent dialogue' on independence, economy - (www.reuters.com)
Ifo's Sinn sees Germany on the brink of recession - (www.reuters.com)
Momentum builds for Japan PM to call early election - (www.reuters.com)