Venezuela's currency woes an increasing threat
to U.S. corporate profits - (www.reuters.com) Venezuela's deepening economic troubles, and in
particular the weakness of the bolivar and restrictive currency controls, have
hurt U.S. corporate profits for the fourth quarter of 2014 and are set to
inflict further pain this year. In a likely sign of things to come from a
number of companies this results reporting season, Ford Motor Co on Friday said it was taking a pre-tax
charge of $800 million for its Venezuela business. It blamed Venezuelan
exchange control regulations that have restricted the ability of its operations
in the country to pay dividends and obligations in U.S. dollars. Ford also said
that it was unable to maintain normal production in Venezuela with
the availability of vehicle parts constrained. Also on Friday, diaper and
tissue maker Kimberly-Clark Corp said it took a fourth-quarter charge of $462
million for itsVenezuelan business. That was after it concluded that the
appropriate rate at which it should be measuring its bolivar-denominated
monetary assets should be a Venezuelan government floating exchange rate -
currently at around 50 bolivars to the dollar - rather than a fixed official
rate of 6.3 to the dollar that it had previously been using. Kimberly-Clark
blamed increased uncertainty and lack of liquidity in Venezuela for
the move.
Germans
in shock as new Greek leader starts with a bang - (www.reuters.com) In
his first act as prime minister on Monday, Alexis Tsipras visited the war
memorial in Kaisariani where 200 Greek resistance fighters were slaughtered by
the Nazis in 1944. The move did not go unnoticed in Berlin. Nor did Tsipras's
decision hours later to receive the Russian ambassador before meeting any other
foreign official. Then came the announcement that radical academic Yanis
Varoufakis, who once likened German austerity policies to "fiscal
waterboarding", would be taking over as Greek finance minister. A short
while later, Tsipras delivered another blow, criticising an EU statement that
warned Moscow of new sanctions. The assumption in German Chancellor Angela
Merkel's entourage before Sunday's Greek election was that Tsipras, the
charismatic leader of the far-left Syriza party, would eke out a narrow
victory, struggle to form a coalition, and if he managed to do so, shift
quickly from confrontation to compromise mode. Instead, after cruising to
victory and clinching a fast-track coalition deal with the right-wing
Independent Greeks party, he has signalled in his first days in office that he
has no intention of backing down, unsettling officials in Berlin, some of whom
admit to shock at the 40-year-old's fiery start.
Exclusive:
Top White House Adviser Caught In Major Ethics Violation - (www.dailycaller.com) In
2013, John Podesta was paid $87,000 by a shadowy foreign billionaire whose
passion is preventing energy exploration on American land. Just two years
later, Podesta is a member of President Obama’s inner circle, and the driving
force inside the White House to block 12 million acres of land in Alaska’s
Arctic National Wildlife Refuge from oil drilling. The circumstances
suggest Podesta may have run afoul of Obama’s highly-touted ethics pledge, which requires political appointees to disqualify
themselves in
matters relating to the interests of a former employer or client. Podesta — who
is preparing to leave the White House to take a top position with Hillary Clinton’s presidential
campaign —
has largely avoided public scrutiny during his time as a White House Counselor.
California
school bans 66 students without measles vaccinations - (www.latimes.com) Almost
70 Palm Desert High School students who haven’t been fully immunized for
measles are banned from classes for the next two weeks. Meanwhile, the
classmate who may have exposed them to the highly contagious virus is being
allowed to return. Sixty-six students were released from classes Wednesday afternoon
and won’t be allowed to return until Feb. 9 -- or when they are medically
cleared or provide proof of immunization or resistance to the virus, said Mary
Perry, spokeswoman for the Desert Sands Unified School District. But that
clearance will be determined by the Riverside County Public Health Department. District
officials are hoping the move will protect staff and other students from
exposure to measles, she said. The district’s decision came after it received
notice that a student may have been infected with measles. Though the measles
case was not confirmed, the student was medically cleared by the Riverside
County Public Health Department to return to school.
WTF
Chart Of The Day: Baltic Dry Index Crashes To Lowest In 29 Years - (www.zerohedge.com) Quietly behind the scenes - and not
at all reflective of a collapsing global economy (because that would break the
narrative of over-supply and pent-up demand) - The Baltic Dry Index plunged over 5% today to
632... That is the lowest absolute level for the global shipping rates
indicator since August 1986...
The
President Of A Financial Firm Slammed An 'Offensive' Leaked White House Memo
- (www.businessweek.com)
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