Bad loans and bankruptcies sound the alarm for
Turkey's economy - (www.reuters.com)
After years of growth fueled by credit and
domestic consumption, bad debts and bankruptcies are rising in Turkey,
squeezing banks and exposing a fragile real economy which risks denting support
for the ruling AK Party. In its first decade in power, the AKP, founded by
President Tayyip Erdogan, built its reputation on growing Turkey's wealth,
overseeing a sharp rise in incomes and providing new roads, hospitals and
airports in what was long an economic backwater. But as he seeks support for an
executive presidency to replace Turkey's parliamentary system, a decision that
could be put to a national vote later this year, Erdogan may no longer be able
to count on Turkey's rising prosperity to win him votes.
U.S. oil industry bankruptcy wave nears size of
telecom bust - (www.reuters.com)
The
rout in crude prices is snowballing into one of the biggest avalanches in the
history of corporate America, with 59 oil and gas companies now bankrupt after
this week's filings for creditor protection by Midstates Petroleum and Ultra
Petroleum. The number of U.S. energy bankruptcies is closing in on the
staggering 68 filings seen during the depths of the telecom bust of 2002 and
2003, according to Reuters data, the law firm Haynes & Boone and
bankruptcydata.com. Charles Gibbs, a restructuring partner at Akin Gump in
Texas, said the U.S. oil industry is not even halfway through its wave of
bankruptcies. "I think we'll see more filings in the second quarter than
in the first quarter," he said. Fifteen oil and gas companies filed for
bankruptcy in the first quarter.
Obama
budgets $1.3 billion for illegal minors - WND.com – (www.wnd.com) President
Obama has set aside an estimated $1.3 billion in his wish-list budget proposal
to provide $17,613 for each and every of the 75,000 minor-aged children
expected to cross from Central America into the United States this year – an
amount that’s significantly higher than what’s even paid on an annual basis
to Social Security retirees. A new report from the Center for Immigration Studies shows the average annual SSA retirement
benefit for legal citizens comes in about $14,772. Obama’s budget, which is
before Congress for consideration, includes $1.3 billion for the expected
“unaccompanied children” due in the United States this fiscal year, as well as
another $2.1 billion for refugees.
China Bondholders Lose Their Beijing-Bailout
Confidence - (online.wsj.com) Investors’
long-held assumption that the government would step up for state-run companies
is shaken. As signs of stress emerge in China’s huge corporate bond market,
investors are getting a new message: Beijing may not be as ready as they
thought to bail out troubled companies. Chinese companies have issued billions
of dollars in new bonds in recent years, seeking to become less reliant on
borrowing from banks. Issuance ramped up in earnest around 2010, making China’s
$900 billion corporate bond market one of the world’s largest. But as Chinese
growth slows and corporate profits decline, many are finding it hard to service
their debt. Already, there have been 22 bond defaults in China’s domestic
market this year, as many as in all of 2015.
R.I.P.
TTIP? – (www.wolfstreet.com)
TTIP, the once super-secret transatlantic trade
deal that is now broadly despised on both sides of the Atlantic, may not be
alive yet but it could soon be dead. And all thanks to leaks which confirm a
longstanding suspicion in Europe that the ultimate goal of TTIP is to pry open
European markets for big U.S. corporations, with little offered in the way of
reciprocity. The UK Independent reports that
the 248 pages of documents released by Greenpeace show that the “hated” deal
would grant US corporations “unprecedented powers” over any new public health
or safety regulations to be introduced in the future: If any European
government does dare to bring in laws to raise social or environmental
standards, TTIP will grant US investors the right to sue for loss of profits.
Asia Stocks Fall Sixth Day on Global Growth Concern After Rally - (www.bloomberg.com)
U.S. Rate Murmurs Spark Emerging Currency Losses as Stocks Slide - (www.bloomberg.com)
Yuan weakens after People’s Bank of China cuts fixing by the most in eight months - (www.scmp.com)
Eggs, Steel Top Stocks in China's Commodities Frenzy: Chart - (www.bloomberg.com)
Emerging Markets Face Downgrades as Debt Cliff Nears, S&P Warns - (www.bloomberg.com)
U.S. oil industry bankruptcy wave nears size of telecom bust - (www.reuters.com)
Petrobras Boomtown Turns Desolate as Refinery's Billions Vanish - (www.bloomberg.com)
Goldman Sachs advises cutting exposure to Chinese property sector despite tier 1 boom - (www.cnbc.com)
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