How
the Ballooning “Pension Crisis” Will Impact the Economy - (www.wolfstreet.com) In
the very simplest terms, the Dallas Police & Fire Pension Fund is going
broke, and the police who are counting on it for their retirement are beginning
to panic. Police involved are retiring as early as possible and taking cash
payouts because they fear that the fund will run dry and future checks may not
be forthcoming. The whole thing is beginning to look like a run on a bank and
it is just making matters worse. It’s not that the DPFP is all that different
from most of the public and private retirement funds; it’s just that what is
happening has been noticed and made the headlines. When you consider the number
of people involved and the amount of money involved, the Dallas Police
Retirement Fund is pretty insignificant considering that retirement funds in
places like Chicago and the State of
Illinois are probably in as bad a shape. Then there is the big daddy of all retirement
funds, the Social Security Trust Fund.
Bankruptcy Bust: How Zombie Companies Are
Killing the Oil Rally - (www.nasdaq.com) Their
owners may be bankrupt, but the sprawling mines of Wyoming's Powder River Basin
are still churning out coal. It is the same story in oil fields along the Gulf
Coast and with shale-gas wells in the Rocky Mountains. Energy investors have
long hoped that falling prices would solve themselves by driving producers into
bankruptcy and stanching the flood of excess supply. It turns out that while
bankruptcy filings are up, they have barely impacted fossil-fuel markets. The
theory that bankruptcies would help balance the market "was misguided to
begin with," says Roy Martin, a research analyst at energy consultancy
Wood Mackenzie. "And people are starting to come around to that now."
Banks preparing to leave UK over Brexit, says
banking body chief executive - (www.reuters.com) Big
international banks are preparing to move some of their operations out of
Britain in early 2017 due to the uncertainty over the country's future
relationship with the European Union, a top banking official said. Writing in
the Observer newspaper, Anthony Browne, the chief executive of lobby group the
British Bankers' Association, said the public and political debate was
"taking us in the wrong direction" and businesses could not wait
until the last minute. "Most international banks now have project teams
working out which operations they need to move to ensure they can continue
serving customers, the date by which this must happen, and how best to do
it," said Browne.
Texas
hospital reaches settlement with nurse infected with Ebola - (www.bloomberg.com) A
nurse who contracted the Ebola virus while treating the first person diagnosed
with the deadly disease in the United States has reached a settlement with the
Dallas hospital where she was in a team caring for the man, a statement on
Monday said. Terms of the deal between the hospital's owner, Texas Health
Resources, and nurse Nina Pham, the first person infected with Ebola in the
United States, were not disclosed. Pham sued last year, saying that Texas
Health Presbyterian Hospital did not do enough to prevent her from contracting
the deadly virus and invaded her privacy after she was diagnosed with it.
German Momentum Grows for Curbs on Chinese
Overseas Investment - (www.bloomberg.com) Germany
is seeking tighter control over foreign investment in European companies, in a
sign of a growing protectionist reaction to China’s appetite for overseas
acquisitions. Economy Minister Sigmar Gabriel on Monday reopened a review of the
takeover of Aixtron SE, which supplies equipment to the semiconductor industry,
by China’s Grand Chip Investment GmbH. That follows calls by Gabriel, who is
also Chancellor Angela Merkel’s deputy, for European Union measures to give
national governments more powers to block or impose conditions on shareholdings
of non-EU companies.
How an army of vulnerable gadgets took down the web today -
(www.cnbc.com)
Hackers Used New Weapons to Disrupt Major Websites Across U.S. - (www.nytimes.com)
A Precarious Alliance Takes on Islamic State - (www.spiegel.de)
Hackers Used New Weapons to Disrupt Major Websites Across U.S. - (www.nytimes.com)
A Precarious Alliance Takes on Islamic State - (www.spiegel.de)
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