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Daily Digest 5/11 – Oil Company Bankruptcies Accelerate, Japan's National Debt Climbs
Image by Johnny Choura, Flickr Creative Commons
by saxplayer00o1
Wednesday, May 11, 2016, 2:51 PM
+ A
Venezuela extends two-day workweek for state employees to save energy
Water shortages and electricity cuts have added to the hardships of Venezuela's 30 million people, already enduring a brutal economic slowdown, shortages of basics from milk to medicines, soaring prices and long lines at shops.
Low Water Level in Venezuela's Biggest Hydroelectric Reservoir Raises Concern
The water level "remains very critical" at the El Guri reservoir, Venezuela's main source of hydroelectric power, due to the severe drought caused by El Niño that has already forced the government to ration electricity and drinking water, Electric Energy Minister Luis Motta said.
Oil company bankruptcies accelerate despite rise in crude prices
Nearly 70 companies in the United States and Canada have filed for bankruptcy during an oil bust in which prices plummeted from more than $100 a barrel to less than $30 in less than two years. Despite gutting drilling operations, and laying off thousands of workers to conserve cash, these companies could not longer meet the interest payments to creditors who have become less sympathetic as the bust drags on.
Fitch Downgrades Six Brazilian Subnationals; Outlook Negative
Fitch Ratings has downgraded the states of Sao Paulo, Santa Catarina and Parana's Issuer Default Rating (IDR) to 'BB' from 'BB+'. Fitch has also downgraded the ratings for the cities of Sao Paulo and Rio de Janeiro to 'BB' from 'BB+'. In addition, Fitch has downgraded the IDRs for the state of Rio de Janeiro to 'B+' from 'BB'. The Rating Outlooks remain Negative.
Extra budget for disaster to total ¥778 billion, be financed by negative rates (Japan)
The government initially booked about ¥9.9 trillion for interest payments in the initial fiscal 2016 budget but now expects those costs to drop because the yield on the 10-year government bond has declined to around minus 0.1 percent.
One Chinese company has a debt pile almost as big as the whole of Australia
And it's debt is building up as the railway company, which operates China's trains and is responsible for its much lauded 19,000 kilometre high-speed rail network, loses money. In the first quarter, CRC reported a net loss of 8.73 billion yuan, up 35 per cent from a year ago.
Japan's national debt climbs to a dizzying ¥1,049.37 trillion
The total debt was more than double the country's nominal gross domestic product in 2015 of ¥499.1 trillion. Japan's fiscal health is the worst among major developed economies.
Denmark's negative rates pose risk of housing bubble, says OECD
Negative interest rates could create a housing bubble in Denmark, leaving households exposed to the risk of unsustainable debts once borrowing costs rise again, the OECD said on Tuesday while cutting its growth forecast for the country.
UBS could pass on negative rates to wealthy clients – CEO
Switzerland's biggest bank UBS could pass on negative interest rates to wealthy private customers or add new service fees to ensure profitability and capital returns in the current environment, its chief executive said on Tuesday.
Study: Long-Term Care Costs Continue to Rise
Long-term care grew more expensive again this year, with the cost of the priciest option, a private nursing home room, edging closer to $100,000 annually, according to a survey from Genworth Financial.
Traders Eye $100 Billion More Emerging-Market Fallen Angels
A further $100 billion of developing-nation debt faces downgrade to junk this year as Moody's Investors Service and S&P Global Ratings tally up the effects of the oil shock, according to analysts at Barclays Plc.
Moody's outlines its view on China's contingent liabilities
Across all sectors, debt in China has increased to around 280% of GDP. Meanwhile, liabilities equal to about 115% of GDP are owed by SOEs. In the event that some entities faced difficulties in honoring their obligations, the government could become responsible for some of the related contingent liabilities.
Central States chief warns of insolvency or steeper cuts to pensions
Thomas Nyhan, the executive director of the Central States pension fund, told reporters on a conference call that he wasn't sure that Central States could make the numbers work after Special Master Kenneth Feinberg refused a request to slash benefits by 22% on average for 270,000 Teamsters members.
Click to read the PM Daily Market Commentary: 5/10/16
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Daily Digest 7/16 – Living On The Edge In CA, Inside The Battle For the Next Global Monetary System
Daily Digest 7/15 – Transformer Fire Causes Blackout In Midtown Manhattan, Climate Change Has 'Already Affected' Global Food Production
Daily Digest 7/13 – The Black Hole Engulfing the World's Bond Markets, Palantir's Top-Secret User Manual for Cops
Daily Digest 7/12 – Good News Friday: BofA Cuts Ties With Private Prisons, Finding The American Dream at the Public Library
Daily Digest 7/11 – India's Worsening Drought Forces Doctors to Buy Water for Surgery, Major Market Problems Brewing
Daily Digest 7/10 – Negative Yields Creep Into Emerging Europe, Parental 'Memory' Inherited Across Generations
Daily Digest 7/9 – JPMorgan Says Bond Rally Faces 'Tantrum' Risk, Lithium Industry At A Crossroads
Daily Digest 7/8 – The Power of One Push-Up, CA Coast Disappearing Under Rising Sea
Daily Digest 7/6 – The Rise Of Small Farms, CA Earthquake Generates Over 200 Aftershocks
Daily Digest 7/5 – Good News Friday: Austria Bans Glyphosate, Planting Trees To Tackle Climate Crisis
» Follow Comments on this Article
Wed, May 11, 2016 - 7:43pm
thc0655
Status Platinum Member (Offline)
Joined: Apr 27 2010
Political developments on the road to 3E hell
http://www.theburningplatform.com/2016/05/11/notleys-war-on-alberta-scorched-earth-policy/
There is a lot of background to this video that most of you would not be aware of. Suffice it to say that a FAR left gov't took the seat of power in Alberta about a year ago after Albertan's who were fed up with the arrogance and corruption of the conservative parties (it was blatant and ugly) representing the province either failed to show up to vote or cast a vote in protest. What they got what was something none could have imagined would happen in Alberta – an NDP (borderline communist) government. For those of you who think this label to be extreme I invite you to research the background of many of their MLA's.
Since taking power the NDP have been openly hostile towards free enterprise of any kind and especially towards the people of rural Alberta. They have been very busy pissing people off and stacking the deck in their favour to better their chances of being reelected. They are shutting down the coal industry, passing egregiously intrusive legislation on the province's farmers (Bill 6), taxing the shit out of producers and, according to some media sources have at the same time swelled the ranks of the civil service by tens of thousands of new positions in the short time they have been in office. They are essentially buying votes on the one hand and punishing those who they know will not vote for them on the other.
In light of all this one cannot help but wonder if their actions in relation to the provinces El nino fire season are not simply another nail in the coffin of rural Alberta's economy and a stab at the private sector working class? When you look at their actions from a broader more holistic perspective it appears this is quite possibly the case. Moreover, watch and listen carefully to the Ag and Forester Minister's response to the line of questioning in the video provided. His tone of voice, cadence and inability to string together anything coherent is indicative of someone who has something to hide.
Short video at link.
http://campusreform.org/?ID=7557
The Blinn College Board of Trustees agreed to settle a lawsuit Wednesday filed by a student who was told she would need "special permission" to display a gun rights sign in the school's designated free speech zone.
Last year, Campus Reform broke the story that student Nicole Sanders was prohibited from recruiting her classmates for a Young Americans for Liberty (YAL) chapter she was working to start on campus.
"Gun rights on campus? Hey, I'm not against guns, okay? But on campus, I'm not so sure." Tweet This
"Sounds like the gist of what happened is a student kind of set up shop, and we have policies and procedures that basically all they have to do is apply for a group," said Jeff Tilley, Blinn's marketing and communications director.
In order to apply for official group status, however, an organization needs to recruit at least seven interested members, which Sanders was attempting to do. According to Tilley's reasoning, Sanders needed to launch her school's YAL chapter before she could actually begin recruiting for it, even though school policies required her to recruit seven members before officially launching.
While recruiting in her school's free speech zone, Sanders set up two signs with conservative slogans written on them in order to spice up the appeal to her right-leaning peers.
"Defend your gun rights on campus," one sign said.
Later, Sanders was approached by a school official who had witnessed her recruitment efforts.
"Gun rights on campus?" Sherri Rich, a Student Leadership and Activities assistant, asked disapprovingly in a video obtained exclusively by Campus Reform.
"Hey, I'm not against guns, okay? But on campus, I'm not so sure," she continued.
Three campus police officers accompanied Rich when she approached Sanders, saying Sanders would need "special permission" to continue her recruitment efforts.
"We just don't allow it," Rich said, unable to cite a school policy that would prohibit Sanders' actions. "You have to come and get special permission."
Continuing to fumble with her words, Rich then wrongly told Sanders that Blinn's status as a private college prevents Sanders from recruiting on campus.
"It's a private college actually, it's a community college," Rich stated, even though Blinn is not in fact a private school.
Sanders took her case to the Foundation for Individual Rights in Education (FIRE), which then filed a lawsuit against the school on her behalf. Now, a year later, Blinn and FIRE have reached a settlement agreement requiring the public community college to revise its restrictive policies and pay Sanders $50,000 for damages and legal fees.
http://www.baltimoresun.com/news/maryland/bs-md-bullet-casings-20151107-story.html
Millions of dollars later, Maryland has officially decided that its 15-year effort to store and catalog the "fingerprints" of thousands of handguns was a failure.
Since 2000, the state required that gun manufacturers fire every handgun to be sold here and send the spent bullet casing to authorities. The idea was to build a database of "ballistic fingerprints" to help solve future crimes.
But the system — plagued by technological problems — never solved a single case. Now the hundreds of thousands of accumulated casings could be sold for scrap.
"Obviously, I'm disappointed," said former Gov. Parris N. Glendening, a Democrat whose administration pushed for the database to fulfill a campaign promise. "It's a little unfortunate, in that logic and common sense suggest that it would be a good crime-fighting tool."
The database "was a waste," said Frank Sloane, owner of Pasadena Gun & Pawn in Anne Arundel County. "There's things that they could have done that would have made sense. This didn't make any sense."
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Japan's national debt makes them richer
one story says Japan's national debt climbs to a dizzying ¥1,049.37 trillion, but another says Extra budget for disaster to total ¥778 billion, be financed by negative rates
that put them in a unique position whereby the greater their debt, the more investors pay them to borrow…hence, the farther in debt they get, the more they earn on it…
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