STOCK MARKET WATCH -- Friday, 7 November 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 7 November 2014[font color=black][/font]

SMW for 6 November 2014

AT THE CLOSING BELL ON 6 November 2014
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Dow Jones 17,554.47 +69.94 (0.40%)
S&P 500 2,031.21 +7.64 (0.38%)
Nasdaq 4,638.47 +17.75 (0.38%)


[font color=red]10 Year 2.38% +0.01 (0.42%)
30 Year 3.10% +0.01 (0.32%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
http://tools.investing.com/market_quotes.php?
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts







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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[tclambert]

1. One of the many things that steams me about this election is:

I know that in some alternate universe Democrats kept a majority in the Senate; Mitch McConnell, Scott Walker, and Sam Brownback all lost; and the Koch brothers are crying about how unfair it was that they didn't get to spend hundreds of millions in dark money to buy the election.

I hate that alternate universe (though I hate this universe more) and whatever Power trapped me in this one.

[Demeter]

2. Biggest banks brace for poisoned chalice of a place at the top table

http://www.reuters.com/article/2014/11/05/banks-equity-idUSL6N0SV31020141105

About 30 banks will be formally anointed as the industry's most important players this week; a rather dubious honour costing them billions of dollars each in additional reserves and placing them under increased regulatory scrutiny. Policymakers have leaned on the world's biggest banks to raise their capital reserves by retaining earnings, selling shares or curbing dividend payouts to avoid a repeat of the past financial crisis and large-scale taxpayer-funded bailouts.

Capital cushions have already been plumped in response to national watchdogs' demands, but the Financial Stability Board (FSB) that coordinates financial regulation worldwide this week unveils its formal list of global systemically important banks, known as G-SIBs, which have to hold more capital from 2016. "It's not a positive thing (being a G-SIB). There are higher expectations, you have to hold more capital and the oversight is a little bit more intense," Tim Sloan, head of wholesale banking for U.S. bank Wells Fargo, told Reuters. The FSB divides the systemically important banks into five categories, determined by their size, geographic spread, complexity and potential impact on the financial system.

Lenders placed in the top group would have increase their capital cushion by 3.5 percentage points above the standard global regulatory minimum, though none has appeared in draft lists for a category that was designed mainly to deter banks from growing too large.

For banks in the next category down, the requirement is for an additional 2.5 percentage points. In a draft list last year only HSBC and JP Morgan were in that group. Based on their risk-weighted assets that would mean each having to hold an additional $30 billion of capital.

When the concept of systemic importance was first unveiled, there was speculation that banks given such a designation could benefit from lower funding costs or be rewarded by investors for having bigger safety nets or for being more likely to be saved in a crisis...The reality has proved otherwise. "There's zero advantage to being a G-SIB. The funding advantage could be 15-20 basis points, but that would be way more than offset by the excess capital they have to hold and the amount of regulatory and compliance cost that is built in," Bernstein analyst Chirantan Barua said. Banks on the FSB list have had to lead the way in establishing "living wills" detailing how they would be wound down if they collapse. They also face having to make an earlier start than smaller rivals in issuing bonds that can be written off in the event of a banking crisis without guarantees to reimburse the bondholders. National authorities are also picking out big banks for special treatment. The Bank of England last week announced that it will use the FSB rankings to help to set leverage levels for British lenders.

The big banks have already improved capital levels in preparation for the FSB surcharges, which the regulator has tried to flag in draft lists, but the need to keep capital reserves high will leave them little room for manoeuvre. There were 29 systemically important global players on last year's draft list, including one addition from the previous year's list. Bankers and analysts said that the list should be relatively stable over time, though one or two names could move in or out each year and banks could shift between categories. In last year's draft list, Barclays, BNP Paribas, Citigroup and Deutsche Bank sat in the group of third-largest banks, requiring them to hold 2 percent extra capital. Another eight banks, including Goldman Sachs and UBS , sat in the group requiring a 1.5 percent surcharge, while 15 more, including China's ICBC, Wells Fargo and Santander, were in the bottom category needing them to hold 1 percent extra.

[Demeter]

3. Fed issues rule to prevent oversized U.S. financial firms

http://uk.reuters.com/article/2014/11/05/fed-regulations-bigbanks-idUKL1N0SV24920141105

The U.S. Federal Reserve unveiled a final rule on Wednesday designed to prevent large financial firms from becoming so big that their failure could shake the core of the U.S. financial market. The final rule, required by the 2010 Dodd-Frank Wall Street reform law, prohibits banks and certain large financial firms from acquiring another company if that merger would cause their liabilities to exceed 10 percent of the total consolidated liabilities for all financial firms.

The Fed said on Wednesday that its final rule is "substantially similar" to the one it proposed in May, but contains a few changes. For instance, the final rule has an exemption that would permit firms to continue securitization activities even if they have reached the limits set forth in the rule. The final rule also prohibits a company from acquiring another company under "merchant banking authority" if it has reached the 10 percent limit. In addition, it spells out more details for how to properly calculate financial sector liabilities, among other things. The rule is slated to take effect on January 1, 2015.

Wednesday's rule applies to banks and to large financial firms who are designated as "systemic" by the Financial Stability Oversight Council (FSOC), a federal government panel of regulators that polices for emerging market threats.

The FSOC has already designated General Electric Co's GE Capital, American International Group Inc and Prudential Financial Inc as systemic. It has also proposed designating Metlife Inc, although the company has hired a lawyer to fight the proposal.

[Demeter]

4. London Exchange to Add Midday Pause for Additional Auction

http://www.bloomberg.com/news/2014-11-05/london-exchange-to-add-midday-pause-for-additional-auctio.html

London Stock Exchange Group Plc (LSE) plans to add daily trading breaks as part of a strategy to woo the largest buy and sell orders. Under the plan to begin next year, LSE will pause the market for two minutes each day at midday and switch stock trading to auctions, according to a company statement. Auctions are already held at the beginning and end of each session as a way to balance the supply and demand that balloons at those periods. Like those, the midday procedure will hide from public view the size of individual orders. By only displaying to the market the total number of shares available to buy and sell, the bourse will enable big asset managers and pension funds to transact large blocks of shares without giving away their intentions, Brian Schwieger, said in a phone interview.

The midday market pause may help the bourse attract additional block trades once new European Union rules come into force in 2017. The regulations, part of a swathe of reforms called MiFID II, impose caps on the amount of trading that can take place on dark pools. Some banks present dark pools, or private markets, as venues where investors can transact large blocks without disclosing their prices.

“Roughly a third of the FTSE 350 Index will be affected by those caps,” Schwieger said.

LSE is proposing to include more than 900 stocks in the lunchtime auction...“Auction mechanism are fantastic tools to aggregate liquidity, particularly from investors who are looking to trade size, trade in blocks,” Andy Nybo, the head of derivatives research at New York-based Tabb Group LLC, said in a phone interview. “I would suggest that LSE is looking at this as a tool to attract that chunky liquidity.”

[DemReadingDU]

5. Matt Taibbi:The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

11/6/14 The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare
Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking

She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore.

"It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'"

Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.

Thanks to a confidentiality agreement, she's kept her mouth shut since then. "My closest family and friends don't know what I've been living with," she says. "Even my brother will only find out for the first time when he sees this interview."

much more...
http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IJNagNqG

[Demeter]

21. THIS IS A MUST-READ ARTICLE!

Welcome back Matt!

Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her.

She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.

This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts.

And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. "I could be sued into bankruptcy," she says. "I could lose my license to practice law. I could lose everything. But if we don't start speaking up, then this really is all we're going to get: the biggest financial cover-up in history."

And good luck, Alayne Fleischmann. Too bad the timing is off, and worse yet that it won't impact any election....

[Demeter]

30. WHAT ARE THE ODDS THAT JUSTICE WILL BE DONE?

She'd like to see something done about it, emphasizing that there still is time. The statute of limitations for wire fraud, for instance, has not run out, and she strongly believes there's a case there, against the bank's executives. She has no financial interest in any of this, no motive other than wanting the truth out. But more than anything, she wants it to be over.

In today's America, someone like Fleischmann – an honest person caught for a little while in the wrong place at the wrong time – has to be willing to live through an epic ordeal just to get to the point of being able to open her mouth and tell a truth or two. And when she finally gets there, she still has to risk everything to take that last step. "The assumption they make is that I won't blow up my life to do it," Fleischmann says. "But they're wrong about that."

Good for her, and great for her that it's finally out. But the big-picture ending still stings. She hopes otherwise, but the likely final verdict is a Pyrrhic victory.

Because after all this activity, all these court actions, all these penalties (both real and abortive), even after a fair amount of noise in the press, the target companies remain more ascendant than ever. The people who stole all those billions are still in place. And the bank is more untouchable than ever – former Debevoise & Plimpton hotshots Mary Jo White and Andrew Ceresny, who represented Chase for some of this case, have since been named to the two top jobs at the SEC. As for the bank itself, its stock price has gone up since the settlement and flirts weekly with five-year highs. They may lose the odd battle, but the markets clearly believe the banks won the war. Truth is one thing, and if the right people fight hard enough, you might get to hear it from time to time. But justice is different, and still far enough away.

What are the odds that Eric Holder will answer for his conspiracy with JPMorgan? Can they keep corrupting the Presidency and the Dept. of Justice forever, or just until the Statute of Limitations runs out?

Is this any way to run a country, a banking system, a global economy?

[DemReadingDU]

35. Justice?

as in Liberty and Justice for all?

I don't think so.




edit -
via Twitter...

Eric Scott Hunsader ‏@nanexllc
Why isn't Jamie Dimon on the FBI's most wanted list?
https://twitter.com/nanexllc/status/530550810305118208

[Demeter]

37. Pierre Omidyar sure looks like an asshole now

letting a story like this get away

[DemReadingDU]

39. No kidding

Taibbi probably thought he was going to expand his investigative writings with Omidyar's First Look 'Racket', but that didn't work out. Glad he is back at Rolling Stone!

[DemReadingDU]

34. Matt Taibbi will be on DemocracyNow this morning

via Twitter...

Matt Taibbi ‏@mtaibbi
Pleased to be visiting with Amy Goodman and Juan Gonzalez on Democracy Now! along with JPM whistleblower Alayne Fleischmann this morning.
https://twitter.com/mtaibbi/status/530698916304814080


edit - more Taibbi tweets...
https://twitter.com/mtaibbi

[Hotler]

44. We should be marching on Wall St. by the tens of thousands, hundreds of thousands......

and throwing rocks like a Palestinian and building tumbrels and guillotines in the square.

[xchrom]

6. The 10 Most Important Things In The World Right Now

http://www.businessinsider.com/10-most-important-things-in-the-world-right-now-nov-7-2014-11

1. The FBI arrested on Thursday the alleged operator of "deep web" drug marketplace Silk Road 2.0, former SpaceX employee Blake Benthall.

2. A former safety expert for the European Space Agency told the Financial Times that Virgin Galactic, whose spacecraft exploded killing one pilot last week, did not have enough safety precautions in place.

3. Honda has expanded its recall of Takata-made airbags — now among nearly 8 million cars made by 10 automakers — because the airbags can explode, causing shards of metal to fly out into the passenger compartment.

4. In light of the recall, The New York Times reports that Takata allegedly deleted results from 2004 tests showing the potential risks of its airbags.

5. Israel has reportedly banned entry visas to citizens of the three West African nations worst hit by Ebola, — Sierra Leone, Liberia, and Guinea — according to Haaretz.



Read more: http://www.businessinsider.com/10-most-important-things-in-the-world-right-now-nov-7-2014-11#ixzz3INWbYpM6

[xchrom]

7. Finally, Some Good News For France

http://www.businessinsider.com/french-industrial-production-october-2014-11

French manufacturing output increased by 0.6% in September, the French National Institute of Statistics and Economic Studies (INSEE) reported on Friday.

"Output remained stable in industrial production as a whole, after a slight decrease of 0.2% in August 2014," INSEE said.

Manufacturing increased in mining, quarrying, energy, water supply, electrical and electronic equipment, machine equipment, transport equipment, and coke and refined petroleum products. Food products and beverages saw a slight decrease.



Read more: http://www.businessinsider.com/french-industrial-production-october-2014-11#ixzz3INX285nI

[xchrom]

8. Saudi Arabia Won't Win This Oil-Price Standoff

http://www.businessinsider.com/citi-saudi-arabia-wont-win-this-oil-standoff-2014-11



There's a standoff happening between the old oil powers and the booming US shale industry, as the OPEC oil cartel is thought to be pushing down prices in order to drive new production off-line.

Investment bank Citi says it's not a fight that OPEC leader Saudi Arabia is going to win.

Although no one is sure what's causing the plunge in oil prices from above $105 a barrel this summer to below $80, Saudi Arabia, which helps control oil prices through how much of its vast oil reserves it releases to the market, would reportedly "be comfortable with lower oil prices." Meanwhile, there's a risk that low prices will make it unfeasible to continue expensive unconventional drilling projects that are spreading through US shale basins.

But a massive new report, "The Rapid Rise of the United States as a Global Energy Superpower," from Citi's macro analysts suggests the price of oil would have to dip to the vicinity of $50 a barrel to flatten US production growth completely.



Read more: http://www.businessinsider.com/citi-saudi-arabia-wont-win-this-oil-standoff-2014-11#ixzz3INXcGxDm

[Demeter]

26. If it were only about oil and profit, I would agree

But this is part of the Great Game...the lust for power to jerk people around. Saudis are flexing their muscle.

And the people they want to jerk around are: Shites, Russians, the USA, Iran, and the West in general. Added benefit: piss off Israel.

Why? The US and UK have been appeasing Saudis for ages, but it's not enough. Those Anglos have been getting pushy, interfering in the Middle East again.

the Shites? Religious warfare, the gift that keeps on giving. Same for Iran.

Russians? They may be doing this as a quid pro quo for PNAC / US State Dept. A goodwill gesture, to conceal the ill-will behind it all.

Pissing off Israel? That doesn't take much work at all, it's inevitable whenever anyone even sneezes, and it's so entertaining!

The ultimate purpose? Whoever knows ain't talking. But that's true for the Saudi 9/11 terrorism, too. The ultimate purpose (other than crashing the US economy) has never been revealed. Yet!

[Demeter]

9. Ukraine restarts gas payments to Russia

http://www.euronews.com/2014/11/05/ukraine-restarts-gas-payments-to-russia/

Russia’s Gazprom says Ukraine has paid $1.45 (1.16 billion euros) towards its outstanding gas bill. That is the first step towards Russia resuming supplies to Ukraine, which were cut off in June. It is the first payment by Ukrainian energy firm Naftogaz since May, when a row over gas pricing and unpaid debts escalated between Moscow and Kyiv.

Talks between Russia and Ukraine – brokered by the European Commission – resulted in a temporary agreement on a gas price, a debt repayment schedule and a resumption of gas supplies until the end of March. It is expected flows will start again by the end of this week.

Russia has said the debt stands at either around $4.5 billion (3.6 billion euros) or over $5 billion (4 billion euros), depending on the pricing for gas Kiev received between April and June.

Ukraine used to get half of the gas it needs from Russia and 50 percent of the gas the European Union uses also passes through Ukraine.

[Demeter]

10. Russia services PMI falls sharply in October

http://uk.reuters.com/article/2014/11/06/uk-pmi-services-russia-idUKKBN0IQ0CA20141106

Russia's service sector contracted in October at the fastest pace since May, as the slowing economy, suffering from Western sanctions over the Ukrainian crisis, led to a drop in the volume of new business, a survey showed on Thursday. The HSBC Purchasing Managers Index (PMI) for the service sector of Russia's $2 trillion (1.25 trillion pounds) economy fell to 47.4 last month from 50.5 in September, below the 50 mark that separates expansion from contraction.

The data for the sector, which accounts for about 60 percent of Russia's gross domestic product, follows a survey showing that the manufacturing segment of the economy kept losing steam last month, with demand for Russian exports falling and a weaker rouble driving firms' input prices sharply higher. New business received by Russian companies fell for the second straight month, at the fastest rate since May of 2009. Firms reported weaker demand, including from international markets and a lack of funds at clients.

"We expect the service sector to continue to significantly underperform the manufacturing sector in the coming months: the former sector is more exposed to cooling consumer demand and cannot benefit much from import substitution in contrast to some industries," said Alexander Morozov, chief economist for Russia and CIS at HSBC.

Morozov reckons Russia's gross domestic product in the final quarter of the year is likely to deteriorate to negative 1 percent.

"We see a structural recession, in which a cyclical component is relatively small. This does not promise quick and easy ways out of it .... So, tighten your belts, please.”

[Demeter]

11. China vows equal IPR protection

http://www.chinadaily.com.cn/china/2014-11/06/content_18875248.htm

State Council hammers out new measure to encourage innovation

China will "make no exception" and equally protect the intellectual property rights of overseas companies and individuals as part of a series of measures hammered out at the State Council's executive meeting chaired by Premier Li Keqiang on Wednesday. The move aims to protect intellectual property rights in a bid to encourage innovation.

Li Jingjian, an IPR lawyer at Yingke Law Firm in Beijing, said China is often being challenged over the protection of famous trademarks and patents owned by overseas companies and individuals. "Such inadequate protection is commonly seen in the fashion industry," Li said, "bangmingpai, for instance." Bangmingpai, which translates as "close to a famous brand", is a method used to create confusion between a household brand and a little-known brand by registering a similar brand name. Illegal variants of famous Italian brand Valentino, for example, can be found in some Chinese street stalls, especially in rural areas, with names such as Valentino Vani, Auotis Valentino and Valenteno Guci. The crackdown on bangmingpai is usually more rigid if the famous brand being counterfeited is domestic, Li said.

China will also promote the use of legitimate software and include the record of willful infringement into the social credit system to improve the deterrent force of the law.

At Wednesday's meeting, the government also decided to further streamline procedures for government approvals of investment projects as a means of fueling economic growth. Unnecessary preconditioned government approvals will be eradicated, even if stipulated in laws, the meeting decided. These changes will be made possible through the revision of related laws and regulations, according to a statement released after the meeting. "We should try our best to return to the market what it can handle on its own," said Premier Li Keqiang.

Such decisions on further reducing hindrances to businesses will help more businesses come into being, said Wang Manchuan, a professor with the Chinese Academy of Governance. A business license is issued by industry and commerce authorities, but in order to get a business license a startup business may first need to meet preconditions set by other government departments. There used to be cases where government departments setting such preconditions refused enterprises' applications for approval simply because they didn't have a business license in the first place, said Wang.

"Canceling such preconditions, apart from those relating to public health and safety, will make it easier for people to start a business," he said.

[Demeter]

12. Reform of world financial order needs strategic thinking: experts FROM CHINA!

http://news.xinhuanet.com/english/china/2014-11/04/c_133765792.htm

A new global financial order is essential in the rapidly changing global economy, and strategic dialogues and cooperation are needed to reform the current system, international financial experts said at a forum in Beijing.

"The world today is facing a revolution. It is imperative to construct a new global financial framework and to formulate new rules for global financial market," said Cheng Siwei, chairman of the International Financial Forum (IFF), a Beijing-based think tank, which concluded its three-day 2014 annual meeting on Sunday.

"The new global framework, new global rules, global balance and global governance require us to engage in renewed strategic dialogue and thinking," Cheng added.

"The global economy and global finance is at the turning point in a way," Jean-Claude Trichet, former president of the European Central Bank, also a co-chairman of the IFF, told the forum via a video link.

"The world has gone through the global financial crisis ... new rules have been discussed not only inside the advanced economies, but with all emerging economies, including the most important emerging economies, namely, China." Trichet said.

Many experts agreed with Trichet and said that China, the world's second-largest economy, is playing a more crucial role in reshaping the world financial order, which was criticized by emerging economies and developing countries as unable to reflect the rapidly changing world economic reality.

Former Australian Prime Minister Kevin Rudd, also a co-chairman of the IFF, echoed Trichet's observation, saying that the current global economy and finance is facing complicated challenges, which need wisdom to deal with.

"The global financial world is changing profoundly," said Yukio Hatoyama, former prime minister of Japan and Chairman of IFF Advisory Committee. "China's role became more important."

Zhu Guangyao, China's vice minister of finance, said the major economies, including the United States, the euro zone, Japan and China, need to enhance global cooperation to tackle global financial and economic crisis. At the forum, global financial experts discussed hot topics such as global financial framework, global monetary system and China's economic transition and financial reform, as well the globalization of China's currency.

The IFF is an independent, non-profit and non-governmental international organization and a regular platform for global high-level dialogue and academic research in the financial field.

[xchrom]

13. US Fracking Firms Are Totally Unfazed By The Oil Price Slump

http://www.businessinsider.com/fracking-supplier-confident-despite-oil-price-2014-11

NEW YORK (Reuters) - Unfazed by slumping oil prices and battering in the stock market, firms that supply sand and guar gum for shale oil and gas companies are not ready yet to call an end to a four-year boom spurred by hydraulic fracturing technology.

Just putting on a brave face as a downturn looms? Perhaps, but the optimism could also reflect confidence that the U.S. shale industry is more resilient to retreating oil prices than investors might think.

Oil prices have fallen 30 percent since late June and shares of such firms as U.S. Silica Holdings and Hi Crush, which supply sand to U.S. drillers, followed, dumped by investors anticipating 2015 output cuts and a drop in demand.

However, the service companies say business remains as strong as ever. Furthermore, they point out that most of their supply has been bought under long term contracts meaning next year should be good too.



Read more: http://www.businessinsider.com/fracking-supplier-confident-despite-oil-price-2014-11#ixzz3INcbYQOs

[xchrom]

14. French President Hollande Says He Won't Stand Again If Unemployment Doesn't Drop

http://www.businessinsider.com/afp-hollande-says-wont-stand-again-if-unemployment-doesnt-drop-2014-11

Francois Hollande vowed Thursday he would not stand again for the French presidency in 2017 if he had not managed to live up to his promise to bring down unemployment by then.

Referring to a failed pledge to "invert the trend" of unemployment, he said live on French television: "Do you think I can say to the French people, 'I didn't manage it for five years, but I promise I'll do it in the next five?' It doesn't work like that."

"If I don't manage it before the end of my term, do you think I will go before the French people" in 2017? "The French people would be unyielding and they would be right."

Hollande has said previously that he would not have the necessary credibility to stand for re-election in 2017 if he did not live up to his pledge to bring unemployment down.



Read more: http://www.businessinsider.com/afp-hollande-says-wont-stand-again-if-unemployment-doesnt-drop-2014-11#ixzz3INd8P8Rd

[xchrom]

15. European Markets Are Mixed

http://www.businessinsider.com/market-update-nov-7-2014-2014-11

Here's the scorecard:

France's CAC 40 is up just 0.08% after opening down

Germany's DAX is up 0.25%

The UK's FTSE 100 is up 0.79%

Italy's FTSE MIB is down 0.25%

Spain's IBEX is down 0.16%

US futures are up slightly: the S&P is 1.5 points higher and the Dow is up 15 points.

It was a mixed session for Asian markets: Japan's Nikkei closed up 0.52% and Hong Kong's Hang Seng closed down 0.42%.

The big economic news today comes from the US, with the jobs report out at 1.30 p.m. GMT. We'll get non-farm payrolls, earnings growth, and the unemployment rate, which analysts expect to stay at 5.9%.



Read more: http://www.businessinsider.com/market-update-nov-7-2014-2014-11#ixzz3INdgRXOe

[xchrom]

16. The World Economic Forum Names The 10 Biggest Threats On Earth

http://www.businessinsider.com/world-economic-forum-10-biggest-threats-to-the-world-2014-11

The World Economic Forum (WEF) has ranked the top 10 threats to the global economy and international order in its latest outlook report released Friday. The WEF labels them "trends", however, they are all rather terrifying.

This year, the WEF got Nobel Prize winner and former US vice president Al Gore to explain the list, reprinted below:

Deepening income inequality

Persistent jobless growth

Lack of leadership

Rising geostrategic competition

Weakening of representative democracy

Rising pollution in the developing world

Increasing occurrence of severe weather events

Intensifying nationalism

Increasing water stress

Growing importance of health in the economy

French economist Thomas Piketty's 700-page book on inequality seems to have had an impact, with inequality leaping into first place from second last year.



Read more: http://www.businessinsider.com/world-economic-forum-10-biggest-threats-to-the-world-2014-11#ixzz3INeFtJTa

[Demeter]

27. Why Not Just Call It "The Stupidity of Man" and call it a day?

[xchrom]

17. German Industrial Production Comes In Weak

http://www.businessinsider.com/german-industrial-production-nov-2014-2014-11

Industrial production was up 1.4% in September, below expectations.

That doesn't make up for even half of the previous month's dismal reading. Revised figures show industrial output down 3.1% between July and August.

Analysts had expected industrial production to rise by 2% from August to September. The data come after a pretty ugly figure for factory orders announced yesterday, with no real bounce back from August's dismal number.



Read more: http://www.businessinsider.com/german-industrial-production-nov-2014-2014-11#ixzz3INex34Zq

[xchrom]

18. Bernanke: Seriously, Stop Freaking Out About Inflation

http://www.businessinsider.com/financial-advisor-insights-november-6-2014-11

Everyone's freaking out now that QE is over. They're expecting major inflation, which happens after massive amounts of money are poured in. However, Bernanke is assuring everyone that serious inflation isn't going to happen. "There was 'no risk of inflation,' it was 'never a risk,' and it is 'not a risk now,'" Bernanke said on Wednesday, reports Evan Simonoff.

Additionally, Bernanke noted that both the US and the UK were doing relatively better than Europe at the moment. He attributes this to the fact that both the US and the UK embraced QE. On the other hand, Europe did not implement a similar course of action — and could not have since Europe does not have "Eurobonds" — and thus is relatively struggling.

But if inflation does happen, Bernanke doesn't seem too worried. "The Fed can deal with inflation if it happens," he said.



Read more: http://www.businessinsider.com/financial-advisor-insights-november-6-2014-11#ixzz3INkulWAQ

[Demeter]

28. "But if inflation does happen, Bernanke doesn't seem too worried"

"The Fed can deal with inflation if it happens," he said.


That's what we are all afraid of.

[xchrom]

19. SOLID US HIRING LIKELY, BUT AMERICANS ARE ANXIOUS

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-07-03-21-04

WASHINGTON (AP) -- Just after a midterm election that was driven by voters' anxiety about the U.S. economy, the government is likely Friday to report the latest strong monthly job gain.

Employers are expected to have added 230,000 jobs in October, according to economists surveyed by FactSet. That would be in line with this year's average monthly gain of 227,000, the best since 1999.

The unemployment rate is forecast to remain at a six-year low of 5.9 percent. The report will be released at 8:30 a.m. Eastern time.

The healthy job growth has highlighted a contradiction laid bare by Tuesday's election results: According to most broad measures, the economy is improving steadily and nearing full health. Yet most Americans say they remain anxious about it.

"I think there's a great deal of frustration that the economy should be doing better and that people feel they should be doing better," says Mark Vitner, an economist at Wells Fargo.

[Demeter]

29. NPR had a report of the importation of German Apprenticeship into the USA (PBS too)

https://www.google.com/search?q=npr+german+apprenticeship+in+usa&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US fficial&client=firefox-a&channel=nts

massive number of programs on this topic going back to at least 2012:


What Germans Know Could Help Bridge U.S. Workers' Skill Gap

In South Carolina, A Program That Makes Apprenticeships Work

A Different Road To Work, Bypassing College Dreams

Importing Germany's Apprentice System

BMW apprenticeship program trains workers to rise through the ranks without 4-year degree

Over 20 Percent Youth Joblessness and Still No Apprenticeships?

SOUNDS LIKE SOMEBODY'S DOING A REAL HARD SELL ON APPRENTICESHIP...OF COURSE, WE USED TO HAVE THIS IN SKILLED TRADES THROUGH UNIONS...AND VESTIGES LINGER...

Could German-style paid apprenticeships work in Michigan?

[xchrom]

20. LABOR STRIFE AT PORTS FURTHER SLOWS GOODS MOVEMENT

http://hosted.ap.org/dynamic/stories/U/US_PORT_LABOR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-07-02-17-19

LOS ANGELES (AP) -- Spreading labor strife at major West Coast seaports is exacerbating problems that importers have had getting products to market, threatening the on-time delivery of some holiday goods.

Until this week, dockworkers and their employers were negotiating a new contract with little of the public drama that characterized past talks.

No longer. The association representing companies that ship cargo in and out of 29 West Coast ports and manage containers once onshore is accusing the dockworkers union of deliberately slowing work to gain bargaining leverage. Their contract expired in July.

The Pacific Maritime Association said Thursday that the union isn't dispatching enough workers at the twin ports of Los Angeles and Long Beach who are skilled at loading containers from dockside yards onto trucks and trains. The report comes amid months of unrelated congestion at the ports. On Monday, the association said crane operators with the International Longshore and Warehouse Union in Washington state are moving cargo at half-speed.

[xchrom]

22. WORLD STOCKS RISE AHEAD OF US EMPLOYMENT REPORT

http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-07-04-38-38

KEEPING SCORE: France's CAC 40 fluctuated in early trading, inching up 0.1 percent to 4,230.87. Germany's DAX gained 0.3 percent to 9,402.83. Britain's FTSE 100 added 0.7 percent to 6,597.15. U.S. shares, which closed at a record high Thursday, on the back of solid earnings reports, were set to rise, with Dow futures up 0.2 percent to 17,533. S&P 500 futures were up 0.2 percent at 2,031.10.

JOBS REPORT: A strong report on U.S. hiring from payrolls processor ADP suggested Friday's official monthly figures will show robust employment growth. If that is the case, it will allay lingering worries that the Fed's recent decision to withdraw its extraordinary stimulus, provided through a massive program of bond buying, was premature. Intended to spur economic recovery after the global recession, the stimulus helped markets defy gravity even in the face of poor company earnings or bad economic news.

THE QUOTE: "It does concern me that everyone is now positioned for a strong payrolls" report, said Chris Weston, chief market strategist at IG in Melbourne, Australia. "Although this seems fair given all the usual leading indicators have been strong. " He said forecasts for U.S. job creation in October range from 140,000 to 314,000 with 235,000 the consensus figure.

EUROPE STIMULUS: The European Central Bank is under pressure to provide more support for Europe's recovery and prevent prices from falling. The ECB decided Thursday to keep its benchmark interest rate unchanged at 0.05 percent, a record low. But after talk of doing more from ECB President Mario Draghi, markets have turned higher.

ASIA'S DAY: Japan's Nikkei 225 closed up 0.5 percent at 16,880.38 and Australia's S&P/ASX 200 climbed 0.5 percent to 5,549.10. Seoul's Kospi added 0.2 percent to 1,939.87 but China's Shanghai Composite lost 0.3 percent to 2,418.17. Hong Kong's Hang Seng shed 0.4 percent to 23,550.24. Markets rose in Taiwan and Singapore while benchmarks in Indonesia, Thailand and the Philippines fell.

[xchrom]

23. EU, BRITAIN BATTLE OVER BIG EXTRA BUDGET PAYMENT

http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_EU?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-07-06-13-09

BRUSSELS (AP) -- Britain is steadfast in its refusal to pay an extra 2.1 billion euros ($2.7 billion) to the European Union budget by next month, setting up a clash with EU officials at a meeting Friday.

British Treasury chief George Osborne said before the gathering of EU finance ministers that the demand remained "unacceptable."

A recalculation of EU budget contributions has seen Britain's share grow this year. But the scale of the increase was a surprise.

The standoff comes at a time of growing political pressure in Britain for the country to leave the EU.

[xchrom]

24. GERMAN EXPORTS, FACTORY PRODUCTION UP IN SEPTEMBER

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-07-03-09-12

BERLIN (AP) -- Germany's exports rose sharply in September and factory production was also up, but experts say it may not be enough to stave off a recession.

The Federal Statistical Office reported Friday that exports rose 5.5 percent over August, in seasonally and calendar adjusted figures, almost offsetting the 5.8 percent drop the previous month. Imports rose 5.4 percent, widening the trade surplus to 18.5 billion euros.

Industrial production rose 1.4 percent over August.

Germany's economy shrank 0.2 percent in the second quarter and many have predicted a third-quarter drop when figures come out next week - putting the country into a technical recession.

[xchrom]

25. US PRODUCTIVITY RISES AT 2 PERCENT RATE IN 3Q

http://hosted.ap.org/dynamic/stories/U/US_PRODUCTIVITY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-11-06-18-30-28

WASHINGTON (AP) -- U.S. workers' productivity increased in the July-September period at a slower pace than in the previous quarter. Labor costs accelerated but still remained at an extremely low level.

Productivity, the amount of output per hour of work, rose at a 2 percent annual rate in the third quarter after a 2.9 percent gain in the second quarter, the Labor Department reported Thursday.

Labor costs rose at a slight 0.3 percent rate in the third quarter after having fallen at a 0.5 percent rate in the second quarter.

Greater productivity is the key factor determining rising living standards. It enables companies to pay their workers more without having to increase prices. Even with the small acceleration in labor costs, they remain far below levels that would raise concerns about inflation.

[xchrom]

31. Bank of America adjusts results due to legal costs

http://www.bbc.com/news/business-29946626


Bank of America has set aside $400m (£253m) due to rising litigation costs associated with a probe into foreign currency manipulation at the bank.

That more than tripled the size of its previously-reported third-quarter loss to $232m from $70m.

The bank has been engaged in "advanced discussions with certain US banking regulatory agencies to resolve matters", it said in a statement.

Last week, Citigroup was also forced to restate its results.

[xchrom]

32. South Africa suffers another credit rating downgrade

http://www.bbc.com/news/business-29952583


The ratings agency Moody's has downgraded South Africa's sovereign debt rating.

The move comes after similar downgrades from Fitch and Standard and Poor's.

The South African economy has been struggling of late, amid industrial action on the platinum mines earlier this year and recent electricity blackouts.

South Africa's economy narrowly avoided recession in the first half of the year.

[xchrom]

33. EU finance ministers back new Greek credit agreement

http://www.bbc.com/news/business-29943681

Eurozone ministers have moved towards agreeing a new credit line for Greece as it prepares to exit its bailout at the end of the year.

The Greek government is trying to balance austerity measures imposed by the EU and the IMF with a return to regaining economic policy-making power.

Greece has had two bailouts totalling €240bn (£188bn) since 2010 when private investors refused to lend to Athens.

Greece wants to return to market financing from next year.

[xchrom]

36. Bank of America's Surprise Profit Is Wiped Out Amid Currency Probes

http://www.bloomberg.com/news/2014-11-06/bofa-cuts-third-quarter-profit-400-million-amid-currency-probes.html

Bank of America Corp. cut third-quarter earnings by $400 million, wiping out the surprise profit it reported last month, as the firm braced for the end of probes into foreign-exchange dealings.

U.S. regulators faulted systems and controls for currency trading and called for fines and remedial actions in draft documents sent late last month, the firm said yesterday in a quarterly report. The lender posted a loss of $232 million, or 4 cents a share, for the three months ended Sept. 30.

Regulators in the U.K. and U.S. are preparing to levy fines on at least a half dozen firms after probing allegations they manipulated the $5.3 trillion-a-day currency market, people with knowledge of the situation have said. The reviews, including scrutiny of traders’ communications and how firms policed their activities, have prompted the world’s biggest banks to overhaul operations and bolster legal reserves.

“The attributes that make a strong currency trader is someone who’s aggressive and takes advantage of opportunities,” said Mark Williams, a former Federal Reserve bank examiner who’s now a lecturer at Boston University’s School of Management. “If controls are weak or not enforced properly, they’ll take advantage of weaknesses in the system.”

[Demeter]

38. I will have to send them a consolation casserole

how about crow pie?

[xchrom]

41. let them know how all of us at SMW and WEE feel

[Demeter]

40. Have WEE got a Weekend planned!

Last edited Fri Nov 7, 2014, 01:09 PM - Edit history (1)

It's the 200th anniversary of the inventor of the saxophone!
Plus, a farewell tribute to Tom Magliozzi, who is now fixing chariots in Heaven.
And all the usual idiots will be skewered, of course.
Be there, or be square!

[DemReadingDU]

43. Cool!

heard a Sax segment on NPR

[bread_and_roses]

45. not much of a jazz or horns fan BUT

I heard Al Gallodoro play the year before he died - will try to get back to write about it for WEE

[DemReadingDU]

42. NPR 'Morning Edition's' Best Bloopers

11/7/14 OOPS! 'Morning Edition's' Best Bloopers
audio at link, appx 2.5 minutes

Painter Salvador Dalí once said, "Have no fear of perfection - you'll never reach it."
Writer George Orwell opined, "The essence of being human is that one does not seek perfection."
And, as the great philosopher Tina Fey says, "Perfect is overrated. Perfect is boring."

It is in this spirit that, as part of this week's celebration of Morning Edition's 35 anniversary, we share some of our less-than-perfect moments.

http://www.npr.org/2014/11/07/362063603/oops-morning-editions-best-bloopers