Financial Markets and Economy
Did the IMF Just Open Pandora's Box? (Zero Hedge)
By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by private entities such as hedge funds which already happened in 2012), then the rest of the PIIGS will come pouring in: first Italy, then Spain, then Portugal, then Ireland.
Baker Hughes rig count rises for the first time in 29 weeks (Business Insider)
The number of US oil rigs in use just rose for the first time in six months.
On Thursday, we learned that US oil rigs in use rose by 12 to 640, the first increase since December 5, 2014.
Weekly Initial Unemployment Claims increased to 281,000 (Market Watch)
A quick graph of unemployment claims … Note: Starting with this release, the DOL is including a table of unadjusted State-level "advance"claims.
Asia shares subdued as U.S. data disappoints, fret over Greece, China (Business Insider)
Asian stocks were little changed on Friday, with investors reluctant to stake out fresh positions after disappointing U.S. employment data and cautious ahead of Greece's weekend referendum which may decide its future in Europe.
China's increasingly volatile markets may upstage Greek concerns in the session, after that country's securities market regulator said it had opened an investigation into suspected market manipulation after a slump of more than 20 percent in Chinese stocks since mid-June.
The Devalued Greek Currency Has Already Arrived. It's the Euro (Bloomberg)
Customers at Iannis's gas station in an industrial area in southeast Athens may be disappointed if they try to pay with plastic.
He's set a limit of 50 euros ($55) for credit and debit cards, not enough for a full tank for many cars.“That's all we are taking,'' he said, the blue Aegean Sea visible at the bottom of the hill. There's no limit on cash.
"There Are Obvious Signs Of Distress" In The Manufacturing Industry (Zero Hedge)
In April, we noted the NACM's comments that "there are big, big problems" underlying the economy as a surge in unfavorable factors suggested credit conditions were tightening dramatically (only to see that data revised away suddenly). June's data has confirmed this weakness with credit rejections soaring to their highest since 2009 with the biggest spike in 9 years, with NACM CEO Kuehl exclaiming, "There are some obvious signs of distress in the manufacturing community, as the expected wave of consumer demand has yet to manifest… companies that have been awaiting it are getting in trouble with their creditors."
Investors tell court they were shortchanged $1 billion in Dole deal (Business Insider)
Former shareholders of Dole Food Co pressed a Delaware judge on Thursday to award them a judgment of more than $1 billion for what they claim was a lowball buyout of the company in 2013 by its chief executive, David Murdock.
If Court of Chancery Judge Travis Laster adopts the shareholders reasoning, it could result in one of the largest judgments in a lawsuit over a buyout deal.
Tsipras battles to sway Greek voters as Europeans warn of difficult talks ahead (Market Watch)
Greece’s Prime Minister Alexis Tsipras tried to convince voters he could quickly secure a better deal with creditors if his nation rebuffed their previous demands in Sunday’s referendum, in an effort to sway Greeks who fear a “no” vote would instead mean exit from the euro.
In a television interview broadcast late Thursday, Mr. Tsipras stepped up his call for Greeks to reject lenders’ terms in the referendum and said the country would have a bailout deal within 48 hours after the vote if they did.
Brazil investigates currency market rigging by 15 global banks (Business Insider)
Brazil antitrust watchdog Cade opened on Thursday an investigation over alleged currency rigging by a group of 15 global banks, the first of its kind in one of the world's busiest foreign exchange markets.
In a statement, Cade said the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least. Traders who described themselves as "The Cartel" or "The Mafia" used online chat rooms to fix their positions ahead of market trades.
The Crowdfunding Campaign to Save Greece Is Raising €23,000 Every Hour (Bloomberg)
The Indiegogo campaign to bail out Greece by raising €1.6 billion ($1,78 billion) began just five days ago, and donations have been skyrocketing. Today the total amount raised surpassed €1.3 million, and thousands of euros are pouring in every hour.
That sounds like a lot, but the "percent funded" bar on the campaign's page has barely moved. Even if this trend continues, it's very doubtful the campaign will come close to reaching its target before Sunday's referendum vote.
Dollar Tree, Family Dollar to sell stores to settle FTC claims (Business Insider)
The U.S. Federal Trade Commission said on Thursday discount retailers Dollar Tree Inc and Family Dollar Stores Inc have agreed to sell 330 Family Dollar stores to settle the regulator's charges that Dollar Tree's proposed $9.2 billion acquisition of Family Dollar would likely be anticompetitive.
The FTC said the stores will be sold to private equity firm Sycamore Partners.
Reis: Apartment Vacancy Rate unchanged in Q2 at 4.2% (Market Watch)
Reis reported that the apartment vacancy rate was unchanged in Q2 2015, compared to Q1, at 4.2% – and also the same as in Q2 2014. The vacancy rate peaked at 8.0% at the end of 2009.
An Economic Hit Man Speaks Out: John Perkins on How Greece Has Fallen Victim to "Economic Hit Men" (Truth-Out)
John Perkins is no stranger to making confessions. His well-known book,Confessions of an Economic Hit Man, revealed how international organizations such as the International Monetary Fund (IMF) and the World Bank, while publicly professing to "save" suffering countries and economies, instead pull a bait-and-switch on their governments: promising startling growth, gleaming new infrastructure projects and a future of economic prosperity – all of which would occur if those countries borrow huge loans from those organizations. Far from achieving runaway economic growth and success, however, these countries instead fall victim to a crippling and unsustainable debt burden.
That's where the "economic hit men" come in: seemingly ordinary men, with ordinary backgrounds, who travel to these countries and impose the harsh austerity policies prescribed by the IMF and World Bank as "solutions" to the economic hardship they are now experiencing. Men like Perkins were trained to squeeze every last drop of wealth and resources from these sputtering economies, and continue to do so to this day. In this interview, which aired on Dialogos Radio, Perkins talks about how Greece and the eurozone have become the new victims of such "economic hit men."
Why it’s a good time to become a stockbroker (Market Watch)
Forget becoming a tech geek. Maybe we should all just find jobs as stockbrokers.
Certainly, that was one takeaway from the latest employment report, which showed growth last month of 20,000 workers in insurance agencies, investment firms and other financial institutions.
The news comes as little surprise to workforce and financial industry analysts, who say the sector is benefitting generally from the overall improving economy and specifically from the fact that such white-collar fields are undergoing a generational shift, with baby boomer employees heading into retirement and younger workers stepping in to fill the slots.
Politics
Jim Webb Announces Presidential Campaign (Bloomberg)
Jim Webb, a decorated Vietnam veteran and former Democratic U.S. senator from Virginia, said Thursday he is running for president, joining the ranks of long-shot challengers to front-runner Hillary Clinton.
“After many months of thought, deliberation and discussion, I have decided to seek the office of the Presidency of the United States,” Webb said in a lengthy statement on his website…
America Ferrera Thanks Donald Trump for Mobilizing Latino Voters (Time)
"Remarks like yours will serve brilliantly to energize Latino voters and increase turnout on election day against you"
Donald Trump’s insensitive comments about Mexican immigrants haven’t come without punishment from his now former business partners like Univision and NBC. But actress America Ferrera, herself of Honduran descent, wants to thank Trump for his recent statements.
Obama Just Came Out Hard Against the Washington Football Team’s Racist Name (Mother Jones)
Interior Secretary Sally Jewell told D.C. Mayor Muriel E. Bowser this spring that the National Park Service, which owns the land beneath Robert F. Kennedy Memorial Stadium, was unlikely to accommodate construction of a new stadium for the Redskins unless the team changes its name.
Technology
So, You’re Thinking About Flying Your Drone Through Fireworks (Wired)
DRONES AND FIREWORKS: It’s like they were made for each other. What better way to celebrate America than by flying a piece of controversial technology through an explosion?
As Independence Day approaches, enterprising drone pilots will be hitting the skies to get the best footage of the colorful festivities. Last July 4, Jos Stiglingh stunned the Internet with a drone-shot video of what it looks like inside of a ring of fireworks—but such stunts will likely be more difficult to pull off this year. All of Washington D.C. has been declared a “no drone zone” by the FAA and some police departments around the country are outlawing them as well.
Health and Life Sciences
Study finds children with autism don't react to good and bad smells (CNN)
Children with autism spectrum disorder often have either an exaggerated or a numbed response to sight, sound and touch. This behavior is so common that it's one of the diagnostic criteria for the disorder.
Now, a new study suggests that children with autism might also experience smells differently from children who have typical development.
Gene therapy works in cystic fibrosis for the first time (New Scientist)
And… breathe. Twenty six years after the gene responsible for cystic fibrosis was identified, researchers have shown that people with the lung-damaging condition can benefit from gene therapy.
The improvement on lung function is small – just 3.7 per cent compared with a placebo group – but it validates the decades that researchers have spent trying to find a way to put healthy copies of the faulty gene into the lung cells of people with cystic fibrosis.
Life on the Home Planet
The ‘Aurorasaurus’ Maps This Year’s Spectacular Auroras (Wired)
THIS HAS BEEN a great year for auroras. Sizable solar stormsin both March and June spawned spectacular auroras that were visible over a much larger area of Earth than usual.
As coveted as aurora sightings are, predicting when and where they’ll be visible is tough. Scientists use measurements from the ACE satellite of the strength of the solar wind as it heads toward Earth. But the satellite sits less than a million miles from Earth, so scientists get very little warning, usually no more than an hour. And measuring the accuracy of the predictions is also challenging. Recently a team of scientists turned to Twitter for help.
Guatemala's "Volcano of Fire" Lives Up to Its Name, Spectacularly (Gizmodo)
While not as dramatic as its eruption in February, which necessitated evacuations and the closure of a nearby airport, the “Volcan de Fuego” in San Juan Altotenago, Guatemala, rumbled anew on Wednesday, July 1, when this photo was taken. It is one of Central America’s most active peaks.
