Author Archive for Zero Hedge

Ukrainian Diplomats Arrested For Attempting To Smuggle Gold Into EU

Courtesy of ZeroHedge View original post here.

Ukrainian border guards arrested Ukrainian diplomats who attempted to smuggle hundreds of thousands of dollars worth of goods – including gold, cigarettes, and foreign currency, into Europe. 

The Security Service of Ukraine (SBU) released a statement on Mar. 1 that said counterintelligence officers "exposed and stopped the illegal activities of current and former officials of the Ministry of Foreign Affairs of Ukraine" who "used official documents from the foreign ministry to transport diplomatic posts and smuggle excisable goods." 

SBU said the diplomats, whose identities were not disclosed, attempted to smuggle foreign currency, gold, and tobacco items across the Ukrainian-Polish border. The State Bureau of Investigations (DBR) stopped the truck with diplomatic license plates before it could enter Europe. 

According to RT News, a "driver for Ukraine's embassy in Warsaw and an attache for consular affairs were detained by Ukrainian border guards on Sunday." Ukrainian border guards uncovered $140,000, 67,200 euros, 11,600 Polish zlotys, 16 kilograms of gold, and 8,000 packs of cigarettes. 

On Monday, Ukrainian Foreign Minister and Deputy Prime Minister Dmytro Kuleba took to Facebook to voice his outrage among the corruption in his government. Here's what he said:

I recalled two employees suspected of corruption from abroad

Yesterday two employees of the Embassy of Ukraine in Poland were caught hot – they were detained at the border while trying to take a large number of currency, gold and smuggling cigarettes from Ukraine to Poland. The case for the Ministry of Foreign Affairs is blatant.

I am convinced, it is important to take such cases outside, make them public. We need to break the shameful approach ′′ do not take the trash out of the house ". It just needs to be taken out. Otherwise we will live in the trash.

For my cadence as minister, we will not silence such shameful cases and the more we cover their figures. That's why I instantly made three decisions.

1. Both employees I immediately withdrew from a long-term foreign business trip. Their embassy work is over. In the next couple of hours, all formalities on this


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World Beer Index 2021: What’s The Price Of A Beer In Your Country?

Courtesy of ZeroHedge View original post here.

Although fewer people have been able to grab a beer at the pub during this pandemic, Visual Capitalist's Iman Ghosh note that the global desire for beer prevails. For example, sales of the Corona beer actually shot up in the past year, despite—or perhaps because of—associations with the coronavirus.

This World Beer Index from Expensivity compares the average price of a bottle of beer in 58 countries in a detailed map. Additionally, we show which countries spend the most on beer per capita, and just how much beer people really drink.

Pricey Pints: The Average Price of a Beer

Researchers calculated the average price of a typical bottle of beer (330ml, just shy of a pint) from well known brands via online stores and statistics database Numbeo. In addition, local beer prices were pulled from hotel and bar menus, and average values converted to USD.

In Qatar, you’d have to shell out $11.26 for a single beer, which would surely make for a really expensive night out on the town. In part, this is because in 2019, the Muslim-majority country introduced a 100% excise tax on top the previous sales price of all alcohol imports.

These steep prices are aimed at tourists—and with Qatar hosting the 2022 men’s soccer World Cup, there’ll be thousands of visitors in the country looking for a cold one at any price.

At just $1.68 per bottle, South Africa has the lowest average price of a beer thanks at least partially to cultural norms of buying in bulk.

Cashing In: The Per Capita Spend on Beer

The price of a single beer is one thing, but which countries spend the most on beer itself? Germany unsurprisingly tops the list here with nearly $2,000 of expenditures per capita, bolstered by its strong beer culture and annual Oktoberfest celebration.

Germany also prides itself on the purity of its beer—the vast majority of brewers follow the Reinheitsgebot, centuries-old purity laws that broadly state that beer may contain only three ingredients: water, barley, and hops.


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Controversial Bonus Change At Bank Of America Pulls Forward $400 Million In Costs

Courtesy of ZeroHedge View original post here.

A controversial change in how bonuses were to be issued for 2020 has wound up pulling forward $400 million in expenses, which will be booked in Q1. The costs otherwise would have been spread out over the next four years, according to Bloomberg

The bank's CFO said on Friday: “In January, we made a change in one element of a portion of our incentive comp paid in 2020. The alteration will shift into this quarter costs that would have been incurred anyway over the next four years, so it’s just an acceleration in Q1.”

Recall, we had reported earlier this month that the change in bonuses was causing "internal drama" at the bank. 

The bonuses in question are shares that are granted to executives who earn $1 million or more. Instead of shares vesting in equal parts over a timeframe, they now all vest only at the end of four years. The new rules were supposed to be applied broadly, but it has been revealed that many top investment banking and trading veterans spoke out against having to wait 4 years for their bonuses. As a result, management agreed to exempt them. CEO Brian Moynihan said on January 27 that the new policy “didn’t work the way some people wanted it to, so we fixed it.”

Chief Financial Officer Paul Donofrio also said on Friday that the bank is expecting declining loan levels to be a headwind for net interest income, comprised of revenue from customer loan incomes minus what the bank pays depositors. 

He said: “It puts more pressure on the near-term NII, but not as much on the full year, assuming we see some loan growth turn around in the second half. Still we expect the second half of ’21 should be demonstrably better than both the first half of ’21 and the second half of 2020.”

 





Cities Have Themselves To Blame, Not COVID-19, For Sinkhole Status

Courtesy of ZeroHedge View original post here.

Authored by Fergus Hodgson via The Epoch Times,

The receding economic tide this past year has revealed many city officials to be naked.

Oft-forgotten amid the COVID-19 chaos is that their fiscal crises predated the virus’s spread. According to Truth in Accounting (TIA), a nonprofit fiscal watchdog, 62 of the 75 largest U.S. cities were already in the red in 2019.

That statistic comes from the latest TIA “Financial State of the Cities” report (pdf), which came out in the last week of January. The authors’ objective is to provide citizens with easy-to-understand information and peer comparisons regarding their local governments’ finances.

The total liabilities of the 75 most-populated U.S. cities amounted to $333.5 billion at the end of the 2019 fiscal year. Defined pension and medical commitments make up the lion’s share of the unfunded debt.

Sunshine Cities vs. Sinkhole Cities

The TIA report delivered not a single “A” grade. In other words, no major U.S. city had a taxpayer surplus—available funds to pay bills divided by residents—of $10,000 or more.

However, one Californian city, Irvine, set an example and at least stayed above water. Retaining the title of the fiscally healthiest city for the second consecutive year, Irvine registered a taxpayer surplus of $4,100 per resident.

Even if Irvine posts a lower surplus in the following fiscal year, hit by the pandemic, it has enough resources to weather the storm. “Irvine’s elected officials have truly balanced their budgets,” the TIA team claims.

Washington, D.C., Lincoln, Stockton, and Charlotte follow Irvine. Together, they make up the top five “sunshine cities”—those with enough money to pay all their accumulated debt to date.

Surprise, surprise: New York City and Chicago rank at the other end of the spectrum with the highest taxpayer deficits: $68,200 and $41,100 per person, respectively.

New York City’s deficit has soared since 2014, and the COVID-19 emergency has placed the Big Apple in a dire situation. In December 2020, the city asked the federal government for a second bailout.

Chicago, the third most populous U.S. city, has been tightening its fiscal belt


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LA Schools To Launch Microsoft COVID-Tracking App So Children Can Attend Classes

Courtesy of ZeroHedge View original post here.

The Los Angeles school district is launching a Microsoft-developed a COVID-tracking app for children, which allows students to schedule and view the results of COVID tests, post the results of off-campus COVID tests, and schedule vaccinations.

According to a promotional video, however, "the real magic is your daily health check," where students answer a questionnaire about whether they have any symptoms – after which the "Daily Pass" app will issue the child a scannable QR code to be scanned by a staff member, who will also take the child's temperature.

"Your entrance ticket appears!" exclaims the narrator.

Given the incredibly low transmission rate of COVID transmission at schools – just 0.08% among more than 90,000 students in North Carolina school districts according to the University of Minnesota's Center for Infectious Disease Research and Policy – one can't help but question whether Microsoft's app will actually improve the COVID situation, or simply collect data and habituate children to being tracked. Of note, all data will be reported as required to health authorities, according to the LA Times

The app, first announced in August, will be 'instrumental in coordinating student and employee health checks, coronavirus tests and vaccinations.'

The software associated with the app is already being used to schedule and track district-managed coronavirus tests and vaccinations — the district began a pilot vaccination effort last week.

In Monday’s announcement, Beutner touted the app’s ability to generate a unique QR code for each student and staff member authorizing entry to a specific L.A. Unified location for that day.

A person will receive that code based on a negative coronavirus test or by self-reporting that they are free of symptoms. When those individuals arrive at a campus, their QR code, a type of barcode, is scanned by a staff member, who also takes the individual’s temperature. Besides helping to keep people safe, the goal is to prevent logjams at the entrance to school at the beginning of the day. -LA Times


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Mortgage Market Turmoil Sparks Housing Boom Concerns

Courtesy of ZeroHedge View original post here.

The housing boom unleashed by the Federal Reserve during the pandemic was built on historically low mortgage rates (thanks Powell), low inventory, city-dwellers moving to rural areas, and remote-work phenomenon. In all, housing prices in 20 U.S. cities surged in December at the fastest pace since 2014 as mortgage rates fell to record lows. But a new rate regime is in town, one where bond traders are pricing in inflation as they believe the vaccine rollout and stimulus will lead to a sizzling economic recovery, one that could force the Fed to hike rates earlier (and more aggressively) than expected…

…all of which has resulted in the latest treasury and mortgage bond rout. 

If you called up your mortgage lender last week for a 30-year fixed loan, the rate was around 2.81% – this week, the rate jumped to 3.06% on Friday, the highest since August. Rates have been increasing since hitting a record low of 2.65% in early January. 

Lewis Sogge, a senior loan officer at Freedom Mortgage, said the sudden jump in mortgage rates caught him "off-guard." He anticipated the 30-year fixed loan rate to hover at January levels (2.65%) through the first half of 2021. 

Since that's not the case anymore, Sogge said his refinancing pipeline is already "drying up." He warned the longer the 30-year fixed loan rate hovered above 3% – there was potential for more "upside in rates." 

Considering the latest housing rally mechanics, where people rushed into suburban homes using historically low mortgage rates in a low inventory environment, forced home prices sky-high. Rising borrowing costs could jeopardize the rally.

Greg McBride, the chief financial analyst at Bankrate.com, said a rising rate environment could "downshift" the market from "red hot to merely sizzling." He points out inventory remains how. 

Rising rates are bad news for lenders who have been making hand over fist during the pandemic in a low rate environment. The latest mortgage applications collapsed to a nine-month low last week while pending home sales slumped to six-month lows. 

"When combined


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ARK Omitting Some Daily Trade Updates, Burry Says Shorts Will Be “Ruthless” To Wood

Courtesy of ZeroHedge

One of the big things that has helped ARK's public image during its wild run to over $50 billion under management has been its stated commitment to transparency. Every day, at the end of the day, ARK has been emailing out its trades so that followers of the firm and investors can see which stocks "visionary" stock picker Cathie Wood and her team are moving in and out of.

Except now, after a week mired by several days of massive outflows, it appears that ARK Invest isn't exactly disclosing all of its sales anymore. In fact, it's adding numerous disclosures and disclaimers to its daily e-mail lists. 

What used to be a simple spreadsheet showing buys and sells now comes with a warning that the list of trades going out "exclude initial/secondary public offering transactions and ETF Creation/Redemption Unit activity."

In fact, the entire disclaimer can be found on ARK's site, here, admitting that trade files do not include certain trades. 

Trade notifications are for informational purposes only. ARK offers fully transparent ETFs and provides trade information for all actively managed ETFs. ARK’s statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. ARK may not trade every day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades. Files of trades are not comprehensive lists of a day’s trades for the ARK ETFs and exclude initial/secondary public offering transactions and ETF Creation/Redemption Unit activity. Additional files may be posted at a later time. Most ARK ETF portfolio trades settle on a T+2 basis. These files represent an UNOFFICIAL, UNRECONCILED account, as all official accounting and custody processes for the ARK ETFs are performed by BNY Mellon resulting in a daily Net Asset Value


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Who Is The Sucker In The SPAC Market?

Courtesy of ZeroHedge View original post here.

Authored by Irv Schlussel, Managing Director at IngleSea Capital,

The SPAC market has become frothy and is reminiscent of the 1999 .com Bubble. SPAC evangelists (Bankers, Sponsors & Hedge Funds), most of whom are gaining great wealth from the Bubble, will say: “This time is different”. The argument they make is that SPACs are an increasingly mainstream, speedier path to IPO with less required disclosure and are acquiring better-quality companies than they have in the past. I think the less stringent regulation of SPACs feeds the risks borne by the end purchaser who is paying as much as 2X the true value of the underlying asset. The quality of SPAC acquisitions is poorer today than it has ever been, and the valuations are inflated as sponsors have no incentive to have any price discipline, rather their sole motivation is to get the deals done.  

When I think about the SPAC market, I see all the parties involved making money, including the sponsors, investors and acquired companies. I then ask myself the same question one is supposed to ask when entering a poker Game: Who is the SPAC sucker, and why is this Bubble happening?   

?

SPAC 101

It is first important to start with an explanation of SPACs as the particulars are often misunderstood. If one invests in a SPAC (Special Purpose Acquisition Company), he/she typically buys a unit consisting of a share and a warrant. This unit can be split and traded separately into a share and the proportional amount of warrants typically 1/2-1/3 per share. The sponsors contribute cash (sponsor equity) to the trust to cover expenses and receive a promote which is a combination of shares and warrants that typically averages 20% of the value of the SPAC. This promote vests upon the consummation of the deal with a lockup on his/her shares for a period that is often reduced, depending on the prevailing price per share. This is a Key Problem as SPACs are incented to do poor deals. Profit realization for SPAC sponsors is based on getting a deal done, even if it the stock trades down substantially.  

The investor can opt not to participate in the deal and instead redeem his share for the cash invested plus


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Robinhood Said To Push Forward With IPO Plans For March, Despite Recent Chaos

Courtesy of ZeroHedge View original post here.

Well, we might finally have an answer as to why Robinhood CEO Vlad Tenev was so eager to go on a non-stop PR tour over the last few weeks – one that included everything from testifying in front of congress to appears with Dave Portnoy on Barstool Sports.

Because despite all of the chaos of recent weeks, the company looks hell bent on pushing forward for a confidential Initial Public Offering as early as March this year. 

Rumors about a Robinhood IPO were already being discussed this year, but many assumed that the recent frenzy involving GameStop – and the ensuing PR campaign against Robinhood – would likely derail the plans, at least until the second half of 2021. 

But the company has "held talks in the past week with underwriters about moving forward with a filing within weeks", Bloomberg and Reuters reported last week. It had already been reported that Goldman Sachs would lead the preparations for the IPO, which could value the company at more than $20 billion. 

Most recently, the firm found itself in a war of words with investing legend Charlie Munger, who said last Thursday: “I hate this luring of people into engaging in speculative orgies. [Robinhood] may call it investing, but that’s all bullshit. It’s really just wild speculation, like casino gambling or racetrack betting. There’s a long history of destructive capitalism, these trading orgies whooped up by the people who profit from them.”

“If you are selling them gambling services, where you rake profits off the top like many of these new brokers who specialize in luring the gamblers in, I think it’s a dirty way to make money, and I think that we’re crazy to allow it,” Munger said last week.

Continuing to do damage control public relations, Robinhood fired back, calling his comments “disappointing and elitist.” A Robinhood spokeswoman responded: “In one fell swoop an entire new generation of investors has been criticized and this commentary overlooks the cultural shift that is taking place in our nation today. Robinhood was created to allow people who don’t have access to generational wealth or the resources that come with it to begin investing in the U.S. stock market.”

We're guessing Munger, or Berkshire, won't be participating in the IPO. 





Seattle Homeless Shelter Gives “Booty Injection” Kits To Addicts

Courtesy of ZeroHedge View original post here.

America's most liberal cities have transformed into ground-zero for what has become an all-out drug and homelessness crisis. Cities like Seattle, Washington, and others, are using taxpayer dollars to fund various types of programs such as needle exchanges and safe spaces to do drugs. 

A Seattle-backed homeless shelter called the Downtown Emergency Service Center (DESC) uses taxpayer dollars to get addicts high. DESC employees hand out heroin and crack pipes, syringes, and even "booty bumping" kits. 

Local AM radio station KTTH reports DESC plastered flyers at their Navigation Center location on 12th Avenue South, encouraging addicts to come to the non-profit facility to collect "new tools and methods to continue their destructive and deadly addictions."

For more on this, KTTH Radio Host Jason Rantz recently joined the Fox News Channel's "Tucker Carlson Tonight" show to discuss how Democrats are destroying the city of Seattle. 

Rantz tweeted a three-minute clip of him and Tucker talking about taxpayer funds used by DESC to purchase heroin pipes, syringes, and "booty bumping kits." 

"The city is now funding a homeless shelter that is passing out heroin pipes and distributing so-called 'booty bumping kits' so that junkies can inject drugs rectally," Rantz told Tucker. 

"Well, when you teach addicts, who are already the hardest to get off the street a more efficient way to get high in a way that lasts longer, when you're doing it with the so-called 'booty bumping kit,' all you're doing is making it that much easier for them to stay addicted," he continued.

In case you're wondering, KTTH sheds more light on "booty bumping kits:"  

This process has an addict inject drugs rectally, usually meth or cocaine mixed with water,


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Phil's Favorites

Only took 12 years, but Wall Street has finally gotten bullish enough

 

Only took 12 years, but Wall Street has finally gotten bullish enough

Courtesy of 

One of the most interesting things that happens after a big, nasty, protracted bear market is that no one wants to be accused of being bullish or upbeat about anything. In the aftermath of a crash, the bulls always look and sound dopey or complacent.

Wall Street strategists are only human. And as markets trade higher, they gradually get more and more comfortable sounding positive on stocks. The trauma of having been bullish and wrong ahead of the last crisis fades away and the recenc...



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Zero Hedge

Controversial Bonus Change At Bank Of America Pulls Forward $400 Million In Costs

Courtesy of ZeroHedge View original post here.

A controversial change in how bonuses were to be issued for 2020 has wound up pulling forward $400 million in expenses, which will be booked in Q1. The costs otherwise would have been spread out over the next four years, according to Bloomberg...



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ValueWalk

Ormat: Dirty Dealings in 'Clean' Energy

By Hindenburg Research. Originally published at ValueWalk.

Hindenburg Research‘s short report on Ormat Technologies, Inc. (NYSE:ORA).

Q4 2020 hedge fund letters, conferences and more

Ormat Technologies, Inc. (ORA)
  • Today we reveal how ESG-darling Ormat, a developer and operator of geothermal power plants, has engaged in what we believe to be widespread and systematic acts of international corruption.
  • We expect the blowback to these revelations to be severe, threatening Ormat’s ...


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Kimble Charting Solutions

Gold Miners Decline Nearly 30%, Currently Testing 15-Year Support Level!

Courtesy of Chris Kimble

The past 8-months have been great for the broad markets, the same cannot be said for Gold Miners. Gold Miners ETF (GDX) has lost nearly a third of its value since peaking last August.

This decline has taken place inside a bullish rising channel, that started at the lows in 2015.

The 27% decline in the past 30-weeks has GDX testing a support/resistance line at the $30 level, that has been in play for the past 15-years.

It is critical for GDX to hold this support at (1).

If this support level does not hold, odds increase that GDX could end up testi...



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Mapping The Market

Which Governments Ordered Johnson & Johnson's Vaccine?

 

Which Governments Ordered Johnson & Johnson's Vaccine?

Courtesy of Niall McCarthy, Statista

On Wednesday, U.S. regulators announced that Johnson & Johnson's Covid-19 vaccine being developed by its subsidiary Janssen Pharmaceuticals in Belgium is effective at preventing moderate to severe cases of the disease. The jab has been deemed safe with 66 percent efficacy and the FDA is likely to approve it for use in the U.S. within days.

The Ad26.COV2.S vaccine can be stored for up to three months in a refrigerator and requires a single shot, ...



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Biotech/COVID-19

Which Governments Ordered Johnson & Johnson's Vaccine?

 

Which Governments Ordered Johnson & Johnson's Vaccine?

Courtesy of Niall McCarthy, Statista

On Wednesday, U.S. regulators announced that Johnson & Johnson's Covid-19 vaccine being developed by its subsidiary Janssen Pharmaceuticals in Belgium is effective at preventing moderate to severe cases of the disease. The jab has been deemed safe with 66 percent efficacy and the FDA is likely to approve it for use in the U.S. within days.

The Ad26.COV2.S vaccine can be stored for up to three months in a refrigerator and requires a single shot, ...



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Digital Currencies

Crypto - It Is Different This Time

 

Crypto – It Is Different This Time

Courtesy of Howard Lindzon

?I have been astonished as you know by the growth of crypto.

I remember back in 2017 when I noticed that Stocktwits message volume on Bitcoin ($BTC.X) surpassed that of $SPY. I knew Bitcoin was here to stay and Bitcoin went on to $19,000 before heading into its bear market.

Today Bitcoin is near $50,000.

Back in November of 2020, something new started to happen on Stocktwits with respect to crypto.

After the close on Friday until the open of the futures on Sunday, all Stocktwits trending tickers turned crypto. The weekend messages on Stocktwits have increased 400 percent.

That has continued each weekend...



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Politics

What is fascism?

 

What is fascism?

A Donald Trump supporter wears a gas mask and holds a bust of him after he and hundreds of others stormed the Capitol building on Jan. 6, 2021. Roberto Schmidt/AFP via Getty Images

Courtesy of John Broich, Case Western Reserve University

Since before Donald Trump took office, historians have debated whether he is a fascist.

As a teacher of World War II history...



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Chart School

The Fastest Money

Courtesy of Read the Ticker

The fast money happens near the end of the long trend.

Securities which attract a popular following by both the public and professionals investors tend to repeat the same sentiment over their bull phase. The chart below is the map of said sentiment.
 


 

Video on the subject.


 

Charts in the video



 



 



Changes in the world is the source of all market moves, to ...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.