Archive for the ‘Permissions’ Category

Comcast, AT&T Set To Become World’s Most Indebted Companies With Over $350BN In Debt

Courtesy of ZeroHedge. View original post here.

At a time when the IMF estimates that more than 20% of the world's companies would be unable to cover their interest payments if interest rates moved sharply higher, Comcast and AT&T are poised to become the most indebted companies in the world following media megadeals that leave the two companies with little room to maneuver if profits fail to materialize, according to the Wall Street Journal.

Comcast

As WSJ points out, assuming both are finalized, the deals would leave the two companies with a combined $350 billion in bonds and loans, more than one-third of a trillion dollars in debt. The number is making some bond fund managers nervous, and some are saying they won't include Comcast or AT&T debt in their portfolios – unless they bear a suitably high yield.

"It’s a very big number," said Mike Collins, a bond fund manager at PGIM Fixed Income, which manages $329 billion of corporate debt investments. "It has fixed-income investors a little nervous and rightfully so."

But rather than looking at these deals as isolated examples, WSJ reminds us that companies only arrived at this level of corporate indebtedness following a decadelong surge in corporate borrowing, as companies – including these two telecoms giants – eagerly bought back their shares to appease investors, and financed these purchases with debt. Global corporate debt, excluding financial institutions, now stands at $11 trillion. Meanwhile, the median leverage for companies with an investment grade rating has increased by 30% since the financial crisis.

Debt

AT&T's now-closed deal to buy Time Warner has left it with nearly $200 billion in debt,  a leverage ratio that is just below the average for companies rated at the bottom of the investment-grade ladder (though to be sure, the company says it's leverage is significantly lower).

AT&T will have about $181 billion of debt because of the Time Warner purchase but other liabilities, including operating leases and postretirement obligations, amount to about $50 billion, Mr. Arden says. As a result, S&P estimates the company’s post-deal leverage at about 3.5 times earnings before interest, taxes, depreciation and amortization, or Ebitda.


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Swiss Commodity Trading Giant Trafigura Sees Suffers 50% Profit Hit

Courtesy of ZeroHedge. View original post here.

Submitted by Damir Kaletovic for Safehaven.com

Higher oil prices may be a bit of a boon for producers, but Swiss commodity giant Trafigura isn’t one of the beneficiaries; in fact, it’s seen a 50-percent drop in profits for the first half of its fiscal year because the days of buying and storing cheap crude are over.

And that’s not Trafigura’s only problem. It’s metals division has not been able to pick up the oil-trading slack, resulting in the company’s lowest first-half profit take in four years.

The Swiss commodity trader saw net income drop 53 percent to $222 million in the six months through March. That’s down from $471 million the previous year. It’s also the worst case since 2014.

For one of the biggest independent oil and metals traders in the world, the end of oil contango is a blistering one.

Trafigura trading floor in Geneva

With oil rising above $80 per barrel this year, commodity traders with a large oil focus have been wrong-footed. Since the oil price crisis, they’ve been buying cheap crude and storing it, saving it up for high-margin sales when prices rise. But in the meantime, some other variables have stepped in to make this strategy more difficult to profit on, including interest rate hikes and competition.

According to a statement from Trafigura released on Wednesday, “Pressure on margins, resulting from a change in the structure of the oil market, caused a fall in Trafigura Group’s profit for the first half of its 2018 financial year.”

More specifically, Trafigura said “the fall in profitability was the result of a major shift in the oil market during the period from a contango structure, where forward prices are higher than spot prices and act as an incentive to hold inventories, to the opposite condition of backwardation, where holding stocks is costly. The oil market became backwardated in October 2017 as a consequence of rising spot prices in response to production curbs led by OPEC.”

In an attempt to rebalance the equation, Trafigura “undertook substantial restructuring” of its trading books and…
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Italy’s Salvini Orders “Special Census” And Expulsion Of Illegal Gypsies, Immediately Compared To Hitler

Courtesy of ZeroHedge. View original post here.

Italy's new Interior Minister, and the country's de facto leader now that the League has surpassed 5-Star is national poalling, Matteo Salvini told an Italian television station Monday that he plans to conduct a census of the Roma community, and will kick anyone out of the country residing there illegally.

"I've asked the ministry to prepare a dossier on the Roma question in Italy," Salvini told TeleLombardia, adding that the country's large community of Roma, also known as Gypsies, was "chaos" several years after a crackdown.

Unfortunately we will have to keep the Italian Roma because we can’t expel them,” Salvini added.

Italy's Roma community is vast, and consists of mostly poor people from Romania and the former Yugoslavia. Italian authorities periodically clean out Gypsy squatter camps at the outskirts of major cities in the hopes that the notoriously nomadic Roma will find another place to set up camp. 

Salvini's remarks drew immediate comparisons to Adolf Hitler – with liberal politicians warning that Italy had a "terrible" history in which they conducted a Fascist-era census of Jews.

"You can work for security and respect for rules without becoming fascist," tweeted Democratic lawmaker Ettore Rosato. "The announced census of Roma is vulgar and demagogical."

Si può lavorare per la #sicurezza e il rispetto delle regole senza diventare razzisti. Spero Salvini lo capisca.

Il censimento annunciato dei Rom è volgare e demagogico, e purtroppo ricorda solo pessimi precedenti

— Ettore Rosato (@Ettore_Rosato) June 18, 2018

In a follow-up statement, Salvini said he had no plans to take digital fingerprints or make index cards of individual Roma – rather, he wants a study of the overall situation.

"We are aiming primarily to care for the children who aren't allowed to go to school regularly because they prefer to introduce them to a life of crime. We also want to check how millions of euro that come from European funds are spent," said Salvini. 

Salvini said over Facebook and Twitter that he also thinks of "those poor children who are trained in theft and lawlessness." 

Qualcuno parla di “shock”. Perché???

Io penso anche a quei poveri bambini educati al furto e all'illegalità.https://t.co/yO4Og1Ky0T

— Matteo Salvini (@matteosalvinimi) June 18, 2018





“Hopeless” European Millennials And The Populist Takeover

Courtesy of ZeroHedge. View original post here.

Authored by John Rubino via DollarCollapse.com,

Europe is frequently held up as an example of how the rest of the world should behave on a variety of issues. But this comparison misses at least two things:

First, “Europe” is actually a lot of different countries in a lot of different situations.

Second, much of what seems to work over there only does so because it’s being financed with ever-increasing amounts of debt.

For countries, as for individuals, borrowing money is fun at first but beyond a certain point becomes debilitating, as interest payments begin to crowd out everything else. That’s where a growing number of Europe’s failed states now find themselves, with overly-generous pensions and overly-restrictive labor laws making it virtually impossible to run a functioning market-based economy.

The result: Fewer good jobs and more frustrated voters – especially young ones who have seen only the downside of the current system – and the resulting rise of populist political parties that recognize the problems without offering coherent solutions, thus guaranteeing even more chaos in the future.

As Today’s Wall Street Journal notes, in Italy and Greece, nearly a third of young adults not only aren’t working but aren’t enrolled in school or training. What are they doing? Apparently just sitting around and stewing about life’s injustice.

As for where they’re sitting and stewing, in Greece, Italy and Spain it’s now normal for adults all the way into their 30s to live with their parents, largely because they can’t find work that pays enough to afford a house, car and other requirements of independent life.

Not surprisingly, they’re also failing to attract mates — because who wants to marry an unemployed 30-year-old who lives with his or her parents?

Add it all up and you get fertile ground for politicians willing to promise a quick fix.

In Italy, the populist 5 Star Movement and League parties won a combined majority of the youth vote and now run the show.


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Mass Shooting Attack On World Cup Fans After Sweden Win

Courtesy of ZeroHedge. View original post here.

Police in Sweden are attempting to downplay initial reports of terrorism after a man opened fire on a crowd during World Cup celebrations as the Swedish national team beat South Korea earlier in the day. As the story broke, multiple international headlines suggested a terror attack in progress related to World Cup play, with at least five people wounded in the southern city of Malmo. One man has reportedly died of his injuries in what's being described as a "mass shooting".

A hail of bullets were unleashed by an unknown shooter in a car mid-evening in the downtown Drottninggatan area just as revelers took the streets to celebrate the Swedish national team's 1-0 win against South Korea. 

All 5 victims are being described in European press as "World Cup fans" who were among a crowd exiting area venues that had been screening the soccer match. The shooter (or shooters) may have been targeting a group gathered inside of a coffee shop.

Image via The Daily Star

However some local sources indicate some among the victims may include known criminals engaged in gang or organized crime activities. 

#BREAKING: Shooting in #Malmo in Sweden, man fires automatic weapon at crowd celebrating win of Swedish national team pic.twitter.com/CBXrOAWGjw

— Amichai Stein (@AmichaiStein1) June 18, 2018

— rita khoury (@ritakhoury10) June 18, 2018

 

Eyewitnesses told the the Swedish language Aftonbladet newspaper that around 15 to 20 shots were fired in Malmo's downtown area. Malmo is Sweden's third largest city with a population of about 350,000 — but is known for a high murder rate among European cities, and has a reputation as being the most dangerous city in Scandinavian countries

Police have cordoned off a large area downtown and say a major investigation is ongoing. A police spokesman said: "There are injured people who have been hospitalized with ambulances and some who have been traveling with private individuals."

How do they know it's not terrorist related if they don't have a suspect yet?


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Nearly Half Of All Millennials Know Someone Affected By Opiates

Courtesy of ZeroHedge. View original post here.

The statistics surrounding the American opioid epidemic are becoming more and more alarming with each passing day, it seems. Two weeks ago, we cited a new report claiming that one in five millennial deaths can be attributed not just to drugs – but specifically to opioids.

The study is called “The Burden of Opioid-Related Mortality in the United States," published Friday in JAMA. Researchers from St. Michael’s Hospital in Toronto, Ontario, found that all opiate deaths — which accounts for natural opiates, semi-synthetic/ humanmade opioids, and fully synthetic/ humanmade opioids — have increased a mindboggling 292 percent from 2001 through 2016, with one in every 65 deaths related to opioids by 2016. Men represented 70 percent of all opioid-related deaths by 2016, and the number was astronomically higher for millennials (24 and 35 years of age).

According to the study, one out of every five deaths among millennials in the United States is related to opioids. In contrast, opioid-related deaths for the same cohort accounted for 4 percent of all deaths in 2001.

Opioid

And today Axios cited a new NBC News/GenForward poll revealing that nearly half of millennials (42%) have been impacted by the opioid crisis in some way, either because they have a friend or family member who is struggling with addiction, or because they themselves are addicted.

Why it matters: Millennials, ages 22 to 37, are expected to make up the largest generation in the U.S. by 2019. Overdose deaths are causing this group of individuals to die at a faster rate that those over 50 years old, according to the CDC.

By the numbers:

  • White male and female millennials have been affected by the opioid epidemic the most — 54% know someone who is caught in the issue.
  • 30% of black millennials say they know someone who has dealt with an opioid addiction. Asian-Americans 26%. Latinos 23%.
  • More people who live in the Northeast part of the U.S. said they know someone who has dealt with opioid addiction than any other region. But about 40% of millennials in the Midwest, South and West still said yes to knowing someone.


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The Hidden Risk Of A Trade Deficit Reduction

Courtesy of ZeroHedge. View original post here.

Authored by Valentin Schmid via The Epoch Times,

A deal to reduce the trade deficit will have far-reaching consequences for the dollar…

In May, China reportedly offered the United States a $200 billion reduction in its goods surplus with the United States. It would be a major victory for the Trump administration’s tough trade policy on China.

The Chinese authorities so far have confirmed they are willing to buy up to $70 billion more agricultural and energy goods from the United States and they would be able to make good on the promise given the centrally-planned Chinese economy.

But even if China were to follow through and import more from the United States or export less to it – reducing its surplus from the $500 billion in 2017 to $300 billion per year in the future – this would not be the end of the story.

Capital Flows

The problem with the single-handed focus on trade is that international trade between different nations has two sides. One is the goods trade, the other is the trade in capital, which has far-reaching consequences for interest rates and exchange rates.

So far, the United States has financed persistent deficits in goods with persistent surpluses in capital exports. This means foreigners ship BMW cars and Samsung TVs to the United States and end up owning Miami condominiums, Apple stocks, and U.S. Treasury bonds.

Of course, it’s not necessarily the same people who sell the BMWs and get the Apple stock, but the equation applies to the trade balances between nations.

At the end of 2017, foreigners owned $33.8 trillion of U.S. assets with the United States owning $26 trillion of foreign assets, a net deficit of $7.8 trillion, which represents the accumulated trade deficit with the rest of the world from past decades.

Indeed, capital transactions make up 95 percent of international financial flows, compared to 5 percent for trade.

The Balancing Factor

More importantly, these international investment decisions are not made at a top-down level, although they balance out trade surpluses and deficits automatically at the national aggregate.

Because the United States has a very open capital account (there are few restrictions on money moving in and out of the country) and attractive assets (Apple and Miami), it brings in investments from foreign countries with high savings rates…
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China Enters The Trade Trap

Courtesy of ZeroHedge. View original post here.

Via Investing In Chinese Stocks blog,

Perhaps nobody knows what President Trump will do next, including President Trump, but right now it looks like he has successfully maneuvered China into a trade trap.

The goal is to slow China's economy such that military modernization slows and its economy cannot catch up with the United States. Meanwhile, implementation of this strategy is called "Beijing's playbook" and the whole time President Trump speaks positively about Xi Jinping and China's help in other areas.

Bloomberg: Xi to Counter Trump Blow for Blow in Unwanted Trade War

“The Chinese view this as an exercise in self-flagellation, meaning that the country that wins a trade war is the country that can endure most pain,” said Andrew Polk, co-founder of research firm Trivium China in Beijing.

China “thinks it can outlast the U.S. They don’t have to worry about an election in November, let alone two years from now.”

This is the mistake autocrats always make about Western governments and the United States. They view the messy and inefficient political system (intentionally designed that way to protect liberty) as a weakness. They think politicians care more about elections than anything else. They see the difficulty in reaching consensus as a weakness. However, they miss the fact that democratic governments enjoy greater legitimacy. If the U.S. reaches a majority in favor of confronting China on trade, then President Trump has the far stronger political hand.

Confronting China on trade raises President Trump's popularity. His base and independent voters favor this policy.

Democrats oppose him because he is Trump, but they would lose votes if the only issue in November was "Confront China on trade, yes or no?"

If President Trump makes it through November losing only a few House seats (as is typical of nearly all mid-term elections) and sticks to his China trade policy, he will come out the other side incredibly strengthened on trade heading into 2020. If the public begins to view the trade war more as war than trade, they will want to win the war of attrition.


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DOJ Indicts “Vault 7″ Leak Suspect; WikiLeaks Release Was Largest Breach In CIA History

Courtesy of ZeroHedge. View original post here.

A 29-year-old former CIA computer engineer, Joshua Adam Schulte, was indicted Monday by the Department of Justice on charges of masterminding the largest leak of classified information in the spy agency's history.

Schulte, who created malware for the U.S. Government to break into adversaries computers, has been sitting in jail since his August 24, 2017 arrest on unrelated charges of posessing and transporting child pornography – which was discovered in a search of his New York apartment after Schulte was named as the prime suspect in the cyber-breach one week after WikiLeaks published the "Vault 7" series of classified files. Schulte was arrested and jailed on the child porn charges while the DOJ ostensibly built their case leading to Monday's additional charges.

[I]nstead of charging Mr. Schulte in the breach, referred to as the Vault 7 leak, prosecutors charged him last August with possessing child pornography, saying agents had found 10,000 illicit images on a server he created as a business in 2009 while studying at the University of Texas at Austin.

Court papers quote messages from Mr. Schulte that suggest he was aware of the encrypted images of children being molested by adults on his computer, though he advised one user, “Just don’t put anything too illegal on there.” -New York Times

Monday's DOJ announcement adds new charges related to stealing classified national defense information from the Central Intelligence Agency in 2016 and transmitting it to WikiLeaks ("Organization-1"). 

The Vault 7 release - a series of 24 documents which began to publish on March 7, 2017 - reveal that the CIA had a wide variety of tools to use against adversaries, including the ability to "spoof" its malware to appear as though it was created by a foreign intelligence agency, as well as the ability to take control of Samsung Smart TV's and surveil a target using a "Fake Off" mode in which they appear to be powered down while eavesdropping.

The CIA's hand crafted hacking techniques pose a problem for the agency. Each technique it has created forms a "fingerprint" that can be used by forensic investigators to attribute multiple different attacks to the same entity.

The CIA's Remote Devices Branch's UMBRAGE group


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Hundreds Of WaPo Employees Revolt Over “Shocking Pay Practices”, Ask Bezos To “Share The Wealth”

Courtesy of ZeroHedge. View original post here.

Over 400 Washington Post employees have signed a public petition to owner Jeff Bezos begging him to improve working conditions and poor pay at the newspaper, following over a year of unsuccessful negotiations with upper management.

The petition notes that over the last year, “the Post has doubled the number of digital subscriptions and increased its online traffic by more than half,” as well as met or exceeded its advertising team’s targets. 

Employees say none of that has trickled down to them, writing that “What we’ve found instead is a profound unwillingness by the Post’s top management to meet us halfway on a lot of the issues that are important to us,” said Metro reporter Freddy Kunkle. 

“All we are asking for is fairness for each and every employee who contributed to this company’s success: fair wages; fair benefits for retirement, family leave and health care; and a fair amount of job security.” -WaPo Employee Petition

Conspicuously absent from the petition is contributing columnist John Podesta, who landed a job snarking at the Trump administration in the Opinion section and is apparently OK with WaPo taking advantage of their employees. 

Another missing signature is The Post’s David Ignatius – a columnist who was outed as a conduit for CIA leaks last January by former NSA analyst John Schindler – who said “When @IgnatiusPost speaks, Langley’s 7th floor lips are moving,” in reference to the CIA director’s office. 

When @IgnatiusPost speaks, Langley’s 7th floor lips are moving. Zero disrespect, just a fact.

They are taking traitor Trump out now.

— John Schindler (@20committee) January 13, 2017

The disaffected WaPo employees have even made a 2 minute video to explain their position. “More than 400 of our colleagues have signed this petition, and they’re just asking you to listen,” says Global Opinions editor Karen Attiah in the video that accompanied the written petition. 

‘More than one year ago, the Guild’s bargaining committee entered into negotiations with the Post, hoping to achieve some of the benefits for our members and share in the success that we’ve had for the past year,’ Freddy Kunkle, Metro reporter and co-chair of the Guild at the Washington Post, said in the video. -Daily Mail


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Zero Hedge

Comcast, AT&T Set To Become World's Most Indebted Companies With Over $350BN In Debt

Courtesy of ZeroHedge. View original post here.

At a time when the IMF estimates that more than 20% of the world's companies would be unable to cover their interest payments if interest rates moved sharply higher, Comcast and AT&T are poised to become the most indebted companies in the world following media megadeals that leave the two companies with little room to maneuver if profits fail to materialize, according to the ...



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What I thought was a major career failure turned out to be the best thing that ever happened to my career ~ by Blair duQuesnay

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Due to popular demand, bitcoin review.

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BIS Blasts Cryptos In Special Report: "Beyond The Hype"

Courtesy of Mike Shedlock, MishTalk

The BIS blasts cryptos over scaling issues, energy, and trust. The BIS is correct. Cryptos are fatally flawed as money.

A Bank of International Settlements (BIS) report examines cryptocurrencies in depth. The study, called "Looking Beyond the Hype" investigates whether cryptocurrencies could play any role as money.

Bloomberg, Reuters, and the Bitcoin Exchange guide all have articles on the report but not one of the bothered to link to it.

After a bit of digging, I found the crypto report is part of an upcoming BIS annual report. The BIS pre-released the crypto report today (as chapter 5).

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4 Online Trading Shows You Should Watch To Start Your Day

Courtesy of Benzinga.

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The pre-market and after-hours sessions (4-9:30 a.m. and 4-8 p.m. respectively) offer not only a time for some experienced individuals to trade, but also the chance to learn about the vast majority of corporate news the moment it’s released.

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Mind molding psychedelic drugs could treat depression, and other mental illnesses

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

 

Mind molding psychedelic drugs could treat depression, and other mental illnesses

By agsandrew/shutterstock.com

Courtesy of David E. Olson, University of California, Davis

It seems that psychedelics do more than simply alter perception. According to the latest research from my colleagues and me, they change the structures of neurons th...



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The Stock Bull Market Stops Here!

 

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Cambridge Analytica and the 2016 Election: What you need to know (updated)

 

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Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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NewsWare: Watch Today's Webinar!

 

We have a great guest at today's webinar!

Bill Olsen from NewsWare will be giving us a fun and lively demonstration of the advantages that real-time news provides. NewsWare is a market intelligence tool for news. In today's data driven markets, it is truly beneficial to have a tool that delivers access to the professional sources where you can obtain the facts in real time.

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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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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. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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