Posts Tagged ‘US financial institutions’

Chinese State-Owned Companies Object to Face-Rippings, Wall Street Indignant

Chinese State-Owned Companies Object to Face-Rippings, Wall Street Indignant

chinese fortune cookieCourtesy of Jesse’s Café Américain

After one too many face-rippings by the merry Pranksters of Wall Street, China’s state-owned companies have run to their government to complain about the fraudulent nature of their derivatives contracts.

The hearty capitalists of Wall Street wouldn’t run to their government and whine and complain if the market went against them.

Except of course if they needed several trillion dollars because they lost all their money gambling. Then they would just threaten to hold their breath and wreck the economy until the Great Reformer gave them all the change the country could spare, and then some.

If the US will not put its house in order, the rest of the world will increasingly start to rein in the the US financial institutions.

Reuters
Beijing’s derivative default stance rattles banks
Mon Aug 31, 2009 7:42am EDT

For banks that are hoping to sell more derivatives hedges in China, the world’s fastest-expanding major economy and top commodities consumer, the danger goes beyond the immediate risk to existing contracts to the longer-term precedent that suggests Chinese companies can simply renege on deals when they like.

The report follows an order from SASAC in July that required all central government-controlled state companies engaged in trading derivatives to make quarterly reports…

"If we were among the banks receiving that letter, we would be very angry. But now the key is to find out more details on the letter: In whose name the letter was issued, the government or the corporate’s? And under what was the reason for defaulting?" said a Singapore-based marketing executive with a foreign bank.

The source, whose bank did not receive a letter, said that Air China, China Eastern and shipping giant COSCO — among the Chinese companies that have reported huge derivatives losses since last year — had issued almost identical notices to banks.

"If it’s in the name of the government, the impact will be very negative," said the source, who declined to be named.

Beijing-based derivatives lawyers said the so-called "legal letter" has no legal standing — SASAC as a shareholder has no business relationship with international banks.

"It’s like the father suddenly told the creditors of his debt-ridden son that his son won’t pay any of his debt," said a lawyer from the derivatives risks committee of the Beijing…
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Zero Hedge

Audi Will Be All Electric By 2026

Courtesy of ZeroHedge View original post here.

The death march for internal combustion engine vehicles continues...

Audi has been the latest automaker to express its intent to completely end building combustion engine vehicles, stating this week that they would stop building gas and diesel vehicles by 2026. There will also be no more hybrid vehicles from that point forward, the automaker said. 

Audi board chairman Markus Duesmann offered the deadline to company executives and labor representatives this week, according to The Drive. T...



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Phil's Favorites

A Reluctant Optimist

 

A Reluctant Optimist

Courtesy of Scott Galloway, No Mercy/No Malice@profgalloway

Optimists are overrated. With Big Tech, Covid-19, or Putin, would we have been better off listening to the optimists or the pessimists? People think it takes optimism to be an entrepreneur. Not so — in my case, it just required the self-awareness to know I didn’t have the skills to succeed in a big company. Optimism is required to be an early stage investor, however. I typically invest in later stage growth firms, as my reaction to every startup idea is “there’s NFW that will work.”

I believe pessimists make better operators. I, no joke, sit awake at night and imagine everything that ca...



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Biotech/COVID-19

Counterfeiting - the underworld threat to beating COVID-19

 

Counterfeiting – the underworld threat to beating COVID-19

Counterfeit vaccines, testing kits, and vaccine passports are undermining the global fight against COVID-19. AnaLysiSStudiO/Shutterstock

Courtesy of Mark Stevenson, Lancaster University

While the word “counterfeit” may conjure up images of fake cash and knock-off handbags, the pharmaceutical industry – and with it, the fight against COVID-19 – has been significantly affected by illicit goods.

In a major operation, Interpol recently ...



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Chart School

RTT Plus Bulletin

Courtesy of Read the Ticker

RTT Plus private blog answer these questions over the last two weeks.

Ending: 2021-06-19

- Metal stocks very bullish after gold smash
- FED taper talk vs Basel 3
- Dollar devaluatioin before end of 2021
- COVID, Vaccine insight (off topic)
- The next play for the deep sate (off topic)
- The debt loaded USA can not break these economic stats


RTT Plus membership required to review.

RTT Plus members can include chart building services if you wish. If you you do not want chart building services select 'RTT Plus' only during the membership sign up process.

Sign up now!






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Politics

The Ukraine Fallacies (with Victor Rud)

 

The Ukraine Fallacies (with Victor Rud)

Americans are confused about the history of Ukraine. That's just how Russia wants it.

Courtesy of Greg Olear, at PREVAIL

Greg is the author of Dirty Rubles: An Introduction to Trump/Russia 

...

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Promotions

Live Webinar with Phil on Option Strategies

 

June is TD Bank's Option Education Month, and today (Thursday, June 10) at 1 pm EST, Phil will speak with host Bryan Rogers about selling options and various option strategies that we use here at Phil's Stock World. Don't miss this event!

Click here to register for TD's live webinar with Phil.

 

...

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Digital Currencies

Crypto: Congress Dawdles as $1.7 Trillion Con-Game Goes Unregulated, Threatening Reputation of U.S. Markets

Courtesy of Pam Martens

If you want to get your hair cut outside of your home in the United States, the job has to be done by a licensed worker at a regulated business. The same thing applies to plumbers, electricians, home inspectors, real estate and insurance agents. They all require a license and are subject to regulatory scrutiny.

Likewise, commodities like corn, sugar, wheat, lumber and oil are all traded on regulated exchanges which are overseen by a federal regulator.

But, for reasons that have yet to be explained to the American people, when it comes to the $1.7 trillion cryptocurrency market – which is effectively a con-g...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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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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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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