The Confiscation Conundrum In Europe
BUSINESS INSIDER | MAY 22, 2012
http://pulse.me/s/9tQiB
No one likes paying taxes. You'd think. And it's not just income taxes but a slew of other taxes. In San Francisco, we already have an 8.5% sales tax-... read more
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'President Barack Obama is chiming in on JP Morgan's shocking $2 billion trading loss.
Here are some released quotes from Obama's pre-taped appearance on ABC's The View.
“JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”
...
“This is the best, or one of the best-managed banks. You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we might have had to step in,” Obama said. “That’s exactly why Wall Street reform’s so important.” ...'
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Google lost money on Android every quarter in 2010, a judge revealed today.
Reuters reports that Judge William Alsup, who is oveseeing the Oracle-Google trial, had previously sealed a document showing Google's sales figures for Android in 2010. Today, though, he revealed that it lost money in each quarter.
"That adds up to a big loss for the whole year."
Previously, an internal Google presentation released during the trial showed that the company expected to lose $113 million on Android during the year. At that time, Google expected Android to earn $62 million in 2011, $248 million this year, and $548 million in 2013.
Google may in fact have turned the corner on Android by now, but it doesn't really matter — Android has helped Google establsh a presence on smartphones, giving it a path to earn money via mobile advertising and integrated mobile and local search. That's vital as users do more things with smartphone apps, and spend less time on the web.
See also: Internal Google Presentation On Android Reveals How It Makes Money
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A study published in 2010 (PDF here) found that if only one partner smoked, it caused more marital problems than differing religions, different backgrounds, even different plans for having children.
Couples are an astonishing 76-95% more likely to get divorced if only one of them smokes. The amount increases when the wife is the partner with the habit. While couples who both smoke have it a bit better, a 1998 study found they are still 53% more likely than non-smoking couples to end their marriage.
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The process of hydraulic fracturing is a mining technique which uses injected fluid to propagate fractures in a rock layer to release hydrocarbon deposits that would otherwise be uncommercial. Developed in the U.S. and first used in 1947 for stimulating of oil and natural gas wells, the use of "fracking" soared in the past decade as thousands of wells have been drilled into the Marcellus Formation, also referred to as the Marcellus Shale, a deposit of marine sedimentary rock found in eastern North America. While initial environmental protests of the technique centered around its possibility of polluting underground water aquifers as a number of known carcinogenic substances are used in the procedure, more recently research has focused on an even more ominous byproduct of the technique - the increased possibility of earthquakes. While in the U.S. the U.S. Geological Survey and the state governments are investigating the link, in Britain the Department of Energy and Climate Change on 17 April published an independent expert reportrecommending measures to mitigate the risks of seismic tremors from hydraulic fracturing and invited public comment on its recommendations. The report reviewed a series of studies commissioned by Cuadrilla, whose fracking operations in Lancashire aroused public debate, and the document "confirms that minor earthquakes detected in the area of the company's Preese Hall operations near Blackpool in April and May last year were caused by fracking." DECC's Chief Scientific Advisor David MacKay remarked, "If shale gas is to be part of the UK's energy mix we need to have a good understanding of its potential environmental impacts and what can be done to mitigate those impacts. This comprehensive independent review of Cuadrilla's evidence suggests a set of robust measures to make sure future seismic risks are minimized - not just at this location but at any other potential sites across the UK."
The report is certain to reopen debate about the Lancashire tremors, which on 1 April and 27 May 2011 shook the Blackpool area, registering 2.3 and 1.5 on the Richter Scale. On 2 November a report commissioned by Cuadrilla Resources, "The Geo-mechanical Study of Bowland Shale Seismicity," acknowledged that hydraulic fracturing was responsible for the two tremors and possibly as many as fifty separate earth tremors overall, noting that it was "highly probable" that the hydraulic fracturing of its Preese Hall-1 well did trigger a number of "minor" seismic events. At the time of the report's release Cuadrilla Resources CEO Mark Miller said, "We unequivocally accept the findings of this independent report and are pleased that the report concludes that there is no threat to people or property in the local area from our operations. We are ready to put in place the early detection system that has been proposed in the report so that we can provide additional confidence and security to the local community. Cuadrilla Resources is working with the relevant local and national authorities to implement the report's recommendations so we may safely resume our operations." The British Geological Survey also linked smaller quakes in the Blackpool area to fracking. BGS Dr. Brian Baptie said, "It seems quite likely that they are related," noting, "We had a couple of instruments close to the site and they show that both events occurred near the site and at a shallow depth." While the DECC report confirms that Cuadrilla Resources 's test-fracking likely caused the 2011 two small tremors last year, it also said that Cuadrilla Resources could proceed with exploring the area if it follows a new set of expensive safety measures. Cuadrilla Resources clearly sees the report as vindication, with Miller proclaiming, "We are pleased that the experts have come to a clear conclusion that it is safe to allow us to resume hydraulic fracturing, following the procedures outlined in the review. Many of today's recommendations were contained in the original expert studies we published in November last year, and our supplementary information sent to DECC in January. We have already started to implement a number of the experts' recommendations in the pursuit of best practice and look forward to the final decision by DECC ministers concerning the resumption of hydraulic fracturing following the six week period for public comment commencing on 17 April." And insurers in the City of London clearly believe that the DECC report validates fracking. City insurance brokerage Willis chief operating officer of global energy Neil Smith said, "Shale gas is here to stay... The issues are of a political nature and a lot are born out of ignorance of what the operations are." Dominick Hoare of Watkins Syndicate at the Lloyd's of London insurance market was equally bullish, saying, "With a proper assessment it's a good risk to assume," as was Matt Yeldham, the head of casualty at Aegis' marine and offshore liability division, who commented, "Provided fracking is conducted in an appropriate fashion, it would appear on the whole to present a reasonable risk profile" before adding, "Underwriters are not there to cover long-term health hazard and other latent issues." It is precisely those "long-term health hazard and other latent issues" that should be at the top of the British government's concerns, but Westminster has repeatedly proven that its interests more closely align with those investment bankers in the City of London than those forced to live with the consequences if the environmental nay-sayers ultimately prove correct about water pollution and "seismic events." Source: http://oilprice.com/Energy/Energy-General/UK-Govt.-Seismic-Fracking-Report-Certain-to-Sharpen-Debate.html
By. John C.K. Daly of Oilprice.com
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In Germany, shares are up over 10%.
Look for an open in the US of around $612....'
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Read more: http://www.businessinsider.com/apple-shares-are-going-wild-in-german-trading-2012-4#ixzz1t2tKuRedNews Brought to you By:
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As we wrote this morning, the bad news for Angela Merkel is that the jig is up: There's almost nobody left who is willing to go along with the German idea that the sole solution for Europe is spending discipline and "reform," whatever that means.
That was a riff on a piece by Nicholas Kulish in the New York Times, talking about the growing anti-austerity drumbeat in places like France and the Netherlands, which comes on top of.
Ryan McCarthy at Reuters also rounds up a bunch of other anti-austerity commentary from around the web.
When you combine it with the latest note from Richard Koo, about how the Nomura economist went to Europe, and even was able to convince Germans (!) that fiscal stimulus was needed in Europe, you sense that something really is changing.
There's not a new consensus settled on yet. For example, Francois Hollande's vision of a more socially integrated Europe is obviously different than whatever caused Geert Wilders to torpedo the Netherland's austerity deal, but Germany is clearly becoming very isolated.
SEE ALSO: Sorry Angela, the jig is up >...'
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The Spanish government prepares to auction treasury bills Tuesday and long-dated bonds Thursday. If yesterday's Italian bond auction is any indication, then investors will have ample opportunity to manifest recent recent cynicism and drive yields higher.
Spain front-loaded much of its debt issuance for 2012, and has already auctioned nearly 46 percent of the €86 billion ($113 billion) in debt it planned for the year at its lowest borrowing costs since 2010.
However, this is bad news for Spanish banks, which have purchased large amounts of government bonds with cheap cash from the ECB. Bank of America Merrill Lynch analysts estimated that Spanish had increased government debt holdings by €68 billion since November or €240 billion total—6 percent of Spanish GDP.
Read more: http://www.businessinsider.com/why-next-week-will-be-huge-for-spain-2012-4#ixzz1rxIfS7do .| Investors Europe Tel: +35020040303 http://www.investorseurope.com/disclaimer.html | |
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'The disappointment over China overshadowed solid earnings reports from financial bellwethers JPMorgan Chase and Wells Fargo(WFC_). Instead of a whispered-about upside surprise, China reported its slowest quarterly pace of economic growth in three years.
Also, the latest U.S. inflation numbers were slightly higher but still in line with expectations. In addition, Europe was on track for a weak close, further damaging sentiment on Wall Street as data showed Spanish banks are relying heavily on funding from the European Central Bank.
At last check, the Dow Jones Industrial Average was falling 102 points, or 0.8%, at 12,885. The S&P 500was down 13 points, or 0.9%, at 1375, led lower by ...'
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