Financial Markets and Economy
Global Shares Mixed With Yen Gaining in Thin Trade: Markets Wrap (Bloomberg)
Global stocks were mixed on a day when many markets were closed for a holiday. Japanese shares fell as the yen gained against the dollar, while Chinese equities recovered from earlier losses.
Trump’s Threats Boost the Mexican Imports He Wants to Reduce (Bloomberg)
Mexico surprised economists by posting a trade surplus in November as a weaker currency spurred demand for the manufacturing exports that President-elect Donald Trump wants to impede.
Inflation Sensation: The New Big Deal (Bloomberg)
It's finally coming. Inflation. President-Elect Donald Trump's promised a whole lot of infrastructure spending, raising the prospects for a great slug of price pressure the likes of which we haven't seen in years.
China Stocks Erase Loss as Builders Get Boost From Spending Goal (Bloomberg)
China stocks rose in afternoon trading to erase earlier losses as investors bet on state-backed builders after the government announced a spending plan for public works that include 5,000 kilometers of new highway next year.
BOJ's Kuroda says global economy entering new phase post-crisis (Reuters)
Bank of Japan Governor Haruhiko Kuroda said on Monday the global economy seems to be entering a new phase and finally putting behind the negative legacy of the global financial crisis.
Global Shares Mixed With Yen Gaining in Thin Trade: Markets Wrap (Bloomberg)
Global stocks were mixed on a day when many markets were closed for a holiday. Japanese shares fell as the yen gained against the dollar, while Chinese equities recovered from earlier losses.
China minister expects industrial output to rise 6 percent in 2017: official paper (Reuters)
China's industrial output is likely to grow around 6 percent in 2017, just like it did this year, a state-run newspaper quoted Chinese industry minister Miao Wei as saying on Monday.
U.S. Startups Are Piling on Debt (Bloomberg)
His New York-based startup doubled annual revenue this year and is on track to break even in 2017. Valued at about $200 million in April, the marketing automation company counts Bain Capital and Goldman Sachs among its backers—a source of validation in the eyes of many venture investors.
Record Saudi Bond Sale Was a Start. Here Is What’s Next (Bloomberg)
Saudi Arabia laid out key elements of its borrowing plans for 2017 as the kingdom seeks to capitalize on investor demand for its debut sale this year to finance the budget deficit.
We are entering a 'cold currency war' (PIMCO)
Earlier this year, we saw a transition from an old-style currency war (openly fought with negative interest rates and quantitative easing) to the “Shanghai co-op” – an implicit agreement, or truce, among major central banks that excessive dollar strength was bad for the global economy.
It was a triumph of Keynesian thought over Hayek’s beliefs; and despite all evidence to the contrary, most market participants still think that monetary policy is the magic that drives the business cycle.
The Big Four Economic Indicators: Real Personal Income in November (Financial Sense)
Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about as close as they get to identifying their method.
Offshore Deepwater – U.S. To Make Available Another 48 Million Acres In Central Gulf Of Mexico (Fun Trading, Seeking Alpha)
The U.S. Bureau of Ocean Energy Management (BOEM) will offer more than 48 million acres offshore Louisiana, Mississippi, and Alabama for oil and gas exploration.
Italy's government set to bail out world's oldest bank with last-ditch rescue fund (CNBC)
Italy's parliament has approved a 20 billion-euro ($20.8 billion) rescue fund for Monte dei Paschi di Siena after the embattled lender's last-ditch private sector rescue plan failed to secure an anchor investor.
Goldman Is Not Worried China Credit Squeeze (Value Walk)
After several months of calm, in recent weeks China credit concerns have begun to resurface. Several media outlets have drawn attention to the increasing number of onshore defaults and given the rapid pace of credit growth this year, the company’s corporate sector is now even more indebted than it was heading into 2016.
Shifting Power: Visualizing The World's Largest Cities For The Last 6000 Years (Zero Hedge)
In 300 B.C., Carthage was one of the world’s largest cities with up to 700,000 people living within its walls. The Carthaginian republic was a force to be reckoned with, controlling inconceivable amounts of wealth and land all around the Mediterranean.
How Americans Spent Their Money In The Last 75 Years (In 1 Simple Chart) (Zero Hedge)
Consumer spending makes up 70% of the United States economy. We all have bills to pay and mouths to feed, but where do Americans spend their money? Here is a breakdown of how Americans spent their money in the last 75 years.
It's Energy Storage's Time to Shine (The Motley Fool)
Power storage has been a major topic of discussion within energy industry circles, particularly in connection with renewable energy, as technological advances appear poised to bring with them a new level of innovation.
Striking Admission By China: "Rising Social Tensions Pose Enormous Challenges To Beijing's Stability" (Zero Hedge)
Data released by China's NBS early last week confirmed that the latest Chinese housing bubble continued to deflate with 70-city housing price data confirming that home price inflation slowed in most cities in November, except in a few lower tier cities where home price inflation re-accelerated.
Companies
IBM and the future of blockchain (Value Walk)
IBM is heavily investing in the blockchain technology to disrupt large industries. Here we provide a few examples of how IBM is leveraging its blockchain business and provide some estimates of the economics involved.
US files lawsuit against Barclays Bank for alleged mortgage fraud (Wibbitz)
The Department of Justice filed a civil lawsuit against Barclays Bank for selling fraudulent residential mortgage-backed securities.
Google Lowered 2015 Taxes by $3.6 Billion Using ‘Dutch Sandwich’ (Bloomberg)
Alphabet Inc.’s Google saved $3.6 billion in worldwide taxes in 2015 by moving 14.9 billion euros ($15.5 billion) to a Bermuda shell company, new regulatory filings in the Netherlands reveal.
Technology
Tesla In 2017: Model 3, New Autopilot, Solar Roof And Other Developments Expected From The Company (International Business Times)
It wouldn’t be wrong to say that 2016 was a bit of a rollercoaster for Tesla. The company ventured into electricity generation with its Solar Roof tiles, moved closer to fully autonomous cars with Autopilot 2.0 and started the construction of its Gigafactory — which will be the largest production facility in the world when completed, but it also had to go through troubles as its share price kept fluctuating due to the uncertainty around its merger with SolarCity.
Online TV revolution: Hulu and Google could upend the TV industry in 2017 (The Conversation)
The transformation of U.S. television that began in 2015 — with more companies distributing television content over the internet — continued in 2016. Over the past year, however, the pace of change was slower and drew fewer headlines, even as more viewers moved away from live, network-scheduled viewing to recorded, on-demand or streaming services.
AI, self-driving cars and cyberwar – the tech trends to watch for in 2017 (The Guardian)
n some ways, tech in 2017 will be a steady progression from what came before it. Time marches on, and so too does the advance of technology. In other ways, though, it will be just as upended as the rest of the world by the unprecedented disruption that 2016 has left in its wake.
Automakers Prepare for an America That’s Over the Whole Car Thing (NY Times)
FOR decades, automakers have been able to count on a fundamental fact of American life: You pretty much need a car to get around.
A Startup’s Smart Batteries Reduce Buildings’ Electric Bills (MIT Technology Review)
An energy startup called Stem has developed a battery for commercial buildings that’s clever enough to predict—based on the price of electricity—when to store power and when to release it. The market for the company’s technology is limited for now, but its product hints at how distributed energy storage and management could transform the grid.
Politics
For Japan’s Abe, Diplomacy Is Set to Trump Economics in 2017 (Bloomberg)
Shinzo Abe’s trip to Pearl Harbor later Monday, the first by a sitting Japanese prime minister in decades, presages a year filled with diplomatic and security challenges that are likely to keep economic reforms well down his list of priorities.
2016 was the end of the world as we know it. So what's next? (The Guardian)
The phrase “turning point” is overused, but future historians are likely to view the year 2016 as exactly that. The standout event was Donald Trump’s surprise victory. The maverick Republican’s defeat of Hillary Clinton produced a shock that reverberated around the world.
Trump Will Shut Foundation to Avoid ‘Appearance of Conflict’ (Bloomberg)
Donald Trump said he intends to dissolve his charitable foundation to resolve concerns about possible ethics conflicts.
The Hole in the Safety Net Widens: Trump's Plan to Dismantle Obamacare (TruthOut)
Donald Trump's stunning victory must've been especially joyous news for billionaire hedge-fund manager Daniel Loeb. The former Romney supporter jumped on the Trump bandwagon early, and seemingly with great confidence.
Canadian Scientists Warn U.S. Colleagues: Act Now to Protect Science under Trump (Scientific American)
Four years ago hundreds of Canadian scientists gathered on Parliament Hill in Ottawa, donning their white lab coats to protest what they said was the “death of scientific evidence.” They held a mock funeral procession and prepared eulogies.
From Obama, a Final Christmas Tribute to the Troops He's Led (Associated Press)
For eight years, Barack Obama has led a military fighting in multiple theaters overseas, becoming the only president in U.S. history to serve full two terms with the nation at war. On Sunday, he sought to pay tribute to the men and women who sacrificed along the way in battles that will continue even after his presidency comes to a close.
When Tillerson Looked Into Putin’s Eyes, He Found Black Gold (Bloomberg)
When Barack Obama and Vladimir Putin met at the Group of 20 summit in Mexico in 2012, Europe was reeling from the Greek debt crisis and the Arab world was aflame from Libya to Syria.
The RNC Says Its Christmas Message About a ‘New King’ Referred to Jesus, Not Donald Trump (TIME)
The Republican National Committee came under fire on Sunday after some said its Christmas message compared Donald Trump to Jesus Christ.
The Keynesians vs. Kudlow (The Wall Street Journal)
Fear and loathing are the media watchwords for most of Donald Trump’s cabinet appointments, but one of the more amusing campaigns is the progressive assault on the prospect that Larry Kudlow could lead the White House Council of Economic Advisers.
Newt Gingrich’s semi-hilarious ethics lecture: Donald Trump is so rich we can’t worry about it (Salon)
In 1997 the House of Representatives reprimanded its speaker, Newt Gingrich, for ethical violations. Gingrich had admitted to having violated federal tax law and then lying to a congressional committee investigating the charges against him.
Ted Nugent and Kid Rock basically the only musicians willing to play Trump’s inauguration (A.V Club)
Can you smell something? That’s the desperate stench of Donald Trump’s team trying to find a celebrity who doesn’t sell “Gods, Guns & Trump” shirts willing to play at inauguration events. According to The Wrap, “insiders” say that the team is basically trying to bribe people into participating.
Life on the Home Planet
Pope says Christmas 'hostage' to materialism, God in shadows (Reuters)
Pope Francis said on Saturday that Christmas had been "taken hostage" by dazzling materialism that puts God in the shadows and blinds many to the needs of the hungry, the migrants and the war weary.
Pope Francis assures atheists: You don’t have to believe in God to go to heaven (Independent)
In comments likely to enhance his progressive reputation, Pope Francis has written a long, open letter to the founder of La Repubblica newspaper, Eugenio Scalfari, stating that non-believers would be forgiven by God if they followed their consciences.
Some People’s Brains Are Wired for Languages (Scientific American)
Babies' ability to soak up language makes them the envy of adult learners everywhere. Still, some grown-ups can acquire new tongues with surprising ease. Now some studies suggest it is possible to predict a person's language-learning abilities from his or her brain structure or activity—results that may eventually be used to help even the most linguistically challenged succeed.
The Surreal Life Aboard the World's Biggest Cruise Ship (Bloomberg)
With the Harmony of the Seas's maiden voyage in May, Royal Caribbean eclipsed itself—besting its sister ship Oasis in size by a foot. Stretching 1,188 feet long and 215.5 feet wide, the gleaming hulk is a veritable floating suburb devoted to sun, fun, and waterslides.
All 2.3 Million Species Are Mapped into a Single Circle of Life (Scientific American)
Since Charles Darwin's day, biologists have depicted how new organisms evolve from old ones by adding branches to numerous trees that represent portions of the animal, plant and microbial kingdoms. Researchers from a dozen institutions recently completed a three-year effort to combine tens of thousands of trees into one diagram, most readable as a circle (below).
Public views on climate change and climate scientists (Pew Research Center)
There is a host of ways Americans’ opinions about climate issues divide. The divisions start with views about the causes of global climate change. Nearly half of U.S. adults say climate change is due to human activity and a similar share says either that the Earth’s warming stems from natural causes or that there is no evidence of warming.
How to Convince Someone When Facts Fail (Scientific American)
Have you ever noticed that when you present people with facts that are contrary to their deepest held beliefs they always change their minds? Me neither. In fact, people seem to double down on their beliefs in the teeth of overwhelming evidence against them.
George Michael dead: Legendary singer-songwriter dies at 53 (Independent)
Sir Elton John has led tributes to his "beloved friend" pop superstar George Michael, who has died at the age of 53 from a suspected heart failure.
George Michael: 20 Essential Songs (Rolling Stone)
Following his early-Eighties breakthrough with Wham!, George Michael swiftly transitioned from teenage pretty boy to outspoken pop force. "I think it says something for the power of the music," he told Rolling Stone after the release of his smash 1987 solo debut, Faith, "that I've managed to change the perception of what I do to the degree that I have in this short a time.
How the Bible has changed over the past 2,000 years (Business Insider)
The Bible is the most widely read book in the history of the world, far outselling any other book, with 3.9 billion copies sold over the last 50 years. Many believe it contains the actual word of God.
