Financial Markets and Economy
ECB's Jazbec Says Scaling Back QE Early `Hypothetical' for Now (Bloomberg)
The European Central Bank might consider scaling back its bond-buying program early if the euro-area recovery picks up sufficient pace, according to a Governing Council member.
From Underdogs to Overheated: China Bank Stocks Are Surging (Bloomberg)
Chinese bank stocks have gone from cold to hot in a matter of days.
Take Agricultural Bank of China Ltd. After falling by an annual average of 2.7 percent since its Hong Kong listing in 2010, the cooperative lender has climbed 15 percent in a blistering eight-day rally.
March Fed Hike in Play for Bond Traders After Inflation Blowout (Bloomberg)
A March interest-rate increase by the Federal Reserve, an unlikely scenario just days ago, is now suddenly on the table after an unexpectedly strong inflation print and hawkish testimony from Fed Chair Janet Yellen to Congress.
Monopolies Are Worse Than We Thought (Bloomberg)
Economists are increasingly turning their attention to the problem of monopoly. This doesn’t mean literal monopoly, like when one utility company provides all the power in a city.
Behind the Fortress Deal: A Japanese Billionaire’s Huge Ambitions (The Wall Street Journal)
Late last year, Fortress Investment Group co-Chairman Peter Briger talked to an old friend about a deal for his firm.
SEC Chief Scales Back Powers of Enforcement Staff (The Wall Street Journal)
The new Republican leader of the Securities and Exchange Commission has imposed fresh curbs on the agency’s enforcement staff, scaling back their powers to initiate investigations of alleged financial misdeeds.
Strong Consumer Spending Spurs Malaysia's Growth to 1-Year High (Bloomberg)
Malaysia’s economy grew at the fastest pace in a year last quarter, as stronger consumer spending and an export recovery helped counter falling government expenditure.
What Oil Crisis? Arctic Drilling Off Norway Set for Record (Bloomberg)
Explorers look set to drill a record number of wells in Norway’s Arctic waters this year, undeterred by oil prices apparently stuck below $60 a barrel.
Political Risk to the Rescue as Sweden Abhors Krona Appreciation (Bloomberg)
The risk to the global growth spreading from the U.S. administration and the potential for political upheaval in Europe are now providing cover for Swedish central bankers seeking to prevent a rapid krona appreciation.
BOJ's Kuroda warns low rates may sow seeds of new financial crisis (Reuters)
Bank of Japan Governor Haruhiko Kuroda said low profitability at financial institutions could sow the seeds of a new financial crisis, offering his strongest warning to date of the demerits of aggressive monetary easing pursued by major central banks.
Republicans May Find Few Answers on Who Pays for Border Tax (Bloomberg)
Republican lawmakers say they need answers before they can support a plan to overhaul U.S. business taxes — especially in light of arguments from retailers and other companies that the changes would hurt consumers. But a new report suggests solid information may be hard to come by.
Tankers: Asia LR2 rates at five-week high on demand surge, supply squeeze (S&P Global Platts)
East of Suez Long Range 2 tanker rates hit their highest level in five weeks Wednesday as strong demand to move cargoes of clean products both to Europe and North Asia tightened supply.
Egypt unpegged its currency to the dollar and what happened next wasn't pretty (Wolf Street)
On November 3, the Egyptian Central Bank removed all exchange-rate restrictions and raised its benchmark rate by three percentage points. This was done to obtain that all-important $12-billion bailout loan the IMF had provisionally agreed to provide in August, though by November 3, the IMF’s executive committee still hadn’t ratified it.
Cones Of Dunshire: Yellen Speaks As M2 Money Velocity Lowest In History Despite Doubling Of Federal Debt And Fed Expansion (Confounded Interest)
Fed Chair Janet Yellen spoke to Congress this morning at her semi-annual monetary policy testimony. Trying to juggle inflation and unemployment (Humphrey-Hawkins) is difficult … like the Parks and Recreation’s game Cones of Dunshire.
While Elites Played Empire, America Fell Apart (OfTwoMinds)
Our extraordinary misallocation of national treasure and political power has set a banquet of consequences that few are willing to face, much less address head-on.
At This Point – It`s Just Pure Gambling (Video) (EconMatters)
We discuss the recent market move in equities, what are the causes and future ramifications given the size of the move, and address viewer e-mails as well in this trading video. A lot of Investors are holding some pricy stocks in their portfolios right now.
Cramer fires back at naysayers: Here's your proof that this rally is real (CNBC)
Jim Cramer is sick and tired of investors doubting that the stock market could really power higher.
It is the real deal, he said, and he decided to prove it.
Companies
Atomico closes $765 million tech venture fund, Europe's biggest (Reuters)
Atomico, which has spent the past decade proving startups can prosper outside Silicon Valley, said on Thursday it had closed Europe's largest standalone tech venture fund, a $765 million war chest that reflects the region's growing financing firepower.
No. 1 Barrick Focuses on Quality Even as Smaller Peers Think Big (Bloomberg)
Barrick Gold Corp. remains committed to growing free cash flow above all else, even as some of its peers focus on boosting production.
Venezuela Takes CNN En Español Off the Air (The Wall Street Journal)
The government on Wednesday took off the air CNN En Español, one of the country’s most popular cable channels, following the U.S.-based broadcaster’s report on the alleged sale of fake passports by the country’s top officials.
Local restaurant charging minimum wage fee on each bill (Krem)
A restaurant on the north side of town is charging a minimum wage fee after a law went into effect that raised the Washington minimum wage to $11.
Waddell’s Pub and Grille North is charging a service charge of 3 percent on each bill, they said, instead of being forced to raise their prices.
Jack Dorsey Bought Twitter Stock, Should You? (Forbes)
Twitter investors got a nice Valentine's Day present on Tuesday from the co-founder and CEO of the company. According to a securities filing that he tweeted a link to, Jack Dorsey acquired about 425,000 shares of Twitter—worth a total of about $7 million—through a variety of trusts he controls.
China's Casino Crackdown Infects Sydney (Bloomberg)
China’s clampdown on overseas casino operators is being felt in Sydney as Star Entertainment Group Ltd. reported a slump in its international high-rollers business after the detention of employees at rival Crown Resorts Ltd.
Technology
Race for Home Power Storage Pits British Startup Against Tesla (Bloomberg)
A U.K. energy-storage startup is aiming to take on Tesla Inc. in the competition to outfit homes with affordable back-up battery power.
Trump Wants More American Cars in Japan. Japan’s Drivers Don’t. (NY Times)
Yoshihiro Masui’s growling Ford hot-rod, its sides adorned with the Stars and Stripes, attests to his love of American cars — an unusual passion in Japan, where Toyota, Honda and other domestic brands rule the roads.
Politics
Politicians think they know better than scientists and it’s broadly dangerous (The Conversation)
One of the most unexpected political developments in recent months has been the political awakening of scientists in the United States.
Divided Media on Michael Flynn: Patriotic Leaks or Political Espionage (NY Times)
In the hours since Michael T. Flynn resigned as national security adviser late Monday, two narratives have emerged.
The Threat Trump Never Saw Coming (Vanity Fair Hive)
The morning after Donald Trump was sworn in on the Capitol steps, Massachusetts Attorney General Maura Healey looked out over a massive crowd of her own.
How Marine Le Pen could win the French presidency (The Economist)
Bond-Market nerves and narrowing polls have drawn fresh attention to the risk of a President Marine Le Pen in France this spring. Since the start of 2017, the leader of the nationalist Front National (FN) has consistently topped voting intentions for the first round of the presidential election, which takes place on April 23rd.
The new “license to discriminate” bill in Texas may be the most extreme anti-LGBT proposal yet (Salon)
Everything is bigger in Texas, even the homophobia. Last week, Lone Star lawmakers filed Senate Bill 651, which critics warn is one of the most dangerous and extreme of the so-called “religious liberty” bills debated by state legislatures in recent years.
Spies Keep Intelligence From Donald Trump on Leak Concerns (The Wall Street Journal)
U.S. intelligence officials have withheld sensitive intelligence from President Donald Trump because they are concerned it could be leaked or compromised, according to current and former officials familiar with the matter.
Will Trump Succeed in Restoring America, or Will His Enemies Drag Him – and Our Country – Down? (Strategic Culture)
After barely two weeks in office Donald Trump has stunned the world with his «shock and awe» campaign to keep promises made when he was a candidate. The mere fact of a politician doing what he said he would do seems to have unsettled the nerves of his opponents.
In the wake of her Nordstrom gaffe, Kellyanne Conway, the White House’s most reliable spokeswoman, has lost favor with another important cable channel that used to book her for appearances.
Paul Krugman dissects the staggering ignorance of the Trump White House (Alternet)
s the Trump White House evil or just stupid? The answer to that burning question is, well, both. In Monday’s column, Paul Krugman takes as his subject the incompetence piece, which is evident in matters both large and seemingly trivial.
Robert Reich slams Jeffrey Lord for saying Trump’s potential ties to Russia are not ‘a big deal’ (Raw Story)
Former labor secretary Robert Reich smacked down CNN’s Jeffrey Lord on Wednesday after the conservative commentator tried to make light of potential financial ties between Donald Trump and Russia.
On the Road to Another Watergate? (NY Times)
Michael Flynn’s sudden resignation from the National Security Council may seem unprecedented. It’s not. But the consequences of his conduct may lead the United States into uncharted waters.
Sen. Rand Paul, R-Kentucky, doesn’t want to investigate former national security adviser Michael Flynn’s ties to Russia because that could make Republicans like President Donald Trump look bad.
Rush Limbaugh has questions about Michael Flynn’s Russia ties: “When did Barack Obama know?” (Salon)
Conservative radio talk show host Rush Limbaugh claims that the resignation of Michael Flynn, the former national security adviser, is part of a “political assassination” plot — perhaps orchestrated by former President Barack Obama — against President Donald Trump.
‘Donald Trump’s Think Tank’ admits ‘religious freedom’ means anti-LGBT discrimination (Think Progress)
The Heritage Foundation has been called “a driving force” behind the Trump White House due to its many close ties with the administration.
The 4 best GOP excuses for not backing an inquiry into alleged Trump-Russia links (Think Progress)
This might be bigger than Watergate. Late Tuesday night, the New York Times reported that U.S. spy agencies had intercepted multiple phone conversations between associates of President Donald Trump and Russian intelligence agents.
The worst case scenario if Trump’s Supreme Court nominee is confirmed (Think Progress)
As is turns out, when trying to assess President Donald Trump’s pick for the Supreme Court, this isn’t an especially easy question to answer.
Congress had a chance to get Trump’s tax returns. Republicans voted it down. (Think Progress)
Republicans on the House Ways and Means committee voted down a proposal on Tuesday that would have let Congress obtain President Donald Trump’s tax returns.
As White House spirals into crisis, what will Congress do? GOP leaders face unhappy choice (Salon)
All hell is breaking loose in the White House this week. With the resignation of Michael Flynn as national security adviser on Monday night and the ensuing fallout, the Trump administration is careening into a full-blown crisis.
Trump's Russia Ties Are Becoming A Nightmare (Vanity Fair Hive)
Less than one month after he was sworn in, Donald Trump’s presidency appears to be mired in a continuing, seemingly unending cloud of scandal.
U.S. Lawmakers Are Intensifying the Push for Answers on the Trump Team's Russian Ties (Reuters)
A crisis over the relationship between President Donald Trump's aides and Russia deepened on Wednesday as a growing number of Trump's fellow Republicans demanded expanded congressional inquiries into the matter.
Labor Secretary Nominee Andy Puzder Withdraws Nomination (NBC News)
Andy Puzder, President Donald Trump's nominee for labor secretary, withdrew his nomination on Wednesday amid growing questions about his business record and past personal issues, which drew scrutiny from senators on both sides of the aisle.
Warren questions bank lobbyist’s ‘inappropriate’ involvement in Trump order (Think Progress)
Sen. Elizabeth Warren (D-MA) is raising questions about whether a financial industry lobbyist was “inappropriately” involved in helping to craft a recent industry-friendly executive order issued by President Trump.
"He Will Die In Jail" – Intelligence Community Ready To "Go Nuclear" On Trump (Zero Hedge)
After nearly two full days of media hysteria following the forced resignation of General Michael Flynn as National Security Advisor, a resignation which the Trump administration attributed to a 'trust issue' rather than any concerns over the legality of his actions, Trump took to twitter to ask why no one within the media seemed to care about the mass leaks being "illegally given out by "intelligence" like candy" before describing the actions as "very un-American."
Life on the Home Planet
India Launches 104 Satellites From Single Rocket, Ramping Up Space Race (NY Times)
India’s space agency launched a flock of 104 satellites into space over the course of 18 minutes on Wednesday, nearly tripling the previous record for single-day satellite launches and establishing India as a key player in a growing commercial market for space-based surveillance and communication.
Proposed Rule Could Cut Baseball Games by 14 Whole Seconds (The Wall Street Journal)
Major League Baseball is considering eliminating the four pitches it requires to intentionally walk a batter with the goal of making the game faster. If the proposed rule passes, games will indeed be faster. You just might not notice.
Around the World in 27 Burgers: The Best From Brooklyn to Bali (Bloomberg)
There’s nothing like the satisfaction of a great burger—and nothing quite like the disappointment of a bad one. When you’re on the road, there’s little room for error, so we asked three burger-meisters for tips on where to go.
Sea ice hits record lows at both poles (Climate Central)
Arctic temperatures have finally started to cool off after yet another winter heat wave stunted sea ice growth over the weekend. The repeated bouts of warm weather this season have stunned even seasoned polar researchers, and could push the Arctic to a record low winter peak for the third year in a row.
Pollution Has Worked Its Way Down To The World's Deepest Waters (NPR)
The Mariana Trench in the northern Pacific is the deepest part of the world's oceans. You might think a place that remote would be untouched by human activity.
But the Mariana Trench is polluted.
It’s not just Oroville: Most dams across the country have passed their designated lifespan (Think Progress)
After years of underwhelming winter storms, 2017’s abundant rain has been a mostly welcome sight for California’s water-starved communities. However, the respite from years of drought has exposed a vulnerability shared by much of the United States: the poor state of its dams and water infrastructure.
