Financial Markets and Economy
Iron Ore Rally Starts to Crack as Capital Economics Sees $45 (Bloomberg)
Iron ore’s rally is showing signs of cracking. After a drumbeat of warnings that the gains won’t last, the commodity posted the biggest weekly slump in almost four months amid rising concern about the underlying strength of demand in China at a time of still-rising supplies.
Canada steps up campaign against possible U.S. border tax (Reuters)
Canada stepped up its campaign on Thursday against a possible move by Washington to impose border tariffs, telling the new U.S. commerce chief that such a move would hurt both countries.
Paris Big Dig Abandons Chic Haussmann for Trains to the Suburbs (Bloomberg)
Paris is embarking on its most ambitious building project in more than 150 years, when a young bureaucrat replaced the medieval city center with grand buildings and boulevards in a signature style that is now known by his name — Haussmannian.
Central Banker: China's Debt 'Too High,' Must Be Controlled (Associated Press)
China's central bank governor said Friday the country needs to get soaring corporate debt under control but its economy and currency are stable and the decline in its foreign exchange reserves is no cause for concern.
Japan bats away U.S. complaint on autos (Reuters)
Japan rejected U.S. demands for more access to Japan's car market on Friday, casting doubt over whether it can avoid friction over autos and agriculture imports at high level bilateral talks on economic relations next month.
Study Finds India Is Asia's Most Corrupt Country, While Japan Comes In Last (Forbes)
One of the main objective of the current Indian government led by Prime Minister Narendra Modi has been to make India corruption free. But it seems the country still has a long way to go.
The Guardian view on US rate rises: a sterling challenge (The Guardian)
The stocks were sold; the Press was squared/ The Middle Class was quite prepared.” What Hilaire Belloc wrote of Lord Lundy applies double to Janet Yellen. With excellent reason.
The Dark Strategy at the Core of the GOP Health Care Plan (Rolling Stone)
How the House Republican plan to overhaul Obamacare went from repeal-and-replace to cap-and-strangle
Paul Ryan and House Republicans have introduced a Trump-approved plan to overhaul Obamacare. But Tryancare – "our wonderful new Healthcare Bill," to quote the president – is not "repeal and replace." It is "cap and strangle."
Unemployed Belarusians No Longer Have to Pay a ‘Social Parasite’ Tax (Fortune)
A Belarusian decree "against social parasites," which levies a tax on people not in full-time employment, has been suspended in the wake of mass street protests.
New on Your Dinner Tab: A Labor Surcharge (The Wall Street Journal)
In lieu of steep menu price increases, many independent and regional chain restaurants in states including Arizona, California, Colorado and New York are adding surcharges of 3% to 4% to help offset rising labor costs. Industry analysts expect the practice to become widespread as more cities and states increase minimum wages.
A Brand Name for a Hedge Fund Happy Hour: Trump’s Mar-a-Lago (DealBook)
The invitation suggests your run-of-the-mill weekday evening of drinks, canapés and networking for the hedge fund crowd.
Except for one thing. It’s at the Mar-a-Lago resort in Palm Beach, Fla.
Bets on gold hold ground even as Fed rate hike looms large (Reuters)
While an imminent hike in U.S. interest rates is putting a downdraft on gold prices, bullion's allure as a safe haven is likely to limit the downside, traders and analysts say, owing to uncertainties in the United States and Europe.
Soda Loses Its U.S. Crown: Americans Now Drink More Bottled Water (The Wall Street Journal)
Americans now officially drink more bottled water than soda. It’s a shift that decades ago might have seemed unthinkable—that consumers would buy a packaged version of something they could get free from a tap.
PBOC's Zhou Sees Relatively Stable Yuan Even as Fed Hikes Loom (Bloomberg)
People’s Bank of China Governor Zhou Xiaochuan said the yuan’s rate should be relatively stable this year even as rising U.S. interest rates contribute to foreign exchange volatility.
Enter Berlusconi: A Man, a Ban, and His Plan to Restore the Lira (Bloomberg)
Markets wincing at every twist in Marine Le Pen’s electoral fortunes have helped revive political risk in the heart of the euro zone.
What Does Consumer Confidence Really Measure? (MishTalk)
The Fed is a big believer in consumer confidence numbers. I never understood why because I never could see strong correlation between confidence and spending.
Russia's January Gold Purchase Suggests Some Deeper Global Problems (Hebba Investments, Seeking Alpha)
The Russian central bank recently released its gold reserve data for January and investors should take note as it was an abrupt reversal of the central bank's December gold reserve move.
How the March FOMC Meeting Will Impact Your Investments (Money Morning)
The second FOMC meeting of 2017 will take place next week from March 14-15. And this meeting will have a major impact on some of your valuable investments.
Republicans' Consumer Confidence Is At 9 Year Highs (Democrats Not So Much) (Zero Hedge)
Bloomberg's consumer comfort index surged to the highest level since its peak in February 2007. However, while Republicans are the happiest since 2008, Democrats' confidence is collapsing.
"It Can Only Disappoint" – What Wall Street Expects From Today's Jobs Report (Zero Hedge)
Following Wednesday's blowout ADP report, which printed some 40K jobs higher than the highest estimate, the only possibility for Friday's nonfarm payroll report, the last major economic data point before the Fed's March 15th rate hike announcement, is to disappoint, especially in terms of wages (which in light of the recent downward revision of Q1 GDP by the Atlanta Fed to 1.2% is not out of the question).
Companies
Ford And Its 4.8% Yield (Josh Arnold, Seeking Alpha)
Ford Motor Company (NYSE:F) has been through quite the adventure in the past decade or so. The company's common stock became almost worthless during the financial crisis, which saw it under terrific financial distress, but Ford has remade itself into a brand that matters again.
Shell sells oil sands assets as boss warns on clean energy challenge (The Guardian)
Royal Dutch Shell has agreed to sell most of its carbon-heavy Canadian oil sands assets for $8.5bn (£7bn) as the chief executive warned that the industry risked losing public support without progress towards cleaner energy.
Bitcoin May Go Boom: A Guide to This Week’s Big SEC Decision (Fortune)
Bitcoin is at a critical juncture. Any time now, the Securities and Exchange Commission will issue a decision that could throw open the door to a flood of new capital, and change how many investors regard the digital currency.
Technology
UBS analyst says Apple is an ‘anti-fragile monopoly’ because of its iPhone pricing power (9To5Mac)
UBS analyst Steven Milunovich today issued a new investor note in which he asks the question, “Is Apple an anti-fragile monopoly?” The note was obtained by Business Insider and focuses on Apple’s place in the smartphone market and its potentially monopolistic power.
Swift is already one of the world’s most popular programming languages (Cult Of Mac)
In the latest TIOBE Index, which ranks the popularity of programming languages, Apple shot up from the 14th spot last year — and has already cracked the top 10. That may not sound too exciting, but considering all the other languages in the top 10 are at least two decades old, Swift is catching fire in a major way.
Elon Musk: I can fix South Australia power network in 100 days or it's free (The Guardian)
Elon Musk, the billionaire founder of electric car giant Tesla, has thrown down a challenge to the South Australian and federal governments, saying he can solve the state’s energy woes within 100 days – or he’ll deliver the 100MW battery storage system for free.
Politics
HUD Could Face Steep Cuts, But Carson Says Numbers Early (Associated Press)
Housing Secretary Ben Carson sought Thursday to reassure his agency that budget cuts may not be as steep as some fear, even as housing advocates and others brace for deep reductions to public housing and anti-poverty programs.
US election was a farce that exposes 'hypocritical' democracy, says China (The Guardian)
The US election was “full of lies” and a farce that exposed the “hypocritical nature” of its democracy, one-party China has claimed in its annual inquiry into the human rights record of its geopolitical rival.
South Korea Removes President Park Geun-hye (NY Times)
A South Korean court removed the president on Friday, a first in the nation’s history, rattling the delicate balance of relationships across Asia at a particularly tense time.
On climate change, Scott Pruitt causes an uproar — and contradicts the EPA’s own website (The Washington Post)
Scott Pruitt, the nation’s top environmental official, strongly rejected the established science of climate change on Thursday, outraging scientists, environmentalists, and even his immediate predecessor at the Environmental Protection Agency.
FBI’s Comey Says Americans Should Not Expect ‘Absolute Privacy’ (Fortune)
Speaking at a cybersecurity conference at Boston College on Wednesday, Comey said that "there is no such thing as absolute privacy in America." He added that everything Americans engage in, including conversations with members of the clergy and their attorneys, live within "judicial reach."
EU Leaders Take on Trump’s ‘America First’ as Summit Talks Start (Bloomberg)
European Union leaders sent a clear signal that the 28-nation bloc will promote free trade, in a show of opposition to the protectionist stance floated by the new U.S. administration.
House Passes Bill To Restrict Legal Claims Against Companies (Associated Press)
The House has approved a bill that would make it harder for individuals or groups to bring legal claims against companies in consumer disputes, employment discrimination cases and other areas.
At last! The World’s Greatest Healthcare Plan of 2017 is here to save us! (Salon)
Kudos to whichever policy aide in the office of Rep. Pete Sessions, R-Texas, came up with the idea of naming his Obamacare repeal bill “World’s Greatest Healthcare Plan of 2017.” Given the suffering and misery that would result from this or any other repeal, that person has an unparalleled sense of irony.
President Trump Accused of Ignoring Veterans—and Sending Omarosa in His Place (The Daily Beast)
On Tuesday, President Donald Trump surprised a group of startled tourists in the White House basement, took meetings with senators, and met with leaders of the AFL-CIO and the Boy Scouts. On the same day, Trump bypassed a West Wing meeting of military veterans, who met with the president’s staff instead.
Sessions Says Guantánamo Is a ‘Very Fine Place’ for New Suspects (NY Times)
Attorney General Jeff Sessions said on Thursday that he would advise President Trump to send newly captured terrorism suspects to the wartime prison at Guantánamo Bay, Cuba, which he called “a very fine place,” rather than to bring them to civilian court for prosecution by the Justice Department he now runs.
White House Casts Pre-emptive Doubt on Congressional Budget Office (NY Times)
President Trump showed an affinity for “working the referees” in his race to the White House, criticizing a federal judge as biased, panning polls as rigged and even questioning the aptitude of the nation’s intelligence agencies.
Trump Doesn't Seem To Remember "The Forgotten Man" (CC)
Trevor and Jordan Klepper explain (through song) how President Trump's deregulation of the environment, banks and the FCC do nothing for the voters he pledged to help.
Trump leaves key cybersecurity jobs vacant across the government (Think Progress)
The Trump administration is leaving many top technology jobs across government vacant, raising concerns about the security and maintenance of federal computer systems in the wake of an election where hacks dominated the headlines.
GOP Senators Say August Deadline for Tax Plan May Be Unrealistic (Bloomberg)
Top Republican senators are signaling that they may not be able to complete a tax overhaul before August, even as House leaders and members of President Donald Trump’s administration say they’re committed to meeting that deadline.
Trump personally met with Russian ambassador during campaign (Think Progress)
Donald Trump has claimed repeatedly that he has had no contact with Russian officials as a presidential candidate. He was lying.
Life on the Home Planet
‘Beauty and the Beast’: Disney’s $300 Million Gamble (NY Times)
The mood at Walt Disney Studios here last spring was euphoric: A risky live-action remake of one of Disney’s most beloved animated films, “Beauty and the Beast,” was coming off without a hitch. Disney had assembled an all-star cast led by Emma Watson as Belle.
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.
As Rebels Move Out of Colombia Drug Trade, Corporations Look to Move In (NY Times)
For years, Blanca Riveros has had the same routine: After fixing breakfast and taking her son to school, she heads home to a large plastic trash bag filled with marijuana.
