Links: 2013-01-27
Rep. Paul Ryan says he thinks ‘sequester is going to happen’ – The Hill’s Video
““We think these sequesters will happen because the Democrats have opposed our efforts to replace those cuts with others and they’ve offered no alternative,” Ryan said on NBC’s Meet the Press.
The sequester cuts, delayed by the “fiscal cliff” deal reached at the beginning of the year, are now slated to take effect on March 1.
Ryan added that the cuts needed to happen because Republicans can’t risk losing the only leverage they have when it comes to cutting spending.
“I think the sequester is going to happen, because that $1.2 trillion in spending cuts, we can’t lose those spending cuts, that was to pay for the last debt-ceiling increase, let alone any future increase.””
Ryan Says Balanced Budget Needs Spending Cuts, Not More Revenue – Bloomberg
“Republicans say they plan to use two other approaching deadlines — the March 1 start of automatic spending cuts and the need to pass a bill by the end of March to fund the government — to extract spending reductions from Obama and congressional Democrats.
“If we had a Clinton presidency, if we had Erskine Bowles — chief of staff of the White House or president of the United States — I think we would’ve fixed this fiscal mess by now,” Ryan said. “That’s not the kind of presidency that we’re dealing with right now.”
“We think these sequesters will happen because the Democrats have opposed our efforts to replace those cuts with others and have offered no alternatives,” Ryan said.”
Japan forecasts real GDP growth of 2.5 percent in year from April | Reuters
“Japan’s economy will likely grow 2.5 percent in the fiscal year starting in April, the government said on Monday, as Prime Minister Shinzo Abe’s ambitious fiscal and monetary policies boost domestic demand and a rebounding overseas economy helps exports.”
ECRI WLI Hits New Interim High – Business Insider
“The recent economic data are subject to revision, so we must view these numbers accordingly. Nevertheless, I continue to think that an ECRI retraction of their recession call is long overdue.”
Italy central bank approves Monte Paschi bailout request | Reuters
“Italy’s central bank on Saturday gave its approval to a request by scandal hit bank Monte dei Paschi di Siena for 3.9 billion euros ($5.3 billion) of state loans, the latest step in the battle to revive the ailing bank.
The Bank of Italy’s backing was the final stage required to free up the financial help for Italy’s third biggest lender, which this week revealed loss-making derivatives trades that could cost it about 720 million euros.”
How to Play a Euro-Zone Recovery – Barrons.com
“Becket cautioned that although stocks have come back strongly in recent weeks, the euro-zone economy is still struggling over all. But he believes that 2013 will end better than 2012. “Globally, there are some green shoots,” he says, “with improvement likely to come midyear, so the second half could be good, boosting corporate investment and earnings. Europe will see some benefit from that.”
For now, the best prospects are to be found in Europe’s financial, materials, and industrial sectors, with a resurgence of mergers and acquisitions also a strong possibility. “Cash-rich U.S. companies are likely to take advantage of currently low valuations in Europe in order to buy growth,” Becket says.”
Are Apple’s Glory Days Over? (Answer: No) – Barrons.com
“Apple could have, for example, removed the sting of Wednesday night’s report with an increase in its quarterly dividend from the current $2.65 per share, a 2.4% yield. That’s not bad, and it’s certainly better than it was when the stock was at $700, but it pales beside the 4.3% yield on Intel’s (INTC) shares. Even Microsoft’s long-criticized yield is 3.3%.”
Has Apple Lost Its Cool to Samsung? – WSJ.com
“Samsung had just unleashed an aggressive marketing campaign including a television commercial that poked fun at the iPhone 5. “The next big thing is already here,” the spot said, referring to its Galaxy S III phone.
The ad was part of a more than $200 million U.S. marketing blitz that Samsung launched in 2011 to lampoon Apple, according to Kantar Media. The creative vision for those ads was a former Nike executive, Todd Pendleton, who now runs Samsung’s marketing in the U.S.
The campaign swayed consumers including Will Hernandez, an Apple iPhone owner who bought a Samsung Galaxy S III smartphone about three months ago after seeing Samsung’s ads.
“If you see this stuff on TV enough, it gets you thinking,” said Mr. Hernandez, a 34-year-old resident of Somerville, Mass., who adds that he likes how his Galaxy has a larger screen than the iPhone. “Now, when someone gives me an iPhone to look at a picture, it looks so tiny.””
Apple shifting its guidance to stop being blamed for “missing” analyst expectations
“For years, Apple has offered forward looking guidance outlining the minimum performance that company executives were reasonably confident they could reach over the coming quarter.
As the company’s performance has accelerated over the past several years of rapidly increasing sales of iPods and then iPhones, iPads and new Macs, Apple has consistently trampled its own guidance, resulting in the cynical perception that the company’s forward looking figures were excessively conservative, to the point where critics began describing them as “sandbagging.””
Spain: Unemployment For Under 25s Over 55%
“Disillusionment spreads further for recent graduates in Spain, as statistics show a majority of are headed for the dole queue.”
George Osborne’s austerity plan ‘risks lost decade’ for UK economy | Politics | guardian.co.uk
“Top Goldman Sachs banker Jim O’Neill joins growing criticism of chancellor’s pursuit of deficit reduction in face of stagnation”
Une majorité de Français favorable á la sortie du Royaume-Uni de l’UE
A majority of French are in favour of a Brexit, British exit from the European Union.
Apple Co-Founder Steve Wozniak Criticizes ‘jOBS’ Biopic Film – ABC News
“After viewing a preview clip from the upcoming Steve Jobs biopic, “jOBS,” Apple co-founder Steve Wozniak said the filmmakers got it all wrong.
“What I saw was just so far from anything that really happened or said in those days,” Wozniak told “Good Morning America.””
Steve Jobs movie premieres to mixed reviews – CNN.com
“A movie about the early life of Apple co-founder Steve Jobs premiered Friday night at the Sundance Film Festival to mixed reviews, with some critics saying it presents a fawning, one-sided portrait of the late tech icon.”
‘Banks make average £139 a year on each current account’ – Telegraph
“The Office of Fair Trading (OFT) said that while overdraft charges had fallen – saving customers £928m between 2007 and 2011 – they remained too complex. The report also found that consumers rarely switched accounts and there were still too few new entrants offering accounts.
However, campaigners and consumer groups called the report “depressing” and criticised the OFT’s failure to refer the issue to the Competition Commission for immediate action.”
Exclusive: ECB rejects Irish bid on promissory note – sources | Reuters
“The European Central Bank has rejected Ireland’s preferred solution to a dispute over the cost of servicing money borrowed to rescue a failed bank, EU sources familiar with the talks said on Saturday.
Dublin wants to avoid having to pay 3.1 billion euros a year until 2023 to service a promissory note it issued to underwrite failed Anglo Irish Bank during a meltdown of the main Irish lenders after a real estate bubble burst in 2008.”
Bridgewater’s Dalio Sees ‘Game Changer’ as Money Shifts – Bloomberg
“Ray Dalio, founder of Bridgewater Associates LP, the world’s biggest hedge fund, said 2013 will be a “game changer” for the economy as investors reallocate money after risks such as Europe’s sovereign debt crisis receded.
“There’s a lot of money in a place that’s getting a very bad return and in this particular year there’s going to be, in my opinion, a shift,” Dalio said today at a Bloomberg panel discussion at the World Economic Forum in Davos, Switzerland. “The complexion of the world will change as that money goes from cash into other things. The landscape will change, particularly later in the year and beyond.””
Yen Falls for 11th Week on Bets Japan Will Push It Down Further – Bloomberg
“The yen slid against the dollar in the longest weekly losing streak on record as investors who bet on bold action from the Bank of Japan (8301) were encouraged by officials suggesting the currency has further to fall.”
BBC News – Pentagon laying off 46,000 staff
“The US defence department says it has begun laying off most of its 46,000 temporary employees, as automatic defence budget cuts loom in March.”
BBC News – Portuguese flee economic crisis
“More than 2% of Portugal’s population have emigrated in the past two years, since the country entered the worst recession in decades, officials say.”
“The ITU has approved a new video format that could bring 4k video to future broadband networks, while also making streaming HD video available even on bandwidth-constrained mobile networks. The H.265 standard, also informally known as High Efficiency Video Coding (HEVC), is designed to provide high-quality streaming video, even on low-bandwidth networks.”
Comments are closed.