News: 2014-02-20

Emerging markets

El desempleo bajó al 6,4%, según el Indec –

According to official estimates Argentine unemployment was 6.4% in Q4 2013, down from 6.9% a year ago. The article here goes into great detail about participation rates and unemployment in specific regions. Nonetheless, these figures cannot be believed because unemployment is one area beyond inflation where the government’s figures are suspect. Moreover, unemployment is increasing according to private estimates.

Los subsidios crecieron 34% el año pasado

Subsidies in Argentina increased 34% last year to 134 billion pesos. The government is now reviewing whether to cut these transport nd energy subsidies as the country is in crisis and foreign reserves are dwindling.

El gasto en subsidios en transporte, combustible y ayuda a empresas fue récord en 2013 –  

Business, energy and transport subsidies were a record amount last year in Argentina. These will be reduced going forward I predict.

Repsol poised to sign $5bn compensation deal with Argentina –

‘We’re on the cusp of a new oil boom in the Ecuadorian Amazon’ | Environment |

“Since announcing plans to drill for oil under Yasuni, Ecuador has vowed the national park will be left ‘99.9% intact’. But this promise is not being reflected on the ground”

What If China Does Land Hard? – China Real Time Report – WSJ

China February flash PMI hits seven-month low, spooks markets | Reuters

“The PMI’s employment sub-index fell for a fourth straight month to 46.9, its lowest point since February 2009, during the global financial crisis.”

China’s Economy a Growing Worry Among Fund Managers, BofA Survey Finds – China Real Time Report – WSJ

Turkey spoils emerging market story as politics go haywire – Telegraph

Ukraine clashes kill 21 more, EU talks shifted | Reuters

“At least 21 civilians were killed in fresh fighting in Kiev on Thursday, shattering an overnight truce declared by Ukrainian President Viktor Yanukovich, and a presidential statement said dozens of police were also dead or wounded.”

Currency pegs look shaky after emerging market rout | Reuters

“The devaluation of Kazakhstan’s rouble-shadowing tenge has left investors wondering which other closely managed emerging market currencies might be next, with those of commodity exporters like Nigeria and Angola in the spotlight.”

BBC News – Nigeria central bank head Lamido Sanusi ousted


North America

How Big Banks Are Cashing In On Food Stamps

Keep monetary policy loose or recovery could falter, says IMF – Telegraph

The subprime education crisis

Wal-Mart Cracks Code for Speedy Grocery Delivery –

Gap to raise hourly pay to $10 in 2015; Wal-Mart remains ‘neutral’ | Reuters

SEC’s Stein calls for more reforms to short-term lending market | Reuters

Housing starts plunge in freezing weather

Average GTA house price hits $547,107 as market starts to thaw | Toronto Star

Canada Spectrum Sale Nets Government $4.76 Billion – Bloomberg

Beneath Fed’s United Front, Points of Dissension Emerge – Real Time Economics – WSJ

Fed’s Bullard Sees Steady Taper – Real Time Economics – WSJ

Fed’s Lockhart: Despite Weak Data, Taper Process To Proceed – Real Time Economics – WSJ



Arctic Winds Put Fire Under Natural Gas –

Rents Used to Pay Leased-Home Bonds Fall 7.6%, Morningstar Says



Wages rise but still below inflation – Telegraph

“Wages are still failing to keep up with the rising cost of living despite climbing at a faster rate in the final quarter of last year. Average weekly pay including bonuses edged up 1.1pc to £478 in the three months to the end of December, up from the 0.9pc rate of increase in the three months to the end of November, according to figures from the Office for National Statistics. However, the Government’s preferred inflation measure, the consumer prices index (CPI), currently stands at 1.9pc – below the 2pc target – despite a surprise 0.1 point fall on Tuesday. “

Arbeitnehmer mussten 2013 Reallohnverluste hinnehmen – SPIEGEL ONLINE

Real wages in Germany declined in 2013. This is the first time since 2009. Also note that GDP growth in Germany was, at 0.4%, the lowest since 2009. I don’t think that is a coincidence.



Japan trade deficit hits record high –



Include Security Blog | As the ROT13 turns….: How I was able to track the location of any Tinder user.

New York’s Grand Central to get mobile service and Wi-Fi, along with 39 other subway stations | The Verge

‘Mt. Gox, where is our money?’ | The Verge

‘House of Cards’ finds avid audience in China – The Washington Post

Google Announces Plans To Expand Fiber To 34 Additional U.S. Cities | TechCrunch

Google to Push Its Fiber Rollout on Comcast’s Turf –

Which Browser Is Better for Privacy?

Silent Circle gets its first telco distributor, as KPN prepares to offer encrypted communications

The irrational rationality behind Facebook’s $16 billion acquisition of WhatsApp

Amazon Coins Now Supported on Android in the US, UK, and Germany | Droid Life

Dropbox Tech Blog – Video Processing at Dropbox

Tesla Beats In Q4 With Adjusted Revenues Of $761M, Expects 35,000 Car Deliveries This Year | TechCrunch

Why Facebook Dropped $19B On WhatsApp: Reach Into Europe, Emerging Markets | TechCrunch


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