News: 2014-03-05
North America
Risk Aversion, Global Asset Prices, and Fed Tightening Signals – Liberty Street Economics
“We find that the initial signal of a possible change in U.S. monetary policy coincided with an increase in global risk aversion, which put downward pressure on global asset prices. “
Americans borrowing record amount to buy cars
Scotiabank raises dividend on higher first-quarter profit of $1.7 billion | Toronto Star
Vancouver house prices hit new high – The Globe and Mail
“The average price for single-family detached houses sold in Greater Vancouver has soared to a record high of more than $1.36-million.”
Philadelphia to Sell Its Gas Works Utility for $1.9 Billion – NYTimes.com
Washington DC votes to decriminalize marijuana | The Verge
Problems in the pipeline for Pemex | beyondbrics
Radio Shack to close up to 1,100 U.S. stores after big Q4 loss | Toronto Star
Australia/Japan
Australia’s economy grew 2.8% in 2013 | World news | theguardian.com
Japan Base Wages Rise for First Time in Nearly Two Years – Japan Real Time – WSJ
Europe
Dívida pública aumenta para 129% do PIB
Portugal’s government debt to gdp was 108,3% in 2011, 124,1% in 2012 and 129% in 2013.
Moodys has raised ratings on the two largest Spanish banks.
Santander issues 1.5 billion in contingent convertible debt.
Spain’s employment figures show first increase since 2008 – FT.com
ECB readies back door step to loosen policy | Reuters
ekathimerini.com | Greece sells 1.137 bln euros of 6-month T-bills, yield falls
rate down to 3.6% from 4%
ekathimerini.com | Greek factory activity grows for second straight month in Feb – PMI
Number of Irish Home Loans in Arrears Falls – WSJ.com
“The number of Irish home loans in arrears for more than 90 days fell at the end of 2013 for the first time since the start of the country’s economic crisis, central bank data showed Tuesday, but household debt problems are likely to last for years to come.”
Ukraine/Russia
Crimea invasion revives thoughts of euro for Poland | beyondbrics
“With Russian soldiers occupying a part of Poland’s eastern neighbour, Marek Belka, the governor of Poland’s central bank, is calling for his country to take another look at joining the common currency. “This crisis shows that it is worth investing more in the European Union and as well it might be worth it to once again consider Poland joining the eurozone,” Belka said in Warsaw. “
BBC News – Russia’s trade ties with Europe
Putin says Gazprom to scrap gas price discount for Ukraine | Reuters
Classic performance as Russia’s Vladimir Putin breaks his silence – FT.com
Guest Post: Parsing Putin’s thinking on Ukraine | beyondbrics
“Now that Mr Putin has signalled in his press conference on March 4 that Russia’s military operations in Ukraine will not extend beyond the Crimea, and that Russia has no intention of annexing Crimea, the “punishments” which the US and EU hand out to Russia will probably be fairly symbolic. But this crisis will still deal a serious blow to the Russian economy. The risk of a recession is already heightened by the pro-cyclical rate hike announced by the Russian Central Bank on March 3 to prevent a run on the currency. Looking further ahead, a more serious issue for an economy in which all growth drivers except fixed asset investment are exhausted will be the blow to the confidence of investors – very much including domestic business owners, as well as foreign portfolio and strategic investors.”
RT Host Abby Martin Condemns Russian Incursion Into Crimea – On RT – The Intercept
“American media elites awash in an orgy of feel-good condemnation in particular love to mock Russian media, especially the government-funded English-language outlet RT, as being a source of shameless pro-Putin propaganda, where free expression is strictly barred (in contrast to the Free American Media). That that network has a strong pro-Russian bias is unquestionably true. But one of its leading hosts, Abby Martin, remarkably demonstrated last night what “journalistic independence” means by ending her Breaking the Set program with a clear and unapologetic denunciation of the Russian action in Ukraine”
Emerging Markets
Para la CGT de Moyano, la inflación de febrero alcanzó 4,65% y la anual, 31%
Estimates for inflation in o are running at 31% in the year to February
Ecuador $9.5 billion ruling against Chevron was corrupt: U.S. judge | Reuters
Turkish PM says rival will pay price as new recordings emerge | Reuters
Economy
How the US dollar destabilises the world | South China Morning Post
Lack of investment is stifling the global economy | Business | theguardian.com
“rather than deploy their abundant cash in new investments to expand capacity and tap new markets – which they have been very hesitant to do since the global financial crisis erupted – many companies have so far preferred (or have been pressured by activist investors) to give it back to shareholders.”
Markets
Global oil and gas drilling hits 30-year high: Kemp | Reuters
Technology
Intel buys smartwatch maker Basis for reported $100M to $150M
Bitcoin bank Flexcoin shuts down after theft | Reuters
Japan to regulate bitcoin – Telegraph
“Gains from trading bitcoins on online exchanges, purchases made with bitcoins and companies earning revenue from bitcoin transactions will be subject to Japanese tax”
Will Google Maps Ever Come to Apple CarPlay?
PC Shipments Dropped 9.8% in 2013 – IDC – WSJ.com
Video-Streaming Power of Roku Channeled Into a Stick – WSJ.com
FreedomPop Announces The Privacy Phone, A Fully-Encrypted Smartphone For $10 A Month | TechCrunch
Elsewhere
Your tooth plaque can reveal diet, diseases hundreds of years after death | The Verge
GSElevator’s Open Letter To Haters – Business Insider
“For the avoidance of any doubt, any person who actually thought my Twitter feed was literally about verbatim conversations overhead in the elevators of Goldman Sachs is an idiot. Newsflash: GSElevator has never been about elevators. And, it’s never been specifically about Goldman Sachs; it’s about illuminating Wall Street culture in a fun and entertaining way.”
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