ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 28 10:26

The average age of cars on America's roads went up again, report says

Cars and trucks now average 11.8 years of age, thanks to a variety of factors including the economy.

Jun 28 07:54

AT&T Battling Class Action Lawsuits From Investors As Well As Sprint. More Predicted by AT&T.

By B.N. Frank

AT&T is one of many telecoms who have been warning their investors – but not the public – that they may eventually be held liable for harm caused by their products and transmitting infrastructure (i.e. cell towers)...

Jun 28 07:40

Ford is to axe 12,000 jobs across Europe including 1,700 losses at Bridgend plant

Ford has revealed plans to cut 12,000 jobs across Europe by the end of next year and close six factories, including a site in Bridgend, Wales.

The car firm announced it was shutting the 40-year-old plant in Bridgend earlier this month, meaning a loss of 1,700 jobs.

Ford previously announced three sites in Russia will shut in 2020 alongside a plant in Bordeaux, France, while another factory in Slovakia is being sold off.

Jun 27 18:50

5G as a Globalist Tool

By Renee Parsons

The recent Senate Commerce, Science and Transportation Committee hearing regarding oversight of the Federal Communications Commission (FCC) failed to shed any real light on details of the proposed 5G network as it received less scrutiny than expected given its highly anticipated, ubiquitous role in American life.

While the Senate Committee would be the logical committee to hold 5G hearings, it was curious that the Committee’s website does not specifically identify The Internet or Digital Communication or any other broadband subject on its list of committee jurisdiction. The closest mention is “all matters relating to science and technology” even though the Committee has held a series of related 5G hearings beginning in late 2017...

Jun 27 14:51

Trump demands India scrap ‘unacceptable’ tariffs just after Pompeo charm offensive

US President Donald Trump criticized India’s retaliatory tariffs against US goods, potentially undermining whatever progress was made in trade talks by his secretary of state during a recent visit to India.

Trump called the tariff bump – which targets 30 American products, including almonds, walnuts, apples, large motorcycles, and some metal and chemical products – “unacceptable,” and demanded its withdrawal, complaining that India has been treating the US unfavorably “for years.” He apparently intends to discuss the issue with Indian PM Narendra Modi during the upcoming G20 economic summit in Japan.

Jun 27 14:22

China luring Indian tech firms with market access & free rent

Agreements worth about $6 billion have been signed between India and China during the launch of a joint IT platform. Indian firms are thus getting access to China’s $144 billion tech market.

India’s IT industry’s trade group NASSCOM on Sunday established a Sino-Indian Digital Collaborative Opportunities Plaza (SIDCOP) in the tech hub of Guiyang in southwest China.

“In this way, we will be marrying the requirements of Chinese companies with the capabilities of Indian IT service providers,” said India's ambassador to China Gautam Bambawale. He told the Times of India: “We visualize that these initiatives will give a big impetus to cooperation between India and China in the IT-enabled services sector.”

Jun 27 12:28

Is the stock market making a quadruple top?

Jun 27 12:09

ROCK STAR JOHNNY ROTTEN SAYS TO NEWSWEEK THAT THERE’S SOMETHING ROTTEN ON LOS ANGELES BEACHES & IT’S UGLY!

Here’s what’s going on in Los Angeles, and it’s coming to a neighborhood near you some day and includes Medieval Diseases! This writer visited Venice Beach in 2007 and found it gorgeous and immaculate – look at it now!

Jun 27 11:12

Man Builds Pantry Outside His Home To Feed The Hungry

By Mayukh Saha

To all those people claiming humanity is in shambles and moral values are dead — you have no idea what you are talking about. Yes, humanity has certainly taken some hits to the chest, but it is still very much out there. People still believe in kindness, and people still engage in civility.

This is a true event from Watertown, New York, where a citizen named Roman Espinoza has built a ‘blessing box’ — essentially a pantry for people to pick up and food at any point of the day. The box is built in the lawn facing their house; and just like Little free libraries, there are no restrictions for these either...

Jun 27 09:58

Global Earnings Growth Expectations

Jun 27 09:44

Uber Plans To Launch Flying Taxis In 2023

By Mayukh Saha

While air travel has been a part of our lives for quite some time, the great costs associated with it make it not so affordable for the common public. Auto-pilot has been a part of our passenger planes, but even then they are not very reliable. A pilot always has to be present.

The company who revolutionized cab services throughout the world has been working on automatic aerial pods for ride-share and has announced that aerial rides will soon turn from science fiction to reality in the coming years...

Jun 27 09:35

Trade War Nightmare: China Farm Imports From America Have Just Crashed 

The Ministry of Agriculture and Rural Affairs of the People's Republic of China published new data Monday that shows agricultural imports from the US have fallen, as Chinese buyers shift supply chains out of the US to other countries because of the deepening trade war.

In the first five months of 2019, imports of agricultural products from the US crashed 55.3% YoY. Much of decline was due to a 70.6% YoY decline of soybeans in the same period.

Chinese importers went to Brazil, Argentina, and ASEN countries (Thailand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Brunei, Myanmar (Burma), Cambodia, and Laos). Data showed imports from the EU, Australia, and Canada also jumped in the first five months as Chinese buyers ditched American products.

Jun 27 09:34

G20 SUMMIT IN OSAKA - THE DROUGHT YEARS OF INTERNATIONAL COOPERATION

The G20 has been mired in an ongoing crisis for years. After the G20, newly formed ten years ago at the level of heads of state and government, initially overcame the economic and financial crisis more or less successfully, the question quickly arose as to its role beyond reacting to crisis.

Jun 27 09:31

WARBURG PINCUS ANNOUNCES NEW $4.25 BILLION FUND FOR CHINA AND SOUTHEAST ASIA

Warburg Pincus, the private equity fund with over $ 60 billion under management, is doubling down on Asia after it announced a $ 4.25 billion fund dedicated to China and Southeast Asia.

The firm has been present in China for 25 years, and it has invested over $ 11 billion in a portfolio of over 120 startups that includes the likes of Alibaba’s Ant Financial and listed companies NIO (a Tesla rival), ZTO Express (a courier firm)among others. The new fund will work in tandem with the firm’s $ 14.8 billion global growth fund which was finalized at the end of last year.

Jun 27 09:29

Trump: My Plan B With China on Trade is to Reduce Business With China

The president earlier threatened to slap tariffs on the remaining $300 billion in Chinese goods coming into the United States unless Chinese President Xi Jinping agreed to meet with him at the G20 meeting in Osaka, Japan to hammer out a trade deal favourable to Washington.

President Donald Trump has reiterated his promise to slap additional tariffs on China if a trade deal is not reached, saying that he was "happy" with things as they are and that China needed the deal more than the US did since its economy has been hit hard by the existing restrictions.

"I would do additional tariffs, very substantial additional tariffs, if that doesn't work, if we don't make a deal", Trump said. "China's economy is going down the tubes - they want to make a deal", he stressed, speaking to Fox News Business on Wednesday morning.

Jun 27 09:00

New Home Sales Tank – KBH Claims Its Numbers “Improved”

“We are confident we can produce further improvement in our results in the second half of this year” – KB Homes CEO in reference to its “returns-focused” growth model

“Returns-Focused Growth Model.” Has a nice ring to it, doesn’t it? KBH’s revenues dropped 7.3% YoY for Q2. It’s operating income plunged a healthy 28%. How’s that growth strategy working out for you, Jay?

Of course it produced a headline EPS “beat.” But this is because it implemented a full-blown deep-tissue body massage to GAAP accounting, including capitalizing costs that should have been expensed (interest expense and homebuilding expenses), it recognized a non-cash “income” in off-balance sheet JV’s (a suspiciously round $2.5 million) and slashed its arbitrarily determined book tax rate to 17% from 28%.

Jun 27 08:52

It's asinine to cut rates here

Jun 27 08:52

Historical Returns Following First Rate Cut

Jun 26 17:49

PG&E to Pay $1B for CA Wildfires. But What About Lawsuits for Smart Meter Fires? Is There A Link?

By B.N. Frank

If you hadn’t heard, Pacific Gas & Electric (PG&E) has finally agreed to pay $1B in damages for starting several California wildfires.

But will we ever know for sure whether or not PG&E Utility Smart Meter fires and explosions played any role in those wildfires?...

Jun 26 17:02

A Look at Finland’s Extensive Disaster Preparedness Plans

By Daisy Luther

During World War II, the city of Helsinki, Finland was bombed relentlessly, leaving the tiny country with a death toll of more than 90,000 people. It is due to these devastating losses that the Nordic nation has one of the most comprehensive preparedness cultures on the planet...

Jun 26 15:16

The 20 Biggest Bankruptcies in U.S. History

Jun 26 14:43

Is Gold About To Get Whacked?

Jun 26 14:43

Recovering Perma-Bear At A Crossroad

Jun 26 10:56

The History of Cellular Network Security Doesn’t Bode Well for 5G

By EFF Threat Lab

There’s been quite a bit of media hype about the improvements 5G is set to supposedly bring to users, many of which are no more than telecom talking points. One aspect of the conversation that’s especially important to get right is whether or not 5G will bring much-needed security fixes to cell networks. Unfortunately, we will still need to be concerned about these issues—and more—in 5G...

Jun 26 10:12

WTF CHART OF THE DAY

Jun 26 06:37

The Bank of Japan begins to face its failures

Jun 25 15:58

IMF warning: NZ economy has lost momentum

New Zealand's economic expansion has lost momentum and while the near-term outlook is expected to improve, risks are increasingly tilted to the downside, according to the International Monetary Fund.

The global body of 189 member countries, set up to foster international monetary cooperation, said the expected improvement in the second half of this year and in 2020 largely reflects increased monetary and fiscal policy support, while the terms of trade are expected to continue supporting domestic demand.

"The near-term boost in growth should lead to a positive output gap and a gradual acceleration of inflation towards the 2 per cent mid-point of the RBNZ's target range," the IMF said in its concluding statement describing the preliminary findings of visiting staff.

*We're going down with the rest of the world!*

Jun 25 15:48

“Surveillance Capitalism”: Toronto Urged to Abandon Google’s Smart City

By Derrick Broze

The “Smart City” Quayside project in Toronto, Canada continues to receive criticism from privacy advocates as well as current and former members of the project.

Quayside is a smart city located on 12 acres of waterfront property southeast of downtown Toronto, Canada. The city represents a joint effort by the Canadian government agency Waterfront Toronto and Sidewalk Labs, which is owned by Google’s parent company Alphabet Inc...

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