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Dec 8, 2015

The Guardian | Business | Economics | Oil - December 8, 2015: Oil Producers Prepare For Prices to Halve to $20 a Barrel

Oil producers prepare for prices to halve to $20 a barrel

Larry Elliott
The world’s leading oil producers are preparing for the possibility of oil prices halving to $20 a barrel after a second day of financial market turmoil saw a fresh slide in crude, the lowest iron ore prices in a decade, and losses on global stock markets.
Benchmark Brent crude briefly dipped below $40 a barrel for the first time since February 2009 before speculators took profits on the 8% drop in the cost of crude since last week’s abortive attempt by the oil cartel Opec to steady the market.

The Guardian | Tech | Bitcoin: Bitcoin Creator Satoshi Nakamoto Probably Australian Entrepreneur, Reports Claims.

Bitcoin creator Satoshi Nakamoto probably Australian entrepreneur, reports claim

Paul Farrell
The creator of the digital currency bitcoin, known only by the pseudonym Satoshi Nakamoto, is probably an Australian entrepreneur, according to two new investigations.
Wired and Gizmodo have published separate stories suggesting that Nakamoto’s real identity is Craig Steven Wright, a 45-year-old Australian described by Wired as a “climate-change denier, a serial entrepreneur ... and an eccentric.” Various attempts to prove Nakamoto’s identity in the past have proved unsuccessful.

The Guardian | World | Australia - December 8, 2015: Australia's Shameful Treatment of Sayed Abdellatif | Richard Ackland

Australia's shameful treatment of Sayed Abdellatif | Richard Ackland

Richard Ackland
The case of Sayed Abdellatif, abundantly detailed in Guardian Australia reports by Ben Doherty and Sarah Malik, reveals not only the appalling circumstances surrounding the detention of this refugee and his family, but the equally appalling inability of the law to remedy what is clearly an injustice.
We call it “immigration detention”, yet effectively it is open-ended imprisonment without charge.
Abdellatif qualified for refugee status but, on alleged security grounds, has no visa – hence his imprisonment in the high-security section of Villawood detention centre for three-and-a-half years, with his wife and six children in the family compound. The family members have opted to stay in Villawood rather than be further separated from Abdellatif.

WSJ | Forex Closing on December 8, 2015.

The Wall Street Journal Forex Closing
Major Currencies
Tuesday, December 8, 2015

WSJ | Major Indexes Closing on December 8, 2015.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:45 p.m. EST 12/08/15

DealBook P.M. Edition on December 8, 2015: Buzz Tracker: Verizon Chief Speculates on a Yahoo Deal.

Tuesday, December 8, 2015
Norfolk Southern is one of only a handful of operators that control the roughly 95,000 miles of top-quality railroad tracks in the United States.
Canadian Pacific Revises Offer for Norfolk Southern Norfolk Southern, which rejected a proposed combination last week, called the revised offer "grossly inadequate."
William A. Ackman, the billionaire investor.
Breakingviews: Contortions Make Rail Deal a Tough Sell for William Ackman Norfolk Southern was quick to rebuff a revised offer; investors, though, may just be confused.

WSJ | Biggest Decliners Closing on December 8, 2015.

NYSE Biggest Percentage Decliners | Nasdaq | Arca | Composite
Tuesday, December 08, 2015 - 5:01 pm ET
  Issue(Roll over for charts and headlines) Price Chg % Chg Volume
1 Barnes&Noble Education (BNED) $9.31 -3.49 -27.27 2,815,905
2 RAIT Financial Trust (RAS) 2.97 -1.08 -26.67 5,017,589
3 Foresight Energy (FELP) 2.57 -0.39 -13.18 700,008
4 C&J Energy Services (CJES) 4.56 -0.55 -10.76 2,904,526
5 John Wiley&Sons Cl A (JWA) 45.09 -5.24 -10.41 496,389
6 SeaDrill (SDRL) 4.38 -0.50 -10.25 18,081,411
7 Celadon Group (CGI) 10.77 -1.09 -9.19 497,863
8 Southwest Airlines (LUV) 45.04 -4.46 -9.02 19,979,234
9 BioAmber (BIOA) 5.92 -0.57 -8.78 124,290
10 Navistar International (NAV) 10.60 -0.99 -8.54 2,474,876

WSJ | Biggest Gainers Closing on December 8, 2015.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:46 pm ET 12/08/2015

WSJ | Most Actives Closing on December 8, 2015.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:46 pm ET 12/08/2015

SEC |Llitigation Release - December 8, 2015: Covenant Partners, L.P., Bankruptcy.

SEC Seal


Litigation Release No. 23423 / December 8, 2015

In re Covenant Partners, L.P., Bankruptcy No. 14-17568 (December 2, 2015) (Eastern District of Pennsylvania)

The United States Bankruptcy Court for the Eastern District of Pennsylvania issued an order last week approving of the terms of a proposed settlement between the SEC and Covenant Partners, L.P., a Philadelphia-area private equity fund.

RT Video News - december 8, 2015: losing My Religion: Britain no Longer Christian, Report Says.

Losing My Religion: Britain no longer Christian, report says


IRS Tax Tips - December 8, 2015: Eight THings ALEs Should Know About Information and Health Coverage Offers. Banner
IRS Tax Tips December 8, 2015
IRS Tax Tips December 8, 2015

Issue Number:    HCTT-2015-80

Inside This Issue

Eight Things ALEs Should Know about Information Reporting and Health Coverage Offers

The Affordable Care Act requires applicable large employers to file information reporting returns with the IRS and employees. ALEs are generally those employers with 50 or more full-time employees, including full-time equivalent employees in the preceding calendar year.
The vast majority of employers are not ALEs and are not subject to this health care tax provision.  However, those who are must use Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to report the information about offers of health coverage  and enrollment in health coverage for their employees.

GATA | THE GATA DISPATCH - December 8, 2015: Bank of Canada Wants To Be Ready With Negative Rates Just in Case.

Bank of Canada wants to be ready with negative rates just in case

Submitted by cpowell on  December 8, 2015Bank of Canada Willing to Resort to Below-Zero Interest Rate in Major Economic Crisis, Poloz Says
By Drew Hasselback
National Post, Toronto
Tuesday, December 8, 2015
TORONTO, Canada -- The Bank of Canada would be willing to cut its benchmark interest rate to below zero percent if the country is faced with a major economic shock, says Stephen Poloz, governor of the Bank of Canada.
In a speech to the Empire Club of Canada in Toronto, Poloz described the use of negative interest rates as one of four "unconventional monetary policy measures" it would be willing to deploy if faced with a major economic crisis. Yet he said the bank is unlikely to use such measures as it expects the Canadian economy to grow in 2016 and reach full capacity in mid-2017.
"We don't need unconventional policies now, and we don't expect to use them," Poloz said. "However, it's prudent to be prepared for every eventuality." ...
... For the remainder of the report:

Wall Street at Close Report by CNBC on December 8, 2015: Dow Closes Down About 150 as Oil Weighs; Bintec Gains.

Dow closes down about 150 as oil weighs; biotech gains

Evelyn Cheng
U.S. stocks closed mostly lower Tuesday but off session lows as oil prices stabilized and biotech stocks gained. Soft China trade data and some anxiety ahead of the Fed's meeting next week also weighed.
"I think it was a combination of weaker oil prices and pretty ugly export data from China that sent investors scrambling. We tried to rebound a bit on slightly higher oil prices," said Jack Ablin, chief investment officer at BMO Private Bank.

"I think the volatility's not a huge surprise given we're at an expensive valuation at a turning point in monetary policy and tepid growth," he said. "I certainly understand the uncertainty in the market right now."
Oil attempted to stabilize Tuesday but both WTI and brent ended the day at their lowest since February 2009.
U.S. crude settled down 14 cents, or 0.37 percent, at $37.51 a barrel after a volatile session of sharp gains and losses. Brent ended 1.2 percent lower at $40.26 a barrel, after dipping below $40 in intraday trade.

CMI Spot Prices as of Close of Trading in New York on December 8, 2015.

CMI Gold & Sliver

Spot Prices as of traditional New York closing times

Tuesday, December 08, 2015


Today Change Week Ago Month Ago Year Ago
$1,076.80 $0.00 $1,064.90 $1,089.40 $1,233.30


Today Change Week Ago Month Ago Year Ago
$14.16 -$0.20 $14.11 $14.44 $17.19


Today Change Week Ago Month Ago Year Ago
$849.30 -$14.30 $837.60 $915.90 $1,248.70


Today Change Week Ago Month Ago Year Ago
$550.05 -$6.05 $541.35 $599.00 $813.25

Gold/Silver Ratio


SEC Litigation Release on December 8, 2015: Jeffrey K. Skilling et al.

SEC Seal


Litigation Release No. 23422 / December 8, 2015

Accounting and Auditing Enforcement Release No. 3720 / December 8, 2015

Securities and Exchange Commission v. Jeffrey K. Skilling et al., Civil Action No. 4-00284

Court Grants Summary Judgment To Conclude Civil Case Against Former Enron CEO

The Securities and Exchange Commission has obtained a summary judgment against former Enron president, COO, and CEO Jeffrey K. Skilling to conclude its civil case that was stayed by the court starting in 2004 until the outcome of criminal proceedings and appeals.

The Guardian | Opinion - December 8, 2015: Donald Trump’s Real Threat is Making Extreme Bigots Seem Moderate | Owen Jones.

Donald Trump’s real threat is making extreme bigots seem moderate | Owen Jones

Owen Jones
The clown is no longer funny; the joke is now a sinister threat. Donald Trump has long been treated as a laughable absurdity, the generator of the occasional Twitter storm, a “only in America” caricature who simply could not be taken seriously. Yes, polling makes him the decisive Republican frontrunner with only two months until the first primary; in Iowa – one of the first states to choose – he has a 13-point lead.

SEC Litigation Release - December 8, 2015: Trudy R. Gilmond.

SEC Seal


Litigation Release No. 23421 / December 8, 2015

Securities and Exchange Commission v. Trudy R. Gilmond, U.S. District Court for Western District of North Carolina (Civil Action No. 3:15-CV-00591)

SEC Charges ZeekRewards Pyramid-Ponzi Scheme Promoter

On December 4, 2015, the Securities and Exchange Commission filed suit in the United States District Court for the Western District of North Carolina against Trudy R. Gilmond for her participation in the fraudulent unregistered offer and sale of securities through Rex Venture Group LLC d/b/a, an internet-based combined Ponzi and pyramid scheme. According to the Complaint, from approximately January 2011 until August 2012, when the ZeekRewards website was shut down, Rex Venture Group raised more than $850 million from approximately one million internet customers nationwide and overseas through the website.

GATA | THE GATA DISPATCH - December 8, 2015: Anglo American Cuts Dividend and 85,000 Jobs in Radical' Restructuring.

Anglo American cuts dividend and 85,000 jobs in 'radical' restructuring

Submitted by cpowell on Tuesday, December 8, 2015 It's OK. The company and all South Africa are happy to sacrifice through commodity price suppression to help maintain living standards in more developed countries.
* * *
By Jon Yeomans
The Telegraph, London
Tuesday, December 8, 2015

Anglo American is to suspend its dividend payouts, cut jobs, and slash capital expenditure in a "radical" restructuring that will transition it to "a very different company."
The FTSE 100 miner, which -- along with its peers -- is battling collapsing commodity prices, will suspend dividends through to the end of the 2016.
Anglo's assets will shrink from around 50 facilities to the "low 20s" by the end of the restructuring and its workforce will drop to around 50,000, from 135,000 now.
It had already announced cuts that would take its headcount down to 92,000 in July, after announcing the sale of its labour-intensive platinum operations in Rustenburg, South Africa. ...

... For the remainder of the report:

Gold-Eagle interviews silver market rigging whistleblower Ted Butler

Submitted by cpowell on  December 8, 2015 Tuesday, December 8, 2015

Silver market rigging whistleblower Ted Butler is interviewed today by Gold-Eagle, discussing his confidence in reports on the positioning of gold and silver futures traders, the failure of the U.S. Commodity Futures Trading Commission to act against market manipulation, and the repeated fleecing of futures speculators by the big commercial traders. The interview is headlined "Straight Talk: An Interview with Ted Butler" and it's posted at Gold-Eagle here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

FTC Press Release - December 8, 2015: FTC and Pennsylvania Office of Attorney General Challenge Penn State Hershey Medical Center’s Proposed Merger with PinnacleHealth System.

FTC@100 Banner

The Federal Trade Commission has authorized an action to block Penn State Hershey Medical Center’s (Hershey) proposed merger with PinnacleHealth System, alleging that the combination of the two health care providers would substantially reduce competition in the area surrounding Harrisburg, Pennsylvania, and lead to reduced quality and higher health care costs for the area’s employers and residents.
The FTC, jointly with the Pennsylvania Office of the Attorney General, will file a complaint in federal district court on Wednesday seeking a preliminary injunction to stop the deal pending an administrative trial.

FTC Consumer Updates - December 8, 2015: Don’t recognize that debt? Here’s what to do.

Federal Trade Commission Consumer Information
by Dan Dwyer
Staff Attorney, Division of Financial Practices, FTC

Debt collectors make up to one billion contacts with consumers each year. It’s their job to make sure they’re collecting from the right people. But sometimes, they reach the wrong person. Other times, they’re actually part of a fake debt collection scam.
If you don’t recognize a debt, here’s what you can do.

Read more >

European Markets at Close Report by CNBC on December 8, 2015: Europe ends Down 1.7% as Miners Sink; Oil Eyed

Europe ends down 1.7% as miners sink; oil eyed

Alexandra Gibbs, Holly Ellyatt
European equities ended sharply in negative territory after investors tried to get to grips with the volatility surrounding oil prices and mining stocks.


FTSE FTSE 100 Index 6155.88
-67.64 -1.09% 554866008
DAX DAX Index 10716.97
-169.12 -1.55% 66148518
CAC 40 CAC 40 Index 4697.24
-59.17 -1.24% 118656993
IBEX 35 IBEX 35 Idx 9866.20
-176.20 -1.75% 145846668
The pan- European Stoxx 600 index closed provisionally 1.7 percent lower on Tuesday, with all major bourses closing over 1 percent down. The worst performing sector was basic resources, which tanked over 6 percent.

Miners drag on London's FTSE

London-listed miners were the worst hit on the FTSE index amid the oil price rout and drop in other commodities.

EBRD News Release - December 8, 2015: EBRD invests in Turkish-lira denominated bond by top car leasing firm Intercity


EBRD invests in Turkish-lira denominated bond by top car leasing firm Intercity

U.S. Stock Market Future Indications Update by MarketWatch - December 8, 2015:U.S. stock Futures Slump as Oil Drops Below $37 a Barrel.

U.S. stock futures slump as oil drops below $37 a barrel

Sara Sjolin
Wall Street appeared to be heading for another day of declines Tuesday, with stock futures extending losses after oil futures turned sharply lower and headed toward fresh multiyear lows.
Weak Chinese trade data also weighed on the trading mood, reigniting concerns about global growth.
Extending earlier losses, futures for the Dow Jones Industrial Average YMZ5, -1.08%  shaved off 176 points, or 1%, to 17,580. Futures for the S&P 500 index ESZ5, -1.13%  fell 21.80 points, or 1.1%, to 2,059.20, while those for the Nasdaq-100 index NQZ5, -1.19%  lost 51.75 points, or 1.1%, to 4,649.00.

Kitco News - December 8, 2015Gold Sees Spillover Selling as Oil Slumps to 7-Year Low

Gold Sees Spillover Selling as Oil Slumps to 7-Year Low

(Kitco News) - Gold is moderately lower in early U.S. trading Tuesday. Precious metals prices are being anchored by a downdraft in crude oil that saw Nymex futures this morning hit a nearly seven-year low below $37.00 a barrel. February Comex gold was last down $6.10 at $1,069.20 an ounce. March Comex silver was last down $0.172 at $14.16 an ounce.
The other key outside market finds the U.S. dollar index has rebounded from last week’s spike low, and that’s another negative for the raw commodity sector, including the precious metals.
In overnight news, the Euro zone third-quarter gross domestic product rose by 0.3% from the second quarter and was up 1.6% year-on-year. The figures were in line with market expectations but also show the continued weak state of the Euro zone collective economy. The European Central Bank eased its monetary policy just last week but many look for further stimulus moves from the ECB in the near future.