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Dec 17, 2015

DealBook P.M. Edition - December 17, 2015: Top story: Martin Shkreli Arrested on Fraud Charges.

 
Thursday, December 17, 2015
TOP STORY
Martin Shkreli after being taken into custody on Thursday, in New York.
Martin Shkreli Arrested on Fraud Charges The entrepreneur, who has been criticized for price gouging on drugs, faces securities fraud charges related to his work at MSMB Capital Management and Retrophin.

FDIC Press Release on December 17, 2015: FDIC Consumer Newsletter Features Shopping Tips for Loans and Credit Cards.

FDIC

Press Release

FDIC Consumer Newsletter Features Shopping Tips for Loans and Credit Cards

Other Topics Include Banking Strategies for Small Businesses

FOR IMMEDIATE RELEASE
December 17, 2015
Media Contact:
Jay Rosenstein
202-898-7303
jrosenstein@fdic.gov
Many people searching for a new loan or credit card may not be in the best position to get the right product for their needs and at the lowest possible cost. The latest FDIC Consumer News features tips on how to be better informed and better prepared before applying for credit while avoiding costly mistakes. The Fall 2015 edition also features simple banking strategies for small business, owners plus answers to questions from consumers about deposit insurance. Here is an overview of what is in this issue.

Wall Street at Close Report by CNBC on December 17, 2015: Dow falls 200 as Street Eyes Oil; Transports Down 1.5%

cnbc.com

Dow falls 200 as Street eyes oil; transports down 1.5%

Evelyn Cheng
 
U.S. stocks closed lower Thursday as investors eyed oil prices and economic data, after the Federal Reserve on Wednesday made the widely expected move of raising rates.
"The action we saw yesterday I think was a relief rally. … This morning I think the market has moved beyond that. Oil continues to fall this morning. Energy shares have fallen and that has dragged the market down with it," said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve.

The Guardian | World | Europe | Christine Lagarde: - December 17, 2015: IMF Head Lagarde to Face French Trial Over Tapie Affair

theguardian.com

IMF head Lagarde to face French trial over Tapie affair

Kim Willsher
Christine Lagarde, managing director of the International Monetary Fund, is to stand trial in France over a multimillion-euro government payment to a controversial tycoon who supported former president Nicolas Sarkozy.
Lagarde has been accused of “negligence by a person in a position of public authority” over the award of more than €400m to Bernard Tapie.

FTC Consumer Updates - December 17, 2015: Correction to today’s Blog Post.

Federal Trade Commission Consumer Information
The email sent earlier today with a link to the blog post LifeLock agrees to pay $100 million for allegedly violating FTC order went out with the wrong header. It should have been a Consumer Update, rather than a Scam Alert.

FRB Press Release - December 17, 2015: Federal Reserve Board Issues Enforcement Action: Habib Bank Limited (PDF)



Press Release

Release Date: December 17, 2015

The Federal Reserve Board on Thursday announced the execution of the enforcement action listed below:

Habib Bank Limited (PDF), Karachi, Pakistan and Habib Bank Limited New York Branch, New York, New York

Cease and Desist Order dated December 11, 2015

Search of Federal Reserve enforcement actions.
For media inquiries, call 202-452-2955.
 
Last update: December 17, 2015

United States International Trade Commission News Releases Update - December 17, 2015: USITC Institutes Section 337 Investigation of Certain Arrowheads with Deploying Blades and Components Thereof and Packaging Therefor.

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United States International Trade Commission


USITC Institutes Section 337 Investigation of Certain Arrowheads with Deploying Blades and Components Thereof and Packaging Therefor



December 17, 2015
News Release 15-124
Inv. No. 337-TA-977
Contact: Peg O'Laughlin, 202-205-1819
USITC Institutes Section 337 Investigation of Certain Arrowheads with Deploying Blades and Components Thereof and Packaging Therefor
The U.S. International Trade Commission (USITC) has voted to institute an investigation of certain arrowheads with deploying blades and components thereof and packaging therefor.  The products at issue in the investigation are arrowheads for hunting with blades that deploy upon impacting a target.
The investigation is based on a complaint filed by FeraDyne Outdoors LLC and Out RAGE LLC, both of Cartersville, GA, on November 17, 2015.  A supplement to the complaint was filed on December 4, 2015.  The complaint alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain arrowheads with deploying blades and components thereof and packaging therefor that infringe patents and a trademark asserted by the complainants.  The complainants request that the USITC issue a general exclusion order and cease and desist orders.

Bloomberg Politics - December 17, 2015: Ted Cruz Is Winning the War With Trump Without Even Having a Battle.

bloomberg.com

Ted Cruz Is Winning the War With Trump Without Even Having a Battle

Joshua Green JoshuaGreen
 
The emerging consensus among the political cognoscenti is that Donald Trump won Tuesday night’s Republican debate in Las Vegas because nobody had the nerve to attack him, except for Jeb Bush—who, Trump accurately pointed out, is languishing in single digits and poses no threat to anyone. At Vox, Matthew Yglesias declared Trump the winner, marveling that “his main rivals for the nomination didn't even try to stop him.” His colleague Ezra Klein agreed, pointing out that “the GOP candidates have become genuinely afraid of attacking Trump.” Leon Wolf at RedState was apoplectic that “people who realize that Trump represents an existential threat to the credibility and future existence of the conservative movement as a political force have been forced to grind our teeth as Cruz … held fire on this charlatan for months.”

European Markets at Close Report by CNBC on December 17, 2015: Europe Ends Up 1.3% Post Fed; DAX Up 2.5%; US Crude Slips.

cnbc.com

Europe ends up 1.3% post Fed; DAX up 2.5%; US crude slips

Holly Ellyatt, Arjun Kharpal, Alexandra Gibbs
 
European markets posted strong gains during Thursday's session, closing higher, after the U.S. Federal Reserve announced its first interest rate rise in almost a decade.
The pan-European STOXX 600 came off session highs to close 1.3 percent higher provisionally, as weak trade in the U.S. and a sharp drop in U.S. crude prices capped gains.

GATA | THE GATA DISPATCH - December 17, 2015: Failing to Support His Charge Against GATA, Financial Letter Writer Changes Subject.

Failing to support his charge against GATA, financial letter writer changes subject

Submitted by cpowell on December 17, 2015 December 17, 2015

Financial letter writer Avi Gilburt today offers a rebuttal to GATA secretary/treasurer's response Tuesday (http://www.gata.org/node/16034) to his charge Monday (http://www.kitco.com/commentaries/2015-12-14/Confessions-of-a-Gold-Analy...) that GATA has taken out of context its documentation of largely surreptitious intervention in the gold market by central banks.
Rather than defend his charge by reviewing any of the supposedly misconstrued documents, which would require a little effort, Gilburt changes the subject and himself misconstrues GATA in several respects:

U.S. Stock Market Future Indications Update by CNBC - December 17, 2015: Futures Higher Amid Data< Rate Hike in Focus

cnbc.com

Futures higher amid data; rate hike in focus

CNBC.com staff
 
U.S. stock index futures indicated a higher open on Thursday as traders reacted to the Federal Reserve's decision to hike rates for the first time in nine years.
The Fed had convinced markets that it would raise rates by a quarter point at its December meeting and continue to deliver a relatively dovish message about the future path of rate hikes.
It did both on Wednesday afternoon. Fed Chair Janet Yellen stressed continued focus on economic progress, including inflation, which is lagging the Fed's 2 percent target.

BEA News: U.S. International Transactions, 3rd quarter 2015: The U.S. current-account deficit-a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)-increased to $124.1 billion (preliminary) in the third quarter of 2015... More


The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:   

The U.S. current-account deficit-a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)-increased to $124.1 billion (preliminary) in the third quarter of 2015 from $111.1 billion (revised) in the second quarter. The deficit increased to 2.7 percent of current-dollar gross domestic product (GDP) from 2.5 percent in the second quarter. The increase in the current-account deficit was largely accounted for by a decrease in the surplus on primary income and an increase in the deficit on secondary income.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/international/transactions/transnewsrelease.htm

Reuters | Deals - December 17, 2015: China Southern, affiliate Xiamen to buy Boeing planes for $10 billion.

reuters.com

China Southern, affiliate Xiamen to buy Boeing planes for $10 billion

BEIJING China Southern Airlines and its affiliate Xiamen Airlines have signed deals worth about $10 billion to buy Boeing Co airplanes, company statements on the Shanghai Stock Exchange's website showed on Thursday.

NYT First Draft on Politics - december 17, 2015: Debates Bring the Fear of Terrorism and Immigration to Center Stage

Thursday, December 17, 2015

The New York Times

NYTimes.com/FirstDraft »

The New York Times

Thursday, December 17, 2015

The Republican presidential debate hosted by CNN in Las Vegas on Tuesday.
The Republican presidential debate hosted by CNN in Las Vegas on Tuesday. Ruth Fremson/The New York Times
Debates Bring the Fear of Terrorism and Immigration to Center Stage
By MAGGIE HABERMAN
Good Thursday morning. The Republican debate on Tuesday focused on national security, making it clear that the issues of terrorism and immigration had become linked both on the trail and in the polls, a development that seems to favor the current crop of front-runners.

CMI Spot Prices as of Close of Trading in New York on December 16, 2015.

Spot Prices as of traditional New York closing times

Wednesday, December 16, 2015


DealBook Today's Top Headlines - December 17, 2015: Janet Yellen's New Risk Manager Role | Third Avenue Reaches Deal With S.E.C. | Argentina Set to Devalue Its Currency.

Thursday, December 17, 2015
TODAY'S TOP HEADLINES
By AMIE TSANG
JANET YELLEN'S NEW RISK MANAGER ROLE The Federal Reserve raised short-term interest rates for the first time in almost a decade yesterday, a move that was both widely anticipated yet closely scrutinized, Binyamin Appelbaum reports in The New York Times.

Rates were raised to a range of 0.25 percent to 0.5 percent. Fed officials emphasized that they intended to raise rates gradually, about one percentage point a year for the next three years.

Bloomberg View - December 17, 2015: The Editors: Long Live Spain's Radical Center.

bloombergview.com

Long Live Spain's Radical Center

The Editors
spainsurveyview
What if, for a change, a protest party challenged for power in Europe not by blaming the nation's woes on immigrants, the European Union or free markets, but by promising to fix the economy? On Sunday, Spanish voters will decide whether that can happen.
Spain, of course, has its radical-fringe Podemos party, a far-left movement similar to Syriza in Greece, which was founded on frustration over the mainstream parties' contributions to the financial crisis. But another upstart outsider party, the pro-business Ciudadanos, has emerged, too -- and in elections this weekend, it may do even better than Podemos.
If opinion polls are to be believed (a significant "if" nowadays), Ciudadanos may place a close third to the ruling Popular Party and its traditional Socialist rivals. Ciudadanos's economic agenda includes reforming labor contracts, building a modern education system (Spain has the fastest dropout rate in the EU), lowering the corporate tax rate further to 20 percent, shrinking the public-sector workforce, and offering tax credits to the working poor to encourage employment.

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More broadly, Ciudadanos promises to end binary politics in a country still divided by memories of whose grandfathers fought on which side of the Civil War, and focus instead on creating prosperity. In schools, for example, that would mean caring more about math literacy than how religion is taught, or what language is spoken in classrooms.
Ciudadanos also promises an end to scandals, a lasting concern for a government plagued by corruption. A TV debate this week between Prime Minister Mariano Rajoy and his Socialist counterpart, Pedro Sanchez, was dominated by the question of whether Spain's prime minister is sufficiently "decent" to govern.
Economists seem to agree that Spain's economy would benefit most from a coalition government that includes Rajoy's Popular Party and Albert Rivera's Ciudadanos. But who forms the next government is less important than what it does to make Spain's economy more competitive. If Ciudadanos loses, the winners should borrow liberally from its platform.

There is at least one wider lesson for the rest of Europe in the rise of Cuidadanos: It was possible only because Rajoy did some of the right things when it counted, acting quickly to clean up the country's banks while beginning to make Spain's labor market more flexible and its public sector workers less expensive. There's a lot more to do, but Spaniards have reason to hope that a government with mainstream ideas can restore prosperity -- so long as it's radical enough to carry them out.
To contact the senior editor responsible for Bloomberg View’s editorials: David Shipley at davidshipley@bloomberg.net.

U.S. Stock Market Future Indications by CNBC on December 17, 2015: Wall Street Reacts to Rate Hike, Looks to Data.

cnbc.com

Wall Street reacts to rate hike, looks to data

CNBC.com staff

U.S. stock index futures indicated a higher open on Thursday as traders reacted to the Federal Reserve's decision to hike rates for the first time in nine years.
The Fed had convinced markets that it would raise rates by a quarter at its December meeting and continue to deliver a relatively dovish message about the future path of rate hikes.
It did both on Wednesday afternoon. Fed Chair Janet Yellen stressed continued focus on economic progress, including inflation, which is lagging the Fed's 2 percent target.

Asian Markets at Close Report by CNBC on December 17, 2015: Asian Markets Close Up, After Fed Hiked Rates Overnight.

cnbc.com

Asian markets close up, after Fed hiked rates overnight

Saheli Roy Choudhury

Asian stock markets closed in positive territory, taking cues from a positive finish in Wall Street overnight after the Federal Reserve raised its target federal funds rate to a range of 0.25 to 0.5 percent.