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Apr 25, 2016

The Guardian | World | Australia | Australian Budget - April 25, 2016: "Broken" Budget Has Lost Billions of Dollars in a Few Months. Report Findings
Gareth Hutchens
The Turnbull government will need to show supreme budget heroics next week to explain why the deficit has increased by billions of dollars in the past five months, Deloitte Access Economics says.
The economic consultancy firm has released its respected Budget Monitor, outlining the pressures on federal government finances before Malcolm Turnbull’s government brings down its first budget on 3 May.

WSJ | Major Indexes Closing on April 25, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:45 p.m. EDT 04/25/16

WSJ | Major Indexes Closing on April 25, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Monday, April 25, 2016

DealBook P.M. Edition - April 25, 2016: Gannett Offers $ 815 Million for Tribune Publishig.

Monday, April 25, 2016
Gannett Offers $815 Million for Tribune Publishing The Gannett Company has offered to acquire the Tribune Publishing Company, which owns newspapers including The Los Angeles Times and The Chicago Tribune, for about $815 million including the assumption of debt. Gannett made the offer directly to shareholders, saying that the publisher was unwilling to engage in takeover talks. But Tribune Publishing says it has hired advisers to review the proposal.

WSJ | Biggest Gainers Closing on April 25, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 04/25/2016

WSJ | | Most Actives Closing on April 25, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:31 pm ET 04/25/2016

WSJ | Biggest Decliners Closing on April 25, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:31 pm ET 04/25/2016

RT Max Keiser Report: Secrets of TTIP & TPP (E905)

FTC Bureau of Consumer Protection - April 25, 2016: Start With Security in "My Kind of Town"
Bears and Bulls. Brats and beer. That toddlin’ town. Lots of three-word phrases evoke Chicago. And on June 15, 2016, add Start with Security to the list. That’s when the FTC’s Start with Security roadshow breezes into the Windy City.

Wall Street at Close Report - April 25, 2016, by CNBC: Nasdaq Posts Three-Day Losing Streak

Evelyn Cheng
U.S. stocks closed slightly lower Monday with energy leading decliners and defensive sectors among the leaders, ahead of major central bank meetings and earnings due later in the week.
The Nasdaq composite posted its first three-day losing streak since Feb. 9.

NYT Opinion Pages - April 25, 2016: The 8 A.M. Call by Paul Krugman.

Paul Krugman
Back in 2008, one of the ads Hillary Clinton ran during the contest for the Democratic nomination featured an imaginary scene in which the White House phone rings at 3 a.m. with news of a foreign crisis, and asked, “Who do you want answering that phone?” It was a fairly mild jab at Barack Obama’s lack of foreign policy experience.

NYT Opinion Pages - April 25, 2016: A State Bucks the trend on Voting Rights by The Editorial Board.
The Editorial Board
Gov. Terry McAuliffe of Virginia celebrated with supporters of voting rights on Friday. Chet Strange for The New York Times
In a major executive order, Gov. Terry McAuliffe of Virginia on Friday restored voting rights to more than 200,000 people who have completed their sentences for felony convictions. Virginia was one of four states, along with Iowa, Kentucky and Florida, that placed a lifetime bar on voting for anyone convicted of a felony. All other states except Maine and Vermont impose lesser restrictions on voting by people with felony convictions.
To people who have served their time and finished parole, Mr. McAuliffe said in a statement: “I want you back in society. I want you feeling good about yourself. I want you voting, getting a job, paying taxes.” It is the largest restoration of voting rights by a governor, ever.
Felon disenfranchisement laws, which currently block nearly six million Americans from voting, were enacted during the Reconstruction era in a racist effort to make it harder for newly freed African-Americans to vote — a reality Mr. McAuliffe acknowledged on Friday. “There’s no question that we’ve had a horrible history in voting rights as relates to African-Americans — we should remedy it,” he said. In Virginia, one in five blacks have until now been unable to vote because of a felony conviction.
Mr. McAuliffe’s historic act, which he took in the face of opposition by the state’s Republican-led General Assembly, is all the more notable against the backdrop of persistent attempts by conservative lawmakers and officials around the country to make voting harder or impossible for minority voters, who tend to vote Democratic. (A similar executive order issued last year by Steven Beshear, the Democratic governor of Kentucky, was quickly reversed by his successor, Matt Bevin, a Republican.)
Until 2013, it was much easier to block discriminatory voting laws. Under the Voting Rights Act, all or parts of 16 states, most in the South, with a history of passing such laws were required to get permission from the Justice Department before making any voting changes. But in the case of Shelby County v. Holder, five Supreme Court justices disabled that requirement, known as preclearance.
Now that federal oversight is gone, officials in previously monitored jurisdictions have rushed to impose a slew of new voting laws and regulations, according to a running tally by the NAACP Legal Defense and Educational Fund. These changes have, among other things, moved or closed polling places, shortened or canceled early-voting periods, required proof of citizenship or a photo identification to register to vote, erroneously purged voters from the rolls and gerrymandered districts to dilute the power of minority voters.
When the preclearance requirement, known as Section 5, was in place, changes like these were routinely blocked for being racially discriminatory. Without the requirement, it is impossible to know how many changes are being enacted or attempted, because most happen at the local level and are not broadly reported. It is unlikely that there would be fewer changes than in the decade before the Shelby County ruling, when the Justice Department each year received between 4,500 and 5,500 submissions, and reviewed between 14,000 and 20,000 voting changes. While the vast majority were approved, the federal government blocked more than 700 between 1982 and 2006, when the law was last reauthorized by Congress.
Now, in the absence of a strong pre-emptive tool like Section 5, the only meaningful remedy to a discriminatory voting change is litigation, an expensive and time-consuming process that often comes too late to help voters who were harmed by new discriminatory laws.
Discrimination in voting, of course, is not limited to the previously covered states. Lawmakers in Ohio and Wisconsin, for example, have gone to great lengths to complicate voting for minorities in those states by, among other things, enacting voter-ID laws or reducing early-voting periods. Since the 2012 presidential election, 17 states have enacted new restrictions on voting, many of which burden minority voters more heavily, according to the Brennan Center for Justice.
Congress should amend the Voting Rights Act to restore preclearance and apply it to all jurisdictions with a recent history of discriminatory voting practices. And state officials who are not busy trying to disenfranchise people should be following Mr. McAuliffe’s example, and working to make it easier for people to vote.

CMI | Spot Prices at Close on April 25, 2016.

Spot Prices as of traditional New York closing times

Monday, April 25, 2016


The Guardian | Opinion | Economic Growth GDP - April 25, 2016. stunted Growth: The Mystery of UK's Productivity Crisis by Duncan Weldon.

Duncan Weldon
Our economic future isn’t what it used to be. In March the Office for Budget Responsibility (OBR) revised down its growth estimates for each of the next five years.

Goldswitzerland: How long Before Global Financial System Fails? Originally Publishe on April 22 by Egon Von Greyerz.

How Long Before Global Financial System Fails? By Egon von Greyerz

The global economy turned down in earnest already in 2006 but with a massive worldwide printing and lending programme, the world has had a temporary stay of execution.

Bits | The Business of Technology - April 25, 2016: Different Issues for Next Wave of Tech Earnings Reports

Monday, April 25, 2016

The New York Times

The New York Times 

Different Issues for Next Wave of Tech Earnings Reports | Last week brought multiple disappointments from tech companies in their earnings reports. The question is whether it will get any better this week.

FDIC Weekly National Rates and Rate Caps Update - April 25, 2016.

FDICOn May 29, 2009, the FDIC Board of Directors approved a final rule making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below.
For more information. see Financial Institution Letter FIL-25-2009
Rates updated April 25, 2016

Non-Jumbo Deposits (< $100,000)

Deposit Products National Rate 1 Rate Cap 2
Savings 0.06 0.81
Interest Checking 0.04 0.79
Money Market 0.08 0.83
1 month CD 0.06 0.81
3 month CD 0.08 0.83
6 month CD 0.13 0.88
12 month CD 0.22 0.97
24 month CD 0.36 1.11
36 month CD 0.49 1.24
48 month CD 0.61 1.36
60 month CD 0.79 1.54

Jumbo Deposits (≥ $100,000)

Deposit Products National Rate 1 Rate Cap 2
Savings 0.06 0.81
Interest Checking 0.04 0.79
Money Market 0.12 0.87
1 month CD 0.07 0.82
3 month CD 0.09 0.84
6 month CD 0.14 0.89
12 month CD 0.23 0.98
24 month CD 0.38 1.13
36 month CD 0.52 1.27
48 month CD 0.63 1.38
60 month CD 0.81 1.56
The FDIC began posting the National Rate and Rate Cap on May 18, 2009. Data is not available prior to May 18, 2009. This historical data can be accessed at Previous Rates
1 National rates are calculated based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Data used to calculate the national rates are gathered by RateWatch. Savings and interest checking account rates are based on the $2,500 product tier while money market and certificate of deposit are based on the $10,000 and $100,000 product tiers for non-jumbo and jumbo accounts, respectively. Account types and maturities published in these tables are those most commonly offered by the banks and branches for which we have data - no fewer than 49,000 locations and as many as 81,000 locations reported. The deposit rates of credit unions are not included in the calculation.
2 The rate cap is determined by adding 75 basis points to the national rate. To determine conformance with the regulation, compare rates offered by the institution, based on size and maturity of the deposit, to the rate caps. For accounts less than $100,000 use the applicable rate cap under the non-jumbo column, and for accounts $100,000 and over, use the rate caps under the jumbo column. Interpolation should be used for deposits with maturities not listed above.

European Markets at Close Report on April 25, 2016, by CNBC: Stocks End Lower as Miners Sink 3.7%, EDF Tanks 11.3%.

Alexandra Gibbs, Arjun Kharpal, Holly Ellyatt
European stocks ended trade in the red on Monday as shaky sentiment in markets overseas and a sharp decline in mining stocks weighed on investors, ahead of an important week for central banks.
The pan-European STOXX 600 closed some 0.5 percent down provisionally, with most sectors closing in negative territory.

ESA | New Residential Sales (March 2016).pdf: Sales for Single-Family Houses in March 2016 were Down 1.5% from February's Revised Rate but Up 5.45 from march 2015.

 ESA Overlay Banner
Sales of new single-family houses in March 2016 were 511,000 at a seasonally adjusted annual rate (SAAR), down 1.5 percent from February’s revised rate but up 5.4 percent from March 2015.

Economics & Statistics Administration

U.S. Census Bureau
Bureau of Economic Analysis

U.S. Stock Market Future Indications Update - April 25, 2016 by MarketWatch: U.S. Stocks on Track for Mild Losses as Fed Meeting Fuels Uncertainty.

Sara Sjolin
Wall Street was set for a lackluster start to the week, with investors opting to stay on the sidelines on Monday ahead of a Federal Reserve meeting that could hint at the future path for interest rates.
A renewed selloff in oil futures CLM6, +0.32%  also weighed on markets.

NYT First Draft on Politics - April 25, 2016: Candidates Make Final Push in Five Norteastern States by Michael Barbaro

Monday, April 25, 2016

The New York Times

The New York Times

Monday, April 25, 2016

A Donald J. Trump supporter at a campaign rally in Harrington, Del., last week.
A Donald J. Trump supporter at a campaign rally in Harrington, Del., last week. Damon Winter/The New York Times
Candidates Make Final Push in Five Northeastern States

DealBook Today's Top Headlines on April 25, 2016:

Monday, April 25, 2016
HOW ARGENTINA SETTLED ITS DISPUTE WITH HEDGE FUNDS When Mauricio Macri was elected president of Argentina, he ran on a promise to improve the struggling economy - a pledge that would involve striking a deal with the country's bondholders.

Bloomberg View - April 16, 2016: The Euro's Next Existential Crisis

Mark Gilbert
The euro's future still looks far from secure. The European Central Bank is defending its independence amid an attack on its negative interest-rate policies by Germany.

U.S. Asian Markets at Close Report on April 25, 2016: Asia Markets Lose Ground as Central Bank Decisions Eyed.

Saheli Roy Choudhury
Most Asian markets lost ground on Monday, with many traders likely taking to the sidelines ahead of several central bank decisions this week.

U.S. Stock Market Future Indications on April 25, 2016, by CNBC: U.S. traders Mull Arabia, Earnings and Fed.

Katy Barnato
U.S. stock index futures declined on Monday, ahead of the busiest week of first-quarter earnings season.

The Guardian | UK | Media | Media Briefing |- April 25, 2016: Today's Media Sories from the Papers

Top story on MediaGuardian

Game of Thrones: latest episode leaks online before TV premiere
Fans post plot spoilers and screengrabs after season six opener makes its way on to the internet ahead of official broadcast