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May 11, 2016

The Guardian | World | Australia | Malcolm Turnbull - May 12, 2016 (00:39 BST): Malcolm Turnbull's Role in Offshore Company Revealed in Panama Papers, by Paul Farrell.

Paul Farrell
The prime minister, Malcolm Turnbull, was previously listed as the managing director of a British Virgin Islands company that Mossack Fonseca acted as registered agent for, the Panama Papers have disclosed.

Gerald Celente - Trends in The News: "TREND ALERT: Global Eqjuity markets Sinking, Gold Rising. Trend or Fad - Originally Published on 5/4/16

Gerald Celente

Published on May 7, 2016
The latest Trend Alert is released, Shell Oil profits plunged 83% this quarter when compared with a year earlier & China’s central bank continues to pump money into their failing economy.

DealBook P.M. Edition on May 11, 2016: Top story: Google to Ban All Payday Loan Ads.

Wednesday, May 11, 2016
Google's ban on payday loan ads will take effect July 13.
Google to Ban All Payday Loan Ads The web giant said the move was to protect its users from such lending, which often leads to unaffordable repayment terms and financial harm.

WSJ | Forex Closing on May 11, 2016.

The Wall Street Journal Forex Closing
Major Currencies
Wednesday, May 11, 2016

WSJ | Major Indexes Closing on May 11, 2016.

The Wall Street Journal Major Indexes Closing
Major Indexes 5:45 p.m. EDT 05/11/16

WSJ | Biggest Gainers Closing on May 11, 2016.

The Wall Street Journal Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 05/11/2016

WSJ | Biggest Decliners Closing on May 11, 2016.

The Wall Street Journal Biggest Decliners Closing
Biggest Decliners
4:31 pm ET 05/11/2016

WSJ | Most actives Closing on May 11, 2016.

The Wall Street Journal Most Actives Closing
Most Active Stocks by Volume
4:46 pm ET 05/11/2016

Wall Street at Close Report, by CNBC on May 11, 2016: Dow Closes Down More than 200 Points...
Evelyn Cheng
U.S. stocks closed lower Wednesday, under pressure from disappointing Disney and Macy's earnings, amid sharp gains in oil following a surprise inventory draw.

CMI Spot Prices at Close on May 11, 2016

Spot Prices as of traditional New York closing times

Wednesday, May 11, 2016


The Guardian | Live From Brazil - May 11, 2016: Brazil Supreme Court Rejects Dilma Rouseff's Last Minute Appeal

Jonathan Watts

Rousseff ally all but surrenders

What would follow impeachment?

With few senators standing up for Rousseff so far – though we are only five speakers into a supposed 68 planned – impeachment and suspension are looking more and more likely. At the Senate in Brasilia my colleague Jon Watts runs through the possibilities of what would happen next.
If the suspension of Rousseff goes ahead, the presidential line of succession will have been decimated in the past week, with possibly more to come.
Normally, this is how it looks:
  • President
  • Vice President
  • Speaker of the Lower House
  • Leader of the Upper House
  • Chief Justice of the Supreme Court
But here’s the situation today:
  • Almost suspended: President Dilma Rousseff will have to step aside if, as is almost certain, the Senate votes to put her on trial for “crimes of responsibility” as a result of alleged window dressing of government accounts.
Temer. Photograph: Reuters
  • Accused and fined: Vice President Michel Temer will probably form a government tomorrow, but he is facing impeachment on the same charges as Rousseff. He has also been named in two plea bargains in the Lava Jato (“Car Wash”) investigation, making him one of the major figures in the bribery scandal at the state-run oil company Petrobras.
  • Suspended: House Speaker Eduardo Cunha was stripped of his position last week by the supreme court because he used his powers to obstruct the Lava Jato investigation. He also faces charges of bribery and perjury. His replacement, interim speaker Waldir Maranhão is also under investigation for receiving bribes, and announced on Wednesday that he would soon step aside. Many constitutional experts argue an interim speaker cannot be considered in the line of succession. Cunha and Temer have become two of Rousseff’s greatest opponents in the government.
Cunha. Photograph: AP
  • Accused: The head of the Senate and the man overseeing today’s impeachment, Renan Calheiros, is the subject of 11 criminal probes, nine of which are related to Lava Jato.
  • Viable but near term’s end: The supreme court Justice Ricardo Lewandowski is not under investigation but his mandate finishes in September, when he is due to be replaced by Carmen Lucia.
In conclusion: two of the five are likely to be suspended by tomorrow, another two are under investigation, and the final potential successor is an unelected judge who is about to be replaced. I’d guess the odds on Lucia, who is not even in the frame right now, becoming president by the end of the year might be shorter than those last August for Leicester winning the Premiership.

Supreme court rejects Rousseff appeal

Compared to the rambunctious, overwhelming vote to impeach Dilma Rousseff in the House last month, the mood is considerably more sombre in the Senate, my colleague Jon Watts reports from the floor of the chamber.
“All the people here are broken hearted. We don’t want this, but it is unavaoidable. Brazil has come to a stop since last year,” claimed Senator Marcelo Crivella, who, outside of standing for the Brazilian Republican Party is also a gospel singer and bishop of the evangelical Universal Church of the Kingdom of God.
“We all recognise that [Rousseff] has done a good job during her life for the democracy of Brazil.”
Despite these respectful words, Crivella, who was once allied with her Workers Party government, said that he would vote for impeaching the president because the country is mired in crisis and needs a change of economic policy.
On the opposite side of the debate is Venessa Grazziotin, a senator from the Communist Party who is opposed to the suspension of the president.
“This is the saddest day in the history of our young democracy,” she told the Guardian. “This isn’t a valid constitutional process, it is a coup that goes against the opinion of the majority in the 2014 election.”
She had no hope that Rousseff might escape suspension, but the senator said the battle was not over. She hopes that in the coming months, Brazilians will realise they have been robbed of their rights by removing the president. “If they suspend her today, I’ll go to the streets to demand new elections,” Grazziotin said.
The views of just two senators are obviously not representative of the entire chamber, but there does seem to be an effort to treat the moment with gravitas. That is partly what you would expect from the upper house – but it may also be because the boisterous and bizarre scenes of last month’s House vote, which saw deputies behaving in a way that shamed many Brazilians and led to deeply critical coverage overseas.

KITCO NEWS - May 11, 2016: Gold Heading to $1,350; Any Pullbacks Just "pause For Breath" Expert

Kitco NEWS

Published on May 11, 2016
Gold is up after a rocky start to the week, but investment demand hasn’t waned. After racking in $7 billion inflows last quarter, holdings in the world’s largest gold ETF — SPDR Gold Shares (NYSE: GLD) — continue to rise. The price of the metal should also move higher, according to George Milling-Stanley, head of gold

The Guardian | Opinion | Benefits - May 11, 2016: 13bn Pounds in Unclaimed WElfare? It's Just Fuel for the Tories' Big Benefits Myth by Frances Ryan
Frances Ryan
Over halfway into a decade of austerity, the Conservatives have successfully built what we might call the Big Benefit Myth: the idea that there is such a thing as a “benefit class” in this country and that, given the chance, this class – anyone from disabled people to the unemployed and social housing tenants – will suck every pound it can from the public purse.

The Guardian | Opinion | Iraq - May 11, 2016: It's Iraq, Not Isis, That's on the Way Out by Ranj Alaadin.

Ranj Alaaldin
“Isis is an idea, not the first of its kind and not the last of its kind,” said a powerful security official when I visited Iraq last month. Indeed, as the international community boasts of Isis’s demise, the jihadists struck a Shia district in Baghdad today, killing at least 63 people and wounding 80 in a series of devastating market bombings.

European Markets at Close Report, by CNBC on May 11, 2016: Europe Ends Mostly Down on Earnings, Banks, oil, Miners Pop

Alexandra Gibbs, Arjun Kharpal, Holly Ellyatt
European markets closed mostly lower on Wednesday, as a mixed set of earnings and weakness in the banking sector weighed on sentiment, despite gains in various commodities.

United States International Trade Commission News Releases Update - May 11, 2016: USITC Institutes Section 337 Investigation of Certain Electrical Conductor Composite and Components Thereof
The U.S. International Trade Commission (USITC) has voted to institute an investigation of certain electrical conductor composite cores and components thereof.  The products at issue in the investigation are composite core conductors that are used in overhead electrical transmission lines.
The investigation is based on a complaint filed by CTC Global Corporation of Irvine, CA, on April 8, 2016  and amended on April 26, 2016.  The complaint, as amended, alleges violations of section 337 of the Tariff Act of 1930 in the importation into the United States and sale of certain electrical conductor composite cores and components thereof that infringe patents asserted by the complainant.  The complainant requests that the USITC issue a general exclusion order, or in the alternative, a limited exclusion order, and cease and desist orders.

Bits | The Business of Technology - May 11, 2016: Oracle's Suit Against Google Digs Up Old Bones

Wednesday, May 11, 2016

The New York Times
The New York Times

Wednesday, May 11, 2016

Daily Report
Oracle’s Suit Against Google Digs Up Old Bones | In Silicon Valley, it is often said that new tech companies are built on the bones of the old ones.

U.S. Stock Market Future Indications Update, by MarketWatch - May 11, 2016: U.S. Stock Futures Drift Lower After Disappointing Earnings.

Barbara Kollmeyer, Victor Reklaitis
U.S. stock futures on Wednesday pointed to a lower open, weighed down by drops in Walt Disney Co., Macy’s Inc. and Staples Inc. shares following disappointing reports.

FTC Press Release - May 11, 2016: Statement from Federal Trade Commission’s Bureau of Competition Director on the Court Ruling Granting a Preliminary Injunction in the Staples/Office Depot Merger

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Statement from Bureau of Competition Director Debbie Feinstein:
“Today’s court ruling is great news for business customers in the office supply market. This deal would eliminate head-to-head competition between Staples and Office Depot and likely lead to higher prices and lower quality service for large businesses that buy office supplies.”
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint. Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.

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FDIC Office of Inspector General Press Release - May 11, 2016.


The following press release, issued by the U.S. Department of Justice, was recently posted to the Federal Deposit Insurance Corporation’s (FDIC) Office of Inspector General (OIG) Web site: Such press releases reflect actions resulting from the OIG’s partnerships with U.S. Attorneys’ Offices throughout the country and other OIGs and law enforcement entities.

Bloomberg Politics - May 11, 2016: Trump Is Now Running to the Left of Sanders on Federal Debt.

Michelle Jamrisko
Donald Trump’s about-face on the relevance of a ballooning U.S. debt continues his campaign’s hallmark of zigging and zagging on policy issues, landing him now on economic proposals favored by economists to the left of Bernie Sanders.

Goldswitzerland - May 11, 2016: Peter Bockvar - If central Bankers Get What They Want, Global Bond markets Blow Up

THE MATTERHORN INTERVIEW: Peter Boockvar – May 2016

NYT First Draft On Politics - May 11, 2016: With West Virginia Victory the Beat Goes on for Bernie Sanders, by Maggie Haberman

Wednesday, May 11, 2016

The New York Times »

The New York Times

Wednesday, May 11, 2016

Senator Bernie Sanders of Vermont spoke at a rally in Stockton, Calif., on Tuesday.
Senator Bernie Sanders of Vermont spoke at a rally in Stockton, Calif., on Tuesday. Max Whittaker/Reuters
With West Virginia Victory, the Beat Goes On for Bernie Sanders

DealBook Today's Top Headlines - May 11, 2013: Staples and Office Depot End Merger Plan | Firm of Clinton Son-in-Law Said to Close Greece Hedge Fund | 'Contract for Deed' Lending Under Scrutiny.

Wednesday, May 11, 2016
STAPLES AND OFFICE DEPOT END MERGER PLAN A federal judge on Tuesday blocked the $6.3 billion proposed merger of Staples and Office Depot, Michael J. de la Merced and Rachel Abrams report in DealBook. The Federal Trade Commission had sued the two companies last year, arguing that the deal would create one dominant retailer of pens, paper clips and Post-it notes.

Judge Emmet G. Sullivan of the Federal District Court for the District of Columbia agreed that the combination would "substantially impair" competition in office supplies. The companies said after the ruling that they planned to end their merger plans. Under the terms of the deal, Staples will pay Office Depot a $250 million breakup fee.

The decision is a setback for beleaguered retailers, whose sales have slumped in the face of competition from e-commerce. Shares in both companies tumbled in after-hours trading.

Staples closed 242 stores in 2014 and 2015, and expects to close another 50 stores this year. Sales fell more than 6 percent, to $21 billion for the year ending Jan. 30. Office Depot closed 349 stores in 2014 and 2015 and had identified at least 400 retail stores for closing through 2016. Sales fell 10 percent last year, to $14.5 billion.

The ruling also handed another victory to government regulators, who have been trying to derail deals that they say would create juggernauts that would unfairly dominate their sectors. Regulators have said that many of the $5 trillion of deals struck last year represented consolidation in industries already thin on competition. Loretta E. Lynch, the United States attorney general, has also said that the Obama administration was worried about this and would "not hesitate to intervene" should a deal look like it would hinder competition.

The crackdown, which has led to deals like the $35 billion merger between Halliburton and Baker Hughes crumbling, has also heightened caution in corporate boardrooms. United Technologies rebuffed a $90 billion takeover offer from Honeywell, citing potential regulatory opposition.
FIRM OF CLINTON SON-IN-LAW SAID TO CLOSE GREECE HEDGE FUND The Greece-focused fund pitched by Hillary Clinton's son-in-law, Marc Mezvinsky, as an opportunity to bet on a Greek revival is shutting down after losing nearly 90 percent of its value, Alexandra Stevenson and Matthew Goldstein report in DealBook, citing two investors with direct knowledge of the matter.

The fund, Eaglevale Hellenic Opportunity, had raised $25 million from investors to buy Greek bank stocks and government debt.

Eaglevale Partners, the Manhattan hedge fund firm that Mr. Mezvinsky founded with two former colleagues at Goldman Sachs, had raised money for the Hellenic fund about two years ago when some on Wall Street had hopes for a revival. But betting on Greece has proved to be tricky and it has been a rough 17 months for hedge funds.

It is unclear why Eaglevale waited until this year to close the Hellenic fund, which had already lost about 40 percent of its value by early last year. Greece edged near economic collapse and the situation remains tenuous with the country still arguing with other eurozone nations and its creditors over how to reduce its debt burden.

Eaglevale's flagship fund manages about $330 million and specializes in making macroeconomic bets. It is down 1 percent this year. Other companies have shut hedge funds making bets on macroeconomic funds.
ON THE AGENDA Macy's will hold a conference call on its latest quarterly earnings at 9 a.m. George Osborne, Britain's chancellor of the Exchequer, will be questioned by the Treasury Committee on the country's membership in the European Union at 9 a.m. American International Group's annual meeting of shareholders starts at 11 a.m.
'CONTRACT FOR DEED' LENDING UNDER SCRUTINY The Consumer Financial Protection Bureau has assigned enforcement lawyers to investigate seller-financed home transactions and determine whether the terms of some deals may violate federal truth in lending laws, Matthew Goldstein and Alexandra Stevenson report in DealBook.

Two people with direct knowledge of the matter said the regulator was prompted by discussions between members of the commission staff and one of its advisory boards. The advisory board raised questions about the transactions after reports on the subject, including one by The New York Times on abuses in the marketplace that targeted lower-income buyers.

Sam Gilford, a consumer bureau spokesman, confirmed that staff members and the consumer advisory board had discussed seller financing, specifically an arrangement called a contract for deed or a land contract which is a long-term, high-interest installment financing deal.

The buyer only becomes the owner after the last payment is made and the contracts can last for as long as 40 years.

These contracts have proliferated as banks have retrenched from lending to low-income families and private investment firms like hedge funds have stepped in to fill the void. The foreclosure crisis created a bountiful supply of cheap, often dilapidated homes for investors to buy and left millions of people with damaged credit histories.

Now many of the homes that have been foreclosed are being sold under contracts for deeds. Homes sold through a contract for deed often require buyers to spend a significant portion of their disposable incomes on repairs and renovations. When they do not or cannot, this leads to problems.

The C.F.P.B. is trying to determine how many firms are selling homes nationally with a contract for deed already in place or are renting out homes with an option to buy, people with direct knowledge of the matter said.
How Bill Gates Became Embroiled in a Swiss Shareholder Fight Through his foundation and investment arm, Mr. Gates has sued to block the Burkard family of Switzerland from selling the chemical maker Sika, Steven Davidoff Solomon writes in Deal Professor.
Canadian Hotel Investment Trust to Be Sold for $1.6 Billion InnVest Real Estate Investment Trust, which holds 109 hotels in Canada, will be sold to a Canadian company backed by Hong Kong money.
Change Is in the Air for Pharmaceutical Mergers The recent actions of Zoetis and Allergan suggest a more subdued approach to deals, Robert Cyran writes in Breakingviews.
Marketo Said to Be Considering Possible Sale Marketo, a maker of marketing software, is working with Morgan Stanley to explore a possible sale and is speaking with strategic companies and private equity firms, Bloomberg News reports, citing people with knowledge of the matter.
Chinese Firms Vie for Iovate Health of Canada The buyout firms CDH Investments Fund Management and Hony Capital were invited to make second round bids for Iovate Health Sciences International, a Canadian maker of nutrition and weight loss products, Bloomberg reports, citing people with knowledge of the matter.
Citadel Said to Be in Talks to Buy Electronic Trading Unit Citadel is in talks to buy Automated Trading Desk, an electronic market-maker owned by Citigroup, The Financial Times reports, citing a person familiar with the deal.
British Conglomerate Said to Consider Selling Chinese Sugar Business Associated British Foods has invited bids for its five cane sugar mills in southern China and two sugar beet factories in the northeast, The Financial Times reports, citing people familiar with the situation. The business could fetch up to $1 billion.
An Investment Banker's Worst Nightmare In 2015, the buyers in public-company deals valued at more than $1 billion did not use financial advisers in 70 instances, or 26 percent of the time, according to Dealogic.
Goldman and Jefferies Put Lending Club Deals on Hold Goldman Sachs and Jefferies, the two Wall Street investment banks handling bond sales for Lending Club, have stopped buying the company's loans after the ouster of Renaud Laplanche, The Wall Street Journal reports, citing people familiar with the matter.
For the latest updates, go to
Blackstone Said to Hire Former S.E.C. Official Blackstone Group is hiring Marshall Sprung, a former top enforcement lawyer at the Securities and Exchange Commission, to be a managing director and global head of compliance, Bloomberg reports, citing people with knowledge of the move.
Travis Kalanick, Uber's chief executive and one of its founders. The company is trying to smooth relationships with drivers after recent fare cuts and policy changes.
Uber Recognizes New York Drivers' Group, Short of a Union The agreement, Uber's latest attempt to ease concerns about its labor model, establishes benefits for drivers but stops short of unionization.
Eric Schmidt, the executive chairman of Google's parent, Alphabet.
Alphabet Chairman Testifies in Oracle Suit Against Google The right to use programming language is at issue in the latest round of a case filed nearly six years ago.
A market in San Juan. Puerto Rico's government defaulted earlier this month on a $399 million payment. Some state and local governments on the United States mainland may be veering toward similar fates.
Puerto Rico's Fiscal Fiasco Is a Harbinger of Mainland Woes Illinois, New Jersey, Philadelphia, St. Louis and other states and cities are under dark financial clouds brought on by deferring costs for decades.
ESPN and Verizon Settle Lawsuit Over Cable Package ESPN filed suit last April after Verizon moved some channels off the basic cable offering from the Fios television service and separated them into tiers that customers could choose from.
Germany's School for Central Bankers a Draws Risk Averse Crowd Schloss Hachenburg used to be a palace for local counts. Now it is home to an elite academy offering only one degree - central banking.
As 'Sextortion' Proliferates, Victims Find Precarious Place in Legal System The Brookings Institution is releasing studies on sextortion, in which a perpetrator uses nude photographs to demand explicit content or other goods.
President Francois Hollande.
Hollande Bypasses France's Lower House on Labor Law Overhaul The French president forced through a measure that he says will encourage employers to hire more. Opponents say it weakens worker protections.
Contracts Between Drug Makers and Pharmacy Benefit Managers Under Scrutiny Federal prosecutors have approached at least three companies, including Johnson & Johnson, Merck as well as Endo International, demanding information about their contracts with pharmacy benefit managers.