Russia Responds To Obama Sanctions
By Tyler Durden
Having already made it clear that any sanctions would be met with retaliation, IFX reports that Russian Commissioner Foreign Ministry on human rights, democracy and the rule of law, Konstantin Dolgov exclaimed that “any anti-Russian sanctions are futile and counter-productive.”
Via IFX (Google Translate)
Keyed US anti-Russian sanctions in connection with the alleged cyber attacks from Moscow are counterproductive and are intended to cause damage including the future of the process of restoring bilateral relations, said Commissioner Foreign Ministry on human rights, democracy and the rule of law, Konstantin Dolgov, via “Interfax” .
“Any anti-Russian sanctions are futile and counter-productive,” he said.
“I can only reconfirm that this hysteria demonstrates the complete lack of orientation by the outgoing US administration,” said the Russian diplomat
“Such unilateral steps are pursuing the aim of damage relations and complicate their recovery in the future”, – he said.
As a reminder, Russia had pre-emptively warned of retaliation…
The outgoing US administration still hopes to finally have time to do something else for bad relations with Russia, and so she brought down. With clearly inspired leaks in the American media have once again trying to scare the extension of anti-Russian sanctions measures “diplomatic” and even sabotage against our computer systems. And this last “Christmas greetings” from the Obama team, already preparing for eviction from the White House cynically want to present as a reaction to certain “cyber attack from Moscow.”
Frankly, we are tired of the lies about the “Russian hackers”, which continues to flow into the United States from the very top. The Obama administration has launched six months ago, this misinformation in an attempt to play up the desired for himself a candidate in the November presidential election, and not achieving the desired, looking for an excuse for their own failure, and with a vengeance is played on Russian-American relations.
But the truth of the provocation orchestrated by the White House, sooner or later will still come out. Yes, it's already happening. How else to December 8 reported the US media, the State of Georgia State Secretary Brian Kemp he said that the authorities in the region followed where came hacker attack on its electronic system of vote counting shortly after the election. Footprints led to the computer at the US Department of Homeland Security. This information quickly tried to cover up the stream of new anti-Russian charges that do not contain a single proof.
It only remains to add that if Washington really takes new hostile steps, it will get the answer. This also applies to any action against Russian diplomatic missions in the United States, which immediately ricocheted on US diplomats in Russia. Perhaps the Obama administration is quite indifferent to what will happen to the bilateral relations, but the story is unlikely to forgive her behavior on the principle of “after us the deluge.”
In other words, Europe is about to get screwed again.
Sanctions certainly did not hurt before…
US Announces Sanctions Against Russia, Expels 35 Diplomats In Retaliation For Election "Hacking"
By Tyler Durden
As promised (or threatened), the Obama administration has just unveiled – via US Treasury – new sanctions against Russia over election hacking allegations (that as yet have not been supported by any actual evidence). Despite president-elect Trump’s comments that “we ought to get on with our lives,” the sanctions apply to five entities and six individuals. In addition, US officials are expelling 35 Russian diplomats.
Issuance of Amended Executive Order 13694; Cyber-Related Sanctions Designations
- ALEXSEYEV, Vladimir Stepanovich; DOB 24 Apr 1961; Passport 100115154 (Russia); First Deputy Chief of GRU (individual) [CYBER2] (Linked To: MAIN INTELLIGENCE DIRECTORATE).
- BELAN, Aleksey Alekseyevich (a.k.a. Abyr Valgov; a.k.a. BELAN, Aleksei; a.k.a. BELAN, Aleksey Alexseyevich; a.k.a. BELAN, Alexsei; a.k.a. BELAN, Alexsey; a.k.a. “Abyrvaig”; a.k.a. “Abyrvalg”; a.k.a. “Anthony Anthony”; a.k.a. “Fedyunya”; a.k.a. “M4G”; a.k.a. “Mag”; a.k.a. “Mage”; a.k.a. “Magg”; a.k.a. “Moy.Yawik”; a.k.a. “Mrmagister”), 21 Karyakina St., Apartment 205, Krasnodar, Russia; DOB 27 Jun 1987; POB Riga, Latvia; nationality Latvia; Passport RU0313455106 (Russia); alt. Passport 0307609477 (Russia) (individual) [CYBER2].
- BOGACHEV, Evgeniy Mikhaylovich (a.k.a. BOGACHEV, Evgeniy Mikhailovich; a.k.a. “Lastik”; a.k.a. “lucky12345”; a.k.a. “Monstr”; a.k.a. “Pollingsoon”; a.k.a. “Slavik”), Lermontova Str., 120-101, Anapa, Russia; DOB 28 Oct 1983 (individual) [CYBER2].
- GIZUNOV, Sergey (a.k.a. GIZUNOV, Sergey Aleksandrovich); DOB 18 Oct 1956; Passport 4501712967 (Russia); Deputy Chief of GRU (individual) [CYBER2] (Linked To: MAIN INTELLIGENCE DIRECTORATE).
- KOROBOV, Igor (a.k.a. KOROBOV, Igor Valentinovich); DOB 03 Aug 1956; nationality Russia; Passport 100119726 (Russia); alt. Passport 100115101 (Russia); Chief of GRU (individual) [CYBER2] (Linked To: MAIN INTELLIGENCE DIRECTORATE).
- KOSTYUKOV, Igor (a.k.a. KOSTYUKOV, Igor Olegovich); DOB 21 Feb 1961; Passport 100130896 (Russia); alt. Passport 100132253 (Russia); First Deputy Chief of GRU (individual) [CYBER2] (Linked To: MAIN INTELLIGENCE DIRECTORATE).
- AUTONOMOUS NONCOMMERCIAL ORGANIZATION PROFESSIONAL ASSOCIATION OF …read more
Source: US Announces Sanctions Against Russia, Expels 35 Diplomats In Retaliation For Election "Hacking"
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A Tale of Two Housing Markets: Hot, And Not So Hot
By Tyler Durden
Submitted by Charles Hugh-Smith via OfTwoMinds blog,
If we had to guess which areas will likely experience the smallest declines in prices and recover the soonest, which markets would you bet on?
Though housing statistics such as average sales price are typically lumped into one national number, this is extremely misleading: there are two completely different housing markets in the U.S. One is hot, one is not so hot.
Just as importantly, one may stay relatively hot while the other may stagnate or decline.
All real estate is local, of course; there are thousands of housing markets if we consider neighborhoods, hundreds if we look at counties, cities and towns and dozens if we look at multi-city metro regions.
But consider what happens to average sales prices when million-dollar home sales are lumped in with $100,000 home sales. The average price comes in around $500,000– a gross distortion of both markets.
Here's a real-world example of what has happened in hot markets over the past 20 years. The house in question is located in a bedroom community suburb in the San Francisco Bay Area metro area. The home was built in 1916 and has 914 square feet, no garage and a small lot.
It sold in 1996 for $135,000. This was a bit under neighborhood prices due to the lack of garage and small size, but nearby larger homes sold in the $145,000 to $160,000 range.
The house was sold in 2004 for $542,000, and again in 2008 for $575,000. It is currently valued at $720,000. The neighborhood average is $900,000.
According to the Bureau of Labor Statistics inflation calculator, inflation since 1997 has added 50% to the cost of living: $1 in 1997 equals $1.50 in 2016.
Adjusted for inflation of 2.5% annually, calculated cumulatively, the home would be worth a shade over $220,000 today. Long-term studies have found that housing tends to rise about 1% above inflation annually, so if we add 1% annual appreciation (3.5% calculated cumulatively over the 20 years), the home would have appreciated about $47,000 above and beyond inflation, bringing its value to $268,000–almost double the purchase price.
But being in a hot market, this little house appreciated a gargantuan $450,000 above and beyond inflation and long-term appreciation of 1% annually.
Those who bought in hot markets are $500,000 richer than those who bought in not-so-hot markets.
Another house I know in a hot metro market sold for $438,000 in 1997 and is currently valued at $1.4 million. The owners picked up substantially more than $500,000 in bonus appreciation.
Or how about a home that sold for $607,000 in 2010 and is now valued at $960,000? (Note that I have picked neighborhoods and metro areas I have known for decades, so I can verify the current valuations are indeed in the real-world ballpark.)
Inflation alone added about $60,000 to the value since 2010; the $300,000 appreciation above and beyond inflation is pure gravy for the owners.
It's easy to dismiss these soaring valuations as credit-driven bubbles that will eventually pop, but that narrative misses the enormous differences in regional …read more
Source: A Tale of Two Housing Markets: Hot, And Not So Hot
Dan Loeb Will Pay More Than $2 Million To His New 32-Year-Old Head Quant
By Tyler Durden
It was some time back in 2009 when we first predicted that in a world in which central banks have taken away the “fun” from fundamental analysis (having effectively nationalized capital “markets”), that in the not too distant future quants – or “traders” whose only value added is to react rapidly after the news and/or be the fastest to chase any given momentum wave – would be paid far better than plain-vanilla fundamental analysts – those who use conventional financial analysis to make price forecasts, and whose work has traditionally highly prized by hedge funds yet are on their way to becoming obsolete in the New Normal.
For the likes of Dan Loeb, and his Third Point, once a staunchly fundamental-analysis driven hedge fund, that time has arrived.
According to Bloomberg, Dan Loeb will pay Matt Ober, a quant, pardon “data scientist” who left WorldQuant for Third Point more than $2 million according to a breach of contract claim filed by his former employer.
Matt Ober is smiling
Ober, 32, who starts next month as Third Point’s “chief data scientist”, i.e., head quant, said in a filing that he will be paid a base salary of $200,000, the same as WorldQuant gave him, plus bonuses, and disputed that $2 million in compensation is guaranteed.
As Bloomberg adds, Loeb is joining other hedge fund names in developing big data and quantitative investing to boost returns, i.e., phasing out fundamental analysis in favor of simple quant-driven trading.
Scientists and coders who mine, clean and model information are in high demand after being relegated for years to back office status. Experienced data scientists can earn $500,000 to $700,000, and as much as three times that for those with extensive backgrounds, according to recruiter Alexey Loganchuk.
“It is too early to call data scientists the new masters of the universe but they are on their way there,” said Loganchuk, founder of Upgrade Capital, a New York recruiting firm that focuses on alternative data. “Because of how new the space is, the transition from entry level to management can happen quickly. There are several people out there making seven figures in their mid-twenties.”
As Bloomberg’s Saijel Kishan notes, Ober joined Igor Tulchinsky’s WorldQuant in 2011 as a data product analyst and was later promoted to co-head of data strategies at the Old Greenwich, Connecticut-based hedge fund, according to the filing. He sought out data from vendors for use in trading.
Ober will help Third Point more quickly get up to speed with bid data, helping identify which datasets could be used for specific trades, according to the filing.
Meanwhile, as quant compensation soars, hedge fund managers and senior analysts are facing smaller paychecks. Those with seven years of experience expect a 14% decrease in total compensation to about $685,000 for 2016, according to a September survey by Odyssey Search Partners.
Winton Capital Management in London said in April it’s starting a data science center in San Francisco and plans to hire some 40 scientists. Citadel in …read more
Source: Dan Loeb Will Pay More Than $2 Million To His New 32-Year-Old Head Quant
Amazon patent hints at floating warehouses
A patent shows Amazon may launch drones from blimps to make extra speedy deliveries. …read more
Source: Amazon patent hints at floating warehouses
Three Mini-Bubbles Are Bursting
By Tyler Durden
Submitted by John Rubino via DollarCollapse.com,
The world has gotten so used to ultra-low interest rates that even economists and money managers seem to be shocked by what happens when rates start creeping back towards normal levels.
Some of the mini-bubbles that formed in an essentially free-money environment are now starting to leak. Notably:
US Housing
While the action in this sector is nothing like the raging mania of the 2000s, prices in many hot US markets are at all-time highs, while affordability is at or near an all-time low. And now rising mortgage rates are beginning to bite.
Pending Home Sales Reflect “Dispirited” Buyers.
(Mortgage News) – Pending sales, which were widely expected to make a good showing in November, pulled back sharply instead. The National Association of Realtors? (NAR) said its Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts for existing home purchases, declined 2.5 percent to 107.3 in November from 110.0 in October. NAR said “the brisk upswing in mortgage rates and not enough inventory dispirited some would-be buyers.” The decrease brought the PHSI to its lowest level since January of this year and it is now 0.4 percent below the index last November which stood at 107.7.Analysts polled by Econoday had been upbeat about the November outlook. The consensus was for an increase of 0.5 percent with some analysts predicting as much as a 2.0 percent gain.
Lawrence Yun, NAR chief economist said, “The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election. Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract.”
US Auto Sales
Cars and trucks have been one of the economy’s bright spots for several years — which seems to have gotten everyone just a little too excited. Auto financing practices have lately begun to resemble those of the subprime mortgage bubble: Today’s average loan is for more money, lasts much longer, and is held by a much weaker credit than ever before. Now, with interest rates rising and pretty much every potential buyer already locked into a car mortgage, the bubble optimism is evaporating.
GM Plant Closures Could Signal Trouble for U.S. Auto Industry
(NBC) – General Motors will temporarily idle five U.S. assembly plants next month in a bid to reduce bloated inventories.
The cuts focus on plants building sedans and coupes, such as the Chevrolet Cruze, Cadillac CTS and Chevy Camaro, which have been losing momentum as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
But the move could also signal a broader slowdown of the U.S. automotive market after three consecutive years of record sales. The big questions are how fast and how far a slide the industry could be facing.
Forecasts by IHS Automotive and other research firms say sales could slide by 200,000 vehicles or more, …read more
Source: Three Mini-Bubbles Are Bursting
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10 Reasons Trump Won’t Lead A Nuclear Renaissance
By Tyler Durden
Submitted by Leonard Hyman & William Tilles via OilPrice.com,
Donald Trump in the White House and Theresa May in 10 Downing Street. They will open the door to more nuclear spending, no doubt. Prime minister May has already given a green light to Britain’s most expensive energy project, a heavily subsidized nuclear power station at Hinkley Point. Based on the most recent federal budgeting approvals, we expect that no U.S. nuclear weapons programs will want for funds. But, despite all the post-election industry euphoria, should we anticipate a full renaissance for U.S. commercial nuclear power? Is that just a bridge too far, so to speak? Let's look at the what will go into some of these decisions.
1.Need for the product. With no growth in the market for electricity, the industry needs new power plants only to replace old ones and to decarbonize output in order to mitigate global warming. The Trump administration has declared an end to the so-called war on coal, which makes it less likely that the electric industry will have to close old coal fired generating stations soon and it has categorized global warming as a hoax, which removes an excuse to build non-carbon producing nuclear units. The nuclear industry will need another rationalization for expansion.
2.Economics. Nuclear power looks like an expensive means of producing base load electricity with significant known risks and ongoing waste storage/disposal issues. A new 1,000 MW nuclear plant ordered today for 2025 in service would cost about $10 billion. New renewables can produce power at no higher a cost per kwh, without the same long construction schedule and need to build so large a unit. A new base load gas fired unit of the same size capacity could be completed in a few years and cost one fifth as much per MW and produce at a lower cost per kwh. Producing a commodity like electricity at a relatively high price in a competitive market is not a winning business strategy. Nuclear has to offer something else.
3. Base load generation. Nuclear plants run as base load units, something renewables cannot do — at least not until economical energy storage comes into the picture– because of the intermittency of their output. Still, renewables, particularly wind in the U.S. midwest and Texas, will temporarily displace more large central station power generation, forcing more units to “cycle”. Nuclear plants are less well suited for this duty. Flexibility and load following may become more highly valued than base load. This also reflects a change in the electric industry itself. The former command and control or paternalistic relationship between utility and consumer is changing. At a minimum consumers are dictating how their energy is produced, agreeing for example to pay premiums for “greener” forms of electricity. In other words, nuclear has something to sell in the base load market, but that market may be in decline. Related: Are Abandonded Mines A Solution For This Energy Dilemma?
4. Power markets. Neither U.S. nor UK power markets will support …read more
Source: 10 Reasons Trump Won’t Lead A Nuclear Renaissance
Trump On Russian Sanctions: "We Ought To Get On With Our Lives"
By Tyler Durden
With the Obama administration set to unveil a fresh round of sanctions against Russia as soon as today, allegedly in retaliation for the Kremlin’s “hacking” of the US elections, President-elect Trump had a few words of his own what he thinks the best steps for the US are: move on.
“I think we ought to get on with our lives,” Trump told reporters Wednesday night outside of Mar-A-Lago, his Florida resort, also casting doubt on the government’s assessment that Russia hacked U.S. political organizations.
As has been extensively reported over the past 6 weeks, U.S. intelligence agencies have “concluded”, without providing one piece of evidence, that the Russian government orchestrated cyber attacks against the Democratic National Committee and other American political groups and then leaked information to interfere in the Nov. 8 elections. Russia has denied the accusations. Trump has said he wants to improve relations with Russia and has praised its president, Vladimir Putin.
“I think we ought to get on with our lives,” Trump told reporters in Florida, with boxing promoter Don King standing by his side. “I think that computers have complicated lives very greatly. The whole age of computer has made it where nobody knows exactly what is going on.” Hillary Clinton would certainly agree with that.
Before leaving for his last Hawaiian vacation, Obama said on Dec. 16 that the U.S. will retaliate against Russia at an unspecified time, in a “thoughtful, methodical way.” The response may be covert, public or both, he said. Ironically, overnight it was leaked to every press outlet, that the retaliation would take place at a very specific time: today.
Earlier Wednesday, Bloomberg reported that Senator Lindsey Graham, a Republican from South Carolina, said during a trip to the Latvian capital that Russia and Putin should expect new sanctions for meddling in the election.
In Florida, Trump was asked by reporters about efforts to disclose intelligence about Russian interference in the election. “They should do the best they can, figure it all out,” he said.
Trump said he hasn’t spoken to Lindsey Graham. “I don’t know what he’s doing. I haven’t spoken to Sen. Graham,” Trump said. “As you know, he ran against me.”
Source: Trump On Russian Sanctions: "We Ought To Get On With Our Lives"
Trump’s 17 golf courses: What you need to know
Donald Trump owns 17 golf courses in the U.S. and around the world. Here’s what you need to know about the properties. …read more
Source: Trump’s 17 golf courses: What you need to know
Investors wipe $6.6B off Toshiba’s market value
Toshiba’s dreams of becoming a nuclear energy leader have turned into a nightmare. …read more
Source: Investors wipe $6.6B off Toshiba’s market value
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