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By Tyler Durden

Despite Turkish turmoil, oil prices have resumed their downturn as the ‘failed coup’ has left flows unhindered and a stronger dollar (and waning gasoline demand) pushed WTI back to a $45 handle this morning.

Catalysts for the downside push appear to be:

• 0il tankers loading, unloading cargoes normally at Turkey’s ports and supplies arriving in ships and pipelines from neighboring countries, according to Turkey’s Energy Ministry.
• Demand for gasoline in the U.S. fell last week even though it remains higher than the same period last year, as well as the five-year average.
  However, overproduction in the past means gasoline inventories remain at a high level of around 240 million barrels, says the Oil Market Journal. The worry is that, as the end of the U.S. driving season is around the corner, demand for gasoline will plunge, leaving gasoline stocks elevated.
  “With demand failing to meet expectations, and stocks holding high, we believe the risks remain to the downside,” the note says.
• And the US dollar is strengthening.

…read more

Source: WTI Tumbles To $45 Handle As ‘Failed Coup’ Leaves Flows Unhindered

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By Tyler Durden

• Global stocks rise on SoftBank bid for ARM, dollar up vs yen after Turkey crushes coup (Reuters)
• U.S. backs justice for coup plotters but urges Turkey to keep rule of law (Reuters)
• Law and Order Will Be a Big Republican Convention Them (WSJ)
• SoftBank to buy UK chip designer ARM in $32 billion cash deal (Reuters)
• Rate-starved U.S. banks happily gobble mortgage business (Reuters)
• Oil Prices Steady but Products Glut Looms (WSJ)
• Bank of America Profit Tumbles 19% As NIM Hits Record Low, EPS “Beat” On Surge In Cost-Cutting (ZH)
• Obama Decries Baton Rouge Killings of Police as Unrest Mounts (BBG)
• Baton Rouge shooter was ex-Marine who denied ties to any group (Reuters)
• Baton Rouge: A city divided between police and the policed (Reuters)
• EU Said to Eye ‘Nuclear Option’ to Force May’s Hand on Exit (BBG)
• EU reminds Turkey it bound by treaty not to use death penalty (Reuters)
• Traders Reviving Fed Rate-Rise Bets Put a Floor Under the Dollar (BBG)
• Ireland Hits Brexit Alarm in Biggest Foreign Crisis in 50 Years (BBG)
• Trump Sends Dire Warnings to Nervous Nation as Convention Begins (BBG)
• A Globe-Trotting Billionaire Defends Trump’s Trade Policy (BBG)
• LendingClub Names BlackRock’s Dunne Chief Capital Officer (BBG)

Overnight Media Digest

WSJ

– Japan’s SoftBank Group Corp has reached a deal to buy UK-based chip designer ARM Holdings Plc in an all-cash deal valued at more than $32 billion, according to a person familiar with the situation. http://on.wsj.com/2a1olkP

– Volkswagen AG executives in the United States have pledged to compensate hundreds of American franchise dealers who have been damaged by the emissions scandal, according to dealers who met with the company on Friday. http://on.wsj.com/2a1ouon

– At a mid-June dinner with a delegation of Saudi Arabia officials, Deputy Crown Prince Mohammed bin Salman indicated his kingdom aimed to do more Silicon Valley deals like the $3.5 billion investment in Uber Technologies Inc announced two weeks earlier, according to a person who attended the feast hosted at San Francisco’s Fairmont Hotel. http://on.wsj.com/2a1piK0

– A gunman fatally shot three police officers and wounded three others before being killed by police in Baton Rouge, Louisiana, on Sunday morning, the second deadly multiple shooting to target police in 10 days. http://on.wsj.com/1ejfriJ

– The failed coup attempt in Turkey has fueled a sharp conflict with Washington over the fate of a Turkish cleric in the United States, while posing a broader challenge to the West’s efforts to fight terror and promote liberal democracy. http://on.wsj.com/2a1psAT

FT

Bank of England rate-setter Gertjan Vlieghe said on Sunday he had already seen early signs that Britain’s economy is heading for a period of slower economic growth and higher inflation after last month’s Brexit vote.

Last week in London, Iran’s energy minister Hamid Chitchian met representatives of Siemens AG and Rolls-Royce Holdings Plc to discuss partnership in power generation technology. The talks indicate a gradual opening of Iran’s economy following the lifting of international sanctions.

NYT

– SoftBank is nearing a deal to acquire British semiconductor …read more

Source: Frontrunning: July 18

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By Tyler Durden

Submitted by @QTRResearch

Herbalife: Media Materially Misstates FTC Outcome, Icahn Files Potentially Questionable Statement with SEC

• FTC Commissioner Ramirez stated during Friday’s 10AM press conference that press reports claiming the “FTC confirmed Herbalife to not be a pyramid scheme” were inaccurate
• The misleading statement that “the FTC concluded Herbalife was not a pyramid scheme” was in an early morning Carl Icahn press release, subsequently filed with the SEC in a 13D/A
• MLM attorney and advocate for the industry Kevin Thompson stated that this settlement “does not represent the end of the FTC process with Herbalife”
• Adamant Herbalife long John Hempton noted on his blog and on Twitter that “If Herbalife is a pyramid scheme, the conditions imposed will cause it to collapse”
• Substantive risk remains as FTC and Pershing Square engage international jurisdictions with the agency’s findings and the SEC concludes its investigation into the company

Matt Goldstein, New York Times: “Did you review the language in that press release that sort of affirmatively said that they were not declared to be a pyramid scheme? Because they’re sort of touting that as an outright victory.”

FTC Chairwoman Edith Ramirez: “I do not agree with that statement. The word ‘pyramid’ does not appear in our complaint, that is true. But, again – the core facts that we’ve alleged, that we consider to be problematic with their compensation structure are set forth in detail in our complaint and again I will leave to readers to draw their own conclusions – but they were not determined not to have been a pyramid. That would be inaccurate.”

Matt Goldstein, New York Times: “OK, so you don’t endorse their statement in the press”

FTC Chairwoman Edith Ramirez: “I do not endorse that statement.”

The Biggest PR Con Job Ever Seen

On the morning of Friday, July 15, at around 7:43AM EST, headlines that were later in the day proven to be misleading crossed the newswire courtesy of Dow Jones. When the initial headline broke, despite being retracted later in the morning, it was too late: the message had spread like wildfire – and it was downright “inaccurate” to use FTC Chairwoman Edith Ramirez’s terms.

Dow Jones headlines claimed that the FTC had determined “Herbalife is not a pyramid scheme”. The headlines were then picked up by every news outlet in the world, and were disseminated similar to the way Benzinga and others pushed them onto their millions of Twitter followers and website visitors.

Here’s an example of what the narrative was at 7:43AM Friday morning:

Imagine the public’s surprise when FTC commissioner Edith Ramirez got in front of a room at a press conference at 10AM EST and, when confronted that the FTC complaint essentially defines a pyramid scheme, said that “they were not determined not to have been a pyramid. That would be inaccurate.”

Also imagine the surprise of those like myself, who actually read the lawsuit that was to be filed against Herbalife. While the lawsuit does not contain the words “pyramid scheme”, point 148 states:

Let's contrast that …read more

Source: Herbalife: Media Materially Misstates FTC Outcome, Icahn Files Potentially Questionable Statement with SEC

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By Tyler Durden

Submitted by Jim Quinn via The Burning Platform blog,

The statistics in the chart below are representative of every Democrat controlled urban shithole city in America. Obama and his anti-gun activist minions are peddling a false narrative about guns because they understand most Americans are dumber than a sack of hammers and easily manipulated by propaganda. Obama uses every high profile shooting to blame guns, in order to deflect people from seeing the truth. And the truth is guns are not a problem in white America.

It’s only a problem in the urban ghettos with the toughest gun laws run by Democrat mayors and city councils. Chicago is a perfect example of Obama ignoring the real problem. Fifty years of welfare programs and treating black people like victims has created a dysfunctional system leading to hopelessness, crime, and perpetual poverty. Chicago is 32% white, but they commit only 3.5% of the murders. Over 96% of the murders are committed by non-whites. Essentially, it is young black men murdering other black men. White people are not in the equation and are not part of the problem. It’s a black problem framed as a gun problem by Obama and his lying apparatchiks.

There are approximately 8,000 gun related homicides annually in the U.S. The vast majority occur in the urban ghettos and are committed by blacks and hispanics against other blacks and hispanics. They use illegally acquired guns, so more gun laws will do nothing. Their lawless culture, requiring no personal responsibility by those who father children, creates the dysfunction and crime. The urban ghetto kill zones all have the same thing in common – run by liberal Democrats for decades, with poverty created by their welfare policies, dreadful public schools, and a black population who don’t work and take no personal responsibility for their lives or their children.

Here are the murders by city for a sampling of these shitholes:

• Los Angeles – 587
• Chicago – 508
• NYC – 333
• Detroit – 316
• Phila – 248
• Baltimore – 233
• New Orleans – 150
• Indianapolis – 129
• Memphis – 124
• St. Louis – 120
• Newark -112
• Milwaukee – 104
• Washington DC – 103

There are dozens of other shitholes like Camden, Kansas City, Atlanta, Oakland, Pittsburgh, and Miami with extremely high murder rates, and in every case more than 90% are committed by non-whites. Why don’t you hear Obama giving speeches about black communities policing themselves and taking responsibility for the crime, drugs and murder in their neighborhoods? He has no problem with proclamations about white people clinging to their guns in middle America where there are virtually no murders.

The entire gun narrative peddled by liberals is false. The crime rate has been falling for 25 years. There were 24,703 murders in 1991 when the population was 253 million. Murders in 2014 totaled 14,249 with a population of 317 million. The willfully ignorant American public completely buys the falsehoods presented by Obama and believes murders and crime are skyrocketing.

Today, the national crime rate is about half of what it was at its height in 1991. Violent crime has …read more

Source: "Not A White Problem"

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ARM Holdings, one of Britain’s biggest and most successful tech companies, has been purchased by Japanese telecom Softbank for £24.3 billion ($32 billion). …read more

Source: Softbank buys ARM Holdings in $32 billion deal

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ARM Holdings, one of Britain’s biggest and most successful tech companies, has been purchased by Japanese telecom Softbank for £24.3 billion ($32 billion). …read more

Source: Softbank buys Britain’s ARM Holdings

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By Michael Snyder

Does it not seem as though events are starting to accelerate significantly?  Since I warned that something “had shifted” and that things had “suddenly become more serious“, we have seen the worst mass shooting in U.S. history in Orlando, we have seen the massacre of five police officers in Dallas, we have seen the horrifying terror rampage in Nice, and now we have seen the brutal murder of three police officers in Baton Rouge.  On Sunday morning, the peace and quiet in Baton Rouge were shattered when “dozens of shots” erupted less than one mile from police headquarters.  By the end of it, 29-year-old Gavin Eugene Long had killed three officers and seriously wounded three others.  It was a crime fueled by pure hatred, and Long specifically waited for his 29th birthday to launch the attack…

The shooter who killed three law enforcement officers and wounded three others in Baton Rouge, Louisiana, on Sunday was a Missouri man who launched a deadly rampage on his 29th birthday, police sources said.

Gavin Long, who was born on July 17, 1987, was the man who gunned down officers before he was killed in a gunbattle with other officers responding to the shootings.

Two Baton Rouge police officers — ages 41 and 49 — died, said Police Chief Carl Dabadie. The gunman also killed a 45-year-old sheriff’s deputy and critically wounded a 41-year-old deputy who is “fighting for his life,” said East Baton Rouge Parish Sheriff Sid Gautreaux.

So what motivated Long to commit this horrible crime?

Here is what the Daily Caller found…

A Youtube account operated by Gavin Eugene Long and discovered by The Daily Caller reveals key insight into what might have motivated the 29-year-old black man who killed three Baton Rouge police officers Sunday morning.

Videos on Long’s account show that he was a former Nation of Islam member. He also ranted against “crackers” and made references to Alton Sterling, the black man killed by police in Baton Rouge on July 5.

Did Long actually believe that gunning down innocent police officers would honor the memory of Alton Sterling?

Sadly, it appears that there are a lot of other people out there that feel the exact same way that Long did.  In fact, there were a number of people that were openly celebrating the shooting of police officers in Baton Rouge on Twitter and calling for more cops to be killed.

This country is starting to come apart at the seams, and from now on it is going to be very, very dangerous to be a police officer in America.  Perhaps you may not have heard of this yet, but there was actually another plot to kill police officers in Baton Rouge that was foiled ahead of time…

Police in Baton Rouge were on high alert earlier this week after a gang – including boys aged just 12 and 13 – were arrested as they tried to steal handguns as part of a ‘substantial, credible threat’ to harm police officers in Baton …read more

Source: Baton Rouge, Nice, Dallas, Orlando – A Dark And Distressing Time Has Descended Upon The Civilized World

    

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By Tyler Durden

Authored by Eric Zuesse, originally posted at Strategic-Culture.org,

Normally, when the head of the FBI under one President says something like “no reasonable prosecutor would bring such a case?, as the FBI reported regarding Hillary Clinton's emails, that would be the end of the matter; but Clinton actually still isn’t off the prosecutorial hook of this criminal case, unless and until she becomes President herself.

The decision as to whether or not to prosecute her on this matter is not made by the FBI Director, but by the Attorney General. The current one, Loretta Lynch, was appointed by (and holds her job at the discretion of) the man who has endorsed Ms Clinton to become his own successor: the current US President, Barack Obama. If Clinton doesn’t become the next President, the next Attorney General won’t be appointed by Clinton, and that person will then be making any decision as to whether or not to present the Clinton emails case to a grand jury; and, if an indictment results, then to present it to a trial jury.

Even the Obama appointee to be the FBI’s chief, Mr Comey, introduced his statement there, by acknowledging that “there is evidence of potential violations of the statutes regarding the handling of classified information?. As regards his opinion that “no reasonable prosecutor would bring such a case?, reasonable prosecutors already have brought such cases, and they have won convictions on these cases. So, just based on that record, Mr Comey clearly lied there.

The independent journalist who goes by the pseudonym 'Tyler Durden' headlined, only a day after Mr Comey on July 5^th exonerated Ms Clinton, “Meet Bryan Nishimura, Found Guilty For ‘Removal And Retention Of Classified Materials’?, and that conviction was won on the same statute for which Comey as Clinton’s would-be policeman, jury, and judge, has peremptorily exonerated her (exonerated his own next boss if she becomes President). “Durden?, at his famous Zero Hedge site, noted: “Here is the FBI itself, less than a year ago, charging one Bryan H. Nishimura, 50, of Folsom [California], who pleaded guilty to ‘unauthorized removal and retention of classified materials’ without malicious intent, in other words precisely what the FBI alleges Hillary did (h/t@DavidSirota)?. He linked to this case. If that’s not the spitting-image of what Clinton was investigated by the FBI for, then nothing is – but Nishimura did far less of that crime than Clinton did – and yet he was sentenced “to two years of probation, a $7,500 fine, and forfeiture of personal media containing classified materials. Nishimura was further ordered to surrender any currently held security clearance and to never again seek such a clearance?. As America’s President, Ms Clinton wouldn’t even qualify to receive the CIA’s daily national security brief. But, according to Mr Comey, “no reasonable prosecutor would bring such a case?. He simply lied.

Furthermore, even before Comey had announced Clinton’s exoneration, Josh Gersten at Politico had already headlined on 27 May 2016, “Sub sailor’s …read more

Source: Why Hillary Clinton’s Email Case Is Still Not Closed

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By Tyler Durden

Now that a Google april fools’ joke appears to have spawned the zombie apocalypse, one local landlord has finally had enough.

h/t @StigAbell

Then again, where else will the non-Pokemummified part of the population apply all those anti-zombie skills acquired while watching the Walking Dead…

…read more

Source: A Message To Pokemaniacs: "Think About Your Life Choices"

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By Tyler Durden

Submitted by Michael Snyder via The Economic Collapse blog,

Is the United States the most wasteful nation on the entire planet? We are all certainly guilty of wasting food. Whether it is that little bit that you don’t want to eat at the end of a meal, or that produce that you forgot about in the back of the refrigerator that went moldy, the truth is that we could all do better at making sure that good food does not get wasted. It can be tempting to think that wasting food is not a big deal because we have so much of it, but an increasing number of people around the world are really hurting these days. In fact, it has been estimated that there are more than a billion hungry people around the globe right now. So as a society we need to figure out how to waste a whole lot less food and how to get it into the mouths of those that really need it.

According to the U.S. Department of Agriculture, close to a third of all food in the United States gets wasted after it gets to the store. This is commonly referred to as “downstream” waste. When you add all of this “downstream” waste up, it comes to a grand total of 133 billion pounds of food each year…

Nearly a third of the 430 billion pounds of food produced for Americans to eat is wasted, a potential catastrophe for landfills and a wake-up call to officials scrambling to feed the hungry, according to a stunning new report from the Department of Agriculture.

The just-issued report revealed that in 2010, 31 percent, or 133 billion pounds, of food produced for Americans to eat was wasted, either molded or improperly cooked, suffered “natural shrinkage” due to moisture loss, or because people became disinterested in what they purchased.

How many people do you think we could feed with 133 billion pounds of food?

But that isn’t all of the food that we waste. In addition to “downstream” waste, we also have to add “upstream” waste to the equation. Massive amounts of food are wasted each year because American consumers don’t want to eat fruits and vegetables that are “imperfect”. The following comes from the Guardian…

Americans throw away almost as much food as they eat because of a “cult of perfection”, deepening hunger and poverty, and inflicting a heavy toll on the environment.

Vast quantities of fresh produce grown in the US are left in the field to rot, fed to livestock or hauled directly from the field to landfill, because of unrealistic and unyielding cosmetic standards, according to official data and interviews with dozens of farmers, packers, truckers, researchers, campaigners and government officials.

And I know that as a consumer I am guilty of this. …read more

Source: America Wastes Half The Food It Produces While Hunger Runs Rampant Around The Globe

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