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By Tyler Durden

It appears ‘officials’ in Singapore have discovered what US officials know very well. The best way to stop selling pressure is to stop trading and so, as FinExtra reports, with STI beginning to weaken to the day’s lows, a “technical glitch” ended trading on The Singapore Stock Exchange at 1138am local time for the rest of the day. You’ll never guess what happened next!!

Panic-buying in futures!!

This is not the first time…

The lock-out of South East Asia’s largest stock market spoiled the one-year anniversary celebrations of chief executive Loh Boon Chye, who had promised that trading would restart at 2pm and then 4pm before admitting defeat.

The Exchange said that the malfunction was caused by duplicated trade confirmation messages, halting trading in blue chip stocks.

In the last of a series of terse message on the SGX wesbite, the bourse states: “SGX informs that the securities market will not resume trading at 1600 hours and will not re-open today.”

No further explanations or reassurances about the prospect for a restart have been divulged.

In June last year, the Exchange was forced to spend S$20 million upgrading its technology and freeze its fees after being reprimanded by the city state’s regulator over two outages in the space of a month.

In November the bourse was hit by a power failure that stopped stock and derivatives trading. Just a month later a software error saw the opening of trading delayed by more than three hours.

And given the success today, it won’t be the last.

…read more

Source: Singapore Market "Glitch" Sends Stocks Soaring

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The future of the technology industry could depend on a messaging app that few in the U.S. have ever used. …read more

Source: What you need to know about the year’s biggest tech IPO

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By Tyler Durden

Submitted by Michael Shedlock via MishTalk.com,

Roughly half the municipal employees in Boscotrecase, Italy (population 11,000) have been arrested for fraud.

The employees clock in, sometimes for each other (with boxes over their heads), but don’t show up for work.

The arrested are accused of fraud against the state. As a result, there are not enough people to run the town. Services are shut down.

Please consider Not Enough Staff to Run Italian Town after Arrests for Bunking Off Work.

The mayor of a small town outside Naples had to shut down most municipal offices after police arrested 23 of his staff in the latest revelations of absenteeism in Italy’s public sector.

Staff were filmed clocking in and then leaving to go about their personal business or using multiple swipe cards to register absent colleagues, police said, in scenes that have become familiar after numerous similar scandals.

A police video showed one man trying to tamper with a security camera and then putting a cardboard box over his head to hide his identity before swiping two cards.

Police arrested around half of all employees in the town hall offices of Boscotrecase following a weeks-long investigation that they said revealed 200 cases of absenteeism involving 30 people.

“I’ll probably have to shut down the town hall,” Pietro Carotenuto, elected a month ago as mayor of the town of 11,000 people, told Sky Italia.

Those arrested, accused of fraud against the state, included the head of the local traffic police and the head of the town’s accounting department.

Warning: Don’t Try This at Home

…read more

Source: Half Of Municipal Employees In Small Italy Town Arrested For Fraud

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Delta takes a hit from the plunge in the value of the pound after Brexit and responds by cutting U.S.-U.K. flights. …read more

Source: Delta cutting flights due to Brexit

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By Tyler Durden

With markets pricing in an 86% chance of a rate-cut (compared to 11% pre-Brexit) and hopes high for some form of increased QE, Bank of England’s Carney had highly dovish expectations to live up to today. Cable and FTSE were both rallying into the decision (with Gilt yields slightly higher). Given that there has been little post-Brexit data to show any effects, Carney appears to have decided to wait…

• *BOE VOTES 9-0 TO KEEP ASSET-PURCHASE FACILITY AT 375B POUNDS
• *BOE VOTES 8-1 TO KEEP RATE AT 0.5%; VLIEGHE WANTED 25BPS CUT
• *BOE SAYS MOST OFFICIALS EXPECT POLICY LOOSENING IN AUGUST

And offeres hope for an August cut – after more data is available.

The pound is spiking on this disappointment – up 2.5%.

Stocks and bonds are both lower…

• *U.K. TWO-YEAR GILT EXTENDS DROP; YIELD UP 4 BPS TO 0.15%
• *FTSE 100 PARES GAIN AS BOE MAINTAINS BENCHMARK INTEREST RATE

So considering expectations:

DID THE MPC CUT RATES, BY HOW MUCH?
The probability of a 25bp BOE rate cut today is about 78%, money-market pricing shows.
A slim majority of analysts surveyed by Bloomberg expect a cut as soon as today; 23 see rates on hold, 25 see a 25bps decrease while 2 see a 40bps cut, another 2 expect a 45bps cut, and 2 see a cut to zero
There’s been little hard data to show how the U.K.’s decision to leave the EU has affected the economy but consensus is that it will weaken, especially if negotiations become drawn out
And Governor Carney warned there’s a prospect of a material slowing of the economy and his stance at the Bank of Canada was to act early to prevent a deeper downturn

HOW SPLIT WERE THE VOTES?
Given heightened expectations of a rate cut in short- sterling markets, but mixed views about whether the case for easing is proven yet, all eyes will be on the split — whether the bank cuts today or not
The bank publishes new quarterly forecasts for growth and inflation next month; some policy makers may prefer to wait for that analysis before taking action
Carney has expressed caution about rate cuts given the likely impact on bank margins and there’s a broader discussion about what easing measures central banks should prioritize in the future; this could be reflected in this week’s vote

WHAT ABOUT QE?
The majority of economists, 40 out of 43, expect the Bank to leave its asset purchase facility unchanged at GBP375b
It’s likely though that the U.K.’s rate-setters discussed what other easing options it has at its disposal, including a relaunch of its credit easing program

The MPC Statement is a big disappointment:

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target and in a way that helps to sustain growth and employment. At its meeting ending on 13 July 2016, the MPC voted by a majority of 8-1 to maintain Bank Rate at 0.5%, with one member voting for a cut in Bank Rate to 0.25%. …read more

Source: Sterling Jumps As Bank Of England Disappoints – Holds Rate Unchanged, No New QE

    

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By Tyler Durden

Submitted by John Rubino via DollarCollapse.com,

As the abject failures of the past few years’ monetary experiments became apparent, it was clear that something else would have to be tried. The only questions were when this would happen and how crazy the next iteration would be. Both answers are now coming into focus, and they’re looking like “soon” and “really, really crazy.”

Beginning with the most enthusiastic experimenter, Japan just reelected Shinzo Abe, of “Abenomics” fame, by a landslide, setting him free to turbo-charge his policy of massive government deficits fueled by unprecedented currency creation:

Abe orders drafting of new stimulus package to breathe life into Japan’s economy

(Japan Times) – Prime Minister Shinzo Abe ordered economic revitalization minister Nobuteru Ishihara on Tuesday to draft a range of economic measures to bust deflation and raise Japan’s growth potential, including with a supplementary budget for fiscal 2016.

The government will submit the budget draft for fiscal 2016 to an extraordinary Diet session this fall, Ishihara told a news conference later in the day.

Ishihara declined to comment on the size of the economic measures, saying that will be decided at the end of the month using a “bottom-up approach.”

On Tuesday, the Nikkei financial newspaper reported the projects are likely to be worth about ?10 trillion, including the supplementary budget and government-backed loans to businesses.

Ishihara said the budgets will likely benefit workers at nurseries and day care services for the elderly, but he declined to give any further details.

“The aim of the economic measures is to make investments for the future,” Ishihara said.

However, the list of planned projects also includes public works projects that are often used as sweeteners for the construction industry and to reward local politicians who helped secure the LDP’s election victory.

In a written instruction to Ishihara, Abe ordered the minister to accelerate construction of maglev railway lines and to expand the nation’s shinkansen bullet train network.

There will also be spending on measures to help farmers and fishermen export their products, the paper said.

Abe urged Ishihara to take advantage of the negative interest policy recently introduced by the Bank of Japan, which would lower borrowing costs for the already debt-ridden government.

This means Ishihara was urged to issue more public bonds to finance the projects, further adding to government debt.

Japan’s public debt amounts to more than 200 percent of gross domestic product, the highest of all developed countries.

But Ishihara emphasized that the government needs to do what it can to stimulate the economy and end deflation, which would then lead to economic growth and lower the ratio of debt to GDP.

Meanwhile Britain, post-Brexit, is a logical candidate for preemptive easing. And sure enough…

Carney Opens Lehman Playbook at Bank of England

(Bloomberg) – Mark Carney looks poised to repeat a strategy that served him well during the global financial crisis.

As the Bank of England governor seeks to stave off any turmoil after Britain’s decision to quit the European Union, …read more

Source: "Soon" And "Really, Really Crazy": Starting Up The Helicopters

    

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A Chinese citizen has been sentenced to nearly four years in prison by a U.S. district court after pleading guilty to hacking into the networks of U.S. defense contractors and colluding to steal sensitive military data. …read more

Source: Hacker found guilty of stealing defense tech sentenced

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Alphabet-owned Nest has had a rough year, but now it’s trying to move forward with an outdoor version of its connected Nest Cam security camera. …read more

Source: Nest finally has a new product … but don’t get too excited

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By globalintelhub

Money doesn’t exist – as we explain in Splitting Pennies. Money is an idea, an abstraction – a belief system. A dogma. So is a country. In fact, a country IS a currency. EU nations have given up their sovereignty to join the Euro (and we see how well that’s working out for them).

Brexit made a lot of money for FX traders, but planted a seed in the masses that change is possible (we’ll see, if the British government actually goes through with Brexit..) Countries are born, and die. As far as countries go, the United States of America (USA) is actually one of the world’s oldest countries. Actually there’s only a small handful of older countries, such as San Marino (1600), Vatican City (1274), and the United Kingdom (1707). USA changed the global political landscape in many ways, especially during the 20th century – not only directly (through invasive foreign policy) but by example. USA was one of the first ‘superstates’ – now such superstates are common (the EU being one). USA was the first country to detach from cultural or ethnic identity, Americans were a mix of Europeans and others. So, what has USA become – does Television define what USA is? No, it’s just a powerful control mechanism. Millions of Americans don’t watch TV. In fact, for the majority of residents in USA, they are completely oblivious to how the other 99% live. Not everyone lives in Midtown and works for a prop shop. Not everyone lives in the burbs. But if you do – it seems that – this is America! We define the outside world by what we see inside our own. Which is a big mistake, but at least we have freedom to do it (so they tell us).

Through the evolution of the global system, USA became a big business, a big corporation. America, Inc. is the largest employer in the world. What the US government actually does is a mystery to many analysts in the world, but one thing is for sure – they create employment. US Citizens who can’t find reasonable jobs, and can’t teach, usually end up working for the government. According to government data (here’s the need for a governemnt job, compiling data on how many jobs), about 4.1 Million work for the government, down from it’s 1970 peak of 6 Million +. Jimmy Buffet has a song “Everyone has a cousin in Miami” which is basically true for 99% of Americans – also everyone has a cousin that works for the government. This business runs very well. It greases all the right palms. That’s why it exists. Not because of voters. Corporation America is a global octopus of trade. It’s a form of uber Facism – words can’t describe the system we have now …read more

Source: Endgame for Corporation USA without Trump

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Craig Sager, Turner’s NBA sideline reporter, gave an impassioned speech about his fight with cancer at Wednesday ESPYs. …read more

Source: Craig Sager on cancer battle: ‘I will never give up’

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