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Archive for the ‘Uncategorized’ Category

More Banker Layoffs: RBS To Cut Another 900 Jobs

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By Tyler Durden

Bank layoffs are now coming at a rapid pace in what is a clear sign of desperation by the firms to cut costs enough to keep shareholders happy as NIRP continues to hammer bank profits.

On the heels of Bank of America announcing that 8,000 employees would be fired last week, we now learn that RBS will be cutting 900 jobs as well, in areas such as IT and other back office positions that support the commercial, retail and private bank will be cut in Britain. The latest round of cuts takes the total number of layoffs in the last four months to roughly 5% of the bank's british workforce, as at least 2,700 staff across the country have been let go since the beginning of March according to Reuters.

As we noted earlier this year, RBS reported its eighth consecutive annual loss in 2015, and the bank which is 73% state owned after a $64 billion bailout, is trying desperately to restructure itself in order to return to profitability.

Sources tell Reuters that more layoffs are expected to be announced in the coming months as well.

“We understand how difficult this is for our staff and will be offering as much support as we can including redeploying to other roles where possible” the bank said in a statement.

* * *

In summary, even after the massive amount of bank layoffs that have taken place we can expect even more in the future as growth strategies have clearly turned to cost cutting strategies in order to conserve any type of profit in this healthy global economy.

…read more

Source: More Banker Layoffs: RBS To Cut Another 900 Jobs

    

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Treasurer: Gender equality fight ‘has taken steps back’

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U.S. Treasurer Rosie Rios, the woman who fought to get a woman on the $20 bill, fears that the fight for gender equality has “taken a step back.” Here’s her advice for other women. …read more

Source: Treasurer: Gender equality fight ‘has taken steps back’

    

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New drone rules could curtail cell tower deaths

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With new rules for commercial drones, robots can replace humans in dangerous jobs. …read more

Source: New drone rules could curtail cell tower deaths

    

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Stocks Steady Amid Brexit Bounce, Yellen Yawn, & Copper Chaos

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By Tyler Durden

Seemed appropriate…

The polls and the bookies are very far apart…

Which impacted Cable but stocks didn't care…

Equity market volume was abysmal…

Stocks really went nowhere today with Trannies and Small Caps underperforming…

But are still up notably from the moment Jo Cox death was announced…

Short-term vol soared… (VIX tagged 19 briefly but STVX surged)

Treasury yields pushed higher across the complex again today, not helped by an ugly 5Y auction…but ended only 1-2bps higher

Following this morning's poll – with a rise in “Leave” votes – Cable sold off and US Dollar rallied for the first time in 5 days…

Cable gone nowhere in 36 hours…

This is anything but over – ST Cable vol is spiking vs 1m Vol.

Commodities were mixed as USD strength kept a lid on PMs while copper and crude surged into expiration….

And finally, copper prices surged by the most in 6 months in the last 2 days. Of course the “Bremain” rally helped but, given the expiration of the July contract – and the fact that someone had basically cornered the copper market – we suspect this surge is much more technical forced-in buyers than anything 'fundamental'. Based on Bloomberg's prices, July drastically outperformed Sept futures today into its expiration…

And crude round tripped (ahead of tonight's API report) on the back of denied reports of a ceasefire between militants and the government in Nigeria…

Charts: Bloomberg

…read more

Source: Stocks Steady Amid Brexit Bounce, Yellen Yawn, & Copper Chaos

    

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California faces summer blackout risk amid gas shortage

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Southern California’s already-strained electric grid faces even more pressure during this summer’s heat waves due to a natural gas shortage. …read more

Source: California faces summer blackout risk amid gas shortage

    

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TEPCO Admits Cover-Up Of Fukushima Meltdown

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By Tyler Durden

Back in 2011, whenever anyone accused Japan’s energy company Tepco and government of covering up the scale and severity of the Fukushima nuclear disaster, they were promptly accused of being conspiracy theorists. After all, the “argument” went, no serious organization would dare to do that, especially when millions of people’s lives were at stake.

Today, over five years later, we got confirmation that yet another “conspiracy theory” was just another “fact”, when the president of TEPCO, Naomi Hirose, admitted on NHK that his company concealed the reactor meltdowns at its Fukushima Daiichi nuclear plant immediately after the March 2011 earthquake and tsunami. Hirose also confirmed that TEPCO ordered not to use the word “core meltdown” when referring to what happened at the crippled plant. In fact, the utility did not officially admit the meltdowns until more than 2 months after the accident. The announcement came a week after a scandalous report claimed that Japanese government and TEPCO hushed up the tragedy.

“I would say it was a cover-up,” Hirose told a news conference. “It’s extremely regrettable.”

Naomi Hirose, TEPCO president

And while it remains to be seen how many thousands of innocent Japanese will die from cancer as a result of this unprecedented scandal, the truth is that it was not entirely TEPCO’s fault. Earlier in June a report emerged that then-President of TEPCO Masataka Shimizu told employees not to use the word “meltdown.” The decision was allegedly made under pressure from the Japanese government.

According to the document, someone in the government headed by Prime Minister Naoto Kan of the Democratic Party of Japan wanted the tragedy hushed up. On March 14, only three days after the catastrophe, Shimizu sent a note to company Vice-President Sakae Muto, warning him not to say “meltdown,” the report claimed. Muto was heading to a panel to discuss the crisis.

This is just another example of a “developed” government which is supposed to protect its people, willfully and directly putting millions in harm’s way in order to give the false impression that things are better than they are.

“Considering this fact, it is presumable that the Prime Minister’s Office requested Shimizu to be careful about admitting to a meltdown in public,” the report said, as cited by the Japan Times.

According to Yasuhisa Tanaka, who headed the panel which contributed to the report, a hearing with dozens of TEPCO employees was conducted. However, he didn’t talk to anyone from the government.

Of course, even when caught lying, the government can’t stop itself from digging an even deeper hole: “Looking at the situation back then, we think it was difficult for TEPCO to use the term meltdown because even the Nuclear and Industrial Safety Agency couldn’t use it,” due to apparent government pressure, Tanaka said.

In fact the first time TEPCO used the word “meltdown” was May 15, 2011, over two months after the tragedy. The company preferred to use “core damage” about the reactor that was severely damaged in the …read more

Source: TEPCO Admits Cover-Up Of Fukushima Meltdown

    

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TEPCO Admits Cover-Up Of Fukushima Meltdown

Find The Lowest Price HERE


By Tyler Durden

Back in 2011, whenever anyone accused Japan’s energy company Tepco and government of covering up the scale and severity of the Fukushima nuclear disaster, they were promptly accused of being conspiracy theorists. After all, the “argument” went, no serious organization would dare to do that, especially when millions of people’s lives were at stake.

Today, over five years later, we got confirmation that yet another “conspiracy theory” was just another “fact”, when the president of TEPCO, Naomi Hirose, admitted on NHK that his company concealed the reactor meltdowns at its Fukushima Daiichi nuclear plant immediately after the March 2011 earthquake and tsunami. Hirose also confirmed that TEPCO ordered not to use the word “core meltdown” when referring to what happened at the crippled plant. In fact, the utility did not officially admit the meltdowns until more than 2 months after the accident. The announcement came a week after a scandalous report claimed that Japanese government and TEPCO hushed up the tragedy.

“I would say it was a cover-up,” Hirose told a news conference. “It’s extremely regrettable.”

Naomi Hirose, TEPCO president

And while it remains to be seen how many thousands of innocent Japanese will die from cancer as a result of this unprecedented scandal, the truth is that it was not entirely TEPCO’s fault. Earlier in June a report emerged that then-President of TEPCO Masataka Shimizu told employees not to use the word “meltdown.” The decision was allegedly made under pressure from the Japanese government.

According to the document, someone in the government headed by Prime Minister Naoto Kan of the Democratic Party of Japan wanted the tragedy hushed up. On March 14, only three days after the catastrophe, Shimizu sent a note to company Vice-President Sakae Muto, warning him not to say “meltdown,” the report claimed. Muto was heading to a panel to discuss the crisis.

This is just another example of a “developed” government which is supposed to protect its people, willfully and directly putting millions in harm’s way in order to give the false impression that things are better than they are.

“Considering this fact, it is presumable that the Prime Minister’s Office requested Shimizu to be careful about admitting to a meltdown in public,” the report said, as cited by the Japan Times.

According to Yasuhisa Tanaka, who headed the panel which contributed to the report, a hearing with dozens of TEPCO employees was conducted. However, he didn’t talk to anyone from the government.

Of course, even when caught lying, the government can’t stop itself from digging an even deeper hole: “Looking at the situation back then, we think it was difficult for TEPCO to use the term meltdown because even the Nuclear and Industrial Safety Agency couldn’t use it,” due to apparent government pressure, Tanaka said.

In fact the first time TEPCO used the word “meltdown” was May 15, 2011, over two months after the tragedy. The company preferred to use “core damage” about the reactor that was severely damaged in the …read more

Source: TEPCO Admits Cover-Up Of Fukushima Meltdown

    

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Ugly, Tailing 5 Year Auction Sees Lowest Bid To Cover Since 2009

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By Tyler Durden

If yesterday’s 2 Year auction was at best mediocre, today’s auction of $34 billion in 5 Year paper was downright woeful. The high yield of 1.218% tailed the When Issued by a whopping 1.3bps, suggesting far less interest than the market expected. This was confirmed by a look at the fundamentals, which showed a Bid to Cover of just 2.29, far below last month’s 2.60 and below the 12month average of 2.45%. In fact, the Bid to Cover was the lowest since 2009.

That was not all: the Direct Bid collapsed from 11.6% in May to a puny 3.7%, the lowest since June 2013, and with Indirects taking down a below average 57.2%, this mean that Dealers had to take down 39.1%, the highest since August 2015.

The poor auction promptly repriced the curve, sending 10Y yields to their intraday highs.

One factor that may have contibuted to today’s especially ugly auction is that nothing was trading special in repo, which however is how it should be. A more likely explanation is that having feasted on Treasuries ahead of the Brexit vote, with risk on breaking out, there is suddenly an air pocket in demand for Treasuries.

…read more

Source: Ugly, Tailing 5 Year Auction Sees Lowest Bid To Cover Since 2009

    

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The Investing Legends Are Preparing For a Crash

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By Phoenix Capital Research

Stocks exploded higher last week on hopes that the tragedy in Britain would not result in a Brexit.

The ramp job continued into Monday morning… but there it ended. Stocks erupted higher Monday morning but then gradually gave back most of their gains.

The fact of the matter is Brexit or no, the world is facing a huge amount of negative developments.

Globally over $10 trillion in bonds are trading with negative yields. This, in of itself, is the makings of a tremendous crisis. With negative yields, bondholders are forced to pay the issuer for the right to lend money.

However, the far bigger issue is the $200+ trillion in interest rate based derivatives. The big banks use sovereign bonds, such as German Bunds, as collateral to backstop the derivatives markets.

Globally over $10 trillion in bonds are trading with negative yields. This, in of itself, is the makings of a tremendous crisis. With negative yields, bondholders are forced to pay the issuer for the right to lend money.

However, the far bigger issue is the $500+ trillion in interest rate based derivatives. The big banks use sovereign bonds, such as German Bunds, as collateral to backstop the derivatives markets.

With the number of bonds with negative yields growing daily, the derivatives markets are forced to price in yields at levels never before seen by humanity.

This is a ticking time bomb waiting to go off. No less than the Bond King Bill Gross has stated that we're heading for a massive crisis. Investing legends Carl Icahn, George Soros, and Stanley Druckenmiller are all taking out MASSIVE trades to profit from a market collapse.

Say what you will about any of these individuals, ALL of them are masters of the financial markets. And ALL of them are preparing for a CRASH.

On that note, we are already preparing our clients for this with a 21-page investment report titled the Stock Market Crash Survival Guide.

In it, we outline the coming crash will unfold…which investments will perform best… and how to take out “crash” insurance trades that will pay out huge returns during a market collapse.

We are giving away just 1,000 copies of this report for FREE to the public.

To pick up yours, swing by:

https://www.phoenixcapitalmarketing.com/stockmarketcrash.html

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

…read more

Source: The Investing Legends Are Preparing For a Crash

    

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Hyperloop One wants to expand to Moscow

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Hyperloop One signed an agreement with Moscow to explore adding “high capacity passenger systems” to the city’s transit. …read more

Source: Hyperloop One wants to expand to Moscow

    

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