Banks dismiss claims they helped hide money
Panama Papers: Global banks have rejected reports that they helped their clients hide money offshore.
Source: Banks dismiss claims they helped hide money
Archive for the ‘Uncategorized’ Category
Atlanta Fed Q1 GDP Estimate Crashes To 0.4%
By Tyler Durden
Following this morning’s disappointing trade data (but… but… surveys showed that the workers in the service sector are more optimistic… just ignore the actual hard data) we asked if today’s Atlanta Fed GDP update would be above or below 0.3%.
Atlanta Fed Q1 GDP update today: over/under on 0.3%
— zerohedge (@zerohedge) April 5, 2016
Moments ago we got the answer: it was over, but by the smallest possible increment. And the answer is….
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2016 is 0.4 percent on April 5, down from 0.7 percent on April 1. After yesterday morning’s light vehicle sales release from the U.S. Bureau of Economic Analysis and the manufacturing report from the U.S. Bureau of the Census, the forecast for real GDP growth declined from 0.7 percent to 0.4 percent due to declines in the forecasts for real consumer spending growth and real equipment investment growth. The forecast for real GDP growth remained at 0.4 percent after this morning’s international trade report from the U.S. Census Bureau, as a slight decline in the forecast for real net exports was offset by a slight increase in the forecast of real equipment investment growth.
Source: Atlanta Fed Q1 GDP Estimate Crashes To 0.4%
26-year-old hacker gets $3M for self-driving startup
George Hotz made a name for himself by hacking the iPhone when he was just 17. He went on to work for companies like Google and Facebook and now he’s behind an autonomous driving kit that just closed $3.1 million from Andreessen Horowitz.
Source: 26-year-old hacker gets $3M for self-driving startup
Valeant Stock Soars After Its Own Board Clears Itself Of Any More Wrongdoing, Will File 10-K
By Tyler Durden
Valeant may be on the verge of a
We doubt this price will last.
Source: Valeant Stock Soars After Its Own Board Clears Itself Of Any More Wrongdoing, Will File 10-K
Treasury rules throw $160B merger into doubt
Shares in Allergan are crashing premarket after the U.S. Treasury announced new rules that could dissuade Pfizer from finalizing its takeover of the Irish Botox maker.
Source: Treasury rules throw $160B merger into doubt
Is The Allergan-Pfizer Deal Over? What Wall Street Thinks
By Tyler Durden
Yesterday’s stunning announcement by the US Treasury, which released a report titled “Treasury Announces Additional Action to Curb Inversions, Address Earnings Stripping“, and which was clearly aimed at ending not only all tax inversions, but the biggest pharma M&A deal in history, Pfizer’s tax-inverting takeover of Allergan (pardon Actavis) hit AGN like a ton of bricks, sending the stock crashing 20%.
As we previewed last night, we expect numerous M&A arbs to be puking up blood this morning, following the biggest spread blow out in recent history in a $100+ billion deal that involved virtually everyone, from plain vanilla funds to the fastest of the fast money.
But is the deal over? Here are some Wall Street opinions (via BBG).
Citi: “Deal likely to be over”
- U.S. ownership of combined Pfizer-Allergan will probably approach and may exceed 80% threshold under new Treasury Dept. regulation, “likely precluding” deal from taking place as an inversion, Citi analyst Liav Abraham says in note.
- Even if domestic ownership is in 60%-80% range, Citi says PFE would probably have difficulty importing its offshore cash balances, providing sufficient cause for the deal not to move forward
- Expects AGN will see multiple contraction over near term as deal had insulated stock from recent multiple contraction in specialty pharma; says AGN warrants premium to peer group due to earnings quality, growth profile and balance sheet,
Evercore ISI: “Pfizer-Allergan deal trading like it’s “95% dead”
- Arbs focused on 3-year look back provision for AGN acquisitions, whether co. will be viewed as appropriately sized for a deal, Evercore ISI analyst Mark Schoenebaum says in note
- Arbs note that the Treasury Dept. regulations released Monday are “proposals” and aren’t “implemented;” unclear whether cos. would litigate damages
- Deal includes clause that may require only $400m breakup fee on “adverse changes in tax law,” Evercore ISI analyst Umer Raffat writes
Bernstein: “distinct possibility” regs don’t end up jeopardizing the PFE-AGN deal
- Bernstein analyst Tim Anderson says in note that there’s a “distinct possibility” that the new Treasury regs don’t end up jeopardizing the PFE-AGN deal
- If AGN pact falls through, PFE could revisit AstraZeneca or Glaxo if rules don’t squash appetite for inversion deals
Jefferies: “Treasury may derail the PFE-AGN deal“
- Jefferies analysts led by Jeffrey Holford say in note that Treasury action may derail the PFE-AGN deal and could spell the end of PFE’s inversion attempts
* * *
But the best summary of what just happened comes from Goldman’s Alec Phillip, as explained in his overnight note “Treasury Releases New Inversion-Focused Tax Regulations.” The implications are substantial not only for Allergan, but the entire inversion space.
From Goldman:
BOTTOM LINE: The Treasury has released regulations that might increase the effective tax rate of foreign companies operating in the US and would put further restrictions on some pending and future corporate inversion transactions.
MAIN POINTS:
1. The Treasury released stronger-than-expected changes to tax rules related …read more
Source: Is The Allergan-Pfizer Deal Over? What Wall Street Thinks
2018 – SDR World Currency Backed with Gold
By Sprott Money
Yes, that’s right, the President is teaching us about the economy and how we should “go shopping more”. Spend, spend, spend. What ever happened to save, save, save? Anyone remember “a penny saved is a penny earned“? We never hear any wisdom about the economy, money or the virtues of saving. You do remember what a virtue is, right?
When I sat down to discuss the economy, gold and global events with Jim Rickards, Agora Financial, we peered behind the curtain to see what China and Russia are doing, individually and collectively.
There is a subject that is so far off the radar by the mainstream media, independent media and, basically any media in the West that Mr. Rickards was somewhat surprised when I ask him about it. The Shanghai Cooperation Organization (SCO) is one of the most important developments in the last fifty years. This plan, which encompasses over 50% of the global population and over 70% of the natural resources on this planet, has been completely overlooked, with few exceptions, for many years.
China and Russia sit at the head of this gigantic organization and the implications for the West are many and far reaching. The monetary infrastructure, that is already in place, has the capacity to make void all Western world banking, financial and economic activity. The strategic alliance the SCO represents has the exact same implications regarding geopolitical situations and war. Look at how Russia developed a plan, executed that plan and was able to cripple “ISIS” in five months. The United States and it’s allies have been unable to accomplish this goal in fifteen years! That’s a force to be reckoned with. What makes you think the monetary infrastructure that China and Russia have in place can’t accomplish the same goal on the “monetary battle ground”? While we continue ignoring the most significant monetary and strategic developments, in our lifetime, we are only fooling ourselves that tomorrow will function the same as today. Tomorrow is already here, we just haven’t awakened to hear the news.
Let’s listen in and allow Mr. Rickards to give the details on gold, the SCO and what this means to all of us in the coming years.
Please email with any questions about this article or precious metals HERE
Jim Rickards: 2018 – SDR World Currency Backed with Gold
Posted with permission and written by Rory Hall, The Daily Coin (CLICK FOR ORIGINAL)
Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has …read more
Source: 2018 – SDR World Currency Backed with Gold
Tesla finally on track with Model X production
Tesla says production of Model X crossover finally up to 750 a week, as it finally gets past early production woes.
Source: Tesla finally on track with Model X production
India’s economy just got a shot in the arm
India’s central bank slashed interest rates on Tuesday, delivering a stimulus jolt to the world’s fastest-growing large economy.
Source: India’s economy just got a shot in the arm
