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: Hacker gets $3M for self-driving car startup
By Tyler Durden
While much of the media has been focusing on the Panama Papers allegations surrounding “close friends” of Russian president Vladimir Putin, one person who has been directly named as implicated in offshore tax scandal is Ukraine’s billionaire president, Petro Poroshenko.
This is what the
ICIJ laid out the following Share Register facsimile for Prime Asset Partners and Memorandum of sole director as evidence of Poroshenko’s involvement:
Moments ago, Poroshenko had a “response” both the local and international community: this is what he said.
I believe I might be the first top official in Ukraine who treats declaring of assets, paying taxes, conflict of interest issues seriously
— ????? ????????? (@poroshenko) April 4, 2016
It may take more than a tweet to convince his fellow citizens, however. Ukraine’s Podrobnosti reports that Oleh Lyashko’s Radical Party has initiated the beginning of impeachment process of Poroshenko and is seeking to establish a special investigative commission in the parliament to investigate his alleged offshore holdings.
Source: Ukraine President Poroshenko Responds To Money Laundering Allegations
Air France is letting female air hostesses and pilots opt-out of flights to Iran over concerns about the country’s strict dress code and headscarf rules.
Source: Air France crew can opt out of Iran due to dress code
By Tyler Durden
Morgan Stanley’s Adam Parker double, quasi-metamorphosis from bear to full fledged bull (as of about two years ago), and then back to outright skeptic (as of a month ago), has been a sight to behold, or perhaps text to read. Two months ago he admitted that “Our Advice Has Been Horrendous”, blaming “Bizarro World”, and then one month ago he sink deeper into cognitive dissonance when he advised “When You Think Of Something, Do The Opposite.”
His latest report, in which he tries to justify his ongoing bearish stance (or maybe it’s bullish – we aren’t sure after reading the note below), is not only no less bizarre, it is downright schizophrenic as you can read below, because not only does he compare chasers of the current market rally to cockroaches, and says that “we are in “sell the rip,” not “buy the dip” mode for US equities” adding that “for now, we want to be cockroaches so we can survive, but we are only human”, and then completely loses it when saying “we don’t want to be cockroaches, even though that has been the right strategy year-to-date.“
Alas, we can not do full justice to his latest stream of consciousness, so here it is:
Cockroaches survive because they travel with the wind at their backs, not into the wind, reversing course when the wind changes directions so they don’t fight the elements. Their adaptability has enabled cockroaches to survive nuclear explosions and even function for long periods of time with their heads cut off. Most investors want to survive, but prefer to keep their heads on during the process. Certainly the investors who have done well this year have been acting like cockroaches, reversing course when the winds changed direction in mid-February. The fundamentals haven’t really changed that much, but prices certainly have. The cockroach mindset is admittedly tempting during sustained “gusts” like those the market has experienced over the last 7 weeks.
Then things get bizarre. Initially, Parker says that he refuses to be a cockroach, and that he has been bullish…
Try as we might, however, we just can’t be cockroaches: we remained bullish early in 2016, while markets sank, and we are increasingly cautious now, as markets have roared back to essentially all-time highs. Our natural disposition is always tilted towards anticipating (or at least trying to anticipate) wind shifts, rather than simply reacting to the change. It was certainly painful for us to remain bullish in January and into early February when the market continued to decline, as we were in essence crawling into the wind at that point. Obviously, we are now happy we stayed the course and remained positive, but there is no doubt that our heads almost blew off. But today, given the huge market rally, we can’t help but start wondering when we will get the next reversal, and when we should become more cautious again. …read more
Source: In Bizarre, Schizophrenic Note Morgan Stanley Compares Rally Chasers To "Cockroaches"
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By Tyler Durden
In 60 years, the US economy has not suffered a 16-month continuous YoY drop in Factory orders without being in recession. Moments ago the Department of Commerce confirmed that this is precisely what the US economy did, when factory orders not only dropped for the 16th consecutive month Y/Y, after declining 1.7% from last month…
… but at $454 billion for the headline number, this was the lowest print since the summer of 2011.
Market reaction: stocks rebound on the news and are now well in the green.
Source: Manufacturing Recession Deepens: Factory Orders Drop To Five Year Low; 16 Consecutive Declines
By Tyler Durden
As
In the case of Iceland’s prime minister, we may get the answer as soon as this afternoon.
Source: Iceland PM Refuses To Resign, Faces No Confidence Vote Following "Panama Papers" Scandal
By Tyler Durden
The territorial scramble for various resource rich areas in the East/South China Sea and specifically the Spratly islands has been a major point of contention involving China and most of its regional neighbors, recently expanding to the US which is determined not to let China have the upper hand, for nearly two years now, with occasional episodes of escalation that threaten the regional peace. One such episode took place on Thursday of last week when the Vietnamese coast guard seized a Chinese vessel for intruding into its territorial waters, according to a local report Saturday.
As the Nikkei reports, in a rare move for Vietnamese authorities against a Chinese vessel, the coast guard in the northern port city of Haiphong seized the ship carrying diesel fuel in the infamous Gulf of Tonkin on Thursday.
The WSJ adds that Border Defense Force of Haiphong City found the vessel carrying 100,000 liters of diesel oil Thursday near Vietnam’s Bach Long Vi Island in the Gulf of Tonkin, reported the An Ninh Thu Do newspaper, which is run by Hanoi Police Department. After seizing it, the force towed the ship to the city.
The paper said Vietnamese authorities are investigating the case.
The captain of the Chinese ship admitted to the intrusion, telling Vietnamese officials the ship was carrying fuel for Chinese fishing boats operating in Vietnamese waters, according to the report.
This is the biggest territorial escalation between the two countries since 2014 when China towed an oil rig to disputed waters in the South China Sea in 2014, triggering dangerous boat ramming and anti-China riots in Vietnam.
Officials from Vietnam and China haven’t yet commented on the seizure.
Source: Vietnam Seizes Chinese Ship In Gulf Of Tonkin
By Tyler Durden
The territorial scramble for various resource rich areas in the East/South China Sea and specifically the Spratly islands has been a major point of contention involving China and most of its regional neighbors, recently expanding to the US which is determined not to let China have the upper hand, for nearly two years now, with occasional episodes of escalation that threaten the regional peace. One such episode took place on Thursday of last week when the Vietnamese coast guard seized a Chinese vessel for intruding into its territorial waters, according to a local report Saturday.
As the Nikkei reports, in a rare move for Vietnamese authorities against a Chinese vessel, the coast guard in the northern port city of Haiphong seized the ship carrying diesel fuel in the infamous Gulf of Tonkin on Thursday.
The WSJ adds that Border Defense Force of Haiphong City found the vessel carrying 100,000 liters of diesel oil Thursday near Vietnam’s Bach Long Vi Island in the Gulf of Tonkin, reported the An Ninh Thu Do newspaper, which is run by Hanoi Police Department. After seizing it, the force towed the ship to the city.
The paper said Vietnamese authorities are investigating the case.
The captain of the Chinese ship admitted to the intrusion, telling Vietnamese officials the ship was carrying fuel for Chinese fishing boats operating in Vietnamese waters, according to the report.
This is the biggest territorial escalation between the two countries since 2014 when China towed an oil rig to disputed waters in the South China Sea in 2014, triggering dangerous boat ramming and anti-China riots in Vietnam.
Officials from Vietnam and China haven’t yet commented on the seizure.
Source: Vietnam Seizes Chinese Ship In Gulf Of Tonkin
By Tyler Durden
The territorial scramble for various resource rich areas in the East/South China Sea and specifically the Spratly islands has been a major point of contention involving China and most of its regional neighbors, recently expanding to the US which is determined not to let China have the upper hand, for nearly two years now, with occasional episodes of escalation that threaten the regional peace. One such episode took place on Thursday of last week when the Vietnamese coast guard seized a Chinese vessel for intruding into its territorial waters, according to a local report Saturday.
As the Nikkei reports, in a rare move for Vietnamese authorities against a Chinese vessel, the coast guard in the northern port city of Haiphong seized the ship carrying diesel fuel in the infamous Gulf of Tonkin on Thursday.
The WSJ adds that Border Defense Force of Haiphong City found the vessel carrying 100,000 liters of diesel oil Thursday near Vietnam’s Bach Long Vi Island in the Gulf of Tonkin, reported the An Ninh Thu Do newspaper, which is run by Hanoi Police Department. After seizing it, the force towed the ship to the city.
The paper said Vietnamese authorities are investigating the case.
The captain of the Chinese ship admitted to the intrusion, telling Vietnamese officials the ship was carrying fuel for Chinese fishing boats operating in Vietnamese waters, according to the report.
This is the biggest territorial escalation between the two countries since 2014 when China towed an oil rig to disputed waters in the South China Sea in 2014, triggering dangerous boat ramming and anti-China riots in Vietnam.
Officials from Vietnam and China haven’t yet commented on the seizure.
Source: Vietnam Seizes Chinese Ship In Gulf Of Tonkin
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