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Source: Chapter One: Who is behind one of the biggest scams in history?

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“Batman v Superman: Dawn of Justice” starring Henry Cavill as Superman and Ben Affleck as Batman is the main event at this weekend’s box office.

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Source: ‘Batman v Superman’ fights off bad reviews for big $82 million opening day

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In North Carolina and Georgia legislation that is perceived as anti-LGBT has been met with differing degrees of corporate backlash. With similar bills being debated in other states, the struggle is just getting started.

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Source: Georgia, N.C. and beyond: The clash over ‘anti-gay’ bills

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By Tyler Durden

Back in October when we first looked at ground zero of the commodity price collapse, we found something striking: as of the end of 2014,

And since in the intervening time period, both commodity prices have dropped far lower, while Chinese corporate debt has proceeded to soar exponentially, we said it was “safe to assume that up to two-third of Chinese commodity companies are now at imminent danger of default, as they can’t even generate the cash to pay down the interest on their debt, let alone fund repayments.”

We concluded that “we fully expect this to be the source of the next market freakout: when the punditry turns its attention away from macro China, which has more than enough problems to begin with, and starts to focus on the cash flow devastation in China at the micro, or corporate, level.“

To be sure, the Chinese government has done everything in its power to delay this day of reckoning and mask just how extensive the devastation at the local level is, by focusing its entire recently concluded People’s Congress on the topic of sustainability and debt leverage, going so far as to propose a wholesale, and utterly mind-boggling, debt-for-equity exchange at the bank level, one which would involve the nationalization of China’s insolvent commodity enterprises. Alas, we along with most rational observers, are skeptical this plan would ever get off the ground, as it would mean encumbering banks not with secured if impaired loans, but with unsecured equity in still insolvent companies, in the process making China’s solvency problems even worse.

That said, the punditry has indeed started to focus away from macro China and to the “devastation at the corporate level”, most notably in a recent Reuters article which suggested that “China’s campaign to slim down its bloated industries could be derailed by more than $1.5 trillion of debt in its steel, coal, cement and non-ferrous metal sectors, which threatens to overwhelm local banks.“

The story is well known: China is providing more than 100 billion yuan ($15 billion) in the next two years to handle layoffs from coal and steel, but that will only be made available once debts have been settled. Critics say there is no clear mechanism for tackling the debt burden, which will put huge strain on the weakest sections of the banking sector.

The debt figures, revealed in papers submitted to China’s parliament this month, highlight the dilemma facing state firms grappling with surplus capacity and how difficult it will be to pull off this central plank of Beijing’s economic reform plans.

Costs for the estimated 1.3 million coal-sector layoffs alone are as much as 195 billion yuan, and coal industry delegates attending parliament urged government to provide more support to deal with the mounting debts of hundreds of stricken “zombie” firms.

* * *

A lawyer who handles steel industry non-performing loans for mid-sized Chinese …read more

Source: Chairman Of Insolvent Chinese Steel Company Hangs Himself Day Before Bond Maturity

    

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By Tyler Durden

Nearly four days have passed since four men detonated explosives-laden belts and luggage in the Brussels airport and metro killing nearly two dozen people and injuring hundreds and there’s still quite a bit of ambiguity regarding who exactly is dead, who’s still at large, and who was at the scene in the first place.

Part of the confusion stems from the fact that the attackers who died in the blasts were strewn all over the crime scene in pieces, but authorities did manage to determine that among those who blew themselves up were brothers Khalid and Ibrahim El-Bakraoui, one of which was the subject of an Interpol red notice and the other was flagged by Turkey as a “foreign fighter” and deported. Also thought to have been killed in the airport bombings: bombmaker Najim Laachraoui, who is said to have played an instrumental role in building the explosives used in the Paris attacks.

Following the bombings, the taxi driver who delivered Ibrahim Bakraoui, Laachraoui, and a third assailant to the airport called the police. The driver became suspicious when the men were reluctant to let him assist with their luggage which he described as exceptionally heavy. The driver then led police back to the apartment in Schaerbeek (the site of Friday’s sweeping police operation) where he had picked the three men up. On the fifth floor, authorities found 33 lbs of explosives, 180 liters of chemicals, guns, a suitcase full of nails, and an Islamic State flag. Nothing suspicious about that.

Apparently, the apartment was a bomb making factory and in it, the Bakraouis (possibly with the help of Laachraoui or another bombmaker), built the TATP-based explosives used in Tuesday’s attacks. TATP, or triacetone triperoxide, has become an ISIS favorite and for those unlucky enough to find themselves in close proximity when it’s detonated, it’s bad news. Dubbed “the mother of Satan” by Palestinian militants, the white powder is cheap to make and the ingredients are impossible to trace, making it ideal for the clandestine activities of the Islamic State cells operating under the radar of European anti-terror police.

“Used in the 2005 London bombings and the Nov. 13 Paris attacks, and found in a series of foiled bomb attempts in Europe since 2007, TATP appears to be Islamic State’s explosive of choice,” Reuters writes. Here’s more:

Making a TATP bomb, although a more lengthy process than the fertilizer-based explosives used by other European militants, is cheap and simple and recipes and videos by chemistry buffs abound on the Internet. It was discovered by a 19th century German chemist and is very powerful, even in small quantities.

All the ingredients – acetone found in cleaning products, hydrogen peroxide found in wood bleach and sulphuric acid used to unblock kitchen pipes – were available at one Brussels hardware store this week for less than 40 euros ($45).

Nails and …read more

Source: "Satanic Cocktail" Of Nails And Acetone Used In Devilish Brussels Bomb Design

    

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