Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. You can pull sub-categories from this feed by adding a ?tags=a,b,c,... style parameter. The category tags (which can be given as numbers or handles) are : id handle category description 1 housing_finance "Housing Finance News/ML-Implode Main" 2 hedge_funds "Hedge Funds News" 3 fed "The Fed, Central Banking and fin. reg." 4 foreclosures "Foreclosures (News)" 5 chavez "Hugo Chavez Watch (News)" 6 builders "Home Builders News" 7 banks "Banks News" 8 credit_bubble "Credit Bubble and Crash (News)" 9 peak_oil "Peak Oil and Energy Security (News)" 10 BRIC_v_us "BRIC countries vs. U.S. (News)" 11 gov_bk "Government Bankruptcy (News)" 12 mediawatch "Mainstream Media Watch" 13 Our commentary "IEHI Original Commentary" 14 rebalancing "Economic Rebalancing (News)" 15 pm "Precious Metals News" 16 inflation "Inflation and Deflation News" 17 nr "Natural Resources News" 18 consumer "Consumer Capitulation/Issues and Populism" 20 pe "Private Equity Implosion (News)" 21 recession "Recession/depression News" 22 ML_implosion "Mortgage Lender IMPLOSIONS" 23 HF_implosion "Hedge Fund IMPLOSIONS" 24 HB_implosion "Home Builder IMPLOSIONS" 25 Bank_implosion "Bank IMPLOSIONS" 26 ML_update "Mortgage Lender UPDATES" 27 HF_update "Hedge Fund UPDATES" 28 HB_update "Home Builder UPDATES" 29 Bank_update "Bank UPDATES" 30 RFWS "Radio Free Wall Street" 31 FHA "FHA and Mtg Regulation (News)" 32 martial_law "Martial Law/Big Brother/NWO Watch" 33 pension "Retirement Implosion (News)" 34 mtgindustry "Mortgage Industry (News)" 35 econlists "Econ insider lists" 36 iehi_fb "IEHI facebook feed" 37 robin_fb "robin facebook" 38 IEHItwitter "IEHI Twitter Feed" 39 ak_linkedin "akrowne LinkedIn (mtg industry)" en-us iehi-feed-61983 Wed, 29 Mar 2017 21:44:37 GMT Following Britain, Australia now officially has a 'Google tax' on Multinationals http://implode-explode.com/viewnews/2017-03-29_FollowingBritainAustralianowofficiallyhasaGoogletaxonMultination.html The DPT laws are aimed at multinationals with global revenue of more than $1 billion and Australian revenue of greater than $25 million. They will be hit with a 40 per cent tax on all profits - that is 10 per cent higher than the 30 per cent company tax rate.

It aims to ensure that the tax paid by global entities properly reflects the economic substance of their activities in Australia and prevents the diversion of profits offshore through contrived arrangements.

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Australia followed the lead of Britain, which has a similar laws aimed at multinationals which resulted in Google agreeing to a deal with that country's tax authorities to pay £130 million ($214 million) in back taxes.

... But as more countries hunt for a greater share of revenue from multinationals, concerns remain that disagreements between global agencies about which nation is entitled to tax profits could spark revenue wars.

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iehi-feed-61982 Wed, 29 Mar 2017 21:40:19 GMT Wells Fargo Settles Fake-Account Lawsuit for $110 Million http://implode-explode.com/viewnews/2017-03-29_WellsFargoSettlesFakeAccountLawsuitfor110Million.html On Tuesday, San Francisco based bank Wells Fargo announced a $110 million settlement for a class-action lawsuit brought by customers. Still requiring court approval, the settlement covers anyone who claims to be touched by Wells Fargo's employees opening more than 2 million accounts without customer consent.

Wells Fargo paid their first private settlement late last year. In September, the bank was penalized $185 million by federal and California authorities to cover their poor sales practices.

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Unfortunately for investors, Wells Fargo's complications might still be far ahead of them. The bank is subject to criminal investigations, further reviews which may reveal more impacted customers, and lawsuits from previous employees.

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iehi-feed-61981 Wed, 29 Mar 2017 21:38:41 GMT By the numbers, Trump's big environmental regulation rollback is all kinds of unpopular http://implode-explode.com/viewnews/2017-03-29_BythenumbersTrumpsbigenvironmentalregulationrollbackisallkindsof.html iehi-feed-61980 Wed, 29 Mar 2017 21:35:09 GMT Amazon to start collecting state sales taxes everywhere http://implode-explode.com/viewnews/2017-03-29_Amazontostartcollectingstatesalestaxeseverywhere.html By the end of last year, Amazon was collecting sales taxes in 29 states and Washington D.C. Since that list included all of the largest states, that meant it was effectively collecting sales tax from 86% of the nation's population. The site has been rapidly adding the remaining states to the list of places where it collects taxes this year, bringing the total to 41 states plus Washington. And as of April 1, it will collect from all 45 states that have a statewide sales tax.

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[But] there is still one big sales-tax loophole left on Amazon: Shoppers don't have to pay sales tax when they buy from one of the site's many third-party vendors.

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iehi-feed-61979 Wed, 29 Mar 2017 21:31:40 GMT U.S. pending home sales surge to ten-month high ahead of spring http://implode-explode.com/viewnews/2017-03-29_USpendinghomesalessurgetotenmonthhighaheadofspring.html iehi-feed-61978 Wed, 29 Mar 2017 21:30:03 GMT Domino's Pizza Robot Delivery Expands to Europe http://implode-explode.com/viewnews/2017-03-29_DominosPizzaRobotDeliveryExpandstoEurope.html Domino's Pizza Inc. is expanding its robot delivery service to Europe. The recognized world leader in pizza delivery is teaming up with the London-based startup, Starship Technologies, to deliver pizza in Germany and the Netherlands with robots.

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Starship, founded by two Skype co-founders, Ahti Heinla and Janus Friis, created six-wheeled, self-driving delivery robots that will be able to deliver pizza within a one-mile radius of certain Domino's pizza shops in selected German cities and locations throughout the Netherlands.

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iehi-feed-61977 Wed, 29 Mar 2017 21:23:53 GMT Cash Price Or Credit Surcharge? Supreme Court Says That Might Be First Amendment Question http://implode-explode.com/viewnews/2017-03-29_CashPriceOrCreditSurchargeSupremeCourtSaysThatMightBeFirstAmendm.html A New York law prohibiting merchants from charging extra for credit card transactions might violate the constitutional protection for free speech, the U.S. Supreme Court ruled today, in a unanimous decision that raised questions about the First Amendment implications of economic regulations.

The decision in Expressions Hair Design v. Schneiderman further strengthens the once-controversial Supreme Court doctrine extending First Amendment protection to corporate, as opposed to individual speech. It wasn't a total victory for retailers, who still must convince the Second Circuit Court of Appeals that the New York law is unconstitutional. But the Supreme Court rejected the Second Circuit's reasoning that the anti-surcharge law doesn't even implicate the Constitution because it regulates conduct, not speech.

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"They ... want to make clear that they are not the bad guys--that the credit card companies, not the merchants, are responsible for the higher prices," Roberts wrote. "The merchants believe that surcharges for credit are more effective than discounts for cash in accomplishing these goals."

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iehi-feed-61976 Wed, 29 Mar 2017 20:39:31 GMT 'No turning back' on Brexit as Article 50 triggered; Merkel Rejects Post-Breakup Relationship Talks http://implode-explode.com/viewnews/2017-03-29_NoturningbackonBrexitasArticle50triggeredMerkelRejectsPostBreaku.html Angela Merkel rejects one of Theresa May's key Brexit demands.]]> iehi-feed-61975 Wed, 29 Mar 2017 17:13:06 GMT "Men Without Work" http://implode-explode.com/viewnews/2017-03-29_MenWithoutWork.html iehi-feed-61974 Wed, 29 Mar 2017 15:28:59 GMT Three Reasons Why Bitcoin Could Reach $10,000 (Or More) http://implode-explode.com/viewnews/2017-03-29_ThreeReasonsWhyBitcoinCouldReach10000OrMore.html iehi-feed-61973 Wed, 29 Mar 2017 14:30:33 GMT Tax Reform Failure Could Trigger Market Downturn - The Wall Street Examiner http://implode-explode.com/viewnews/2017-03-29_TaxReformFailureCouldTriggerMarketDownturnTheWallStreetExaminer.html iehi-feed-61972 Wed, 29 Mar 2017 14:27:45 GMT What the Berkshires Learned by Launching its Own Currency http://implode-explode.com/viewnews/2017-03-29_WhattheBerkshiresLearnedbyLaunchingitsOwnCurrency.html iehi-feed-61971 Tue, 28 Mar 2017 22:35:21 GMT In Another Blow, Wells Fargo Faulted for `Extensive' Discrimination in Review http://implode-explode.com/viewnews/2017-03-28_InAnotherBlowWellsFargoFaultedforExtensiveDiscriminationinReview.html Wells Fargo & Co. engaged in an "extensive and pervasive pattern" of discriminatory and illegal lending practices for years, a U.S. regulator said in slashing a key rating of how the bank serves communities, triggering restrictions that may hamper its growth.

While examiners credited Wells Fargo for "excellent responsiveness" in meeting customers' credit needs, 10 government inquiries over the past decade prompted the Office of the Comptroller of the Currency to lower its overall score of the company's compliance with community banking laws to "needs to improve." Enforcement cases cited by the OCC faulted the bank's treatment of minority neighborhoods, military personnel and women who had recently given birth.

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The findings risk further damage to Wells Fargo's reputation as executives try to rebuild customer and investor trust in the wake of an account scandal that rocked the company and its stock price last year. Yet, many of the cases cited by the OCC already were announced years ago in settlements, including some misconduct that predated the 2008 financial crisis.

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iehi-feed-61970 Tue, 28 Mar 2017 22:33:22 GMT Trump signs order dismantling Obama-era climate policies http://implode-explode.com/viewnews/2017-03-28_TrumpsignsorderdismantlingObamaeraclimatepolicies.html The order's main target is former President Barack Obama's Clean Power Plan, which required states to slash carbon emissions from power plants - a key factor in the United States' ability to meet its commitments under a climate change accord reached by nearly 200 countries in Paris in 2015.

Trump's decree also reverses a ban on coal leasing on federal lands, undoes rules to curb methane emissions from oil and gas production and reduces the weight of climate change and carbon emissions in policy and infrastructure permitting decisions. Carbon dioxide and methane are two of the main greenhouse gases blamed by scientists for heating the earth.''

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The move drew swift backlash from a coalition of 23 states and local governments, as well as environmental groups, which called the decree a threat to public health and vowed to fight it in court.

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iehi-feed-61969 Tue, 28 Mar 2017 21:43:30 GMT Merkel's party wins German state vote by large margin (PRESAGING CONTINUED DOMINANCE?) http://implode-explode.com/viewnews/2017-03-28_MerkelspartywinsGermanstatevotebylargemarginPRESAGINGCONTINUEDDO.html The vote in the tiny state on the French border, which has a population of only one million, was seen as a bellwether ahead of the September 24th general election in which Merkel, the veteran leader often dubbed "the Queen of Europe", will seek a fourth term.

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The CDU's popular state premier Annegret Kramp-Karrenbauer, who was cheered by jubilant supporters, admitted she was "floored" by the strong result, about five points up from the last election amid strong turnout of around 70 percent.

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iehi-feed-61968 Tue, 28 Mar 2017 20:03:02 GMT U.S. Travel Industry Fears a ‘Lost Decade' Under Trump http://implode-explode.com/viewnews/2017-03-28_USTravelIndustryFearsaLostDecadeUnderTrump.html Trump's rhetoric and unpopularity abroad is likely to reduce international arrivals by 4.3 million this year, according to  market strategy firm Tourism Economics LLC. New York City, Los Angeles, and Miami are all exposed to any declines, being among the most popular destinations for foreign travelers.

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The USTA regularly refers to the century's first 10 years as "the lost decade" because of the steep decline in travel to America following restrictions imposed after the 2001 terror attacks, global antipathy toward the subsequent foreign policy of President George W. Bush, and the economic fallout of the Great Recession. Outside the U.S., however, foreign travel continued to increase over the same period.

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iehi-feed-61967 Tue, 28 Mar 2017 18:54:31 GMT How middle-class and even "wealthy" American families are sliding inexorably into the red http://implode-explode.com/viewnews/2017-03-28_HowmiddleclassandevenwealthyAmericanfamiliesareslidinginexorably.html iehi-feed-61966 Tue, 28 Mar 2017 18:50:18 GMT Manhattan Landlords Are Offering Massive Giveaways to Lure Retail Clients (IN LIEU OF MUCH-NEEDED PRICE CUTS) http://implode-explode.com/viewnews/2017-03-28_ManhattanLandlordsAreOfferingMassiveGiveawaystoLureRetailClients.html Tenant-improvement allowances haven't been typical in the Manhattan retail market. But now the concessions, which can pay for anything from lighting and displays to a complete overhaul, are becoming a key component in some new leases, particularly for large, flagship stores in high-profile areas, such as Madison Avenue and Fifth Avenue, according to Steve Soutendijk, an executive director at brokerage Cushman & Wakefield Inc. 

"We're seeing tenant-improvement and concession packages that retail landlords never, ever contemplated before," he said.

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The details of leases in Manhattan are often closely guarded secrets, making it difficult to quantify the incentives retailers are receiving. Landlords have a lot of ways to cut a deal without lowering asking rents, such as paying the construction contractor, offering an extended period of free rent or simply writing a check for the tenant to use at their discretion.

... Tepid demand for luxury goods and a stronger U.S. dollar that's crimped spending by tourists have particularly hurt Fifth Avenue, where the space-availability rate was at a record 15.9 percent in fourth quarter, up from 10.1 percent a year earlier, Cushman data show. The average rent on the stretch from 49th to 60th streets reached a record $3,213 a square foot in the third quarter before dropping in the last three months of the year to $2,985.

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iehi-feed-61965 Tue, 28 Mar 2017 16:52:14 GMT Tensions flare Between Turkey And EU, Greece on Even of Erdogan Power-Expansion Vote http://implode-explode.com/viewnews/2017-03-28_TensionsflareBetweenTurkeyAndEUGreeceonEvenofErdoganPowerExpansi.html ``Western allies have argued that a vote endorsing the proposed constitutional change would invest the Turkish leader with unparalleled authority and limit checks and balances at a time when they fear he is exhibiting worrying signs of authoritarianism. Erdoğan has been enraged by recent bans on visiting Turkish officials rallying "yes" supporters in Germany and the Netherlands.

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"We have a referendum on 16 April. After that we may hold a Brexit-like referendum on the [EU] negotiations," Erdoğan told a Turkish-UK forum attended by the British foreign secretary, Boris Johnson. "No matter what our nation decides we will obey it. It should be known that our patience, tested in the face of attitudes displayed by some European countries, has limits."

The animus -- reinforced last week when the leader said he would continue labelling European politicians "Nazis" if they continued calling him a dictator -- has also animated tensions between Greece and Turkey, and Erdoğan's comments came hours after the Greek defence minister said armed forces were ready to respond in the event of the country's sovereignty and territorial integrity being threatened.

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Turkey's EU negotiations have long been hindered by Cyprus, and talks aimed at reuniting its estranged Greek and Turkish communities are at a critical juncture but have stalled and are unlikely to move until after the referendum.

But it is in the Aegean where tensions, matched by an increasingly ugly war of words, have been at their worst. After a tense standoff over eight military officers who escaped to Greece after the abortive coup against Erdoğan last July -- an impasse exacerbated when the Greek supreme court rejected a request for their extradition -- hostility has been measured in almost daily dogfights between armed jets and naval incursions of Greek waters by Turkish research vessels.

Related, see Erdogan Races Against the Dollar in Campaign for Unrivaled Power.

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iehi-feed-61964 Tue, 28 Mar 2017 16:32:07 GMT Ford invests $1.2 billion in Michigan plants, Per 2015 UAW Contract (TRUMP ONCE AGAIN TRIES TO TAKE CREDIT) http://implode-explode.com/viewnews/2017-03-28_Fordinvests12billioninMichiganplantsPer2015UAWContractTRUMPONCEA.html Ford will invest $1.2 billion to build or modernize three facilities in Michigan where it plans to assemble trucks and SUVs, and to store consumer data, a reflection of the trends that are fundamentally reshaping the auto industry's business model and manufacturing operations in the U.S.

President Trump preempted the "big announcement" with an early morning tweet in which he touted, "Car companies coming back to U.S. JOBS! JOBS! JOBS!" ... But such massive investment decisions take longer to plan and execute than Trump has been in office. The investments Ford announced Tuesday, for example, are part of a 2015 contract between the automaker and United Auto Workers in which the company agreed to invest $9 billion and create or retain 8,500 jobs through 2019.''

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