Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-58922 Fri, 05 Feb 2016 23:35:57 GMT Chicago Stock Exchange Says It's Being Sold to Chinese-Led Group The deal values the Chicago Stock Exchange at less than $100 million, according to a person familiar with the matter, who asked to not be identified because the terms weren't disclosed publicly. The exchange expects the deal to close in the second half of the year, though that will require regulatory approval... The acquisition would be the first of a U.S. exchange by a Chinese company. The 134-year-old bourse only handles about 0.5 percent of U.S. stock trading, but a deal gives a buyer a beachhead in the $22 trillion American equity market. There's also the potential for growth given that regulations require trades to be routed to whichever exchange has the best price for a stock at a given moment.

... Casin Group's offer comes amid an unprecedented overseas shopping spree by Chinese companies. Businesses from Asia's largest economy have announced $70 billion of cross-border acquisitions and investments this year, on track to break last year's record of $123 billion, according to data compiled by Bloomberg.

iehi-feed-58921 Fri, 05 Feb 2016 22:52:34 GMT The Nasdaq Bloodbath Led by LinkedIn, Tableau Some bears have long been warning that valuations in the "cloud" computer sector have been sky-high with investors focused on fast revenue growth rather than profitability. According to venture-capital firm Bessemer Venture Partners' cloud index, the average $1 billion-plus valued cloud company was trading at 7 times 2015 revenue as of yesterday's close.

If the pessimists are right, then these companies are very vulnerable to any suggestion that revenue growth might slow. Unlike other companies, they don't have a profit lever to pull to make up for any drop off in revenue growth.

iehi-feed-58920 Fri, 05 Feb 2016 22:44:28 GMT HSBC Reaches $470 Million Accord Over Foreclosure Abuses iehi-feed-58919 Fri, 05 Feb 2016 18:55:08 GMT Stocks Solidly Lower Following Weak Jobs Report U.S. employers added 151,000 jobs in last month, a sharp deceleration from recent months as companies shed education, transportation and temporary workers. That was below economists' forecasts of a creation of 185,000 jobs, according to data from Factset.

On the positive side, the unemployment rate fell to 4.9 percent from 5 percent, the lowest level since February 2008. Average wages jumped 2.5 percent over the past year to $25.39 an hour, evidence that the past years of job growth are helping to generate larger pay raises.


``We're not falling off the cliff, but it clearly shows the U.S. economy is not immune to the global slowdown," said Russ Koesterich, global market strategist with asset manager BlackRock.

Of course, there's no real confusion: the "unemployment" headline number is a jury-rigged joke; with the underemployment stats more telling.

iehi-feed-58918 Fri, 05 Feb 2016 16:11:17 GMT Portugal's anti-austerity budget provokes Brussels showdown Portugal's new Socialist government faces an embarrassing rejection of its first "anti-austerity" budget by the European Commission on Friday after eleventh-hour talks failed to break a stalemate over additional cuts needed to bring Lisbon in line with EU deficit rules.


The commission announced it would hold a special meeting on Friday afternoon to decide whether Portugal's 2016 budget -- submitted three months late after protracted post-election coalition negotiations -- would be rejected. If it is, it would mark the first time a eurozone government has had its spending plan vetoed by Brussels since the new crisis-era rules went into effect in 2011.


Under eurozone rules, a country that misses its deficit target must at least demonstrate it is undertaking significant economic reforms. But the Portuguese budget reins back such measures, prompting a warning from Brussels that its efforts were "well below" target.

iehi-feed-58917 Fri, 05 Feb 2016 16:06:51 GMT Bass Predicts 30-40% Yuan Deval; Asks Why China is So Concerned With Him iehi-feed-58916 Fri, 05 Feb 2016 16:00:38 GMT Whistleblowers: Market "Flash Crash" Disease Mystery Solved--It's Toxic ETFs/ETPs iehi-feed-58915 Fri, 05 Feb 2016 15:57:27 GMT Chinese Buying Silver To Escape Yuan? iehi-feed-58914 Fri, 05 Feb 2016 15:46:14 GMT New York's New High-End Rentals Multiply Above As Homeless Youths Do Below A slew of high-end, high-profile rental buildings are poised to open across Manhattan and Brooklyn this year, adding more than 8,000 units at a pace not seen in years, and in the process, redefining what rental housing in the city can be... Prices, too, are lofty, with studios in some of the buildings renting for about $5,000 a month.

While any softness in the rental market -- new leasing activity has slowed in recent months, and vacancies are up -- could spell challenges going forward, most developers say they are undeterred.


"We have apartments with a lot of character to them," said Jonathan Drescher, a Durst senior vice president. And those apartments seem tailored to younger, unattached renters, as 85 percent are studios, starting at $2,770 a month, or one-bedrooms, starting at $3,880. In contrast, the median price of a studio in Manhattan in December was $2,562 a month, while that of a one-bedroom was $3,375, according to a market report from Douglas Elliman Real Estate.

... Traditionally, in New York, the dividing line between a robust and not-so-great market is a 2 percent vacancy rate. Since June of last year, the rate has been higher, with November's at 2.87 percent, the highest in nine years, Mr. Miller said. In December, the rate was 2.74 percent.

Meanwhile, the young homeless are multiplying and underserved...

They are sitting on the floor at the Port Authority Bus Terminal and charging their phones as if they were college students awaiting a bus home. They are huddled on the sidewalk, hanging out. They sleep on friends' couches and in strangers' beds. They stay with "Uncle A.C.E.," code for the long route of the A train, where they can spend hours unbothered and unnoticed.

Mostly, they just blend in, people in their late teens or early 20s, navigating a treacherous path into adulthood... groups serving young homeless people said recently that the efforts fell far short of the need. The problem, they said, is how "homeless" is defined.

Young people staying temporarily with friends and extended family are "technically homeless, but they are not sleeping under a bridge," said Douglas O'Dell, the executive director of the SCO Family of Services, a nonprofit focused on ending homelessness and helping low-income people and troubled young people.

Last year, the total number of sheltered and unsheltered homeless people in the city was 75,323, which included 1,706 people between ages 18 and 24. The actual number of young people is significantly higher, according to the service providers, who said the census mostly captured young people who received social services. The census takers were not allowed to enter private businesses, including many of the late-night spots where young people often create an ad hoc shelter by pretending to be customers.

Suggestion: fake your documents and bounce from luxury rental to luxury rental on a 2-months-free deals...

iehi-feed-58913 Fri, 05 Feb 2016 15:29:38 GMT Drone Footage of Homs Shows Shows Why Refugees Don't "Just Go Back" iehi-feed-58912 Fri, 05 Feb 2016 00:06:23 GMT Russia, Assad deliver blow to Turkey in Syria iehi-feed-58911 Thu, 04 Feb 2016 23:47:33 GMT Get Ready. For The Pogrom. iehi-feed-58909 Thu, 04 Feb 2016 20:48:41 GMT Martin Shkreli's eSports endeavors left a mountain of debt iehi-feed-58908 Thu, 04 Feb 2016 17:22:54 GMT Oil Spikes Near $33 After Turkey-To-Invade-Syria Rumor iehi-feed-58907 Thu, 04 Feb 2016 15:19:56 GMT Syria Peace Talks Are Suspended iehi-feed-58905 Thu, 04 Feb 2016 14:03:47 GMT European banks near 'terrifying' crisis: Raoul Pal iehi-feed-58904 Thu, 04 Feb 2016 14:02:21 GMT Oil bears closing of $600 million triple-short fund bet seen adding to tumult "Speculators are getting out of the down oil market. People start unwinding these positions because they think they have gotten their juice out of it," David Nadig, vice president, director of exchange traded funds for FactSet, said.


The net asset value of the fund - one of a handful of exchange funds that allows investors to trade oil without the complexity of a futures exchange - fell from close to $1 billion to $417 million on Tuesday and to $322 million on Wednesday, according VelocityShares' website.

As a result, the mass exodus likely forced the ETN's issuer, Credit Suisse, to quickly buy back short positions as investors redeemed shares.''

But the long-term damage is done as Shell to lay of 10,000.

iehi-feed-58903 Thu, 04 Feb 2016 13:59:48 GMT The Great Skyscraper Bubble Is Ready to Pop! The Council on Tall Buildings and Urban Habitat expects 135 skyscrapers to be finished in 2016, and another 140 in 2017. And get this: the Council says the number of "supertall" skyscrapers (300 meters or higher) has doubled from 50 in 2010... to 100 in 2015 -- just five years in the most artificial global bubble in human history. No coincidence there, either...

China has plans to complete another project in 2017 -- the Phoenix Towers in Wuhan, south-central China. The tallest will be the first ever to stand one kilometer high, or 3,280 feet. Oh, and it's going to be pink! Saudi Arabia has plans to complete their own 3,280-foot Kingdom Tower by 2019 -- just as oil has been crashing and its government deficits are swelling. It's just a big ego game to these up-and-coming countries!

Frankly, I don't give that one much chance of happening. If the global economy slows as much as I expect, some of these building slated for 2017 or later will get postponed, if not canceled.

iehi-feed-58902 Thu, 04 Feb 2016 13:57:06 GMT Greek Pensions Reform Sparks Protests in Test for Tsipras iehi-feed-58901 Thu, 04 Feb 2016 13:53:12 GMT EU agrees funding for Turkey to curb migrant flows after Italy drops objections