Tag: news

In a break with tradition that probably came as a welcome relief to the country’s creditors, who may have been gearing up for a 16-plus-year odyssey in what would have been the economically troubled South American nation’s third sovereign default in 20 years, Argentina has struck a deal with its creditors to restructure a $65 billion debt. 

And in the spirit of the global COVID-19 outbreak, during which the IMF has urged developed nations to help ease the financial burden faced by poorer nations as it doles out billions of dollars in loans around the world, Argentina and its perennially troubled economy – which has been rattled over the years by spats with creditors following the severe economic mismanagement of reckless left-wing populists – will evade the brunt of repercussions for debt that was accrued long before COVID-19 emerged.

Committees representing Argentina’s creditors, based mostly in the US and Europe, have agreed to exchanged their defaulted bonds for new bonds under a settlement worth roughly 55 cents on the dollar. While most institutions and investors who have agreed to lend money to Argentina have lost out, a cadre of distressed investors who bought the Argentinian bonds for pennies on the dollar stand to make a handsome profit from the new bonds.

Per WSJ, major investors in Argentine bonds include Fidelity Management & Research Co., Monarch Alternative Capital LP, VR Capital Group, Greylock Capital Management and Pharo Management LLC.

Ecuador and Lebanon have already turned to the IMF for bailouts this year, and Argentina’s economy minister had threatened to start negotiations with the IMF if creditors didn’t come to a deal.

According to media reports, a willingness by the Argentine economy minister to accelerate series of payments due next year helped lead to the breakthrough with creditors. The payments were moved to January and July, from March and September. And here’s a breakdown of the new bonds and their amortization schedules.

• New USD, EUR bonds due 2030 to start amortizing in July 2024, mature in July 2030
• New USD, EUR bonds due 2038 will be offered in exchange for discount bonds, start amortizing in July 2027 through January 2038
• Bond included in the offer for unpaid interests will begin amortization in 2025 and mature in 2029

Markets rejoiced in the decision as Argentina’s “Century Bond”, the poster-child for the global thirst for yield, rallied to its highest price in five months.

For those who aren’t familiar with Argentina’s 20-year history of battling with international creditors, here’s a brief summary: In 2001, Argentina stopped payment on more than $80 billion in debt, the largest sovereign default in history at that time.

During negotiations, most bondholders settled for roughly 30 cents on the dollar, but a minority battled for full repayment, eventually winning a US court ruling that eventually led to another default in 2014 (the second in this series of three), before a settlement in 2016 that delivered enormous gains to the holdouts, including Paul Singer’s Elliott Management.

Having witnessed the ruthlessness and determination that Singer brought to bear over more than a decade of negotiations with Argentina just to get his money (or rather, the money lent by the original lenders) back, one would think investors approached the country with a heightened degree of scrutiny once it made its triumphant return to international capital markets.

Nope. Its first global issuance in 20 years was 3x oversubscribed.

Authored by John Vibes via TheMindUnleashed.com,

According to a former member of the Royal guard who worked on Prince Andrew’s security detail, The London Metropolitan Police have destroyed evidence that could have revealed where Prince Andrew was on the night that he is accused of having sex with a teenager that was being trafficked by Jeffrey Epstein and Ghislaine Maxwell.

The night in question is March 10th, 2011, as well as the morning hours of March 11. Virginia Giuffre, who was known by the name Virginia Roberts at the time, says that she was taken to London by Epstein and Maxwell and was expected to have sex with Prince Andrew.

Giuffre says that she was just 17-years-old at the time and remembers being taken to the “Tramp” nightclub in London, as well as one of Maxwell’s homes in the city.

Andrew was questioned about Giuffre’s accusations during an interview with BBC, and he made numerous mistakes and fumbles that brought his credibility into question.

In the interview, Andrew vehemently denied knowing Giuffre and insisted that he was not at that nightclub on March 10th.

He claimed that he was at a Pizza Express location in Woking, for a party, but at least one other witness has come forward to corroborate Giuffre’s claim. The witness says that she distinctly remembers seeing the prince at the nightclub on that evening.

There should be records of what the prince was doing on that evening, which would either exonerate him or prove that he was lying. Members of the royal family are regularly accompanied by police guards in their day to day activities and there are records of where and when the officers were sent, or at the very least a record of which officers worked on which day.

If these records were to be made available, the investigators could easily determine where Prince Andrew was on the night in question. Initially, police refused to release this information to the media, insisting that revealing such sensitive information about the royal family could be a “threat to national security.”

One of the guards who was assigned to work Andrew’s security detail on that night, remembers having an issue with the prince when he returned to Buckingham Palace.

He says that Andrew ended up making his return to the palace very late that night, but wanted to obtain the records to confirm that this was the same night.

A few months ago, the former guard requested to see his shift records from his time working Andrew’s security detail. He got no response for months, but was eventually contacted by a caseworker with the London Metropolitan Police.

The caseworker told him that the records were destroyed, and said that it is the agency’s policy to only keep records for two years, which is a bit of a strange policy in the computer age where files don’t take up much space.

“I am very disappointed. Why on earth did it take nearly five months to respond with such a non-informative answer? I’m also surprised to discover that any records regarding the Royal family and their police protection are destroyed, much less after just two years,” the guard told the Daily Mail.

The US Food and Drug Administration’s list of potentially harmful hand sanitizers has now been expanded to a whopping 100+. 

Warnings first surfaced in June, at which point less than a dozen were named. This after an explosion of new, cheap sanitizers hit the market following an initial run on alcohol-based sanitizing cleaning products in March, when coronavirus lockdowns took effect.

Initially the FDA’s warnings were focused on products that are potentially toxic when absorbed through the skin, given some contained methanol. This makes the sanitizers possibly deadly if swallowed as well.

“We remain extremely concerned about the potential serious risks of alcohol-based hand sanitizers containing methanol. Producing, importing and distributing toxic hand sanitizers poses a serious threat to the public and will not be tolerated. The FDA will take additional action as necessary and will continue to provide the latest information on this issue for the health and safety of consumers,” the agency said previously.

But the hugely increased list topping 100 is due to most of the new additions containing insufficient levels of alcohol, making them ineffective against the virus and germs.

In its updated warning issued days ago it said: “FDA test results show certain hand sanitizers have concerningly low levels of ethyl alcohol or isopropyl alcohol, which are active ingredients in hand sanitizer products.”

* * *

Here’s the full list of hand sanitizers the FDA is warning consumers to avoid:

• Blumen Clear Advanced Hand Sanitizer with 70% Alcohol
• Blumen Advanced Instant Hand Sanitizer Clear Ethyl Alcohol 70%
• BLUMEN Advanced Instant Hand Sanitizer Clear
• BLUMEN Advanced Instant Hand Sanitizer Clear
• KLAR AND DANVER Instant Hand Sanitizer
• MODESA Instant Hand Sanitizer Moisturizers and Vitamin E
• BLUMEN Advanced Hand Sanitizer
• BLUMEN Advanced Hand Sanitizer
• BLUMEN Advanced Hand Sanitizer Aloe
• BLUMEN Advanced Instant Hand Sanitizer Lavender
• BLUMEN Clear Advanced Hand Sanitizer
• BLUMEN Clear Advanced Hand Sanitizer
• BLUMEN Clear LEAR Advanced Hand Sanitizer
• BLUMEN Clear LEAR Advanced Hand Sanitizer
• The Honeykeeper Hand Sanitizer
• BLUMEN Advanced Hand Sanitizer Clear
• BLUMEN Clear Advanced Instant Hand Sanitizer
• BLUMEN Clear Advanced Instant Hand Sanitizer Aloe
• BLUMEN Clear Advanced Instant Hand Sanitizer Lavender
• BLUMEN Aloe Advanced Hand Sanitizer, with 70 Alcohol
• BLUMEN Aloe Advanced Hand Sanitizer, with 70 Alcohol
• Blumen Advanced Hand Sanitizer Lavender, with 70% alcohol
• Blumen Advanced Hand Sanitizer Aloe, with 70% alcohol
• Blumen Antibacterial Fresh Citrus Hand Sanitizer
• Blumen Hand Sanitizer Fresh Citrus
• KLAR and DANVER Instant Hand Sanitizer
• Hello Kitty Hand Sanitizer
• Assured Instant Hand Sanitizer (Vitamin E and Aloe)
• Assured Instant Hand Sanitizer (Aloe and Moisturizers)
• Assured Instant Hand Sanitizer Vitamin E and Aloe
• Assured Instant Hand Sanitizer Aloe and Moisturizers
• BLUMEN Instant Hand Sanitizer Fragrance Free
• BLUMEN Instant Hand Sanitizer Aloe Vera
• Assured Aloe
• bio aaa Advance Hand Sanitizer 
• LumiSkin Advance Hand Sanitizer 4 oz
• LumiSkin Advance Hand Sanitizer 16 oz
• QualitaMed Hand Sanitizer  
• NEXT Hand Sanitizer
• Clear Advanced Hand Sanitizer with 70% Alcohol extra soft with glycerin and aloe
• NuuxSan Instant Antibacterial Hand Sanitizer
• NuuxSan Instant Hand Sanitizer
• Assured Instant Antiseptic Hand Sanitizer with Aloe and Moisturizers
• Assured Instant Antiseptic Hand Sanitizer with Vitamin E and Aloe
• Modesa Instant Antiseptic Hand Sanitizer with Moisturizers and Aloe Vera
• Modesa Instant Antiseptic Hand Sanitizer with Moisturizers and Vitamin E
• Herbacil Antiseptic Hand Sanitizer 70% Alcohol
• Herbacil Antiseptic Hand Sanitizer 70% Alcohol
• Herbacil Antiseptic Hand Sanitizer 70% Alcohol
• Earths Amenities Instant Unscented Hand Sanitizer with Aloe Vera Advanced
• Hand Sanitizer Agavespa Skincare
• Vidanos Easy Cleaning Rentals Hand Sanitizer Agavespa Skincare
• All-Clean Hand Sanitizer
• Esk Biochem Hand Sanitizer
• Lavar 70 Gel Hand Sanitizer
• The Good Gel Antibacterial Gel Hand Sanitizer
• CleanCare NoGerm Advanced Hand Sanitizer 80% Alcohol
• CleanCare NoGerm Advanced Hand Sanitizer 75% Alcohol
• CleanCare NoGerm Advanced Hand Sanitizer 80% Alcohol
• Saniderm Advanced Hand Sanitizer
• Hand sanitizer Gel Unscented 70% Alcohol
• Medicare Alcohol Antiseptic Topical Solution
• GelBact Hand Sanitizer
• Hand Sanitizer
• TriCleanz
• Sayab Antisepctic Hand Sanitizer 100
• Jaloma Antiseptic Hand Sanitizer Ethyl Alcohol 62% with Vitamin E
• Leiper’s Fork Distillery Bulk Disinfectant per 5 gallon and Leiper’s Fork Distillery 16 oz bottle
• Andy’s Best
• Andy’s
• NeoNatural
• Plus Advanced
• Optimus Instant Hand Sanitizer
• Optimus Lubricants Instant Hand Sanitizer
• Optimus Instant Hand Sanitizer
• Selecto Hand Sanitizer
• Shine and Clean Hand Sanitizer
• Hand Sanitizer Disinfectant Gel 70% Ethyl Alcohol
• Hand Sanitizer Disinfectant Gel 70% Ethyl Alcohol Rinse Free Hand Rub
• Mystic Shield Protection hand sanitizer
• Born Basic. Anti-Bac Hand Sanitizer 70% alcohol
• Born Basic. Anti-Bac Hand Sanitizer 65% Alcohol
• Scent Theory — Keep It Clean — Pure Clean Anti-bacterial Hand Sanitizer
• Cavalry
• ENLIVEN Hand Sanitizing Gel
• Lux Eoi Hand Sanitizing Gel
• Scent Theory — Keep It Clean — Pure Clean Anti-bacterial Hand Sanitizer
• Bersih Hand Sanitizer Gel Fragrance Free
• Bersih Antiseptic Alcohol 70% Topical Solution hand sanitizer
• Purity Advanced Hand Sanitizer
• Hand Sanitizer Gel Alcohol 70%
• TriCleanz Tritanium Labs Hand Sanitizer
• Britz Hand Sanitizer Ethyl Alcohol 70%    
• Parabola Hand Sanitizer  
• Urbane Bath and Body Hand Sanitizer    
• Cleaner Hand Sanitizer Rinse Free 70%    
• Handzer Hand Sanitizer Rinse Free
• Kleanz Antibacterial Hand Sanitizer Advanced
• Be Safe Hand Sanitizer
• Wave Hand Sanitizer Gel
• DAESI Hand Sanitizer 

Authored by Sven Henrich via NorthmanTrader.com,

As $SPX is entering the February gap zone into 3300 (an area we’ve been mentioning for weeks in Straight Talk) and Nasdaq is again making new all time highs as investors keep relentless chasing into high cap tech, it may be worth pointing out that something’s rotten in the state of markets.

And no it’s not valuations although that’s a discussion on its own. Rather it relates to a specific component of equal weight namely the banks.

The price action is an absolute horror show. Just look at the year today performance versus the Nasdaq:

Which is odd considering all that is supposedly positive. Banks exceeded expectations in recent earnings. The Fed has been supporting the banks intensely including propping up the entire distressed debt sector by buying high yield debt and pushing $JNK prices back to near highs:

Not only that, but the Fed has managed to completely reverse the stress in financial conditions:

And now the Atlanta Fed is talking about nearly 20%+ GDP growth for Q3.

So why is there no sign of life in the banking index?

I’ll tell you why. Because things are much worse than they are advertised to be and investors better pay attention.

Indeed let me pull up a big picture chart to highlight how completely off this sector’s performance is:

First to note: The yield curve inversion of 2019. It, like many others before, precipitated a recession in the US. As did the weakening in equal weight ($XVG). None of this is unusual and it highlights how the broader business cycle (with Covid the historic trigger exacerbating everything) is actually performing no different than it has before. The only thing that’s different here is the historic asset bubble we have in some key stocks and the records amount of liquidity thrown at these markets.

Now you can argue the banks are hurting because of low yields, but we had low yields in 2016 and banks rallied just fine along with the rest of the market.

What you see in the big chart above though is that the market highs in 1998-2000 an 2006-2007 an even 2014/2015 all had the banking sector participate with either new all time highs or new cycle highs at the time.

Not this time. Not even close. $BKX can’t ever get to the June highs and remains far below all time highs. Rather $BKX is trading at the 2015 levels from 5 years ago. Maybe the price action will change with another stimulus package coming in the next few days.

But as it stands, the weakness in banks signals larger structural issues brewing that the market is currently ignoring. Indeed perhaps the bank stocks are signaling that the Fed’s interventions are not anywhere near as effective as record highs in $NDX and near record highs in $SPX suggest.

The previous, and smaller recessions in comparison, have had price consequences that lasted years. The current main index price action has you believe that price consequences only mattered for 4 weeks.

In my opinion this is a fantasy:

Yes. Except once this falls apart any effects of future stimulus will be greatly diminished as they’ve already already gone all in with little structural effect but zombifying the economy while blowing a historic asset bubble. https://t.co/ztAblTyPJr

— Sven Henrich (@NorthmanTrader) August 3, 2020

We’ll likely find out more following a decision on the next stimulus package. But if markets are supposedly forward looking then perhaps everybody should ask themselves: What are the bank stocks seeing that the rest of the liquidity drenched market is currently ignoring?

Something is rotten.

*  *  *

For the latest public analysis please visit NorthmanTrader. To subscribe to our market products please visit Services.

In yet more coronavirus lockdown absurdity, the Republic of Ireland is telling young people to stop having sex in order to stop the spread of the pandemic. 

Instead, health officials with Ireland’s Health Service Executive (HSE) are urging that people should only have phone sex while foregoing the real deal. This is not The Onion, but words from a newly distributed HSE leaflet on coronavirus safety measures:

“If you decide to be sexually active with someone living outside of your household, limit it to as few partners as possible, preferably one regular partner. Consider masturbation or remote sexual activity (eg, online) as alternative to physical sexual activity with others.”

It also advised that in the case of sex with a partner living in your house to “wash hands thoroughly with soap and water for at least 20 seconds before and after any sexual activity.”

The leaflets are being posted at pharmacies, clinics, and public buildings throughout the country in response to fears that growing coronavirus case numbers are being driven by asymptomatic young people who are spurning social distancing measures.

The government is also giving out free “sexual health protection packs” which include a condom, strongly suggesting that health officials don’t actually think many Irish will follow its “phone sex only” advice during the pandemic.

The Irish government promoting masturbation is not something I expected to see. Ever.

— AdeptusAntifascistus (@mechtranicus) August 3, 2020

As expected, the bizarre official advisory resulted in widespread scorn and mockery online. “The Irish government promoting masturbation is not something I expected to see. Ever,” one social media response was quoted as saying.

“So we can’t stand beside each other, c [sic] each others faces, shake hands, have a drink together, look at each other, breathe fresh air, watch live sport or have sex. I have an answer, f**k off,” another said.

Currently Ireland has over 26,000 cases of COVID-19, with a moderate increase observed in the past weeks.

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Tens of thousands of Germans marched through Berlin on Saturday, proclaiming a “Day of Freedom” and demanding an end to government-mandated face masks and “social distancing.” The UK and Netherlands also saw large protests against their governments’ tyrannical actions in response to the coronavirus outbreak.

According to media accounts, the Berlin protesters held signs reading “We are being forced to wear a muzzle,” “Natural defense instead of vaccination,” and “We are making noise because you are stealing our freedom!”

Good for them!

The New York Times Tweeted that the masses of Berlin demonstrators were all “Nazis” and “conspiracy theorists.” Does the “paper of record” really want us to believe there were perhaps a million Nazis active in the streets of Berlin? Wouldn’t that be alarming?

The fact is, Europeans are realizing that their government-mandated lockdowns did little or nothing to protect them from the virus, while causing economic catastrophe and untold human suffering.

They likely looked around and noticed that Sweden, which never locked down its economy, rejected face masks, and kept its restaurants and other places of business open, did not fare any worse than the countries that have been turned into open air prisons for much of the year. In fact, Sweden had a lower death rate from the virus than strict lockdown states like the UK and France. No wonder people are starting to get angry.

Unfortunately, while the Europeans are waking up, Americans are still asleep as our freedoms continue to be trampled.

While Europeans demand an end to government tyranny, here we see states with minuscule new deaths returning to lockdown. It is as if all the wannabe tyrants from mayors to governors are finally realizing their secret dreams of ruling by decree. Their dreams are our nightmares!

New Jersey Governor Phil Murphy put citizens “on notice” that he will lock the state back down if people dare to go outside without a face mask or even to have guests inside their own homes!

What kind of politician puts his own constituents “on notice”?

It is not as if the “experts” are even looking into treatments for the viral infection. Doctors who report their own successful experience treating Covid patients with hydroxychloroquine, for example, are ridiculed, censored, and even fired from their jobs. The rush to silence “America’s Frontline Doctors” last week and to disappear their video down the memory hole should terrify anybody who still believes in free speech.

No, they say, we must keep locked down and masked until we have a vaccine. The US government is dumping billions into a vaccine that may be less than 60 percent effective to prevent a virus that has something like a 99.8 percent survival rate. What kind of math is that?

How many may be harmed more by the vaccine than helped? We’ll probably never know because the US government has just granted big pharma immunity from liability claims if the vaccine produces damaging side effects.

They keep moving the goal posts to keep us terrified and isolated. First it was body counts and then “cases.” The numbers have been so wildly off that it’s hard to trust any reporting. People are getting angry. They are confused. They are facing an economic depression of historic proportions. But worst of all, they are watching as Leviathan government snatches every last bit of freedom.

Three cheers for the Europeans! Let’s hope America wakes up soon!