Month: March 2014

Police Departments Sign Non-Disclosure Agreements with Surveillance-Tech Manufacturer, Conceal Info from Courts and Press

Here’s Kim
Zetter writing in Wired:

Tell no one I helped you.A non-disclosure agreement that police
departments around the country have been signing for years with the
maker of a cell-phone spy tool explicitly prohibits the law
enforcement agencies from telling anyone, including other
government bodies, about their use of the secretive equipment,
according to one of the agreements obtained by an Arizona
journalist.

The NDA includes an exception for “judicially mandated
disclosures,” but no mechanisms for judges to learn that the
equipment was used. In at least one case in Florida, a police
department revealed that it had decided not to seek a warrant to
use the technology explicitly to avoid telling a judge about the
equipment. It subsequently kept the information hidden from the
defendant as well.

A copy of the contract was obtained from a police department in
Tucson, Arizona, which signed the agreement in 2010 with the Harris
Corporation, a Florida-based maker of the equipment used by the
department. The police department cited the agreement as one of the
reasons it withheld information from a journalist who filed a
public records request seeking information about the department’s
use of the equipment.

You can—and should!—read the rest here.
But if you want the short version, Frank Pasquale sums
it up in five words: “State secrecy + trade secrecy =
impunity.”

from Hit & Run http://ift.tt/1e1ktJa
via IFTTT

The next shoe to drop on your retirement account

March 5, 2014
En route to Colombia

President Obama released his 2015 budget proposal yesterday… and as expected, it contained even more language about his MyRA initiative.

As we’ve discussed so many times in the past, IRAs are an irresistible kitty for such a bankrupt government.

The US government itself estimates that over $5 trillion is tucked away in American retirement accounts.

They need that money. Your money.

Think about it– the Chinese are starting to dump their US Treasuries in record numbers. The Social Security trust fund is also on track to start dumping Treasuries in order to pay out record numbers of retirees.

The US government is struggling to come up with new funding sources… and retirement accounts are by far the easiest target.

Why? Because the majority of retirement accounts at trapped at big Wall Street banks, which are all de facto agents of the government. All the Treasury Department has to do is make a phone call.

Of course, they’ll claim that it’s for your own good. I suspect they’ll wait until there’s a big stock market crash and then say “We must protect Americans from such risky investments. And that’s why today we are requiring these banks to invest a portion of the retirement accounts they manage in the safety and security of US government Treasuries.”

A few weeks ago in his Sad State of the Union address, President Obama announced this MyRA program– a new initiative that will “help” Americans invest directly in US Treasuries.

Then he looked everyone in the eye and said, “These accounts will never go down in value…”

Naturally. How could loaning money at rates which don’t even keep pace with inflation to a country that has racked up more debt than any other nation in the history of the world possibly pose a risk?

After announcing MyRA, Mr. Obama took to the streets, and his team took to the media… flooding newspapers and airwaves with MyRA propaganda.

Yesterday’s budget announcement constitutes the next phase: automatic enrollment.

And I suspect that, just like Obamacare, there will soon come a time when it will become MANDATORY to have some sort of retirement plan set up, naturally with the government option at people’s fingertips.

This isn’t some far-fetched conspiracy theory. In fact, it’s already happened in so many countries over the last few years– from Argentina to Ireland to Poland.

In fact, even the Treasury Department grabbed government pension funds at least three times since 2011 in order to plug temporary funding gaps.

The Federal Times, a publication for senior government managers, ran a story back in 2011 entitled “Treasury raids your pension – but don’t worry, Geithner says”.

This idea is no longer theory or conjecture. It’s happening, and the conclusions are all supported by the data.

Anyone who thinks ‘that will never happen here’ is really fooling themselves… and playing very dangerous games with their hard-earned savings.

from SOVEREIGN MAN http://ift.tt/NvLOwF
via IFTTT

What the Russian (and Chinese) papers are saying about Ukraine

March 5, 2014
En route to Colombia

“Putin: Unconstitutional coup is taking place in Ukraine. The U.S halted military cooperation and trade negotiations with Russia”

That’s the headline from a Beijing newspaper– and no surprise that it leans slightly to the Russian side.

Beijing Paper What the Russian (and Chinese) papers are saying about Ukraine

The article goes on:

“Russian president Putin said on 4th March that unconstitutional coup is taking place in Ukraine and Russia will only use the army to Ukraine under “the most extreme situation”. This was the first time that Putin declared this publicly since the escalation of the situation in Ukraine.”

“U.S. Secretary of State John Kerry threatened on March 2nd that the U.S and allied countries will take a series of actions including visa ban, capital controls, economic and trade sanctions, etc.”

“The White House issued this in a joint statement signed by the Group of Seven member countries and accused Russia of violation of the territorial integrity of Ukraine. The White House also declared temporarily not to participate in the preparation for the G8 summit scheduled for June in Sochi, Russia.”

– and of course :

“Chinese Permanent Representative to the United Nations Liu Jieyi called for dialogue of all sides to resolve differences and maintain regional peace and stability. The united nations security council held an emergency meeting on the Ukrainian situation. Liu Jieyi said in the meeting that China is deeply concerned about Ukrainian situation and condemn the extreme violence in Ukraine.”

Meanwhile, Russian newspaper Itar Tass had this headline (loose translation):

“Putin: Those [foreign nations] who are talking about imposing sanctions on the Russian Federation should first consider the impact of those sanctions”

Russian Paper What the Russian (and Chinese) papers are saying about Ukraine

The article goes on:

“President Putin told reporters that the damage to all countries involved is mutual:

“We can cause damage to each other– mutual damage. And this needs to be thought about. . . We believe our actions are fully justified. And any threats to Russia are counterproductive and harmful.”

Mr. Putin added that Russia is still preparing for upcoming G8 meeting.

“If [the other countries] do not want to come, they don’t have to,” he told reporters .

The Russian President also expressed the opinion that the U.S. has historically created its own geopolitical goals, and then dragging along the rest of the world underneath them:

“Our partners, especially in the U.S.– they always clearly formulate their geopolitical interests and pursue them very aggressively. Guided by the well-known phrase, “you are either with us or against us,” they drag the rest of the world along, underneath them. And whoever doesn’t go along is beaten and usually killed,” the President told reporters.

He emphasized that Russia’s actions come from legitimate grounds.So on one hand, the Chinese are essentially making the West out to be the belligerents, the Russians to be defending their interests, and the Chinese as the strong diplomats who are pushing for peace.

And on the other hand, the Russian papers are highlighting the utter hypocrisy of US foreign policy– it’s OK for America to invade whatever country it likes, but not for Russia to defend its own interests.

from SOVEREIGN MAN http://ift.tt/1oqyODT
via IFTTT

Why Bankers Want Control of Ukraine

We all know about the important military consequences of controlling Ukraine to the US and Russia, but an equally important and overlooked topic is why bankers want control of Ukraine’s monetary supply and ultimately control of Ukraine through controlling its debt (the proposed $1 billion loan from the IMF). All major Western military invasions in the past several years – Somalia, Sudan, Afghanistan, Iraq, Libya and attempts in Syria – involved countries in which the Bank for International Settlements had not yet gained control of the monetary supply at the time of these invasions.

The international banking cartels represented by the World Bank, the IMF and the Bank for International Settlements are unhappy with their low level of influence in controlling the debt of emerging economic powers like China and Russia and know that they very well can’t directly declare war on Russia and China to effect regime change in order to obtain control of their debt as they accomplished with the aforementioned much smaller countries that didn’t have the military strength to withstand a US/EU/banking led invasion. However, these global banking cartels know that they can gain influence through regime change without direct military intervention in the 15 newly independent states of the former USSR a la John Perkin’s Confessions of an Economic Hit Man (or at least this was their first initial thought in Ukraine). Below, JS Kim of SmartKnowledgeU discusses the above neglected topic and the gravity of the growing military escalation in Ukraine at the current time.

 


    



via Zero Hedge http://ift.tt/1f6XhZR smartknowledgeu

ADP Tumbles: Huge Miss To Expectations, Prior Data All Revised Lower, “Winter Weather” Blamed

More snow. That is the assessment of Mark Zandi and the ADP Private Payrolls, which just printed at 139K on expectations of a 155K print. But don’t worry: the number was pre-spun for idiot consumption, as the 139K was actually an increase from the January 127K. What was not said is that the January number was a massive revision lower from the previously announced 175K. What will also not be said is that the December ADP print was revised lower from 227K to 191K and the November 289K was chopped off and revised to only 245K. Of course, both of those numbers were massive beats at the time, and have now become misses, but who cares: they have served their algo kneejerk reaction purposes. And while the data is complete garbage, and is obviously manipulated and goalseeked (as we have shown before), it should be welcome to the US to know that in February it generated a whopping 1,000 manufacturing jobs.

But the punchline, certainly, is this from Mark Zandi: “February was another soft month for the job market. Employment was weak across a number of industries. Bad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures.”

Because when economists become weathermen, only hilarious idiocy can emerge.

Following the revision, this was the biggest miss since February 2011. Luckily it was in January so it can be ignored.

This is what the current ADP job “gains” look like.

And here is the funny part: today ADP released its annual “data” revisions. The pre and post revised numbers are shown below. The blue are the original, the orange are the new. See if you can spot the difference.

Incidentally, this downward revision of 20% over the past three months is precisely as we predicted before the data came out, because the manipulation across all data sets is now so glaringly obvious a caveman can do it:

While the rest of the report is much comparable garbage, for those who still believe the lies they are spoonfed, here it is:

 

 

 

And from Mark Zandi and his merry weathermen:

Goods-producing employment rose by 19,000 jobs in February, up from a downwardly-revised figure of 12,000 in January. Nearly all of the growth came from the construction industry which added 14,000 jobs over the month; this followed downwardly revised increases of 17,000 in the prior two months. Manufacturing eked out a small gain in February adding just 1,000 jobs. January’s decline in manufacturing was upwardly revised to a loss of just 7,000 jobs.

 

Service-providing industries added 120,000 jobs in February, up from a downwardly-revised January figure of 116,000. The ADP National Employment Report indicates that professional/ business services contributed the most to growth in service-providing industries, adding 33,000 jobs. This was well below the average gains for the industry in 2013. Expansion in trade/transportation/utilities accelerated slightly after a poor showing in January, gaining 31,000 jobs in February. Financial activities employment fell for the second straight month after January’s reading was downwardly revised to an 8,000 job loss. These two months have been the weakest for financial services employment since January and February of 2011.

 

“The U.S. private sector added 139,000 jobs in February, well below the average over the last 12 months,” said Carlos Rodriguez, president and chief executive officer of ADP.

 

Mark Zandi, chief economist of Moody’s Analytics, said, “February was another soft month for the job market. Employment was weak across a number of industries. Bad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures.”

No further comment.

Finally, the ever so informative infographic:

Download the Press Release

National Employment Report
For more data and analysis, download the press release.

Download Press Release

For additional insights, download the historical data (Excel file)

Subscribe to receive reports monthly via email or RSS:

About This Report: The ADP National Employment Report provides a monthly snapshot of the current U.S. nonfarm private sector employment situation based on actual transactional payroll data.

 

Download Press Release

National Employment Report
For more data and analysis, download the press release.

Download Press Release

For additional insights, download the historical data (Excel file)

Subscribe to receive reports monthly via email or RSS:

National Resources

Contact Us

ADP Research Institute®

Call: (973) 974-7406 
Email: ADP Research Institute

Media Inquiries

Call: (617) 520-7048 
Email: Public Relations

New Products or Services

Call: (800) 225-5237 

– See more at: http://ift.tt/1q5QdW2

Infographic: ADP National Employment Report Shows 139,000 Jobs Added in February


    



via Zero Hedge http://ift.tt/1f6XgoA Tyler Durden

Forget Budget Wish Lists. A Sluggish Economy Calls For Much Less Federal Spending

Burning cashYesterday, we had President
Obama’s
budget proposal as ideological telegram, complete with a
mindboggling price tag well beyond what the U.S. government can
afford to spend. To be fair, many of his opponents in the
Republican Party apply just that sort of “only the best for us” to

every expensive toy on which the Pentagon wants to blow a billion
bucks. But not only has the federal government been spending
well beyond its means for years, but the economy is expected to be
uncooperative—read that as sluggish—in years to come, requring even
lower levels of federal spending if the behemoth on the Potomac
isn’t to go completely tits-up and leave American taxpayers holding
the bill.

On February 4, the Congressional Budget Office (CBO) predicted:

the deficit is projected to decrease again in 2015—to $478
billion, or 2.6 percent of GDP. After that, however, deficits are
projected to start rising—both in dollar terms and relative to the
size of the economy—because revenues are expected to grow at
roughly the same pace as GDP whereas spending is expected to grow
more rapidly than GDP.

That growing gap between what we spend and what we can afford to
spend has consequences, reports the CBO.

The large budget deficits recorded in recent years have
substantially increased federal debt, and the amount of debt
relative to the size of the economy is now very high by historical
standards. CBO estimates that federal debt held by the public will
equal 74 percent of GDP at the end of this year and 79 percent in
2024 (the end of the current 10-year projection period). Such large
and growing federal debt could have serious negative consequences,
including restraining economic growth in the long term, giving
policymakers less flexibility to respond to unexpected challenges,
and eventually increasing the risk of a fiscal crisis (in which
investors would demand high interest rates to buy the government’s
debt).

That is, deficits build up debt, which acts as a net drag on the
economy and prosperity and, oh yeah, further reduces the resources
available to the politicians on their spending spree.

Revenues and outlays

But, here’s the sad truth: that “restraining economic growth,”
for whatever reason, is already a thing. In that same report, the
CBO forecast sluggish economic growth to come:

the growth of potential GDP over the next 10 years is much
slower than the average since 1950. That difference stems primarily
from demographic trends that have significantly reduced the growth
of the labor force. In addition, changes in people’s economic
incentives caused by federal tax and spending policies set in
current law are expected to keep hours worked and potential output
during the next 10 years lower than they would be otherwise.

Just a few weeks later, on February 28, the CBO specifically reduced
expectations for potential output in 2017 by 7.3 percent.

So, the CBO itself says that federal policy is already acting as
a drag on the economy on which sky-high plans for federal spending
are based—and those spending schemes themselves threaten to further
slow the economy.

Oh, swell.

Just last week, Reason science columnist Ron Bailey
looked at
predictions that the U.S. is entering an extended period of
economic stagnation. He found some of the forecasts about
declining technological payoffs to be unduly pessimistic, but
agreed that “government debt overhang [will] slow growth,” and
probably by more than predicted. Ultimately, he believed
we’ve been given “fair warning of the doleful direction in which
the economic headwinds are blowing.”

Not only are elected federal officials spending far more than we
can afford, they’re consuming the seed corn from which future
economic growth must come, reducing the prosperity we all hope to
enjoy as well as the resources on which officials hope to draw for
their future spending schemes.

The longer this continues, the less the federal
government will be able to spend in the future. And the less
wealthy Americans will be.

from Hit & Run http://ift.tt/1oqxf8W
via IFTTT

A.M. Links: Private Sector Creates 139,000 Jobs in February, Russia Says Soldiers in Ukraine are “Self-Defense Forces”, Lindsay Lohan Getting OWN Reality Show

  • what's tv got to worry about?The private sector
    created     139,000 jobs in February, according to payroll
    processor ADP.
  • John Kerry is set to meet with the Russian foreign minister,
    who
    claims     unmarked soldiers in Ukraine are Crimean self-defense
    units over which his country has no control.
  • A judge in New Jersey ruled
    against     an 18-year-old suing her parents, including a former
    police chief, for more financial support. She moved out of her
    home, suing her parents with help from a county freeholder. The
    judge did rule the teen’s parents had to keep her on their health
    insurance and couldn’t liquidate any college savings accounts they
    set up for her.
  • A new study published this week
    claims     eating meat and cheese could be as dangerous as
    smoking.
  • The internet of sky things is
    coming    ; Facebook is interested in buying a drone maker while
    Google is working on balloons to deliver internet access to remote
    areas.
  • Illegal downloads of 12 Years a Slave have
    tripled     since it won an Oscar for Best Picture.
  • Lindsay Lohan is
    getting     her own reality show on the Oprah Winfrey network.

from Hit & Run http://ift.tt/1eW8SPL
via IFTTT

Ukraine Won’t Pay Russia For Gas, Has Billions In Obligations Due; Europe Promises Aid Money It Doesn’t Have

About an hour ago, the head of Russia’s top natural gas producer Gazprom said on Wednesday that Ukraine had informed the company it could not pay for February gas deliveries in full, further adding to tensions between Moscow and Kiev. Alexei Miller said Ukraine’s total debt to Gazprom for gas deliveries was nearing $2 billion. “Our Ukrainian colleagues informed us that they would not be able to pay in full for February gas deliveries,” he told Russian President Vladimir Putin.

As reported by Reuters, Miller added that Ukraine managed to redeem only $10 million on Wednesday from a total debt of $1.529 billion. He said that Ukraine’s debt would rise by $440 million on March 7, a deadline for payments. In other words, as of this moment the Ukraine already owes Russia $2 billion, or about double what John Kerry announced to much fanfare, the US would provide the country with in terms of aid. And considering that yesterday Gazprom announed that beginning in April it would end the gas pricing discount to the Ukraine, which lowered the price of gas to $268.5 per 1,000 cubic metres from around $400, this accrual is only set to get bigger with every passing day, and very soon Ukraine may get no Russian gas at all which was and continues to be the biggest leverage Russia has over the country which nuclear power plants provide less than half of its electricity needs.

As a reminder, and as we have pointed out since the start of the Ukraine conflict, Gazprom, which meets 30 percent of Europe’s gas demand, shipped 86 billion cubic meters, or over half of its total exports, to the European Union through Ukraine last year. Gazprom already warned Europe may see “fluctuations” in its gas delivieries from Russia.

A Gazprom spokesman said Russian gas transit to Europe via Ukraine was flowing normally. For now.

But gas is only the beginning of Ukraine’s problems. As also announced about an hour ago, Ukraine’s acting finance minister Oleksander Shlapak reported that the country needs to repay $10 billion by year end and that the country may ask for a debt restructuring. Naturally, absent outside help, no repayment is possible and the country will certainly default, which means someone has to step up and bail out the Ukraine. The only question is where this aid comes from: EU/IMF or Russia.

And that is the €/$64K question. Which is why also earlier today, the European Commission announced that it will provide Ukraine with 11 billion euros ($15 billion) in financial assistance to Ukraine.  As reported by RIA, European Commission President Jose Manuel Barroso said the aid package was designed to enable “a committed, inclusive and reforms-oriented government in rebuilding a stable and prosperous future for Ukraine.” The European Commission said in a statement that financial support would be provided over a two-year period from the EU budget and EU-based international financial institutions.

There is only one problem with Europe’s aid:  the money is not only not “there,” it is also conditional on individual countries getting approval from their populations, and most of it would come from the IMF, i.e. funded primarily by US taxpayers. As the WSJ summarized, “The EU said it would make at least $15 billion in grants and loans available for Ukraine in the next couple of years, although much of the money has strings attached and would need approval from member states and other institutions.”

So basically, it comes down to a matter of timing and payment acceleration: if Russia really wants Ukraine to fold, it will make sure the bill is high enough and the gas shut off looming enough that the only source of funds would be Russia itself, not insolvent Europe. The last thing Putin will want is to give Europe the years it needs to figure out how to honor its bailout commitment (ask Greece). Which is why Medvedev has also announced Russia would be able to provide $2-3 billion immediately to Ukraine… to pay for the gas bill. Naturally, with a few strings attached.


    



via Zero Hedge http://ift.tt/1dqULRq Tyler Durden

WTF: CIA Took Secret, “Unprecedented Action” Against Senate Intelligence Committee

The New York Times is reporting that the CIA took what
Sen. Mark Udall (D-Colo.) called “unprecedented action” against the
Senate Intelligence Committee in response to an investigation of
the spy agency’s actions following the 9/11 attacks.

The [Senate Intelligence] committee has spent several
years working on a voluminous report about the detention
and interrogation program, and according to one official
interviewed in recent days, C.I.A. officers went as far as gaining
access to computer networks used by the committee to carry out its
investigation….

The specifics of the inspector general’s investigation are
unclear. But several officials interviewed in recent days — all of
whom insisted on anonymity, citing a continuing inquiry — said it
began after the C.I.A. took what Senator Mark Udall, Democrat of
Colorado, on Tuesday called an “unprecedented action” against the
committee.

The action, which Mr. Udall did not describe, took place after
C.I.A. officials came to suspect that congressional staff members
had gained unauthorized access to agency documents during the
course of the Intelligence Committee’s years-long investigation
into the detention and interrogation program.

Welcome to the 21st century, which is looking a whole lot like
the 20th when it comes to CIA fooling around in places it shouldn’t
be. The Times story is short on specifics but includes
this gem from Sen. Dianne Feinstein (D-Calif.) who generally has
never met a government incursion against civil liberties she
doesn’t like.

Asked about the tension between the committee and the spy agency
it oversees, Ms. Feinstein said, “Our oversight role will
prevail.”

It seems so different, I guess, when your privacy is
being undermined. Anything that gets the government to be better
about living within constitutional constraints is a good thing.


Read the whole piece.

Watch Reason TV’s interview with “Edward
Snowden, v 1.0: NSA Whistleblower William Binney Tells
All“:


Go here for links, resources, downloadable
versions.

from Hit & Run http://ift.tt/1dqMLA3
via IFTTT

Frontrunning: March 5

  • High Stakes Limit Bid to Cow Putin (WSJ)
  • Russia says can’t control Crimea troops ahead of U.S. talks (Reuters)
  • Crimea Crisis Haunted by Ghosts of Bungled World War I Diplomacy (BBG)
  • Putin’s Ukraine Gambit Hurts Economy as Allies Lose Billions  (BBG)
  • Germany Says It Provided Equipment and Training to Ukraine’s Riot Police (WSJ)
  • China signals focus on reforms and leaner, cleaner growth (Reuters)
  • China Shares in Hong Kong Decline Amid Default Concern (BBG)
  • Beijing Signals New Worry on Growth (WSJ)
  • Israel says seized Gaza-bound rocket shipment from Iran (Reuters)
  • Japan Set to Clarify Stance on Bitcoin (WSJ)
  • Obama Budget Raises $276 Billion From U.S. Multinationals (BBG)
  • ECB May Repeat Japan Mistake That Triggered Lost Decade (BBG)
  • Wealthy mainlanders threaten to sue after Canada scraps visa scheme (SCMP)

 

Overnight Media Digest

WSJ

* The United States kept up a war of words with Russian President Vladimir Putin while hoping he will back down over Ukraine, but there was little evidence Tuesday he would.

* Threats by the U.S. and European powers to impose tough sanctions on Russia over its incursion into Ukraine have run into a difficult economic reality: the West has as much at stake as Moscow.

* China’s leaders kept the growth target for their giant economy unchanged, but signaled that they are more concerned than ever about reaching it, giving themselves the option of letting credit flow freely to keep from falling short.

* A federal judge ruled that a record $9.5 billion environmental-damage award against Chevron Corp was tainted by the misdeeds of a lawyer leading the lawsuit, giving the oil giant a boost in its battle against a global effort to seize its assets.

* Pimco is starting to get hit in its own backyard. When the Orange County pension fund met in November to decide how to put $100 million in new funds to work in the bond market, members of the investment committee made a surprising decision: They chose Swiss fund-management firm GAM Holding AG.

* Apple Inc named corporate controller Luca Maestri to be its next chief financial officer, promoting an executive with a record of shareholder-friendly policies and extensive international experience.

* General Motors Co Chief Executive Mary Barra is taking charge of the auto maker’s response to a mishandled recall that has escalated into an early test of her ability to cope with a threat to the company’s reputation and its credibility with federal regulators.

* Fiat Chrysler Automobiles NV said it would drop a controversial request that Canada’s government subsidize retooling of a minivan factory in Windsor, Ontario, and upgrades for another Canadian plant, and instead will finance the projects on its own.

* RadioShack Corp plans to dramatically cut back its store count, after a sharp drop in sales over the holidays left it with a $400 million loss last year. The electronics retailer said it could close as many as 1,100 U.S. stores – one out of every four that it operates itself.

* BP PLC said Tuesday that it would create a new business to manage its onshore oil and natural-gas assets in the United States’s lower 48 states.

 

FT

The United States has demanded that Russia should pull its troops out of the Crimean peninsula in Ukraine after Vladimir Putin said Russia would use further military action only as a “last resort”.

Lehman Brothers’ main UK subsidiary administrators will be left with 5 billion pounds ($8.34 billion) of surplus cash to distribute after fully repaying all unsecured creditors.

Independent investment bank Moelis & Co published its filing for a U.S. initial public offering, looking to raise about $150 million or more.

The United States is mulling imposing sanctions similar to ones on Iranian institutions on selected Russian financial institutions if Russia invades eastern Ukraine.

The appointment of Luca Maestri as Apple Inc’s chief financial officer could spark hopes of further increase of its share buybacks and dividends. Maestri was described by one analyst last year as a “champion of shareholder return” in his past roles.

 

NYT

* Products virtually identical to e-cigarettes are known by names like e-hookahs or vaping pens, thwarting efforts by health officials to track their use, especially among young people.

* Walt Disney Animation won its first animated-feature Oscar on Sunday for “Frozen,” and with it a new lease on life after a difficult transition to computer-aided filmmaking.

* A newly obtained government document explains why the picture is still clouded on the question of what JPMorgan Chase bankers knew about Bernard Madoff’s Ponzi scheme.

* Payouts for the top executives in private equity have rocketed into the stratosphere, thanks to a soaring stock market and shrewd maneuvers by their firms in the aftermath of the financial crisis.

* A staff member of Lafayette College in Pennsylvania played a small role in the investigation that resulted in the shutdown of Silk Road, the online marketplace where drugs and weapons could be bought with Bitcoin.

* Bart Chilton, a commissioner on the Commodity Futures Trading Commission, said President Obama’s $280 million request for the agency in the next fiscal year was inadequate for the agency’s expanded mission.

* Former Goldman Sachs trader Fabrice Tourre had been scheduled to teach an undergraduate course on economic analysis beginning March 31. But a University of Chicago spokesman said on Tuesday that he would no longer be an instructor.

 

Canada

THE GLOBE AND MAIL

* Ice-hockey team Ottawa Senators owner Eugene Melnyk, a Canadian-Ukrainian, met with Foreign Affairs Minister John Baird and Kiev’s ambassador to Canada on Tuesday regarding the crisis in Ukraine, making the rounds on what he describes as “some of the darkest days in the country’s history.”

* A safety enforcement blitz in British Columbia sawmills that triggered 13 stop-work orders in just three months shows that the forest industry and its regulators are not doing enough in response to two deadly mill explosions, the top union official representing mill workers said.

Reports in the business section:

* Chrysler Group LLC said it is moving forward with a major redevelopment of its Canadian operations, despite abruptly withdrawing its request for financial assistance from the federal and Ontario governments.

* Another round of stellar quarterly profits has provided Canadian banks with the ammunition they need to hunt for a new round of acquisitions. Three of the country’s biggest six banks achieved record profits this quarter while five reported capital levels well in excess of regulatory requirements.

NATIONAL POST

* A fire-damaged navy supply ship could be headed for the scrap heap, leaving Canada with only one vessel to support its maritime force.

* Excluding law school graduates from working in Nova Scotia because they attended a university that prohibits same-sex intimacy would be discriminatory, the university’s president told the province’s bar society Tuesday.

FINANCIAL POST

* Automaker Chrysler Group LLC withdrew request for government aid for a planned $3.6 billion investment in its Ontario plants, saying the projects had became a “political football”. ()

* TransCanada Corp filed a preliminary project description of its $12 billion Energy East oil pipeline with the federal regulator and said it will ask the next Quebec government to mandate a separate strategic environmental review for the project.

 

China

CHINA SECURITIES JOURNAL

– China could fasten the speed of its currency reform and the two-way fluctuations in the yuan could become a reality soon, the newspaper said in a commentary.

SHANGHAI SECURITIES NEWS

– The Shanghai Stock Exchange is looking at setting up a “Strategic Emerging Industries” board, a second board aimed at large and mature firms in emerging industries, its chairman said.

CHINA DAILY

– Based on the fact that Russia and Ukraine have deep cultural, historical and economic connections, it is time for Western powers to abandon their Cold War thinking, stop trying to exclude Russia from the political crisis they have failed to mediate, and respect Russia’s unique role in mapping out the future of Ukraine, says a Xinhua Commentary.

PEOPLE’S DAILY

– China should build up a solid institutional foundation for its ongoing political reform, the paper which acts as a party mouthpiece said in an editorial. This comes as the country is having its annual parliamentary meeting in Beijing.

 

Britain

The Telegraph

BARCLAYS: WE PAID BONUSES TO AVOID ‘DEATH SPIRAL’

Barclays Bank’s Chief Executive, Antony Jenkins, says lower pay would have meant clients and employees would have been less likely to use Barclays.

RUSSIA CANCELS UKRAINE’S GAS DISCOUNT AND DEMANDS $1.5 BLN

Russian energy giant Gazprom has increased the price of gas supplies to Ukraine, sending a chilling reminder of the power Russia holds over European energy markets.

The Guardian

BANKERS’ BONUS CAP ARCHITECT SAYS EU MUST SUE UK GOVERNMENT

One of the architects of the EU’s cap on bankers’ bonuses has called for the UK government to be sued for allowing banks to sidestep the new rules as two more high street banks were preparing to hand their bosses up to 1 million pounds in extra pay to avoid the clampdown.

AVERAGE SMALL CENTRAL LONDON FLAT TO COST 36 MLN POUNDS BY 2050, INVESTOR PREDICTS

London Central Portfolio launches 100 million pounds fund to buy one- and two-bed apartments in capital’s most exclusive districts.

The Times

RECORD LOW RATE HAS COST SAVERS 117 BLN POUNDS

Savers marked the fifth anniversary of record low interest rates by accusing the Bank of England of costing them 117 billion pounds as part of the largest and most undemocratic redistribution of wealth in generations.

LANDLORDS FACE SCRUTINY OVER SERVICE AND CHARGES

The Office of Fair Trading launched an investigation into the residential property management industry to determine if leaseholders were “getting a fair deal” and to assess how well the market was working.

The Independent

GLENCORE XSTRATA SET TO STRIKE RUSSNEFT DEAL DESPITE WAR FEAR

The world’s biggest commodities and mining group Glencore Xstrata on Tuesday looked set to strike a near $1 billion deal in Russia despite the threat of war in Ukraine.

 

 

Fly On The Wall 7:00 AM Market Snapshot

ECONOMIC REPORTS

Domestic economic reports scheduled for today include:
ADP employment change for February at 8:15 am–consensus 150K
ISM non-manufacturing composite for February at 10:00 am–consensus 53.5
Federal Reserve’s Beige Book at 2:00 pm

ANALYST RESEARCH

Upgrades

21st Century Fox (FOXA) upgraded to Outperform from Market Perform at BMO Capital
CIRCOR (CIR) upgraded to Buy from Hold at KeyBanc
Capital City Bank (CCBG) upgraded to Outperform from Market Perform at Keefe Bruyette
DST Systems (DST) upgraded to Overweight from Equal Weight at Evercore
Lazard (LAZ) upgraded to Positive from Neutral at Susquehanna
Pandora (P) upgraded to Neutral from Sell at MKM Partners
Randgold Resources (GOLD) upgraded to Buy from Neutral at Nomura
Trimble Navigation (TRMB) upgraded to Overweight from Neutral at JPMorgan
Valley National (VLY) upgraded to Market Perform from Underperform at Keefe Bruyette

Downgrades

BJ’s Restaurants (BJRI) downgraded to Neutral from Overweight at Piper Jaffray
Crosstex Energy LP (XTEX) downgraded to Hold from Buy at Wunderlich
Dillard’s (DDS) downgraded to Neutral from Outperform at Credit Suisse
Eastern Virginia Bankshares (EVBS) downgraded to Market Perform at Keefe Bruyette
Essex Property Trust (ESS) downgraded to Hold from Buy at Stifel
Global Partners (GLP) downgraded to Sector Perform from Outperform at RBC Capital
Lamar Advertising (LAMR) downgraded to Neutral from Conviction Buy at Goldman
NGL Energy Partners (NGL) downgraded to Neutral from Outperform at RW Baird
New Source Energy (NSLP) downgraded to Neutral from Outperform at RW Baird
Pennsylvania REIT (PEI) downgraded to Hold from Buy at Stifel
Plains GP Holdings (PAGP) downgraded to Neutral from Outperform at RW Baird
Rockwood (ROC) downgraded to Neutral from Outperform at Macquarie
Silver Bay Realty (SBY) downgraded to Market Perform at Keefe Bruyette
South Jersey Industries (SJI) downgraded to Hold from Buy at Brean Capital
Springleaf (LEAF) downgraded to Underperform from Neutral at BofA/Merrill
Staples (SPLS) downgraded to Neutral from Buy at B. Riley
Summit Midstream (SMLP) downgraded to Neutral from Outperform at RW Baird
Tallgrass Energy (TEP) downgraded to Neutral from Outperform at RW Baird
TiVo (TIVO) downgraded to Neutral from Overweight at JPMorgan
Unit Corp. (UNT) downgraded to Hold from Buy at Brean Capital
Whiting USA Trust (WHZ) downgraded to Underperform from Neutral at RW Baird

Initiations

Allscripts (MDRX) initiated with an Equal Weight at Barclays
American Homes 4 Rent (AMH) initiated with an Outperform at Keefe Bruyette
AmerisourceBergen (ABC) initiated with an Overweight at Barclays
athenahealth (ATHN) initiated with an Equal Weight at Barclays
Arrowhead Research (ARWR) initiated with a Buy at Deutsche Bank
Arrowhead Research (ARWR) initiated with an Outperform at RBC Capital
Cardinal Health (CAH) initiated with an Overweight at Barclays
Carrizo Oil & Gas (CRZO) re-initiated with an Outperform at Imperial Capital
Catamaran (CTRX) initiated with an Equal Weight at Barclays
Cerner (CERN) initiated with an Overweight at Barclays
Egalet (EGLT) initiated with a Buy at Canaccord
Evoke Pharma (EVOK) initiated with a Buy at Ascendiant
Express Scripts (ESRX) initiated with an Overweight at Barclays
Forbes Energy (FES) initiated with an In-Line at Imperial Capital
Foundation Medicine (FMI) initiated with an Outperform at Wedbush
MedAssets (MDAS) initiated with an Equal Weight at Barclays
Nimble Storage (NMBL) initiated with a Neutral at UBS
The Advisory Board (ABCO) initiated with an Overweight at Barclays
Xoom (XOOM) initiated with an Underweight at Evercore

COMPANY NEWS

Bob Evans (BOBE) reported Q3 earnings that missed estimates and lowered its FY14 outlook, citing effects of severe winter weather
S&P affirmed DDR Corp.’s (DDR) ‘BB+’ and ‘BBB-‘ ratings, Outlook revised to Positive from Stable
XOMA (XOMA) said results from its Phase 2 trial of gevokizumab did not support movement to pivotal development. The company also reported a Q4 loss that was wider than expected, though revenues topped expectations
Thoratec (THOR) issued worldwide urgent medical device correction letter to update its labeling and training materials for the HeartMate II LVASPocket System Controller
CytRx (CYTR) on track to initiatve Phaes 3 trial of Aldoxorubicin in Q1
USEC (USU) to implement financial restructuring plan under Chapter 11
Twitter (TWTR) said tweets about Oscars viewed over 3.3B times worldwide

EARNINGS

Companies that beat consensus earnings expectations last night and today include:
Bazaarvoice (BV), Gentherm (THRM), Cal Dive (DVR), Systemax (SYX), Smith & Wesson (SWHC), YY Inc. (YY), Chef’s Warehouse (CHEF), Cell Therapeutics (CTIC)

Companies that missed consensus earnings expectations include:
Endeavour (END), Mid-Con Energy (MCEP), JBT Corporation (JBT), XOMA (XOMA), Bob Evans (BOBE), HCI Group (HCI), IMRIS (IMRS)

Companies that matched consensus earnings expectations include:
Alon USA Partners (ALDW), ABM Industries (ABM)

NEWSPAPERS/WEBSITES

EBay (EBAY) CEO says company stronger with PayPal, WSJ reports
Yahoo (YHOO) ceases Facebook (FB), Google (GOOG) sign-in on its web properties, Re/code reports
DISH (DISH) wins all licenses in airwaves auction, Re/code reports
Morgan Stanley (MS) may sell Swiss private bank, Reuters reports
Novartis (NVS), Roche (RHHBY) fined by Italy for alleged collusion on drug sale, WSJ reports
Honda (HMC), Nissan (NSNAY) report spike in February Chinese sales, Nikkei reports
BP (BP) CEO says company standing by Russian investments, Reuters reports
Apple (AAPL) is expected to end production of the 13-inch MacBook Pro in 2H14, DigiTimes reports
Apple’s (AAPL) incoming CFO Maestri is ‘shareholder-friendly,’ NY Post reports

SYNDICATE

ACADIA (ACAD) 6.4M share Secondary priced at $28.50
Armstrong World (AWI) files to sell 3.9M shares of common stock for holders
BankUnited (BKU) 10.3M share Spot Secondary priced at $33.50
Bankrate (RATE) 14M share Secondary priced at $18.25
BioMarin (BMRN) files to sell 1.5M shares of common stock
Bloomin’ Brands (BLMN) 18M share Secondary priced at $24.50
Carlyle Group (CG) 12M share Secondary priced at $33.50
Ceres (CERE) 20M share Secondary priced at $1.00
CorMedix (CRMD) sells 2.96M shares at $2.50 in registered direct offering
Nielsen (NLSN) files to sell 30M shares of common stock for holders
Norwegian Cruise Line (NCLH) to sell 15M shares for holders
Oaktree Capital (OAK) files to sell 5M Class A units for holders
Spirit AeroSystems (SPR) 6.19M share Spot Secondary priced at $28.62
Synageva (GEVA) files to sell 2M shares of common stock
Vantiv (VNTV) files to sell 18.78M common shares for holders


    



via Zero Hedge http://ift.tt/1fGFfDx Tyler Durden