Month: September 2016

The Run Begins: Deutsche Bank Hedge Fund Clients Withdraw Excess Cash

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deutsche bank

– The Run Begins: Deutsche Bank Hedge Fund Clients Withdraw Excess Cash:

Deutsche Bank concerns just went to ’11’ as Bloomberg reports a number of funds that clear derivatives trades with Deutsche Bank AG have withdrawn some excess cash and positions held at the lender, a sign of counterparties’ mounting concerns about doing business with Europe’s largest investment bank.

While the vast majority of Deutsche Bank’s more than 200 derivatives-clearing clients have made no changes, some funds that use the bank’s prime brokerage service have moved part of their listed derivatives holdings to other firms this week, according to an internal bank document seen by Bloomberg News.

Millennium Partners, Capula Investment Management and Rokos Capital Management are among about 10 hedge funds that have cut their exposure, said a person familiar with the situation who declined to be identified talking about confidential client matters.

Read moreThe Run Begins: Deutsche Bank Hedge Fund Clients Withdraw Excess Cash

Commerzbank To Cut 9600 Jobs, Roughly 20% Of Its Workforce

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GERMANY-ECONOMY-BANKING-COMMERZBANK

– Pain Spreads To Germany’s Second Biggest Bank: Commerzbank Scraps Dividend, Fires 20% Of Workforce:

With Deutsche Bank mercifully missing from overnight headlines for the first day in almost two weeks, it is time to bring attention to Germany’s second largest bank which, as we first reported earlier in the week citing a Handelsblatt leak, confirmed it is also going through a historic rough patch. This morning, Commerzbank said it plans a wide-ranging business restructuring that includes scrapping the bank’s dividend for the rest of the year, terminating nearly 10,000 jobs – roughly 20% of its workforce – and merging two large units.

“The focus on the core business, with some business activities being discontinued, and the digitalization and automation of workflows will lead to staff reductions amounting to around 9,600 full-time positions,” Germany’s second-largest lender said.

Read moreCommerzbank To Cut 9600 Jobs, Roughly 20% Of Its Workforce

US To Suspend Syria Diplomacy With Russia, Prepares “Military Options”

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– US To Suspend Syria Diplomacy With Russia, Prepares “Military Options”:

In the most dramatic diplomatic escalation involving the Syrian conflict in the past years, yesterday John Kerry issued an ultimatum to Russia, in which he warned his colleague Lavrov to stop bombing Aleppo or else the US would suspend all cooperation and diplomacy with Russia.

24 hours later, this appears to be precisely what is about to take place, leading to an even greater geopolitical shock in Syria. According to Retuers, the United States is expected to tell Russia on Thursday it is suspending their diplomatic engagement on Syria following the Russian-backed Syrian government’s intense attacks on Aleppo, U.S. officials said on condition of anonymity.

Read moreUS To Suspend Syria Diplomacy With Russia, Prepares “Military Options”

Russian MoD: We’re ready for Syria dialogue with US, but threats against our military unacceptable

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– Russian MoD: We’re ready for Syria dialogue with US, but threats against our military unacceptable:

Russia is fully ready to continue the dialogue with the US regarding joint actions to combat terrorists in Syria, the Russian Ministry of Defense has said. It stressed, however, that this is only possible if Washington abstains from “any hints of threats to Russia’s military and citizens.”

The statement came in response to comments made by US State Department spokesperson John Kirby at a press briefing on Wednesday. Kirby said that if the war in Syria continues, “more Russian lives will be lost, more Russian aircraft will be shot down” as “extremist groups will continue to exploit the vacuums that are there in Syria to expand their operations, which could include attacks against Russian interests, perhaps even Russian cities.”

Read moreRussian MoD: We’re ready for Syria dialogue with US, but threats against our military unacceptable

Putin Ups the Ante: Ceasefire Sabotage Triggers Major Offensive in Aleppo

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H/t reader squodgy:

“Following the treachery by Obama, Kerry and gopher Ash Carter regarding the cease fire agreement when US murdered 62 Syrian Soldiers, Vlad has suddenly but belatedly accepted the US have proved indisputably to be dishonest and untrustworthy at the very least.

The Russian response is already taking place and all Al Nusra & ISIS units are being corralled for public humiliation and destruction.

Unfortunately the US will be flushed out also as suppliers, funders and trainers of this terrorist army whilst claiming to be wanting to destroy it. Such is American & British hypocrisy, disinformation, deception and propaganda.

All bets are off now.”

– Putin Ups the Ante: Ceasefire Sabotage Triggers Major Offensive in Aleppo:

By Mike Whitney

“Syria is the summation of all the errors of a dysfunctional empire collapsing upon itself. History forgotten. Science ignored. Facts denied. Propaganda cannot hide that West is supporting and killing Islamists at the same time in a World War that risks escalating into a nuclear holocaust.” Vietnam Vet, comments-line,  Sic Semper Tyrannis

September 29, 2016 “Information Clearing House” – “Counterpunch” – The attack on Deir Ezzor was a flagrant act of betrayal. For the first time in the five year-long war,  US warplanes targeted an SAA military outpost killing 62 Syrian regulars. The surprise attacks — which lasted for the better part of an hour and were followed by a coordinated ground assault by members of ISIS– were intended to torpedo the fragile ceasefire agreement and send a message to Moscow that the US was prepared to achieve its strategic objectives in Syria whether it had to launch direct attacks on defenders of the regime or not.

Read morePutin Ups the Ante: Ceasefire Sabotage Triggers Major Offensive in Aleppo

Denmark Allows Migrants to Break Law and Keep Child Brides

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– Denmark Allows Migrants to Break Law and Keep Child Brides:

Child brides as young as 14 are being reunited with their older, migrant husbands in Denmark after authorities decided that upholding Danish law breached their “human rights”.

The legal minimum age for marriage is 18 in the Nordic nation, yet the exemptions are being made for migrants because separating the couples is said to violate the right to family life guaranteed in the European convention on human rights.

Read moreDenmark Allows Migrants to Break Law and Keep Child Brides

ALERT: State Makes It CRIME for Parents to Change Their Own Baby’s Diaper

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– ALERT: State Makes It CRIME for Parents to Change Their Own Baby’s Diaper:

In Arizona, a new court ruling just upheld a law that can make it a crime for parents and/or caregivers to bathe children or change their diapers. This is not a joke — although it definitely should be.

The state supreme court in Arizona has upheld a state law on appeal that could result in criminal charges against caregivers who change diapers or bathe the young children under their care, the reason being that the person could touch the genital area of the child, and that is what the law is trying to protect against.

Read moreALERT: State Makes It CRIME for Parents to Change Their Own Baby’s Diaper

Minnesota JPMorgan employee, 37, and her trader sister, 42, are found dead in their $1,800-a-night villa at luxury resort in the Seychelles after a day of drinking

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– Minnesota JP Morgan employee, 37, and her trader sister, 42, are found dead in their $1,800-a-night villa at luxury resort in the Seychelles after a day of drinking:

  • Annie Korkki, 37, who works for JP Morgan Chase in Denver, and Robin Korkki, 42, a trader from Chicago, were found dead last Thursday
  • They were found unconscious in their villa at the Maia Luxury Resort and Spa in the Seychelles off the coast of Africa a week into their vacation
  • Preliminary examination indicated there were no signs of violence or aggression on the women’s bodies
  • Police said the women had been drinking alcohol throughout the day and were helped to their room by staff that night
  • It was the last time there were seen before they were found dead the next morning
  • Their heartbroken family is currently pressing officials for answers into what led to their sudden deaths 

Two sisters from Minnesota were found dead inside their luxury resort villa a week into their vacation in the Seychelles.

Annie Korkki, 37, and Robin Korkki, 42, were discovered in their villa at the Maia Luxury Resort and Spa last Thursday around noon, authorities in the Seychelles said.

Read moreMinnesota JPMorgan employee, 37, and her trader sister, 42, are found dead in their $1,800-a-night villa at luxury resort in the Seychelles after a day of drinking

Hungary’s Orbán Says EU ‘Destroying’ Europe Days Before Migrant Quota Referendum

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– Hungary’s Orbán Says EU ‘Destroying’ Europe Days Before Migrant Quota Referendum:

The European Union (EU) is “destroying” the continent by forcing member states to accept mass Muslim immigration with quotas, the Hungarian Prime Minister has warned days before his nation holds a referendum on the policy.

In Viktor Orbán’s typically forthright style, the right-wing leader insisted left-wing cultural relativism and Islam is creating segregated societies and parallel legal systems. He stated that European peoples have a right to preserve their way of life.

“The uncontrolled influx destroys Europe and it doesn’t even help the migrants. It’s better for everyone to stay in their own territory,” he blasted, the Express reports.

Read moreHungary’s Orbán Says EU ‘Destroying’ Europe Days Before Migrant Quota Referendum

Austria: Migrant Influx Will See Welfare Spending Leap 35%

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– Austria: Migrant Influx Will See Welfare Spending Leap 35 Per Cent:

The wave of newcomers who entered Austria during the migrant crisis will cause social benefits spending to soar by 35 per cent, a report has revealed.

The latest research shows that the majority of people receiving welfare in Austria never progress to permanent jobs. With particularly bad employment prospects for migrants, local authorities say the system should be reformed after last year’s influx.

Read moreAustria: Migrant Influx Will See Welfare Spending Leap 35%

Newly Arrived Syrian Migrant Molested Woman, Headbutted Police At Notting Hill Carnival

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– Newly Arrived Syrian Migrant Molested Woman, Headbutted Police At Notting Hill Carnival:

A Syrian “refugee” is in court after molesting a woman and attacking a police officer at this year’s Notting Hill Carnival — crimes committed only shortly after arriving in the United Kingdom.

Westminster Magistrate’s court heard how 23-year-old Mohammed Al-Youssfi — a freshly arrived immigrant claiming to be a refugee — committed an alleged sex assault against a reveller at the annual carnival, and headbutted the arresting officer.

The prosecutor told the court a group of three women — including one carrying a baby — were stalked by the Syrian male as they walked away from the carnival. When they stood aside to let him pass them by on the street, he grabbed one of the women.

Read moreNewly Arrived Syrian Migrant Molested Woman, Headbutted Police At Notting Hill Carnival

‘You have to kill this dog’: Saudi Princess ordered her bodyguards to tie up a Parisian painter and decorator and force him to kiss her FEET in four hour ordeal at her palatial flat after he tried to take a picture on his phone

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– ‘You have to kill this dog’: Saudi Princess ordered her bodyguards to tie up a Parisian painter and decorator and force him to kiss her FEET in four hour ordeal at her palatial flat after he tried to take a picture on his phone:

  • The unnamed multi-millionaire princess ‘attacked’ the man in Paris
  • She ordered her bodyguards to beat him up ‘for taking pictures’ 
  • This is just the latest example of Gulf royalty abusing overseas staff 

A Saudi Arabian princess made a painter and decorator kiss her feet inside a palatial Paris flat before telling a bodyguard: ‘You have to kill this dog, he doesn’t deserve to live.’

In the latest example or royalty from the Gulf kingdom abusing overseas staff, the unnamed multi-millionaire allegedly attacked the also unidentified man in the French capital earlier this summer.

He had arrived at the property in Avenue Foch, a hugely prestigious road that runs off the Arc de Triomphe, to carry out some basic decorating.

Read more‘You have to kill this dog’: Saudi Princess ordered her bodyguards to tie up a Parisian painter and decorator and force him to kiss her FEET in four hour ordeal at her palatial flat after he tried to take a picture on his phone

Bank Of England Governor Warns Of ZIRP/QE “In Perpetuity”

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– Bank Of England Governor Warns Of ZIRP/QE “In Perpetuity”:

Just yesterday we wrote about how central banks are “running out of road” to be able to provide any meaningful incremental “stimulus” to the economy (see “Bridgewater Calculates How Much Time Central Banks Have Left“).  As Bridgewater’s Ray Dalio pointed out, at some point in the not so distant future, the ECB and BOJ will have purchased every eligible security possible.  Even if the central banks do continue to expand the scope of their existing programs, eventually they will simply run out of securities to buy.

Ok fine, central banks are “running out of road”, however at the same time they are terrified to rip (or even peel) the band-aid off. This has put the system in an unstable equilibrium: on one hand, central bankers – as even they admit – need to hand over the growth impulse to governments, yet on the other hand, they are terrified of even the smallest change to the status quo as they know they may undo some 7 years of “wealth effect” creation overnight.

How much longer can this charade continue?

Read moreBank Of England Governor Warns Of ZIRP/QE “In Perpetuity”

Libertarian Gary Johnson Has Another “Aleppo Moment”

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– Libertarian Gary Johnson Has Another “Aleppo Moment”:

If the rest of the world was already laughing violently, watching the spectacle that is America’s presidential election, we wonder how it would react if it knew that there is actually a third candidate for the US presidency, one who can’t name a single foreign world leader.

Sadly, that is precisely what happened today when during a New Hampshire townhall moderated by MSNBC’s Chris Matthews, libertarian candidate Gary Johnson had another “Aleppo moment” when asked who his favorite foreign leader is, as the clip below shows.

It did not end there.

Read moreLibertarian Gary Johnson Has Another “Aleppo Moment”

Clothing industry remains one of the largest environmental polluters in the world

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– Clothing industry remains one of the largest environmental polluters in the world:

The clothing industry is one of the biggest polluters in the world, next only to Big Oil. Fashions change with the seasons, and often the in-vogue pieces of the moment last only that long—a moment. What this leads to is a revolving door of fabrics, dyes, textures, patterns and materials. Not only is the environment polluted, but also many foods grown in these environments . When you read the label of your shirt or dress, what does it read? Made in Bangladesh? Made in Thailand?

In 2013, the Rana Plaza in Bangladesh, a factory that produced cheap clothing for the West, collapsed and killed over 1,100 Bangladeshi workers, while injuring thousands others. Brands that ran factories within the Rana Plaza included the Gap, J.C. Penney, Walmart and The Children’s Place. Of course, we all need clothes. There’s no getting around that. Yet, the desire to have clothes simply to prove that one is trendy or in-the-know about current styles leads to a type of consumerism that can often be traced back to pitiful working conditions like those suffered by underpaid and abused workers of the Dante-esque scenarios in the Rana Plaza.

Read moreClothing industry remains one of the largest environmental polluters in the world

Could venom from an Irish spider be the cure to many diseases?

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– Could venom from an Irish spider be the cure to many diseases?:

Spiders are not on most people’s list of most favorite creatures. They’re strange looking, some of them are poisonous, and they just love to appear in places you don’t want them to be. But spiders do have their benefits, like the fact that they eat other, more troublesome pests. These eight-legged creatures may soon be regarded for more than that though; new research indicates that the venom of certain species of spiders could actually have medicinal value.

Researchers from NUI Galway believe that some of Ireland’s species of spiders could be used to kill bacteria and possibly even cure disease. Dr. Michel Dugon, from the university’s School of Natural Sciences notes that while none of the 400 venomous spiders are harmful to humans, they could exact potent effects against a number of diseases. Presently, Dr. Dugon is examining spider venom  and isolating different compounds to see what anti-cancer and anti-tumor potential they may hold.

Read moreCould venom from an Irish spider be the cure to many diseases?

Has Big Brother taken over YOUR printer…and secretly made sure it can only use ink more expensive than champagne?

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– Has Big Brother taken over YOUR printer…and secretly made sure it can only use ink more expensive than champagne?:

On Tuesday two weeks ago, in homes and offices all over the world, something very strange started to happen. Without any warning, tens of thousands of printers suddenly stopped working.

Bewildering error messages appeared that stated that there was a ‘cartridge problem’, or an ‘older generation cartridge’ was present, or more puzzling still, that ‘one or more cartridges are missing or damaged’.

Users were perplexed, and more than a little frustrated. The cartridges in their printers were neither missing, nor damaged, nor indeed old (although they were, of course, expensive), and yet still the troublesome error messages popped up.

So what had happened? Within a few hours, it quickly became clear that the source of the mystery lay in the fact that all the printers were manufactured by the same company — Hewlett-Packard, or HP. More specifically, the models in question all came from the OfficeJet, OfficeJet Pro and OfficeJet Pro X ranges, which cost anywhere between £70 and several hundred pounds.

Unbeknown to the thousands of unsuspecting users around the world, HP had secretly installed the technological equivalent of a time-bomb in their printers, which effectively rendered them useless if their owners had installed cartridges which were not made by HP.

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H/t reader kevin a.

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