Thomson Reuters Laying Off 2,000 To “Streamline Business”

Thomson Reuters Laying Off 2,000 To “Streamline Business”:

In a moment of self-referential irony, moments ago Reuters reported that Thomson Reuters said on Tuesday it would eliminate about 2,000 jobs worldwide and take a fourth-quarter charge of $200 million to $250 million to “streamline its business” – translation: legacy media operations continue to lose money.

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Matt Taibbi: 16 Major Firms May Have Received Early Data From Thomson Reuters

The Thomson Reuters headquarters building in New York City.

16 Major Firms May Have Received Early Data From Thomson Reuters (Rolling Stone, Sep 5, 2013):

Readers may recall an ugly story that broke earlier this summer, when New York State Attorney General Eric Schneiderman rebuked the news/business information firm Thomson Reuters for selling access to key economic survey data two seconds early to high-frequency algorithmic traders. The story strongly suggested that some Thomson Reuters customers were using their two-second head start (an eternity in the modern world of computerized trading) to front-run the markets.

“The early release of market-moving survey data undermines fair play in the markets,” Schneiderman said, back in the second week of July. Thomson Reuters suspended the practice of selling two-second head starts after Schneiderman insisted upon a change. Still, the firm defiantly refused to declare the change permanent and insisted that it had the right to “legally distribute non-governmental data” to “fee-paying subscribers.”

It turns out that there’s more to the story.

Read moreMatt Taibbi: 16 Major Firms May Have Received Early Data From Thomson Reuters

Gold Backwardation Goes Mainstream … Reuters: ‘Run For Your Gold, There Is Not Enough For All’

From the article:

“That’s why a fall or rise in gold prices is not so relevant anymore. The monetary ‘fire alarm’ message, courtesy of the relationship between spot and futures prices, is run for your gold, there is not enough for all.”

Gold Backwardation (GOFO) Goes Mainstream (Liberty Blitzkrieg, July 21, 2013):

Back on April 19, I highlighted an excellent write up by Professor Antal Fekete on gold backwardation and the end of fractional reserve bullion banking titled: Who Said the Hydra Would Take it Lying Down. In it he wrote:

In waking up too late that there was a problem after gold futures markets have been flirting with backwardation for a year or so, officialdom was forced to act. Act it did in a typically haphazard fashion. A few days ago, on April 12 and 15 the paper gold market was demoralized by a ferocious attack on the lofty gold price. This in and of itself is proof that Bernanke is fully aware that permanent gold backwardation is imminent, and that it will create and unmanageable situation. It’s got to be stopped in its track at all hazards.

In fact, however, a lower gold price is making the problem more intractable, not less. The Fed is diving from the frying pan into the fire. This is the point missed by almost all observers and market analysts. They ignore the underlying flight into physical gold that continues unabated, in spite of (or, better still, because of) the panic in the paper gold market. The Fed’s intervention in bankrolling short interest is going to back-fire, for the following simple reason. The Fed’s strategy is inherently contradictory. A lower price for paper gold makes it easier, not harder, to demand delivery on maturing futures contracts.

Several months later it appears Professor Fekete’s comments have been spot on, and the “hydra” has continued to employ brute force on the paper gold market in an effort to shake whatever supply they can from the financial trees. Unfortunately for them, it’s not working and gold’s backwardation continues to expand. Zerohedge has done a great job covering this ahead of the mainstream media as usual, most recently here.

Amazingly , it appears the mainstream media is now picking up on this huge development. In an article two days ago Reuters wrote:

July 19 (IFR) – A dislocation in the gold futures market indicating that demand for physical delivery of the metal is now far outweighing supply has intensified in recent weeks, increasing concern in the market that the change may not be a momentary blip and participants may have become over-leveraged.

Read moreGold Backwardation Goes Mainstream … Reuters: ‘Run For Your Gold, There Is Not Enough For All’

Assad’s Forces Fire Scuds In Syria Escalation: U.S. Official (Reuters)

The Reuters-Rothschild connection. (Click on image to enlarge.)

Assad’s forces fire Scuds in Syria escalation: U.S. official (Reuters, Dec 13, 2012):

Forces loyal to Syrian President Bashar al-Assad have fired Scud missiles at rebels trying to overthrow Syria’s government, a senior U.S. official said on Wednesday, a step seen as an escalation in Assad’s struggle to retain power.

U.S. officials said they were unaware of any previous instances in which Scuds were used against the rebels since the start of the 20-month-old uprising, which has killed more than 40,000 people.

White House spokesman Jay Carney declined to confirm the reports, saying he was aware of them but could not discuss intelligence matters.

Read moreAssad’s Forces Fire Scuds In Syria Escalation: U.S. Official (Reuters)

‘MR LIBOR’ Leaves The British Bankers’ Association, Goes To Reuters

… which is owned by the Rothschilds.

“Mr Libor” Leaves The British Bankers’ Association, Goes To Reuters (ZeroHedge, July 23, 2012):

There was a time when regulators caught red-handed abusing their privileges, aka, doing nothing in the face of glaring malfeasance, would quietly fade away only to even more quietly reappear, sans press release, as a third general counsel or some other C-grade menial role paying a minimum 6 figure compensation to the individual for years of doing nothing. This is no longer the case: it appears that the best such exposed “regulators” can hope for going forward is to get media positions. Such is the case with John Ewan. Who is John Ewan? None other than the director “responsible for the management of the setting of Libor” at the British Bankers’ Association. In other words, the man whom The Sun of all non-captured publications (oddly enough, tabloids sometimes have more journalistic integrity than Reuters and the FT as we will shortly find) has dubbed Mr. Libor. The Sun continues: “In a staggering profile on the internet Mr Ewan reveals he joined the BBA in 2005 to “put Libor on a secure commercial footing”. That year Barclays traders began fiddling the figures they submitted for the Libor calculations. On the LinkedIn networking site Mr Ewan boasts of generating a “tenfold” increase in revenue from licensing out the Libor rate.” He adds: “I introduced new products and obtained EU, US and Japanese trademarks for BBA Libor. “I successfully negotiated contracts with derivatives exchanges and all of the major data vendors.” Well, in the aftermath of Lieborgate surely Ewan is going to someone receptive to his permissive and highly profitable tactics over the years, such as Barclays. Actually no: instead of a bank, the only place that is willing to accept Ewan is media conglomerate Reuters. And not just as anyone: “Thomson Reuters confirmed that Ewan has joined the company as head of business development for its fixing and benchmark business.” We wonder how much revenue Mr. Ewan generated for Reuters?

Why Reuters? The WSJ provides a hint:

Read more‘MR LIBOR’ Leaves The British Bankers’ Association, Goes To Reuters