More women are living at home than ever before - Video - Economy: "Not seen since Cary Grant, Kathryn Hepburn and Jimmy Stewart starred in The Philadelphia Story, more women are living with their parents today than in 1940."
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Thursday, January 7, 2016
Hammered: Wall Street Drops as China Fears Flare | Fox Business
Hammered: Wall Street Drops as China Fears Flare | Fox Business: "The Dow Jones Industrial Average tumbled 392 points, or 2.32% to 16513. The S&P 500 dropped 47 points, or 2.37% to 1943, while the Nasdaq Composite lost 145 points, or 3.03% to 4689.
All 10 S&P 500 sectors were in negative territory as technology and materials plunged more than 2%. "
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All 10 S&P 500 sectors were in negative territory as technology and materials plunged more than 2%. "
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Soros: It's the 2008 crisis all over again - Yahoo Finance
Soros: It's the 2008 crisis all over again - Yahoo Finance: "Billionaire financier George Soros is warning of an impending financial markets crisis as investors around the world were roiled by turmoil in China trade for the second time this week.
Speaking at an economic forum in Sri Lanka's capital Colombo, he told an audience that China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, according to media. He added that a return to rising interest rates was proving difficult for the developing world.
The current environment reminded him of the "crisis we had in 2008," The Sunday Times in Sri Lanka reported on Thursday morning. "China has a major adjustment problem," he added, according to Bloomberg. "I would say it amounts to a crisis."
China's CSI 300 tumbled more than 7 percent in early trade Thursday, again triggering the market's circuit breaker. As well as roiling sentiment across Asia, it also battered European risk assets with the German DAX (^GDAXI) down 3.5 percent at 11 a.m. London time.
U.S. stock index futures also indicated a sharply lower open as investors focused on China's swooning currency and economic slowdown.
China, the biggest economic story of the last 30 years, has soured in the eyes of many analysts. A stock market crash that began in the country last summer has thrown the vast difficulties officials are now facing into sharp relief. A raft of data has disappointed in recent months as the country's leaders refocus the economy on consumption from manufacturing."
'via Blog this'
Speaking at an economic forum in Sri Lanka's capital Colombo, he told an audience that China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, according to media. He added that a return to rising interest rates was proving difficult for the developing world.
The current environment reminded him of the "crisis we had in 2008," The Sunday Times in Sri Lanka reported on Thursday morning. "China has a major adjustment problem," he added, according to Bloomberg. "I would say it amounts to a crisis."
China's CSI 300 tumbled more than 7 percent in early trade Thursday, again triggering the market's circuit breaker. As well as roiling sentiment across Asia, it also battered European risk assets with the German DAX (^GDAXI) down 3.5 percent at 11 a.m. London time.
U.S. stock index futures also indicated a sharply lower open as investors focused on China's swooning currency and economic slowdown.
China, the biggest economic story of the last 30 years, has soured in the eyes of many analysts. A stock market crash that began in the country last summer has thrown the vast difficulties officials are now facing into sharp relief. A raft of data has disappointed in recent months as the country's leaders refocus the economy on consumption from manufacturing."
'via Blog this'
Saut: How long the stock selling stampede may last - Yahoo Finance
Saut: How long the stock selling stampede may last - Yahoo Finance: ""I wish I could have predicted it. But as you know I was calling for a Santa Claus rally and a pretty strong end to [2015]," Saut said on CNBC, referring to his Dec. 15 call on " Squawk Box " for a "rip your face off-type rally." He had accurately predicted the August bottom days before it happened.
Read More Trader warns Fed not to repeat a Depression-era mistake
On Thursday, Saut blamed a "cacophony of exogenous events" for derailing the traditional year-end rally and leading to the worst start to a new year on Wall Street since 2008.
It all began with "the $1.2 trillion options and futures expiration" on quadruple-witching Friday on Dec. 18, Saut said. "That upset the rhythm of the rally. But we gathered our strength and came back the next week. And then you've been hit by this potential war between Saudi Arabia and Iran, the Chinese slowdown, and the 'H-bomb' of North Korea."
"The markets look like they're in a free fall right here," he said. "It feels like we're in one of those selling stampedes, and they typically last 17 to 25 sessions. And this would be only session six. I would be more cautious here.""
'via Blog this'
Read More Trader warns Fed not to repeat a Depression-era mistake
On Thursday, Saut blamed a "cacophony of exogenous events" for derailing the traditional year-end rally and leading to the worst start to a new year on Wall Street since 2008.
It all began with "the $1.2 trillion options and futures expiration" on quadruple-witching Friday on Dec. 18, Saut said. "That upset the rhythm of the rally. But we gathered our strength and came back the next week. And then you've been hit by this potential war between Saudi Arabia and Iran, the Chinese slowdown, and the 'H-bomb' of North Korea."
"The markets look like they're in a free fall right here," he said. "It feels like we're in one of those selling stampedes, and they typically last 17 to 25 sessions. And this would be only session six. I would be more cautious here.""
'via Blog this'
World could face months of Chinese market aftershocks - Yahoo Finance
World could face months of Chinese market aftershocks - Yahoo Finance: "BEIJING (AP) -- The latest trigger was currency jitters, but Thursday's plunge in Chinese stocks was just one in a series of aftershocks from last year's boom and bust that could shake markets for months to come.
Investor anxiety over economic weakness and a possible glut of unwanted shares flooding the market have complicated Beijing's efforts to withdraw emergency controls imposed after Chinese stock prices collapsed in June.
On Thursday, trading halted for the day after a stock index fell 7 percent a half-hour into the trading day. It was this week's second daylong suspension after a plunge in prices Monday tripped the same "circuit breakers" that were introduced Jan. 1.
The benchmark Shanghai Composite Index more than doubled between late 2014 and June, then dived 30 percent. Supported by a multibillion-dollar government intervention, the market rose almost 25 percent in the final months of 2015, only to collapse in the new year. That left the main index down 15 percent from its December peak."
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Investor anxiety over economic weakness and a possible glut of unwanted shares flooding the market have complicated Beijing's efforts to withdraw emergency controls imposed after Chinese stock prices collapsed in June.
On Thursday, trading halted for the day after a stock index fell 7 percent a half-hour into the trading day. It was this week's second daylong suspension after a plunge in prices Monday tripped the same "circuit breakers" that were introduced Jan. 1.
The benchmark Shanghai Composite Index more than doubled between late 2014 and June, then dived 30 percent. Supported by a multibillion-dollar government intervention, the market rose almost 25 percent in the final months of 2015, only to collapse in the new year. That left the main index down 15 percent from its December peak."
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China's Defense of the Yuan Is Growing More Costly: Chart - Bloomberg Business
China's Defense of the Yuan Is Growing More Costly: Chart - Bloomberg Business: "The nation’s foreign currency reserves tumbled by a record $108 billion in December as the central bank sold dollars to stem a slide in the currency. That was about four times greater than analysts predicted in a Bloomberg survey, and reduced the stockpile to the lowest level in three years. Despite the intervention, the yuan’s descent has steepened, with the currency falling to a five-year low on Thursday."
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Dow futures off triple digits amid China turmoil, oil slide - Yahoo Finance
Dow futures off triple digits amid China turmoil, oil slide - Yahoo Finance: "Dow futures were off about 380 points after earlier falling nearly 450 points, as of 8:42 a.m., ET.
Overnight, the People's Bank of China (PBOC) set the yuan reference rate at 6.564, its lowest since 2011 and the largest daily change since Aug. 13, according to Reuters. Trading in China was suspended for the second time in a week after a 7 percent stock drop triggered a circuit breaker, with Chinese markets open for less than half an hour in total. "
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Overnight, the People's Bank of China (PBOC) set the yuan reference rate at 6.564, its lowest since 2011 and the largest daily change since Aug. 13, according to Reuters. Trading in China was suspended for the second time in a week after a 7 percent stock drop triggered a circuit breaker, with Chinese markets open for less than half an hour in total. "
'via Blog this'
Wednesday, January 6, 2016
North Korea says it has conducted hydrogen bomb test - CNN.com
North Korea says it has conducted hydrogen bomb test - CNN.com: "Norsar, a Norway-based group that monitors nuclear tests, said Tuesday's quake was comparable in strength with readings from North Korea's most recent plutonium test, in 2013.
Norsar estimated the yield of Tuesday's blast to be less than 10 kilotons, or 10,000 tons of TNT, smaller than those of the atomic weapons used on Hiroshima and Nagasaki. Thermonuclear weapons yields typically are measured in millions of tons of TNT.
Yet no one besides North Korea reported the test. A senior U.S. official told CNN it could take days to get scientific data to determine if there was a test, if it was successful and if it indeed was of a hydrogen bomb.
Mike Chinoy, a fellow at the University of Southern California's U.S.-China Institute, noted that Kim hinted a few weeks ago that his country was working on a hydrogen bomb. But just because Pyongyang talked about and claimed it doesn't make its true. In fact, there's little about North Korea that can be said definitively beyond that is a poor, isolated, mysterious nation that talks a big game but hasn't gone to battle yet."
'via Blog this'
Norsar estimated the yield of Tuesday's blast to be less than 10 kilotons, or 10,000 tons of TNT, smaller than those of the atomic weapons used on Hiroshima and Nagasaki. Thermonuclear weapons yields typically are measured in millions of tons of TNT.
Yet no one besides North Korea reported the test. A senior U.S. official told CNN it could take days to get scientific data to determine if there was a test, if it was successful and if it indeed was of a hydrogen bomb.
Mike Chinoy, a fellow at the University of Southern California's U.S.-China Institute, noted that Kim hinted a few weeks ago that his country was working on a hydrogen bomb. But just because Pyongyang talked about and claimed it doesn't make its true. In fact, there's little about North Korea that can be said definitively beyond that is a poor, isolated, mysterious nation that talks a big game but hasn't gone to battle yet."
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Book and Weblog – Authored by Garth Turner — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate
Book and Weblog – Authored by Garth Turner — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate: "Our stock market was among the world’s worst performers. Our currency was at the bottom on the heap. We lost 36,000 jobs in the last report. The economy was in recession. Yikes.
And yet Vancouver detached house prices rose by 24% year/year in December while for 2015 as a whole sales increased 48%. Compare this to an inflation rate of 2%, and wage gains in the area of less than 1.5% – and see what a bubble truly looks like. This is a market riding a wave of debt, facilitated by voracious lenders whose risk is being wiped away by a federal agency called CMHC.
When looking at the number of $3+ million homes selling recently in YVR, Bloomberg had this to say yesterday: “It’s one of the starkest examples of growing imbalances in Canada’s household sector that includes record indebtedness, inflated home valuations and over-investment in condominiums.” The world thinks we’re nuts. We are.
Worse, this mania is being exaggerated, fed and institutionalized by the BC government. The province’s BC Assessment office has become one of the most aggressive real estate-pimping outfits in the country, valuing properties at the extreme leading edge of the market. No wonder. The more housing is worth the greater the potential property tax bill municipalities can collect. And yet, perversely, homeowners (and the sycophantic BC media) cheer every bump higher, since it makes people with big mortgages feel rich.
The latest numbers are stunning. Total assessments for Vancouver jumped almost $100 billion, or 16%, in just one year. East Van (where the poor people huddle around barrels of burning newspapers) rode a 28% rocket higher, beating out the lousy 23% increase on the Westside (where the rich dentists live). Says the assessors, “Increases of 15-25% will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Single-family market movement in Whistler, Pemberton and the Sunshine Coast is less dramatic, with typical increases in the zero to 15%. Typical strata residential increases throughout the region will be in the five to 10% range.”
In fact for the entire province, where houses are now worth a collective $1.34 trillion, values soared last year by almost 1% a month. Bizarre. Unsustainable. Dangerous – in a country where the economy expanded by only 1.5% in an entire year, our trade with the world plunged into deficit and the national currency lost almost a fifth of its value. This is what house lust does. It foments delusion, pushing people to take on greater amounts of debt as they grow increasingly blind to the augmenting risk.
The most interesting thing about bubbles? You can’t see out of them. Thus people trapped inside the Nortel bubble, the Alibaba bubble, the Be-X bubble, the US sub-prime bubble or the East Van bungalow bubble think they’re being smart. Until they aren’t."
'via Blog this'
And yet Vancouver detached house prices rose by 24% year/year in December while for 2015 as a whole sales increased 48%. Compare this to an inflation rate of 2%, and wage gains in the area of less than 1.5% – and see what a bubble truly looks like. This is a market riding a wave of debt, facilitated by voracious lenders whose risk is being wiped away by a federal agency called CMHC.
When looking at the number of $3+ million homes selling recently in YVR, Bloomberg had this to say yesterday: “It’s one of the starkest examples of growing imbalances in Canada’s household sector that includes record indebtedness, inflated home valuations and over-investment in condominiums.” The world thinks we’re nuts. We are.
Worse, this mania is being exaggerated, fed and institutionalized by the BC government. The province’s BC Assessment office has become one of the most aggressive real estate-pimping outfits in the country, valuing properties at the extreme leading edge of the market. No wonder. The more housing is worth the greater the potential property tax bill municipalities can collect. And yet, perversely, homeowners (and the sycophantic BC media) cheer every bump higher, since it makes people with big mortgages feel rich.
The latest numbers are stunning. Total assessments for Vancouver jumped almost $100 billion, or 16%, in just one year. East Van (where the poor people huddle around barrels of burning newspapers) rode a 28% rocket higher, beating out the lousy 23% increase on the Westside (where the rich dentists live). Says the assessors, “Increases of 15-25% will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Single-family market movement in Whistler, Pemberton and the Sunshine Coast is less dramatic, with typical increases in the zero to 15%. Typical strata residential increases throughout the region will be in the five to 10% range.”
In fact for the entire province, where houses are now worth a collective $1.34 trillion, values soared last year by almost 1% a month. Bizarre. Unsustainable. Dangerous – in a country where the economy expanded by only 1.5% in an entire year, our trade with the world plunged into deficit and the national currency lost almost a fifth of its value. This is what house lust does. It foments delusion, pushing people to take on greater amounts of debt as they grow increasingly blind to the augmenting risk.
The most interesting thing about bubbles? You can’t see out of them. Thus people trapped inside the Nortel bubble, the Alibaba bubble, the Be-X bubble, the US sub-prime bubble or the East Van bungalow bubble think they’re being smart. Until they aren’t."
'via Blog this'
Tuesday, January 5, 2016
Why ISIS is the winner in Saudi Arabia-Iran row - Yahoo Finance
Why ISIS is the winner in Saudi Arabia-Iran row - Yahoo Finance: "With the Middle East at risk of further conflict at a time when civil war is already raging in Iraq, Yemen and Syria, analysts said that any chance of peace in the near-term was unlikely.
More worryingly, they warned that ISIS, the terrorist group operating in swathes of Iraq and Syria and taking advantage of a power vacuum in both countries, could be the primary beneficiary from more unrest and division .
"The termination of Iran-Saudi diplomatic relations…comes in the context of the ongoing proxy war between Saudi Arabia and Iran, also involving Turkey and, in the case of Syria, Russia, in countries including Lebanon, Syria, Iraq, Bahrain, and Yemen," Firas Abi Ali and Anna Boyd, senior analysts at IHS Country Risk, said in a note late on Monday.
"These conflicts are likely to escalate given that Saudi accusations against Iran will serve to close off diplomatic avenues. In the meantime, the growing sectarian polarization across the region will primarily benefit Islamic State , which is promoting a sectarian narrative.""
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More worryingly, they warned that ISIS, the terrorist group operating in swathes of Iraq and Syria and taking advantage of a power vacuum in both countries, could be the primary beneficiary from more unrest and division .
"The termination of Iran-Saudi diplomatic relations…comes in the context of the ongoing proxy war between Saudi Arabia and Iran, also involving Turkey and, in the case of Syria, Russia, in countries including Lebanon, Syria, Iraq, Bahrain, and Yemen," Firas Abi Ali and Anna Boyd, senior analysts at IHS Country Risk, said in a note late on Monday.
"These conflicts are likely to escalate given that Saudi accusations against Iran will serve to close off diplomatic avenues. In the meantime, the growing sectarian polarization across the region will primarily benefit Islamic State , which is promoting a sectarian narrative.""
'via Blog this'
Yuba County boy mauled to death in home by pit bulls
Yuba County boy mauled to death in home by pit bulls: "A 9-year-old boy was mauled to death Sunday by three pit bulls while left alone in his Linda home, Yuba County Sheriff’s officials report. The victim's aunt identified the boy as 9-year-old Tyler Griffin-Huston
Sheriff’s deputies were alerted to the incident around 9:57 a.m. that a male juvenile had been attacked by dogs.
According to officials, the child’s half-sister, a 24-year-old Linda woman, left the child alone in a trailer with the dogs while she went to work.
Three hours later, the woman returned to discover the child had been mauled the dogs, sustaining life threatening injuries.
"The child was unsupervised. The dogs became aggressive. Why or what caused them to become aggressive, we don't know," said Lt. Brandon Barnes of Yuba County Sheriff's Department.
The child was reportedly transported to Rideout Hospital where he was later pronounced dead."
'via Blog this'
Sheriff’s deputies were alerted to the incident around 9:57 a.m. that a male juvenile had been attacked by dogs.
According to officials, the child’s half-sister, a 24-year-old Linda woman, left the child alone in a trailer with the dogs while she went to work.
Three hours later, the woman returned to discover the child had been mauled the dogs, sustaining life threatening injuries.
"The child was unsupervised. The dogs became aggressive. Why or what caused them to become aggressive, we don't know," said Lt. Brandon Barnes of Yuba County Sheriff's Department.
The child was reportedly transported to Rideout Hospital where he was later pronounced dead."
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Boy, 9, mauled to death by dogs in Yuba County | The Sacramento Bee
Boy, 9, mauled to death by dogs in Yuba County | The Sacramento Bee: "But it all went tragically awry Sunday, when she left the boy alone with her three pet pit bulls. When she returned from her security guard shift a few hours later, authorities said, the small blond boy, Tyler Griffin-Huston, had been mauled to death.
No arrests had been made as of late Monday. The three dogs, a mother and two offspring that Griffin-Heady had raised from puppyhood, had been seized and placed in an animal shelter. They will be euthanized if they are determined to be dangerous animals, Yuba County Undersheriff Jerry Read said.
The mauling has left police, neighbors and authorities with troubling questions about the circumstances of the boy’s fractured life and terrible death. Was Griffin-Heady, who recently moved to Northern California from Florida, capable of parenting her young brother? Was the trailer where she lived, which Read said had no working bathroom, safe for Tyler? Why would she leave her brother with three dogs capable of killing him?
Griffin-Heady did not respond to requests for an interview. Read said officers were still investigating and that Griffin-Heady could face criminal charges of child endangerment."
'via Blog this'
No arrests had been made as of late Monday. The three dogs, a mother and two offspring that Griffin-Heady had raised from puppyhood, had been seized and placed in an animal shelter. They will be euthanized if they are determined to be dangerous animals, Yuba County Undersheriff Jerry Read said.
The mauling has left police, neighbors and authorities with troubling questions about the circumstances of the boy’s fractured life and terrible death. Was Griffin-Heady, who recently moved to Northern California from Florida, capable of parenting her young brother? Was the trailer where she lived, which Read said had no working bathroom, safe for Tyler? Why would she leave her brother with three dogs capable of killing him?
Griffin-Heady did not respond to requests for an interview. Read said officers were still investigating and that Griffin-Heady could face criminal charges of child endangerment."
'via Blog this'
Monday, January 4, 2016
Stocks Slump Across Europe and Asia Following Shanghai's 7% Crash - Bloomberg Business
Stocks Slump Across Europe and Asia Following Shanghai's 7% Crash - Bloomberg Business: "inancial markets are starting 2016 on a bleak note and China is at the center of it.
Stocks crumbled around the world, with emerging markets falling the most since August, as slowing manufacturing triggered a selloff that halted equity trading in Shanghai. "
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Stocks crumbled around the world, with emerging markets falling the most since August, as slowing manufacturing triggered a selloff that halted equity trading in Shanghai. "
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China halts stock trading as market lurches down again - Yahoo Finance
China halts stock trading as market lurches down again - Yahoo Finance: "The index loses 6.9 percent in its first trading day of 2016. Trading is halted for the day after a broad market index, the CSI 300, falls 7 percent by early afternoon, triggering a newly enacted "circuit breaker" on its first day of operation."
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Bad economy may be good for your health: Study - Yahoo Finance
Bad economy may be good for your health: Study - Yahoo Finance: "A bad economy may actually be good for your health.
“It turns out there's actually now quite a long line of research showing that when economic times are bad people are actually physically healthier,” said Christopher Ruhm, a professor at the University of Virginia who wrote the 50-page report, “Health Effects of Economic Crises.”
Contrary to popular belief, the study found that when people are stressed about their personal finances and job situations they avoid vices such as drinking and smoking. “People try to take control of the parts of their life that they can,” said Ruhm.
Get the Latest Market Data and News with the Yahoo Finance App
Other studies have shown that unemployment can lead to unhealthy eating habits, but Ruhm's research found that healthy activities such as exercise and social interactions increase during tough economic times.
A sense of community is one possible reason for the uptick. “I think one of the things that may go on is when we're in a real crisis … we pull together more so there's more actual social support,” said Ruhm."
'via Blog this'
“It turns out there's actually now quite a long line of research showing that when economic times are bad people are actually physically healthier,” said Christopher Ruhm, a professor at the University of Virginia who wrote the 50-page report, “Health Effects of Economic Crises.”
Contrary to popular belief, the study found that when people are stressed about their personal finances and job situations they avoid vices such as drinking and smoking. “People try to take control of the parts of their life that they can,” said Ruhm.
Get the Latest Market Data and News with the Yahoo Finance App
Other studies have shown that unemployment can lead to unhealthy eating habits, but Ruhm's research found that healthy activities such as exercise and social interactions increase during tough economic times.
A sense of community is one possible reason for the uptick. “I think one of the things that may go on is when we're in a real crisis … we pull together more so there's more actual social support,” said Ruhm."
'via Blog this'
Saturday, January 2, 2016
The airline that feminism forgot - Times of India
The airline that feminism forgot - Times of India: "Those auditioning were hoping to gain contracts in either the world of fashion or aviation, and walked up and down stage in bikinis and air stewardess uniforms as they were required to meet physical requirements.
The criteria included women being elegant, slim, having a sweet voice and having no scars visible on the exposed areas of their skin."
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The criteria included women being elegant, slim, having a sweet voice and having no scars visible on the exposed areas of their skin."
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