Economy
UBS CEO Warns of ‘Dangerous’ Bubbles Spurred by Central Banks (Thomas R.)
For investors, the about-face has fueled an “everything rally” lifting both risk-on and risk-off assets. The Stoxx Europe 600 Index advanced 13% in the first half of the year, the best return in the six-month period since 1998. Bonds have also soared on the intense thirst for yield spurred by dovish monetary bets and a growing pile of negative-yielding debt.
US attorney general says encryption creates security risk (Sparky1)
Barr said terrorists and cartels switch mid-communication to encrypted applications to plan deadly operations. He described a transnational drug cartel’s use of WhatsApp group chat to specifically coordinate murders of Mexico-based police officials.
Gail Kent, Facebook’s global public policy lead on security, recently said that allowing the government’s ability to gain access to encrypted communications would jeopardize cybersecurity for millions of law-abiding people who rely on it. WhatsApp is owned by Facebook.
Alibaba welcomes U.S. small businesses to sell globally on its platform (Thomas R.)
Alibaba, which does not sell inventory of its own, hopes to attract local U.S. businesses as their marketplace platform of choice by offering small- and medium-sized businesses global selling power. Alibaba highlighted its interest in winning over manufacturers, wholesalers and distributors.
Jeffrey Epstein found injured with marks on his neck in New York jail cell, sources say (Sparky1)
Epstein, 66, was found semiconscious with marks on his neck in his cell at the Metropolitan Correctional Center in Manhattan some time in the last two days, the sources said. Epstein is on suicide watch, two sources said.
Robot Trading Will End in Disaster (thc0655)
Eighty percent of stock trading is now automated in the form of either index funds (60%) or quantitative models (20%). This means that “active investing,” where you pick the allocation and the timing, is down to 20% of the market. Although even active investors receive automated execution.
In pictures: Puerto Ricans celebrate governor’s resignation (Sparky1)
The leaks came the same week that two former officials from the Rosselló administration were arrested as part of a federal corruption investigation.
Rosselló announced on a Facebook video message that he will be resigning on August 2. Justice Secretary Wanda Vázquez will likely take his place as governor.
Health system offers free DNA tests for 10,000 Floridians (Sparky1)
On its website, Helix said it doesn’t sell participants’ information for any reason. But the company said it evaluates requests by law enforcement and other legal requests for data on a case-by-case basis. Detectives in a growing number of high-profile cases have identified suspects by entering crime-scene DNA profiles into databases that became popular as a way for people to document their family trees.
First Russian-Chinese air patrol in Asia-Pacific draws shots from South Korea (Sparky1)
“The joint patrol was carried out with the aim of deepening Russian-Chinese relations within our all-encompassing partnership, of further increasing cooperation between our armed forces, and of perfecting their capabilities to carry out joint actions, and of strengthening global strategic security,” the ministry said in a statement.
Let’s talk about getting too woke… (Don R.)
Video
Chinese carmakers now own 15% of Germany’s Daimler (Thomas R.)
The BAIC investment reflects two industry priorities: Global carmakers are teaming up with Chinese rivals to improve their standing in the huge market, and they’re partnering to share the cost of developing new technologies.
The wildcat goldminers doomed by their toxic trade (Sparky1)
“I said to myself the symptoms were the result of a certain wrongdoing,” he told a reporter during a visit in April. “Maybe someone has gone to a medicine man, or someone has gone to steal from someone, and we have all been cursed.”
Hedge Funds Unexpectedly Set The Stage For An Oil Rally (Thomas R.)
In the week to July 16, portfolio managers boosted their net long position—the difference between bullish and bearish bets—in the six most important oil contracts by the equivalent of 84 million barrels, to a total of 647 million barrels. Bets on rising prices, long positions, jumped by 76 million barrels, while shorts decreased by 8 million barrels in the latest reporting week, according to exchange data analyzed by Kemp.
Senators to unveil carbon tax bill to generate $2.5 trillion in 10 years (Sparky1)
Senator Chris Coons said on Wednesday he and Senator Dianne Feinstein will introduce the Climate Action Rebate Act, which aims to generate $2.5 trillion in revenues over 10 years starting in 2020. It would rebate about 70 percent of the money to families that make less than $130,000 per year, and use the rest for energy infrastructure, job retraining for fossil fuel workers, and research and development.
Across the U.S., drilling of deeper wells is ‘unsustainable,’ researchers say (Sparky1)
Researchers Debra Perrone and Scott Jasechko of the University of California-Santa Barbara spent four years piecing together and analyzing well records from 64 different state and local agencies. They used the data to create a nationwide map of wells, including their depths and uses.
Destructive pest could spread to all of China’s grain production in 12 months (Thomas R.)
According to the US report, prepared for the Department of Agriculture (USDA), it may have already spread to a range of southern Chinese provinces including Yunnan, Guangxi, Guangdong, Guizhou, Hunan and Hainan.
The Chinese Ministry of Agriculture and Rural Affairs has taken emergency measures to control the spread of the armyworm, the United Nations Food and Agriculture Organization said in January.
Gold & Silver
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The post Daily Digest 7/25 – Goldminers Doomed By Their Toxic Trade, U.S. AG Says Encryption ‘Creates Security Risk’ appeared first on Peak Prosperity.
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