Bloomberg:
- Merkel Confronts Growing Skepticism on Bailout Aid to Cyprus. Chancellor Angela Merkel confronted a growing chorus of skepticism from inside and outside Germany’s coalition on bailout financing for Cyprus, possibly endangering her majority among lawmakers who will have to approve any aid. Rainer Bruederle, the parliamentary leader for Merkel’s Free Democratic coalition partner, told Bild newspaper he sees no majority in the lower house as long as German taxpayers have the impression that they’re bolstering tax evaders. He echoed statements from opposition Social Democratic Chairman Sigmar Gabriel, who told Sueddeutsche Zeitung newspaper the SPD won’t support a Cyprus bailout in its current form. “There are too many question marks surrounding Cyprus,” Bruederle told Bild in an interview today. “From what is known currently, I don’t see a majority for financial aid.”
- Morgan Stanley(MS) Said to Cut 1,600 Investment-Banking Jobs. Morgan Stanley, the sixth-largest U.S. bank by assets, plans to eliminate about 1,600 jobs from its investment bank and support staff in coming weeks, a person familiar with the matter said.
- Fracking Pushes U.S. Oil Production to Highest Level in 20 Years. U.S. oil production exceeded 7 million barrels a day for the first time since March 1993 as improved drilling techniques boosted exploration across the country and reinforced a shift toward energy independence.
- Iron Ore Seen Set for Bear Market as Restocking Rally Fades. Iron ore, which posted the biggest quarterly climb on record in the final three months of 2012, may extend gains from a 14-month high as Chinese mills restock, then tumble into a bear market, according to Deutsche Bank AG. Prices may rise to $170 a ton in the first half on demand in the biggest buyer, before falling to less than $120 as supply expands, Deutsche Bank said in a report.
Wall Street Journal:
- Once-Lively Square Is a Center of Greek Woe. Once the vibrant commercial heart of Athens, the capital's central Omonia Square now is ringed by shuttered hotels and vacant shops and haunted by drug dealers, addicts and prostitutes, making it a national symbol of despair and social collapse.
- CBO: Ending Corporate Tax Deferral Could Raise $100 Billion. A new Congressional Budget Office study throws some cold water on the idea of overhauling U.S. corporate tax policy to make it more like other developed countries’ tax policies. The study suggests that the current U.S. system is bad enough, but some of the alternatives being advanced by businesses likely would be worse.
Fox News:
- Biden suggests White House could act without Congress as part of gun control plan. Vice President Biden suggested Wednesday that the White House could take unilateral action on gun control, as he kicked off a round of meetings aimed at finding ways to curb gun violence. The vice president met Wednesday with gun-safety and victims groups, saying he is "determined" to take "urgent action" to address gun violence. "This is not an exercise in photo opportunities or just getting to ask you all what your opinions are. We are vitally interested in what you have to say," Biden said.
- Criticism, concern about Hagel nomination spreads beyond Capitol Hill. The furor over former Sen. Chuck Hagel’s nomination for secretary of defense is rippling beyond Capitol Hill as pro-Israeli and gay-rights groups join in opposition. The former Nebraska senator and decorated Vietnam War veteran is facing criticism for a years-old anti-gay comment and his political views -- including those that suggest some tension with Israel, considered the United States’ closest Middle East ally.
CNBC:
- US Stocks Could See a Correction: Wien. U.S. stocks may have closed at five year highs last week, but a long-time market watcher told CNBC on Wednesday that the S&P 500 Index could see a correction from current levels before recovering by year's end."I have a bearish outlook," said Byron Wien, BlackstoneAdvisory Partners vice chairman. "The market will have a swoon here — trade at 1,300, down 10 percent from where it is right now.
Zero Hedge:
Business Insider:
Reuters:- Germany may slip into recession, Europe weakens: GM CEO. European auto sales will weaken further this year and Germany may be slipping into recession, General Motors Co's top executive said, making the U.S. automaker's task of turning around its money-losing Opel unit in that region more difficult. However, GM Chief Executive Dan Akerson said on Wednesday the company was cutting losses at Germany-based Opel as it aims to achieve its previously stated target of returning the unit to profits by mid-decade. GM previously said it expected a 2012 operating loss in Europe of as much as $1.8 billion.
Xinhua:
- Commentary: Japan's envisaged "warning shots" dangerous, irresponsible. Japan is reportedly scheming to fire "warning shots" if it encounters China's surveillance plane over the Diaoyu Islands. Such a provocative move is dangerous and irresponsible, and will definitely heighten the tension over the Diaoyu Islands issue and tip Sino-Japanese relations into a disastrous abyss. It is the latest provocation by the the newly installed Shinzo Abe administration to test the response as well as the tolerance of China and of the broader international community. Over the Diaoyu Islands issue, Japan has already made a mistake by attempting to challenge the international order established after the WWII. Now by talking about "warning shots," it slipped further into the wrong direction. There were other steps taken by the Abe administration that have severely damaged the mutual trust between Japan and China.
- The Muslim Brotherhood seeks to undermine Gulf governments and sully the reputation of its rulers while Iran's danger lies in its nuclear program and its interference in Gulf affairs, Dubai Police Chief Dahi Khalfan said.
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