Today's Headlines
Bloomberg:
- Draghi Signals ECB Ready to Wait Until March for Action. European Central Bank President Mario Draghi said the ECB could take action to counter low inflation as soon as next month, when more data on the euro area’s economy will be available. “We are willing and we are ready to act,” Draghi said in Frankfurt today after the ECB left its benchmark interest rate on hold at a record-low 0.25 percent. “The reason for today’s decision not to act has really to do with the complexity of the situation that I described and the need to get more information.”
- German Factory Orders Unexpectedly Decline on Domestic Demand. German factory orders (GRIORTMM) unexpectedly declined in December on weaker domestic demand, signaling that companies in Europe’s largest economy remain hesitant to invest as surrounding nations struggle to sustain a recovery. Orders, adjusted for seasonal swings and inflation, dropped 0.5 percent from November, when they rose a revised 2.4 percent, the Economy Ministry in Berlin said today. Economists forecast a gain of 0.2 percent, according to the median of 39 estimates in a Bloomberg News survey.
- Ukrainian Opposition Warns Yanukovych as Currency Rattled. Ukraine’s opposition warned President Viktor Yanukovych that the country is running out of time to solve its political crisis after the hryvnia plunged to a five-year low against the dollar this week. Vitali Klitschko, head of the opposition UDAR party, repeated demands yesterday for presidential elections or constitutional change. Acting Prime Minister Serhiy Arbuzov said a failure to compromise was weakening Ukraine. Parliament may meet for a special session Feb. 11 to discuss the issue, Speaker Volodymyr Rybak said today.
- Insurers Slash Specialty Hospitals to Keep Premiums Low. Health insurers under pressure to keep premiums low are eliminating some hospitals from coverage in a cost-cutting strategy that threatens to freeze out centers that provide specialized care, limiting patient options. Left out are hospitals such as Seattle Children’s, excluded from five of seven plans on Washington’s state insurance exchange. The hospital, which has sued the state to be included in more plans, is struggling to get paid for care given to about 125 children since Jan. 1, when Obamacare coverage took effect, said Sandy Melzer, the facility’s strategy officer.
- Jails Enroll Inmates in Obamacare to Pass Hospital Costs to U.S. Being arrested in Chicago for, say, drug possession or assault gets you sent to the Cook County Jail to be fingerprinted, photographed and X-rayed. You’ll also get help applying for health insurance. At least six states and counties from Maryland to Oregon’s Multnomah are getting inmates coverage under Obamacare and its expansion of Medicaid, the federal and state health-care program for the poor. The fledgling movement would shift to the federal government some of the more than $6.5 billion in annual state costs for treating prisoners. Former U.S. Senator Kent Conrad, a Democrat from North Dakota who was on the Senate Finance Committee when the Affordable Care Act passed, said he doesn’t recall discussions about the law’s being used to cover inmates. Conrad said that while he agrees that it’s better to have as many people as possible insured -- including prisoners -- he’s bothered by federal taxpayers picking up the tab for inmate hospital stays. “It starts to look a little like a scheme by the states and local jurisdictions to avoid responsibilities that are really theirs,” Conrad said in a telephone interview.
- Consumer Confidence in U.S. Dropped Last Week to Two-Month Low. Consumer confidence fell last week to the lowest level in more than two months as views on the economy, personal finances and buying climate worsened. The Bloomberg Consumer Comfort Index declined to minus 33.1 in the week ended Feb. 2, the lowest since late November, from minus 31.8 the prior period. The share of Americans saying it’s a good time to shop fell to the lowest since early November.
- GM(GM) Profit Misses Estimates on Europe Restructuring. General Motors Co. (GM) posted fourth-quarter profit that missed analysts’ estimates as the automaker lost money in Asia outside of China, faced higher taxes and restructured in Europe. Profit excluding one-time items was 67 cents a share, Detroit-based GM said today in a statement, trailing the 87-cent average of 14 analysts’ estimates compiled by Bloomberg. That compares with 48 cents a share a year earlier. GM’s miss follows Ford Motor Co. (F)’s fourth-quarter results last week that exceeded estimates with per-share profit of 31 cents, excluding one-time items.
Wall Street Journal:
ZeroHedge:
24/7:
- January Spike in Job Cuts From Retailers and Tech Companies. U.S.-based employers announced plans to cut more than 45,000 jobs last month. That was 47% higher than in the previous month, as well as 12% higher than in January of 2013. The retail sector was hit especially hard. Major national retailers like Best Buy and Target were among those that announced more than 11,000 job cuts last month. That was about 71% more than in the same period of last year.
Telegraph:
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