- More Than 57,000 U.S. Veterans Waiting to See a Doctor. More than 57,400 U.S. veterans have been waiting at least 90 days for a first appointment at government hospitals, said a report that broadens the scope of failings in one of the largest federal agencies. An internal review of 731 veterans’ medical facilities released today also showed that an additional 63,900 veterans who enrolled in the VA health system during the past 10 years haven’t received appointments. “This data shows the extent of the systemic problems we face, problems that demand immediate actions,” Sloan Gibson, acting Department of Veterans Affairs secretary, said today in a statement. “As of today, VA has contacted 50,000 veterans across the country to get them off of wait lists and into clinics.”
- China Home Prices to Fall 5% on Supply Pressures, S&P Forecasts. China home prices will fall this year as developers cut prices to meet sales targets amid a cooling property market, Standard & Poor’s said.
- Macau Further Restricts UnionPay Card Use at Casinos: SJM. The Macau Monetary Authority plans to further restrict the use of China UnionPay Co.’s cards at casinos, curbing money flow to the world’s largest gambling hub, according to the head of the city’s biggest casino operator.
- European Stocks Advance Amid Growing Economic Optimism. European stocks advanced, extending a six-year high, amid optimism the global economic recovery remains on track. Germany’s DAX Index closed above 10,000 for the first time ever. Banco Popular Espanol SA rose 4.6 percent after JPMorgan Chase & Co. advised investors to buy shares in the Spanish lender. Gecina SA dropped 2.9 percent after Metrovacesa SA offered to sell a 27 percent stake in the French real estate company. Lloyds Banking Group Plc slipped 1.7 percent after its consumer-lending unit set a price range below its book value for its initial public offering. The Stoxx Europe 600 Index added 0.4 percent to 348.61 at the close in London, its highest level since January 2008.
- Copper Caps Longest Slump Since March on China Imports. Copper fell for a fifth session in New York, the longest slump in more than three months, as demand concerns mounted amid slumping imports of the metal into China, the world’s biggest user. Unwrought-copper shipments fell 16 percent in May from April, while ore and concentrate imports were the lowest in almost a year, customs data showed yesterday. Money managers cut bullish bets by the most in a month, and copper is the only “net short” industrial metal on the London Metal Exchange, according to Marex Spectron Group. “Declining imports show China’s demand for copper is slowing,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview. “There’s going to be continued oversupply.”
- Analog Devices(ADI) to Buy Chipmaker Hittite for $2 Billion. Analog Devices Inc. (ADI), a maker of semiconductors used in wireless-phone systems, will acquire Hittite (HITT) Microwave Corp. for about $2 billion to gain chips used by automakers and the military.
- China’s real-estate market sees land sales plunge. Amid ongoing central government curbs, China’s
property market is cooling off dramatically despite the onset of the
sector’s traditionally “hot season,” as both land sales and transaction
values plunged in May across 300 major Chinese cities.
Total land sales fell to 1,767 transactions in May in 300 Chinese cities, down 45% from a year ago and 19% lower than in the previous month, according to a survey published Friday on China’s leading real estate website Soufun.com. In the same month, the total transaction value for land sales dropped 38% year-on-year, marking a 30% drop from April, to 13.75 billion yuan ($2.2 billion).
- Fed's Rosengren: Favors rate increase when full employment, 2% inflation achieved. Boston Fed President Eric Rosengren stressed the U.S. central bank needed to be aware of financial risks like future housing-market bubbles as it plots how to raise interest rates and reduce its balance sheet, which stands at $4.3 trillion and counting.
- Meanwhile In Brazil, Three Days Before The World Cup Kick-Off...
- "That Was Then, This Is Now".
- What Is Driving The Market Right Now According To Mainstream Media.
- Deutsche Warns Markets Have Left The "Complacency" Phase, Have Entered Full Blown "Mania". (graph)
- Federal Reserve "Shouldn't Be Intervening All The Time" In Markets, Fed President Admits.
- McDonalds(MCD) Has Longest Stretch Without Rising US Sales In History. (graph)
- Thanks Draghi: Spanish 10 Year Yield Slides Below US. (graph)
- More Signs Of Bullish Excess. (graph)
- China's Most Famous Ghost City Got Even Worse In The Last 4 Years.
- Google(GOOG) Glass Is Going To Be Huge, And Most People Have No Idea Why.
- Hillary Clinton's Book Is Being Destroyed By Critics.
- Merck & Co(MRK) to buy Idenix to boost hepatitis C drugs portfolio. Merck & Co Inc said it would buy Idenix Pharmaceuticals Inc in a deal valued at about $3.85 billion to strengthen its hepatitis C drugs portfolio. The deal comes as drugmakers look to beef up their hepatitis C drug offerings to better compete with Gilead Sciences Inc, which has captured the hepatitis C drugs market with its treatment, Sovaldi.
- Trading scandals, legal fines may ramp up U.S. banks' capital needs. Large U.S. banks are finding the billions of dollars they paid in recent years to settle lawsuits and fix broken businesses are coming back to haunt them in another place: their capital requirements.
- Identity politics is 'sowing seeds of European destruction'. The Single Market is under threat as a ‘very destructive process’ is underway in Europe, warns Business Secretary Vince Cable.
- Russia Says NATO Buildup Near Borders Won't Go Unanswered. Deployment of fores by military alliance near Russian borders shows "hostile intentions," citing interview with First Deputy Foreign Minister Vladimir Titov. Russia will take "all necessary political and military-technical measures" to ensure its security.
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