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Big-Oil Bailout Begins as Debt Spirals Down
Big-Oil Bailout Begins as Debt Spirals Down Mexico’s proud sugar daddy becomes giant financial sinkhole. Pemex, Mexico’s state-owned oil giant, cannot seem to get a break these days. It notched up 13 straight quarters of rising losses. It now owes over $80 billion to international investors and banks. It needs to raise $23 billion this year to stay […]
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash “Citizens should not be put under general suspicion.” There are two sides in the global war against cash. On one side are many of the world’s governments, central banks, fintech firms, banks, credit card companies, telecommunication behemoths, financial institutions, large retailers, etc. According […]
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash
“Freedom Always Dies Bit by Bit”: Bundesbank Takes Sides in War on Cash “Citizens should not be put under general suspicion.” There are two sides in the global war against cash. On one side are many of the world’s governments, central banks, fintech firms, banks, credit card companies, telecommunication behemoths, financial institutions, large retailers, etc. According […]
Prelude to a Bailout
Prelude to a Bailout But is Pemex too big to save for Mexico? Mexico’s biggest company, state-owned oil giant Pemex, notched up 13 consecutive quarters of rising losses and now faces the toughest test of its 78-year existence: staying alive. Pemex just published its annual results for 2015. Even with expectations already at the bottom of the […]
As War on Cash Escalates, Cash Lovers Fight Back
As War on Cash Escalates, Cash Lovers Fight Back “It would be fatal if citizens got the impression that cash is gradually taken away from them”: Bundesbank President Weidman. Over the last couple of days, bureaucrats at the European Commission and European Central Bank have expressed a keen interest in withdrawing the €500-note from circulation […]
It’s Official: Cash is Now Public Enemy Number One
It’s Official: Cash is Now Public Enemy Number One First Major Offensive in War on Cash Terrorists are no longer public enemy number one. Nor are drug lords, people traffickers, arms dealers, cyber terrorists, or any other unsavory do-badder. Today, the biggest threat to global peace and security is physical cash, a means of exchange […]
The Big-Oil Bailouts Begin
The Big-Oil Bailouts Begin The hundred-billion-dollar question. Despite a bounce this week, low oil prices continue to sow fear, uncertainty, and mayhem across the emerging market complex. On Wednesday, it was leaked that the IMF and World Bank would dispatch a team to oil and gas-dependent Azerbaijan to negotiatea possible $4 billion emergency loan package in […]
Who Gets to Pay for the Italian Banking Crisis?
Who Gets to Pay for the Italian Banking Crisis? The missing Capital Buffer. Six years after Europe’s sovereign debt crisis began, the Eurozone’s third largest economy, Italy, has finally decided to do what just about every other country has done when facing a full-blown, almost out-of-control banking crisis: to set up a bad bank to […]
“Everything Has Come to a Standstill”: Political Fallout Hits Business in Spain
“Everything Has Come to a Standstill”: Political Fallout Hits Business in Spain Things are likely to get a whole lot uglier. On Friday, Spain’s benchmark stock index, the Ibex 35, plumbed depths it had not seen since the worst days of 2013, the year that the country’s economy began its “miraculous” recovery. Of the 35 […]
Emerging Market Meltdown Sinks Spain’s Biggest Companies
Emerging Market Meltdown Sinks Spain’s Biggest Companies A Lethal Cocktail After years of uninterrupted domination, the old guard at Spain’s Ibex 35 stock index – two mega-banks Banco Santander and BBVA, oil giant Repsol, telecommunications behemoth Telefonica, and utility Iberdrola – is beginning to lose it. Today the big-five’s combined capitalization represents 45% of the ibex 35’s total capitalization. This may […]
European Dream Turns into Dystopian Nightmare
European Dream Turns into Dystopian Nightmare Why We Brits Should Vote for Brexit. As a Europhile British ex-pat who has spent most of his adult life living on “the continent,” as we Brits are fond of calling the non-British part of Europe, it might seem rather odd to be encouraging my fellow Brits to vote […]
Rumors of New Bank Bailouts in Spain
Rumors of New Bank Bailouts in Spain Just when the government touts its miracle economy! Spain will hold do-or-die general elections on December 20. The Rajoy government hopes that recent improvements in economic performance will be enough to cast its gargantuan political scandals to the back of voters’ minds. The economy is firing on all cylinders, […]
Dollar-Denominated Corporate Time Bomb Set to Blow
Dollar-Denominated Corporate Time Bomb Set to Blow Emerging economies around the world are already feeling the first pangs of withdrawal as fast yield-chasing investors send their funds back to the U.S. in anticipation of higher Treasury yields and a further appreciating dollar. In Mexico, the central bank has just published its balance of payments data […]
Spain Braces for its Biggest Corporate Insolvency… Ever!
Spain Braces for its Biggest Corporate Insolvency… Ever! Blood on the Bourse Spain is about to experience its biggest corporate insolvency ever. Unlike Bankia and all of Spain’s other bankrupt savings banks, Abengoa, a Seville-based multinational specialized in renewable energy and “environmental services,” is unlikely to receive a taxpayer-funded bailout – at least not just […]
Who Exactly is Trying to Kill off Cash?
Who Exactly is Trying to Kill off Cash? In the Irish city of Cork, business leaders recently launched a three-month pilot project to encourage consumers to abandon the archaic use of cash by offering the chance to enter into a prize draw if they use electronic means of payment. It is a cheap, almost insulting inducement, but […]
