Feed aggregator

MOVES-Wells Fargo says head of capital finance to retire

Reuters Us Markets - 5 hours 16 min ago
Oct 24 (Reuters) - Wells Fargo & Co said on Monday that Henry Jordan, chairman and chief executive officer of Wells Fargo Capital Finance, would retire on Dec. 31.

BRIEF-T-Mobile US CEO says AT&T-Time Warner deal " a bold move and certainly a long road to go before it is completed " - Conf call

Reuters Us Markets - 5 hours 16 min ago
* T-Mobile US- "It's a bold move and certainly a long road to go before it is completed " CEO on AT&T - Time Warner deal -conf call

Canada budget watchdog sees smaller deficits than govt expects

Reuters Us Markets - 5 hours 17 min ago
OTTAWA, Oct 24 (Reuters) - An economic rebound as stimulus measures take hold will help keep Canada's budget deficit in check, the nation's parliamentary budget watchdog said on Monday, once again...

BRIEF-Luxottica comparable sales up 0.7 pct in Q3 - slide

Reuters Us Markets - 5 hours 19 min ago
* Like-for-like retail sales up 0.7 percent at constant exchange rates in Q3 - presentation slide Further company coverage: (Reporting by Milan Newsroom)

Luxottica CEO says too early to set 2017 guidance

Reuters Us Markets - 5 hours 19 min ago
MILAN, Oct 24 (Reuters) - Sales and profitability growth at Italy's Luxottica will accelerate next year but it is too early to say by how much, chief executive Massimo Vian said on Monday.

How Fascist is Donald Trump?

LibertarianInstitute - 5 hours 33 min ago

Asks the Washington Post.

I guess on a scale of 1 to the Washington Post, I’d have to say they’re about even.

Negative tone of White House race sours young voters

Reuters US Politics - 5 hours 45 min ago
BOSTON (Reuters) - The exceptionally negative tone of this year's race for the White House is souring young Americans, turning some away from the democratic process just as the millennial generation has become as large a potential bloc of voters as the baby boomers.

Oil industry workers split between Trump and Clinton

Reuters US Politics - 5 hours 55 min ago
NEW YORK (Reuters) - U.S. oil and gas industry workers have contributed only slightly more money to the campaign of Democrat Hillary Clinton than to Republican Donald Trump since the two clinched their parties' nominations for the White House, according to Reuters' review of federal disclosures.

Inovio Pharma stock down 14% after FDA puts clinical hold on proposed late-stage trial

MarketWatch Market Pulse - 6 hours 31 min ago

Inovio Pharmaceuticals Inc. stock dropped 13.9% in morning trade Monday after the company said its proposed phase 3 trial for a cancer treatment had been placed on a clinical hold by the Food and Drug Administration. The company said the regulator had requested more data to "support the shelf-life of the newly designed and manufactured disposable parts" of the company's Cellectra 5PSP immunotherapy delivery device. Inovio anticipates a formal letter from the FDA with more information within a month and said it estimates the phase 3 trial will be delayed until the first half of 2017.The trial has not yet started, enrolled or dosed patients, the company said. Inovio shares dropped 21.4% over the last three months, compared with a 1.0% decline in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Why I Don’t Care All That Much About the Presidential Election

LibertarianInstitute - 6 hours 37 min ago

“This is the most important election of our lifetime!”

“If [insert candidate’s name here] wins the presidency, it could mean the end of the Republic!”

“[Insert candidate’s name here] will shred the Constitution and trample our rights!”

I’ve heard these kinds of statements over and over again since the beginning of this election cycle.

And in 2012.

And in 2008.

And in 2004.

And in 2000.

You get the idea.

Every presidential election ranks as the most important in our lifetime. Every candidate will finally drive the death-nail in the Constitution. Every candidate will save us.

Wash. Rinse. Repeat.

The emphasis Americans put on the presidency reveals just how far the country has drifted from its constitutional moorings. A president operating within his or her constitutional powers would exercise very little authority and have minimal impact on everyday Americans’ lives.

This raises a very important question: why do those who seek to limit federal authority to its constitutionally prescribed powers put so much energy into electing the “right” president? Do they really think this individual will take office and then work diligently to rein in his own power?

“But the Supreme Court!” they cry.

Again, this signals the sorry state of America’s constitutional system. How did the country get to the point that five of nine unaccountable, politically connected lawyers essentially rule 300-plus million people? And why do so many “constitutionalists” believe that putting a black dress on the “right” politically appointed lawyer and enshrining her in a federal temple will protect their rights, limit federal authority or restore the Constitution?

“But Mike,” they say, “[Insert candidate’s name here] will at least be better than [insert candidate’s name here]! [Insert candidate’s name here] will completely destroy us.”

Probably not. On both counts. At least if history provides any indication. Things rarely turn out as bad as a president’s opponents predict, nor as good as their supporters hope. And when it comes to the Constitution, they’re all horrible.

Let’s just go back 16 years. George W. Bush was driving America toward a cliff at about 100 mph. Then Barack Obama took office. He continued driving the U.S. toward a cliff at about 100 mph. You can give or take a few miles per hour if you want to quibble, but for all practical purposes, the United States has pretty consistently hurdled toward the cliff. In fact, from a Constitutional standpoint, we can roll the clock back to about 1860 and the country has more-or-less remained on the same trajectory since.

In a few months, Hillary Clinton or Donald Trump will take over the Oval Office. And you know what? The car will keep hurdling toward that cliff at about 100 mph. I guarantee that one year after the inauguration of Clinton or Trump, the federal government will be bigger, violating more of your rights and deeper in debt that it was on Jan. 20, 2017.

OK, maybe Trump will slow the car down to 90 mph. Maybe Clinton will speed it up to 110 mph. But in the big scheme of things, does it really matter?

The bottom line is you’re still speeding toward a cliff. At some point, don’t you need to find a way to stop the car?

This is why I don’t care all that much about presidential elections, or federal politics in general. My political action focused on D.C. will do little to nothing to fundamentally change things, restore the Constitution or protect my freedom.

If you want to limit federal power, you need a better strategy than switching out pieces of the federal government. The people in office aren’t the problem. Centralization in Washington D.C. is the problem. You can’t expect people in positions of authority to limit their own power. It requires an outside force.

The states were always intended to serve as that outside force – a check on federal power. Alexander Hamilton made this very point in Federalist #28.

It may safely be received as an axiom in our political system, that the State governments will, in all possible contingencies, afford complete security against invasions of the public liberty by the national authority. Projects of usurpation cannot be masked under pretenses so likely to escape the penetration of select bodies of men, as of the people at large. The legislatures will have better means of information. They can discover the danger at a distance; and possessing all the organs of civil power, and the confidence of the people, they can at once adopt a regular plan of opposition, in which they can combine all the resources of the community. They can readily communicate with each other in the different States, and unite their common forces for the protection of their common liberty.”

But most Americans remain too fixated on federal politics and presidential candidates to bother with state or local action. Until they realize that D.C. will never fix D.C., the car will continue to rush toward the cliff. If centralization is the problem, then decentralization is the solution. And the centralizers in D.C. won’t ever do that.

Moody's places AT&T ratings on review for possible downgrade

MarketWatch Market Pulse - 6 hours 46 min ago

Moody's Investors Service said Monday it has placed At&T Inc.'s Baa1 senior unsecured rating on review for a possible downgrade, after the phone company said it has agreed to acquire Time Warner Inc. in a deal valued at $85.5 billion. The company intends to fund the deal with 50% equity and 50% cash and Moody's is expecting the company's gross leverage will rise to about 3.5%, adding 0.7% to reported leverage at end 2018, assuming the deal closes next year. "The deal's financing costs will consume the majority of acquired free cash flow due to an incremental $2.3 billion in annual dividends and $1.3 billion in additional after-tax annual interest expense," the agency said in a statement. "Moody's believes that given AT&T's limited excess cash after dividends and modest EBITDA growth potential, that organic leverage reduction is limited to around 0.1 times to 0.2 times annually." The company could boost that reduction via asset sales, including selling parts of each company. Credit positives from the deal include the additional scale it will give AT&T, the boost to growth potential and lower capital intensity, said Moody's. AT&T shares were trading down 1.7%, but are up 7.3% in the year so far, while the S&P 500 has gained 5.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

ANALYSIS: Turkey's press freedom, and the hypocrisy of Gulen supporters

MiddleEasteye - 6 hours 55 min ago
Language Undefined

Many of the same Gulen journalists who targeted investigative reporters are now presenting themselves as staunch defenders of press freedom

Corruption-Fighting Minister Hopes for Obama Pardon

Who What Why - 7 hours 6 min ago

The birthday cards and letters for the Reverend Edward Pinkney’s 68th birthday this month will be opened and searched before reaching him. That is part of the price the political activist is paying for taking on a powerful corporation in Michigan.

Pinkney is currently serving a two-and-a-half to ten-year sentence — of which he has served 22 months already — after being found guilty of changing dates on a recall petition. Pinkney denies that he changed these dates.

He believes that his actual crime was to challenge the Whirlpool Corporation and its political allies in the city of Benton Harbor, Michigan.

Specifically, the activist sought to recall mayor James Hightower over the mayor’s support of a 12-year, $3,871,000 tax abatement for Whirlpool in 2010. Benton Harbor city commissioners used the abatement to induce Whirlpool to build a $68 million corporate campus in the city.

Whirlpool made a $3.8 million donation to Benton Harbor, essentially reducing the tax abatement to $71,000. But for activists like Pinkney, it is unacceptable to allow the Whirlpool Corporation — which recorded $20.9 billion in revenue in 2015 — to skip out on any taxes in one of the poorest cities in Michigan.

The recall petition backfired. Pinkney was charged with election forgery for allegedly changing the dates of signatures to render them valid under state law.

Although the required number of signatures for the recall petition was gathered and a recall date set, Mayor Hightower had the signatures sent to the Michigan State Police Crime Lab, which determined that the dates of some signatures had been surreptitiously changed.

As a result, the recall election was never held, and Pinkney was found guilty of five counts of election forgery.

The activist-minister has been caught up in legal tangles before. Whether calling for the recall of political figures he deems to have racist motivations, or penning inflammatory bible passages that were taken as threats, the 67-year-old has a reputation for contesting what he calls institutionalized racism and unchecked corporate power in Berrien County, Michigan.

What’s new this time is the severity of sentence imposed.

Up until September 7, Pinkney was serving his time in Michigan’s Marquette Branch Prison. However, in an email exchange with WhoWhatWhy, he claimed that he has been unfairly targeted by the prison guards and prison officials due to his status as a political prisoner. (Please see our story on how Chelsea Manning, another political prisoner, is being treated.)

Attacked by Guards .

“I have [experienced] numerous attacks by the prison guards. I believe the Director [of the Michigan Department of Corrections], Heidi Washington, who ordered me to Marquette Branch Prison…, was responsible for the attacks on me,” he said.

“I was falsely accused of making a three-way call, found not guilty, but deprived of phone privileges for six months. Then, I was falsely accused of smuggling on a visit [but] found not guilty.”

Pinkney was moved from the Marquette Branch Prison to the West Shoreline Correctional Facility in Muskegon in early September.

Throughout, he has maintained his innocence of the election forgery charge, and is continuing to appeal  his sentence; his most recent petition to overturn the verdict was denied by the Michigan Court of Appeals on July 26.

“I was 100% sure the Court of Appeals would provide justice for me,” Pinkney told WhoWhatWhy. “There was constitutionally insufficient evidence to support a verdict of guilty.

“The criminal justice system is rigged and corrupt from the top to the bottom, the hypocrisy of the system has no limits,” he added.

President Barack Obama commuting the sentences of 46 prisoners.
Photo credit: The White House / YouTube

Pinkney’s efforts to secure a presidential pardon suffered a setback recently when the person working on the request fell ill, forcing his supporters to postpone the application indefinitely.

As for local and state elected officials, Pinkney and his supporters have tried without success to enlist the help of of US Representative John Conyers, State Representative Dave Pagel and eight other lawmakers.

While Pinkney does not really expect any support from Michigan elected officials, he noted that Green Party presidential candidate Jill Stein, the American Civil Liberties Union and the National Lawyers Guild have been his vocal supporters.

The ACLU of Michigan filed an amicus brief in November of 2015 stating that Pinkney’s First Amendment rights were violated and that the court allowed testimony which may have distracted the jury.

“I have become the face of resistance to the notion that the working class has no rights that the corporation is bound to respect,”Pinkney said. “I will continue to fight for justice for all at all costs.”

Related front page panorama photo credit: Adapted by WhoWhatWhy from Rev. Edward Pinkney (Michigan Emergency Committee Against War & Injustice) and poster (Black Autonomy Network Community Organization)

The post Corruption-Fighting Minister Hopes for Obama Pardon appeared first on WhoWhatWhy.

How Putin and Erdogan divided up Syria

MiddleEasteye - 7 hours 40 min ago

Friendship with Russia is winning gains for Turkey in Syria which its alliance with the US was unable to offer

BRIEF-West Kirkland announces a non-brokered private placement for $1,650,000

Reuters Us Markets - 7 hours 43 min ago
* West Kirkland announces a non-brokered private placement for $1,650,000

BRIEF-Towerstream provides update on growth initiatives

Reuters Us Markets - 7 hours 43 min ago
* Company expects to have added 170 new buildings in H2 of 2016 that are equipped with its On-net platform

BRIEF-Axial Healthcare says it raised $17 mln in equity financing

Reuters Us Markets - 7 hours 46 min ago
* Axial Healthcare Inc files to say it raised $17 million in equity financing - sec filing Source text: (http://bit.ly/2ezuQMw)

Trump Builds a New Foreign-Policy Coalition

RealClearPolitics - 7 hours 48 min ago
James Pinkerton, American Conservative
Donald Trump played a wily capitalistic trick on his Republican opponents in the primary fights this year—he served an underserved market. By now it’s a cliché that Trump, while on his way to the GOP nomination, tapped into an unnoticed reservoir of right-of-center opinion on domestic and economic concerns—namely, the populist-nationalists who felt left out of the reigning market-libertarianism of the last few decades.

BRIEF-Alliance Data Systems corporation announces proposed offering of $400 million of senior notes

Reuters Us Markets - 7 hours 50 min ago
* Alliance Data Systems corporation announces proposed offering of $400 million of senior notes

UPDATE 1-Bank of Canada renews inflation target for 5 more years

Reuters Us Markets - 7 hours 50 min ago
OTTAWA, Oct 24 (Reuters) - The Bank of Canada and Canadian government on Monday renewed the central bank's inflation target, at the midpoint of a 1 to 3 percent range, for another five years, opting...